August 9, 1996
TO: COMPLIANCE COMMITTEE No. 24-96
RE: SEPTEMBER 26 MEETING IN CALIFORNIA
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A meeting of the Compliance Committee has been scheduled for Thursday, September
26th. Please note that the meeting will be held at 2:00 p.m., at the offices of Capital Research
& Management, 333 South Hope St., Los Angeles, CA, in the Founders Room (55th Floor).
For your information, the Institute will be sponsoring a one-day Investment Advisers
Conference on Friday, September 27th in Los Angeles. If you have not yet received a
brochure and registration form for the Conference and are interested in obtaining them,
please contact me at 202/326-5824.
We plan to discuss the following items at the meeting: (1) SEC inspections of
sub-transfer agents that act as recordkeepers for retirement plans; (2) compliance with the
recent amendments to Rule 2a-7; (3) revised summary of non-Investment Company Act
investment restrictions; (4) codes of ethics/short sales; (5) procedures regarding illiquid
securities; (6) determining industry classifications for purposes of a funds concentration policy;
(7) procedures for handling outstanding small distribution checks (e.g., uncashed dividend
checks for less than $100); (8) procedures for voting proxies for portfolio securities; and (9)
electronic delivery of shareholder communications. Please let me know if there are any other
items that you would like to discuss.
Please contact Michael Branch at 202/326-5816 by September 17th to let him know
whether you will be attending the meeting.
Amy B.R. Lancellotta
Associate Counsel