1 See Memorandum to Closed-End Fund Committee No. 19-95, SEC Rules Committee No. 55-95 and Unit Investment Trust Committee No. 41-95, dated April 12, 1995.
May 26, 1995
TO: CLOSED-END FUND COMMITTEE No. 27-95
SEC RULES COMMITTEE No. 68-95
UNIT INVESTMENT TRUST COMMITTEE No. 48-95
RE: DRAFT PROPOSALS TO IMPROVE INVESTMENT COMPANY REGULATION
______________________________________________________________________________
As we recently informed you, the Institute intends to submit to the SEC proposals for
improving investment company regulation that could be accomplished through the administrative
process.1 Attached for your review and comment are draft proposals. These proposals are based on the
list of suggested regulatory improvements that was circulated to you previously and additional
suggestions provided by members. While we encourage you to discuss the proposals with the relevant
persons at your firms, we ask that you not distribute them outside of your firms given that they are only
in draft form and may change significantly before being finalized.
In addition to your comments on the proposals generally, we are interested in your input on the
specific items highlighted in various sections of the document. We intend to submit these proposals to
the SEC by mid-June. We are planning to devote a considerable amount of time to discussing the
attached proposals at the June 6th SEC Rules Committee meeting. If you are not planning to attend that
meeting, please provide the undersigned (202/326-5824) or Tom Selman (202/326-5819) with your
comments by Monday, June 5th.
Amy B.R. Lancellotta
Associate Counsel
Attachment