[Federal Register Volume 64, Number 87 (Thursday, May 6, 1999)]
[Rules and Regulations]
[Page 24488]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-11356]



[[Page 24487]]

Part VI





Securities and Exchange Commission





_______________________________________________________________________



17 CFR Part 270



Custody of Investment Company Assets Outside the United States; 
Extension of Compliance Date; Proposed and Final Rules

  Federal Register / Vol. 64, No. 87 / Thursday, May 6, 1999 / Rules 
and Regulations  

[[Page 24488]]



SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 270

[Release Nos. IC-23814, IS-1193; File No. S7-23-95]
RIN 3235-AE98


Custody of Investment Company Assets Outside the United States; 
Extension of Compliance Date

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; extension of compliance date.

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SUMMARY: The Commission is extending the compliance date for certain 
amendments to the rule under the Investment Company Act that governs 
the custody of investment company assets outside the United States. In 
a companion release, the Commission is proposing amendments to that 
rule, and is proposing a new rule under the Act. The proposed 
amendments and new rule would establish new standards governing the 
maintenance of an investment company's assets with a foreign securities 
depository.

DATES: The effective date of the rule amendments published on May 16, 
1997 (62 FR 26923) remains June 16, 1997. Effective May 1, 1999, the 
compliance date for those rule amendments, except for the amended 
definition of an ``eligible foreign custodian,'' is extended from May 
1, 1999 until May 1, 2000, or until a date to be announced by the 
Commission when it takes further action on the amendments proposed in 
the companion release. The compliance date for the amended definition 
of an ``eligible foreign custodian'' was June 16, 1998.

FOR FURTHER INFORMATION CONTACT: Thomas M.J. Kerwin, Senior Counsel, or 
C. Hunter Jones, Assistant Director, Office of Regulatory Policy, at 
(202) 942-0690, in the Division of Investment Management, Securities 
and Exchange Commission, 450 5th Street NW, Washington DC 20549-0506.

SUPPLEMENTARY INFORMATION: The Commission is extending the compliance 
date for certain amendments to rule 17f-5 (17 CFR 270.17f-5) under the 
Investment Company Act of 1940 (15 U.S.C. 80a) (the ``Investment 
Company Act''). In a companion release, the Commission is proposing 
amendments to rule 17f-5, a new rule 17f-7, and conforming amendments 
to rule 7d-1 (17 CFR 270.7d-1) and rule 17f-4 (17 CFR 270.17f-4) under 
the Investment Company Act. See Investment Company Act Release No. 
23815 (Apr. 29, 1999).

    Dated: April 29, 1999.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-11356 Filed 5-5-99; 8:45 am]
BILLING CODE 8010-01-P