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June 20, 2001 The Securities Industry Association (SIA) sent a letter to the SEC urging the SEC to deny the rulemaking petition submitted by the Investment Company Institute (ICI) seeking regulation of portfolio investment programs such as Portfoliofn. The SIA believes that such rulemaking might have a chilling effect on the innovation of future securities products. The ICI believes that such products are the functional equivalent of mutual funds and thus should be subject to many of the laws and rules applicable to mutual funds. The SIA disagrees with this assertion. In its view, the portfolio investment programs are not the same as mutual funds because investors in such programs have more control over their investments. To access a copy of the SIA letter, click http://www.sia.com/2001_comment_letters/ and select "Response to Petition for Rulemaking dated March 28, 2001 by the Investment Company Institute ("ICI") with respect to certain Portfolio Investment Programs," which is in PDF format. |
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