April 3, 1997
TO: BOARD OF GOVERNORS No. 22-97
INVESTMENT ADVISERS COMMITTEE No. 13-97
SEC RULES COMMITTEE No. 36-97
RE: ARTICLE ON NATIONAL SECURITIES MARKETS IMPROVEMENT ACT OF
1996
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We thought you might like the attached copy of our article, entitled "Mutual Funds,
Investment Advisers, and the National Securities Markets Improvement Act," which was published in
the February 1997 edition of The Business Lawyer. The article traces developments in mutual
fund and investment adviser regulation that culminated in passage of the 1996 Act. The article
also discusses in detail the provisions of the Act, its impact on the industry, and a variety of
interpretive issues.
Paul Schott Stevens Craig S. Tyle
Senior Vice President & General Counsel Vice President & Senior Counsel
Attachment