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OGC-98-20 1 (1997-12-18)

handle is hein.gao/gaobablsj0001 and id is 1 raw text is: 




G   AO         United States
               General Accounting Office
               Washington, D.C. 20548

               Office of the General Counsel


               B-278811



               December 18, 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: Technical Revisions to the Rules
                         and Forms Regulating Money Market Funds

               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 Technical Revisions to the Rules and Forms Regulating Money Market
               Funds (RIN: 3235-AE17). We received the rule on December 3, 1997. It was
               published in the Federal Register as a final rule on December 9, 1997. 62 Fed. Reg.
               64968.

               The final rule amends the rules and forms governing money market funds. The rule
               revises terminology used in rule 2a-7 under the Investment Company Act of 1940 to
               reflect common market usage and resolve certain interpretative issues.

               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.

               If you have any questions about this report, please contact James Vickers, Assistant
               General Counsel, at (202) 512-8210. The official responsible for GAO evaluation
               work relating to the Securities and Exchange Commission is Thomas McCool,


GAO/OGC-98-20

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