ACTION REQUESTED
URGENT
June 3, 1996
VIA FAX
TO: INTERNATIONAL COMMITTEE No. 17-96
RE: DRAFT RESPONSE ON NEW TAIWAN RULES FOR OFFSHORE FUND SALES
_____________________________________________________________________________
As we previously informed you, the Securities and Exchange Commission of Taiwan is
considering revising the regulations that apply to the sale and marketing of offshore funds in
Taiwan. At the Commissions request, the Institute submitted comments on an appropriate
framework for regulating offshore fund sales and marketing in Taiwan and participated
through counsel in Taiwan at a Commission hearing on this matter. See Memorandum to
International Committee No. 15-96, May 9, 1996. We understand that the Commission intends
to propose new offshore fund regulations soon.
The Commission has asked the hearing participants to respond to a number of specific
questions about possible new offshore fund regulatory regimes in preparation for another
hearing in a few weeks. Attached is a draft response to the Commissions questions. Please
review the draft and provide us with any comments you have by COB Wednesday, June 5. You
can reach me by phone at 202 326-5826 or by fax at 202 326 5841.
Thank you for your prompt response. We will keep you informed of developments.
Mary S. Podesta
Associate Counsel - International
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