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- ICI Comment Letters
SEC Proposes Rule Concerning Participation in Securities Underwritings
Washington, DC, December 12, 2000 - The SEC has proposed amendments to Rule 10f-3 under the Investment Company Act of 1940, which permits a registered investment company that has certain affiliations with an underwriting participant to purchase securities during an offering. The proposed amendments would:
- expand the exemption provided by the rule to permit a fund to purchase government securities in a syndicated offering, and
- modify the rule’s quantitative limit on purchases to cover purchases by a fund as well as any other account advised by the fund’s investment adviser.
The comment period ends February 15, 2001.