FLORIDA ADOPTS EXEMPTION FROM REGISTRATION FOR ALL MUTUAL FUNDS AND UNIT INVESTMENT TRUSTS

June 3, 1996 TO: SEC RULES COMMITTEE No. 51-96 STATE SECURITIES MEMBERS No. 17-96 UNIT INVESTMENT TRUST MEMBERS No. 20-96 RE: FLORIDA ADOPTS EXEMPTION FROM REGISTRATION FOR ALL MUTUAL FUNDS AND UNIT INVESTMENT TRUSTS ______________________________________________________________________________ We are very pleased to inform you that effective October 1, 1996, the Florida Securities and Investor Protection Act has been amended to provide an exemption from registration for all mutual funds and unit investment trusts. To claim the exemption, funds and trusts must file the following with the Florida Division of Securities:
an application for exemption, which has not yet been promulgated;
the cover page of the initial registration statement filed with the SEC;
a copy of the current prospectus;
copies of any documents filed with the SEC that have been requested by the Division;
written notice of effective registration of the offering with the SEC; and
a $1,000 fee. Additionally, funds and trusts not currently registered with the Division must file a written consent to service of process and corporate resolution along with the application for exemption. The exemption will be effective for twelve months beginning the later of the date the registration statement became effective with the SEC or the date the application for exemption is filed with the Division, unless renewed prior to expiration. A copy of the relevant amendment to the Florida Act is attached. Tamara K. Cain Assistant Counsel Attachment