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OGC-97-57 1 (1997-08-20)

handle is hein.gao/gaobablrj0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-277680 August 20, 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: Exemption for the Acquisition of Securities During the Existence of An Underwriting or Selling Syndicate Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC), entitled Exemption for the Acquisition of Securities During the Existence of An Underwriting or Selling Syndicate (RIN: 3235-AG61). We received the rule on August 1, 1997. It was published in the Federal Register as a final rule on August 7, 1997. 62 Fed. Reg. 42401. The final rule amends rule 10f-3 and permits registered investment companies that have certain affiliated relationships with an underwriter to purchase a greater percentage of an offering of securities during the existence of an underwriting or selling syndicate. The amendments also permit these investment companies to purchase securities in certain foreign offerings and offerings of unregistered securities. 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 rule. Our review indicates that the SEC complied with the applicable requirements. GAO/OGC-97-57

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