1 This memorandum was included in the materials for the 1990 ICI Securities Law Procedures Conference.
May 15, 1996
TO: ACCOUNTING/TREASURERS COMMITTEE No. 19-96
COMPLIANCE COMMITTEE No. 12-96
MEMBERS - ONE PER COMPLEX No. 35-96
SEC RULES COMMITTEE No. 43-96
TRANSFER AGENT ADVISORY COMMITTEE No. 27-96
RE: INSTITUTE MEMORANDUM ON ""EMERGENCY"" PRICING PROCEDURES
______________________________________________________________________________
The Institute often receives inquiries from members regarding procedures for pricing
fund shares when either the funds office is closed because of an emergency (e.g., a severe
snowstorm) or a securities market is closed (e.g., the closing of the Hong Kong Stock Exchange
in November 1987). In 1990, the Institute prepared a memorandum summarizing the pricing
requirements under the Investment Company Act of 1940 and SEC staff guidance provided in
connection with past "emergencies."1 In order to assist members in dealing with future
emergencies, attached is an updated copy of the memorandum.
If you have any questions regarding the attached memorandum or any related issues,
please contact the undersigned at 202/326-5824.
Amy B.R. Lancellotta
Associate Counsel
Attachment