[Federal Register Volume 65, Number 48 (Friday, March 10, 2000)]
[Rules and Regulations]
[Page 12943]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-5914]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 270

[Release Nos. 33-7728A, IC-23958A, IA-1815A; File No. S7-25-95]
RIN 3235-AG27


Personal Investment Activities of Investment Company Personnel

AGENCY: Securities and Exchange Commission.

ACTION: Correction to final rule.

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SUMMARY: This release contains a correction to the final amendments to 
rule 17j-1 under the Investment Company Act of 1940, which were 
published Friday, August 27, 1999 (64 FR 46821). Rule 17j-1 addresses 
conflicts of interest that rise from personal securities activities of 
investment company personnel.

EFFECTIVE DATE: March 6, 2000.

FOR FURTHER INFORMATION CONTACT: Penelope W. Saltzman, Senior Counsel, 
(202) 942-0690, or C. Hunter Jones, Assistant Director, Office of 
Regulatory Policy, Division of Investment Management, Securities and 
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0506.

SUPPLEMENTARY INFORMATION: The amendments to rule 17j-1 under the 
Investment Company Act of 1940 were designed to improve the regulation 
of conflicts of interest that arise when registered investment company 
(``fund'') personnel buy and sell securities for their own accounts. 
The amendments include a requirement that the board of directors of a 
fund approve the code of ethics of the fund, and any of its investment 
advisers and principal underwriters. Section 17j-1(c)(1(ii) also was 
intended to provide that before approving any of these codes, the 
fund's board must receive a certification from the fund and each of its 
investment advisers and principal underwriters that the organization 
providing the certification has adopted certain procedures.
    As adopted, section 17j-1(c)(1)(ii) contains an error that may be 
misleading and should be clarified.

    Accordingly, the publication on August 27, 1999 of the final 
regulation (33-7728), which was the subject of FR Doc. 99-22310, is 
corrected as follows:


Sec. 270.17J-1  [Corrected]

    On page 46835, first column, fourteenth and fifteenth lines, the 
phrase ``the investment adviser's or principal underwriter's code of 
ethics'' is corrected to read ``the Fund's, investment adviser's, or 
principal underwriter's code of ethics.''

    Dated: March 6, 200.
Jonathan G. Katz,
Secretary.
[FR Doc. 00-5914 Filed 3-9-00; 8:45 am]
BILLING CODE 8010-01-M