April 9, 1996
TO: BANK BROKER/DEALER ADVISORY COMMITTEE No. 8-96
OPERATIONS MEMBERS No. 14-96
RE: NSCC IMPORTANT NOTICE - TRUST COMPANY PARTICIPATION IN
NETWORKING AND FUND/SERV
______________________________________________________________________________
Enclosed please find the important notice dated April 4, 1996 regarding the National
Securities Clearing Corporations ("NSCC") plans to implement several enhancements to the
Fund/SERV and Networking systems which will enable trust companies to better participate in
NSCCs mutual fund services.
These enhancements are the result of two years of work on the part of the Bank and
Trust Advisory Committee ("BTAC"). The BTAC provided a forum for fund company and trust
company representatives to discuss the operational aspects of mutual fund distribution through
the bank channel. These discussions led to the formulation of the trust proposal for Fund/SERV
and Networking which was the basis for the NSCCs systems enhancements outlined in the
enclosed important notice.
We are pleased that the BTAC was the driving force behind this important industry
initiative and we are confident that the BTAC will continue to contribute to the success of our
industry through its efforts.
Alan K. Halfenger Diane M. Butler
Chairman - Bank & Trust Director - Operations &
Advisory Committee Fund Custody
Enclosure