July 11, 1996
TO: ACCOUNTING/TREASURERS COMMITTEE No. 28-96
RE: FOREIGN MARKET DUE DILIGENCE SURVEY
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Enclosed please find the Foreign Market Due Diligence Survey developed by
the Securities Operations Subcommittee. The purpose of the survey is to determine
what current mutual fund industry practices are with respect to minimizing the risks
of investing in foreign markets with local subcustodians and brokers. The survey
also seeks to determine how fund investment advisers deal with operational issues in
both established and emerging foreign markets.
In order for the survey to produce reliable results on industry due diligence
practices, it is critical that we achieve a high level of participation by the
organizations represented on the Accounting/Treasurers Committee. To that end,
please have the appropriate person or persons in your organization complete the survey
and return it no later than August 2, 1996 by mail or facsimile to:
Diane Butler
Investment Company Institute
1401 H Street, N.W.
Washington, D.C. 20005
Phone - 202/326-5847
Fax - 202/326-5853
So that we may follow-up on your response, please provide the name and phone
number of the person responsible for your submission on the enclosed form as soon as
possible.
If sufficient response is received, a report will be produced based on the
aggregate results of the survey and will be distributed to the Accounting/Treasurers
Committee, the International Committee, the Securities Operations Committee and
the Custodians Advisory Group. The ICI will keep individual responses strictly
confidential.
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Questions on the survey may be directed to Diane Butler at 202/326-5847.
Thank you in advance for your assistance in making this important industry survey a
success.
David Moffat Diane Butler
Chairman - Securities Director - Operations
Operations Subcommittee & Fund Custody
Enclosures