1 Memorandum to Board of Governors No. 55-96, Members-One Per Complex No. 69-96, Federal Legislation Members No. 16-96, SEC Rules Members No. 56-96, State Securities Members NO. 35-96, Unit
Investment Trust Members No. 43-96, Closed-End Members-One Per Complex No. 1-96, Public Information Committee No. 39-96, Investment Adviser Associate Members No. 35-96, and Investment Adviser
Members No. 38-96, dated October 1, 1996.
October 11, 1996
TO: BOARD OF GOVERNORS No. 57-96
MEMBERS - ONE PER COMPLEX No. 74-96
FEDERAL LEGISLATION MEMBERS No. 17-96
SEC RULES MEMBERS No. 61-96
STATE SECURITIES MEMBERS No. 37-96
UNIT INVESTMENT TRUST MEMBERS No. 48-96
CLOSED-END MEMBERS - ONE PER COMPLEX No. 2-96
PUBLIC INFORMATION COMMITTEE No. 40-96
INVESTMENT ADVISER ASSOCIATE MEMBERS No. 40-96
INVESTMENT ADVISER MEMBERS No. 42-96
RE: PRESIDENT CLINTON SIGNS NATIONAL SECURITIES MARKETS
IMPROVEMENT ACT INTO LAW
______________________________________________________________________________
VIA FACSIMILE AND U.S. MAIL
I am pleased to report that on October 11, President Clinton signed into law the
"National Securities Markets Improvement Act of 1996." This historic new law rationalizes
federal-state regulation of mutual funds, modernizes the Investment Company Act of 1940,
realigns federal-state oversight of investment advisers, and reduces SEC fees by $850 million
over the next ten years. A copy of the bill and accompanying report were sent to you on
October 1 under separate cover.1 Attached is a copy of President Clintons statement on
signing the bill.
Once again, I would like to thank the many Institute members who have participated
in this successful effort over the past two years.
Matthew P. Fink
President
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