March 2, 1994
TO: INTERNATIONAL COMMITTEE NO. 4-94
SEC RULES COMMITTEE NO. 27-94
RE: EMERGING MARKETS TASK FORCE
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The Institute is considering forming a task force of interested members
of the SEC Rules Committee and the International Committee to consider issues
relevant to U.S. funds that invest in emerging markets. As you know, emerging
market funds have experienced significant growth, both in the number of funds
and assets under management, with net sales in the past year of approximately
$4 billion.
The proposed task force would address regulatory issues that are of
particular interest for an emerging market fund. These would include concerns
arising under U.S. law, such as liquidity, risk disclosure, and custody, as
well issues arising under the laws of the jurisdiction in which a fund
invests, e.g., foreign investment restrictions and disclosure requirements.
Please forward the attached form to Barbara Johnson by
March 18 (fax: (202) 326-5841) if you are interested in participating in the
task force. We would, of course, welcome any suggestions as to the topics
that the task force should address.
Craig S. Tyle
Vice President and Senior Counsel
Please return this page to Barbara Johnson, Investment Company
Institute, 1401 H Street, N.W., 12th Floor, Washington, D.C. 20005 or fax it
to (202) 326-5841 if you are interested in participating in the emerging
markets task force.
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COMMITTEE MEMBER'S NAME ALTERNATE'S NAME
____________________________________
COMPANY NAME