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[FundLaw] NASD Sales Charges Rule Change

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  • Baker, John
    The NASD on Friday, December 10, issued Notice to Members 99-103, announcing that changes in NASD Rule 2830 (the Investment Company Rule) have been approved by
    Message 1 of 1 , Dec 13, 1999
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      The NASD on Friday, December 10, issued Notice to Members 99-103,
      announcing that changes in NASD Rule 2830 (the Investment Company Rule) have
      been approved by the SEC and will be effective April 1, 2000. Generally,
      the amendments revise the Investment Company Rule to:

      --provide maximum aggregate sales charge limits for fund-of-fund
      arrangements;

      --permit mutual funds to charge installment loads;

      --prohibit loads on reinvested dividends;

      --impose redemption order requirements for shares subject to
      contingent deferred sales loads; and

      --eliminate duplicative prospectus disclosure requirements.

      The amendments also revise NASD Rule 2820 (the Variable Contracts
      Rule). Text and PDF versions of Notice 99-103 are available at
      http://www.nasdr.com/pdf-text/99103ntm.txt and
      http://www.nasdr.com/pdf-text/99103ntm.pdf, respectively.

      John M. Baker <JBaker@...>
      Stradley, Ronon, Stevens & Young, LLP
      2121 K Street, N.W., Suite 800, Washington, DC 20037
      (202) 261-3512 Fax (202) 261-3581
      FundLaw Listowner
      Http://www.egroups.com/group/fundlaw/info.html
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