Memo #
8748
INSTITUTE COMMENT LETTER ON SCOPE OF PREEMPTION OF STATE REGULATION OF OFFERING DOCUMENTS
|
Print
March 24, 1997
TO: SEC RULES COMMITTEE No. 33-97
UNIT INVESTMENT TRUST COMMITTEE No. 18-97
RE: INSTITUTE COMMENT LETTER ON SCOPE OF PREEMPTION OF STATE
REGULATION OF OFFERING DOCUMENTS
______________________________________________________________________________
Attached is a copy of the Institutes comment letter on the SECs proposal regarding the
scope of the preemption of state regulation of offering documents used by investment
companies and others. The letter, which reflects the comments of members, argues that the
SEC should broaden the definition of the phrase "prepared by or on behalf of the issuer" to
encompass documents authorized by various specified persons in addition to the issuer. It
further recommends that the definition not exclude documents actually prepared by a person
other than one specifically referred to in the rule. The Institutes letter also recommends that
any investment company prospectus filed with the Commission or the NASD under Rule 497
should be deemed to automatically fall within the scope of the definition.
Craig S. Tyle
Vice President and Senior Counsel
Attachment (in .pdf format)