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    Investment Company Institute

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    The Investment Company Institute requests that financial regulatory agencies extend the deadline for commenting on proposed rules implementing Section 619 of the Dodd-Frank Act. They need more time to fully analyze the complex rules and their potential unintended consequences, consult with members, and review proposed rules from all five agencies involved in the coordinated rulemaking. Specifically, they ask that the deadline be extended to the later of 90 days after the current January 13th deadline or 60 days after the Commodity Futures Trading Commission issues its proposed rules. This will allow them to provide a more thorough and useful response to the agencies.

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    Investment Company Institute

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    The Investment Company Institute requests that financial regulatory agencies extend the deadline for commenting on proposed rules implementing Section 619 of the Dodd-Frank Act. They need more time to fully analyze the complex rules and their potential unintended consequences, consult with members, and review proposed rules from all five agencies involved in the coordinated rulemaking. Specifically, they ask that the deadline be extended to the later of 90 days after the current January 13th deadline or 60 days after the Commodity Futures Trading Commission issues its proposed rules. This will allow them to provide a more thorough and useful response to the agencies.

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    The Investment Company Institute requests that financial regulatory agencies extend the deadline for commenting on proposed rules implementing Section 619 of the Dodd-Frank Act. They need more time to fully analyze the complex rules and their potential unintended consequences, consult with members, and review proposed rules from all five agencies involved in the coordinated rulemaking. Specifically, they ask that the deadline be extended to the later of 90 days after the current January 13th deadline or 60 days after the Commodity Futures Trading Commission issues its proposed rules. This will allow them to provide a more thorough and useful response to the agencies.

    Copyright:

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    14 views2 pages

    Investment Company Institute

    Uploaded by

    MarketsWiki
    The Investment Company Institute requests that financial regulatory agencies extend the deadline for commenting on proposed rules implementing Section 619 of the Dodd-Frank Act. They need more time to fully analyze the complex rules and their potential unintended consequences, consult with members, and review proposed rules from all five agencies involved in the coordinated rulemaking. Specifically, they ask that the deadline be extended to the later of 90 days after the current January 13th deadline or 60 days after the Commodity Futures Trading Commission issues its proposed rules. This will allow them to provide a more thorough and useful response to the agencies.

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    of 2

    1401 H Street, NW, Washington, DC 20005-2148, USA 202/326-5800 www.ici.

    org

    Paul Schott Stevens, PRESIDENT & CEO


    202/326-5901
    FAX: 202/326-5806 paul.stevens@ici.org

    December22,2011 Ms.ElizabethM.Murphy Ms.JenniferJ.Johnson


    Secretary Secretary
    SecuritiesandExchangeCommission BoardofGovernorsoftheFederalReserve
    100FStreet,N.E. 20thStreetandConstitutionAvenue,N.W.
    Washington,D.C.20549 Washington,D.C.20551
    Mr.RobertE.Feldman Mr.JohnG.Walsh
    ExecutiveSecretary ActingComptrolleroftheCurrency
    FederalDepositInsuranceCorporation OfficeoftheComptrolleroftheCurrency
    55017thStreet,N.W. 250EStreet,S.W.
    Washington,D.C.20429 Washington,D.C.20219
    Re: ProhibitionsandRestrictionsonProprietaryTradingandCertainInterestsIn,and
    RelationshipsWith,HedgeFundsandPrivateEquityFundsRequestforExtension

    DearSirsandMadams: TheInvestmentCompanyInstitute1respectfullyaddsitsvoicetothegrowingchorusofpersonsand organizationsrequestingthattheabovelistedAgenciesextendtheJanuary13,2012deadlinefor commentingonthependingproposaltoimplementSection619oftheDoddFrankWallStreet ReformandConsumerProtectionAct(ProposedRule).2 Weseekthisextensionfortworeasons.First,theProposedRuleislongandcomplexandtheAgencies haveaskedforcommentsonhundredsofquestions.ICIgreatlyappreciatestheAgenciesinterestin understandingthewiderangingramificationsoftheProposedRuleandtheirwillingnesstoconsider appropriaterevisions.Weplantosubmitadetailedcommentletter.Ourcommentswillfocusonthe



    1TheInvestmentCompanyInstitute(ICI)isthenationalassociationofU.S.investmentcompanies,includingmutual

    funds,closedendfunds,exchangetradedfunds(ETFs),andunitinvestmenttrusts(UITs).ICIseekstoencourage adherencetohighethicalstandards,promotepublicunderstanding,andotherwiseadvancetheinterestsoffunds,their shareholders,directors,andadvisers.MembersofICImanagetotalassetsof$12.5trillionandserveover90million shareholders.


    2

    See,e.g.,LettersubmittedbytheAssociationofInstitutionalINVESTORS,datedDecember16,2011;Lettersubmitted bytheAustralianBankersAssociationInc.,datedDecember16,2011;LettersubmittedbyEMTA(theTradeAssociation fortheEmergingMarkets),datedDecember12,2011;andLettersubmittedbytheAmericanBankersAssociation,the FinancialServicesForum,theFinancialServicesRoundtable,theInstituteofInternationalBankers,andtheSecurities IndustryandFinancialMarketsAssociation,datedNovember30,2011.

    December22,2011 Page2of2

    potentialimpactoftheProposedRuleonregisteredinvestmentcompanies(e.g.,mutualfunds)and theirshareholders,includinghowtheproposalwouldaffectregisteredinvestmentcompaniesasmajor investorsinthesecuritiesmarketsandotherwise. Importantly,theProposedRuleisnotdirectedatregisteredinvestmentcompanies.Yet,inthecourse ofreviewingthiscomplicatedproposal,wecontinuetodiscovernew,unexpectedand,webelieve, unintendednegativeimplicationsforregisteredinvestmentcompaniesandtheirshareholders.Asour concernsabouttheproposalhavecontinuedtoevolve,ithastakenuslongerthanoriginallyanticipated todevelopourcomments. InordertoprovidethemostcompleteandusefulfeedbacktotheAgencies,ICIneedstoanalyzethese issues,carefullyconsiderpossiblesolutions,clearlyarticulateourcommentsinwrittenform,and, perhapsmostimportantly,seekinputfrommembers.Wehavebeenworkingdiligentlytodoallofthis, butweareconcernedthatthetimingofthecommentdeadlinewillmakeitespeciallychallengingfor ourmemberstoengageasfullywithusontheseissuesaswouldbeoptimal,duetothepressofyearend workaswellastheholidays. Second,Section619requirescoordinatedrulemakingbytheSecuritiesandExchangeCommission,the FederalReserveBoard,theFederalDepositInsuranceCompany,theOfficeoftheComptrollerofthe Currency,andtheCommodityFuturesTradingCommission.Theseagenciesarerequiredto coordinateandconsultwitheachotherinordertoassuretotheextentpossiblethattheirregulations arecomparableandprovideforconsistentapplication.TheCFTChasnotyetissueditsproposedrule. Webelieveinterestedpersonsshouldhaveanopportunitytoreviewproposedrulesfromallfive agenciesbeforesubmittingcomments. SeveralorganizationshaverequestedthattheAgenciesextendthecommentdeadlinetothelaterof90 daysafterthecurrentdeadlineofJanuary13thor60daysaftertheCFTCreleasesitsproposedrules.3 Suchanextensionwouldallowussufficienttimetofullydevelopourcommentsandvetthemwith membersinordertoprovideathoroughandmeaningfulresponsetotheAgencies. Thankyouforconsideringourrequest. Sincerely, /s/ PaulSchottStevens President&CEO InvestmentCompanyInstitute

    3

    SeeLettersubmittedbytheAssociationofInstitutionalINVESTORS,LettersubmittedbyEMTA,andLettersubmitted bytheAmericanBankersAssociation,theFinancialServicesForum,theFinancialServicesRoundtable,theInstituteof InternationalBankers,andtheSecuritiesIndustryandFinancialMarketsAssociation,supran.2.

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