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GAO-03-477R 1 (2003-02-24)

handle is hein.gao/gaobadwig0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 B-291949 February 24, 2003 The Honorable Richard C. Shelby Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G. Oxley Chairman The Honorable Barney Frank Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies 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 Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies (RIN: 3235-AI64). We received the rule on February 3, 2003. It was published in the Federal Register as a final rule; request for comments on Paperwork Reduction Act burden estimate on February 7, 2003. 68 Fed. Reg. 6564. The final rule requires registered management investment companies to provide disclosure about the policies and procedures they use to determine how to vote proxies relating to portfolio securities they hold. The final rule also requires registered management investment companies to file with the SEC and to make available to shareholders the specific proxy votes that they cast in shareholder meetings of issuers of portfolio 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-03-477R

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