May 20, 1996
TO: BOARD OF GOVERNORS No. 19-96
RE: INSTITUTE PROFILE PROSPECTUS SUBMISSION TO SECURITIES AND
EXCHANGE COMMISSION
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As you know, Securities and Exchange Commission Chairman Arthur Levitt initiated
the profile prospectus project in 1994. In August 1995, the Commission approved an
experimental version of the profile prospectus for use during a one-year trial period by
participating fund groups. At that time, Chairman Levitt urged the industry to conduct
research as to whether the profile aids investors.
Today, the Institute will submit to the Commission the results of this research and our
suggestions for future Commission action. We will publicly announce the Institutes results of
the profile prospectus project at the general session of the General Membership Meeting on
Tuesday, May 21, 1996. Following the announcement, the Institute will hold a press conference
at 11:30 a.m. to discuss our research results and submission to the Commission. On Tuesday,
we will forward copies of the Institutes press release and submission to the Commission to
your office.
Matthew P. Fink
President