RegAlert1993-04-23
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SEC Division of Investment Management staff letter: United Services Funds
The SEC Division of Investment Management staff declines to recommend enforcement action under Section 17(d) of the Investment Company Act of 1940 and Rule 17d-1 for United Services Funds regarding a securities lending arrangement with Bankers Trust Company. However, the staff asserts that the proposed transactions constitute sales under Section 17(e)(1) because Bankers Trust Company is an affiliated person of an affiliated person of the Funds and receives compensation for acting as agent. Consequently, the staff cannot assure that no enforcement action will be taken under Section 17(e)(1) if the Fund enters into the described securities lending agreement.
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APR 2 j 199
Our Ref. No. 92-573-CC
E OF CHIEF COUNSEL united-Services Funds-
OF INVESTMENT MANAGEMENT File No. 811-8100
Your letter of September 24, 1992, requests our assurance
that we would not recommend that the Commission take any
enforcement action under Section 17 (d) of the Investment Company
Act of 1940 ("1940 Act"), and Rule 17d-1 thereunder, if certain
portfolios (the "Portfolios") 1./ of United Services Funds (the
"Fund"), a registered open-end series investment company, engage
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