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OGC-97-37 1 (1997-04-24)

handle is hein.gao/gaobablqo0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-276678 April 24, 1997 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Privately Offered Investment Companies Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on major rules promulgated by the Securities and Exchange Commission (SEC), entitled Privately Offered Investment Companies (RIN: 3235-AH09). We received the rules on April 3, 1997. They were published in the Federal Register as final rules on April 9, 1997. 62 Fed. Reg. 17512. The SEC is adopting the rules to implement the provisions of the National Securities Markets Improvement Act of 1996 (Act) as they apply to privately offered investment companies. The rules provide definitions necessary to effectuate the applicable provisions of the Act as well as providing certain interpretative provisions resulting from the changes made by the Act. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rules. Our review indicates that the SEC complied with the applicable requirements. GAO/OGC-97-37

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