January 23, 1989
TO: UNIT INVESTMENT TRUST MEMBERS NO. 8-89
RE: SEC LETTER ON PROSPECTUS DELIVERY REQUIREMENTS
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Attached are a recent request for an interpretive opinion
from the SEC with regard to prospectus delivery requirements for
unit investment trusts and the staff's response thereto. In its
response, the staff affirms that a dealer selling shares of a
unit investment trust must deliver a prospectus if the sponsor,
or any person acting as an underwriter, is maintaining a market
in the shares. Failure to comply creates a right of recission
for the purchaser under Section 12 of the Securities Act of 1933.
Craig S. Tyle
Assistant General Counsel
Attachment