August 19, 1994
TO: BOARD OF GOVERNORS NO. 81-94
FEDERAL LEGISLATION COMMITTEE NO. 24-94
FEDERAL LEGISLATION MEMBERS NO. 21-94
RE: INSTITUTE TO TESTIFY ON MUTUAL FUNDS USE OF DERIVATIVES
SEPTEMBER 27
__________________________________________________________
The House Subcommittee on Telecommunications and Finance has
scheduled a September 27 hearing on mutual funds' use of
derivatives. The hearing follows a request by Subcommittee
Chairman Edward J. Markey (D-MA) and Ranking Member Jack Fields
(R-TX) for an SEC study on funds' derivatives use. (See Institute
Memo to Board of Governors No. 51-94, dated June 16, 1994.)
The Insititue will testify. SEC Chairman Levitt is also
scheduled to testify at the hearing. Additional witnesses are
expected, but none are confirmed at this time. Other hearing
topics may include personal investing by fund portfolio managers
and fund pricing, each a topic of recent SEC inquiries.
We will keep you informed as this matter develops. If you
wish additional information, please contact the Legislative
Affairs Department at 202/326-5890.
This memo can also be found on FUNDS, the Institute's Fund
User Network and Delivery System, under "Legislative Affairs;
Washington Update."
Julie Domenick
Senior Vice President
Legislative Affairs