April 11, 1995
TO: BOARD OF GOVERNORS No. 46-95
RE: INVESTMENT COMPANY ACT AMENDMENTS
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We recently sent you a copy of the Fields-Markey legislation introduced last week proposing
amendments to the Investment Company Act. (See Memorandum to Board of Governors No. 43-95.)
As the House Subcommittee moves forward in considering this bill, the industry has a unique
opportunity to advance any additional suggestions to improve investment company regulation.
In its current form, the bill would implement a number of suggestions which we submitted to
the SEC in 1990 and which were incorporated in the SEC staffGs 1992 study on investment company
regulation, as well as subsequent suggestions that we have offered.
Hearings may be held on Chairman FieldsG bill sometime in May. Therefore, if you have any
suggestions for other amendments to the Investment Company Act, we need to hear from you as
soon as possible; please provide Paul Stevens with any such suggestions by April 26, 1995.
Matthew P. Fink
President