April 25, 1996
TO: COMPLIANCE COMMITTEE No. 10-96
RE: DRAFT SUMMARY OF NON-1940 ACT INVESTMENT RESTRICTIONS
______________________________________________________________________________
At the last meeting of the Compliance Committee, the Committee discussed a member s
recommendation that the Institute compile and disseminate a summary of various laws, other than
provisions of the Investment Company Act of 1940 and state blue sky laws, that may restrict investments
by investment companies in certain types of securities, companies or industries. A draft summary of
such laws is attached for your review. We will discuss the draft summary at the upcoming meeting of
the Compliance Committee scheduled for Tuesday, May 7th at 10:00 am. In addition to any specific
suggestions concerning the information set forth in the draft summary, we would appreciate your
thoughts on:
any provisions that should be added (or deleted);
the appropriate level of detail;
whether the final summary should include copies of cited provisions; and
the format for the final summary (e.g., if cited provisions are included, a looseleaf binder with a tab
for each subject).
If you have not already done so, please contact Elizabeth Lyons at (202) 326-5823 to let her
know if you plan to attend the May 7th meeting. If you will not be attending the meeting but have
comments on the draft summary, please call me at (202) 326-5822 before May 7th, if possible.
Frances M. Stadler
Associate Counsel
Attachment