July 28, 1994
TO: ACCOUNTING/TREASURERS COMMITTEE NO. 42-94
SEC RULES COMMITTEE NO. 84-94
RE: EXTENSION OF COMMENT PERIOD FOR PROPOSED RULE 17f-6
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As we previously informed you, the Securities and Exchange
Commission has proposed Rule 17f-6 under the Investment Company Act
of 1940, to permit futures commission merchants ("FCMs") and
commodity clearing organizations to hold custody of margin in
connection with certain futures and options transactions by
investment companies. (See Memorandum to Accounting/Treasurers
Committee No. 27-94 and SEC Rules Committee No. 59-94, dated May
31, 1994.) The Commission has extended the deadline for comments
on the proposed rule from August 1 to September 30.
If you have any comments on proposed Rule 17f-6 that you would
like the Institute to consider including in its comment letter,
please contact me by August 31st at 202/326-5822.
Frances M. Stadler
Associate Counsel