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NATIONAL ASSOCIATION OF MUTUAL FUND INDUSTRY ENDORSES BILL AIMED AT PROMOTING FAIRNESS IN WORLD FINANCIAL SERVICES

 NATIONAL ASSOCIATION OF MUTUAL FUND INDUSTRY ENDORSES BILL
 AIMED AT PROMOTING FAIRNESS IN WORLD FINANCIAL SERVICES
 WASHINGTON, Jan. 22 /PRNewswire/ -- A legislative proposal to authorize U.S. sanctions against foreign countries that discriminate against U.S. investment advisers and mutual funds was endorsed in congressional testimony today by the Investment Company Institute, the national association of the U.S. mutual fund industry. Matthew P. Fink, president of the institute, expressed support for the "Fair Trade in Financial Services Act of 1991" (H.R. 3503) at a hearing by the House Banking Subcommittee on International Development, Finance, Trade and Monetary Policy. The act would authorize the Securities and Exchange Commission to deny U.S. registration to investment advisers from a foreign country that is found to be discriminating against U.S. investment advisers.
 "As the world's financial markets become increasingly linked, it becomes more and more important that we be sensitive to and capable of redressing competitive inequities that can arise in a global marketplace," Fink said. "The Fair Trade in Financial Services Act represents an important first step toward equipping our government with the means needed to obtain competitive access for U.S. securities firms in the international financial markets."
 Fink noted that effective access to foreign markets is essential when U.S. investment advisers seek to advise and manage mutual funds organized abroad, when U.S. advisers seek to provide investment advice abroad to non-mutual fund clients, and when U.S. mutual funds seek to sell their shares abroad.
 "If U.S. advisers and U.S. mutual funds are to compete with foreign advisers and foreign mutual funds, our government must have a wide range of negotiating tools, including the ability to withhold access to U.S. markets unless equality of competitive opportunity is provided in foreign markets," Fink said.
 Foreign investment advisers are unconditionally granted national treatment in the United States, Fink said. Upon registration with the U.S. Securities and Exchange Commission, a foreign adviser that complies with U.S. securities laws has unrestricted access to U.S. mutual fund and investment advisory markets. U.S. investment advisers, by contrast, do not receive similar treatment in countries such as Japan and Korea, where the investment management and advisory markets are either closed to foreign entrants or severely restricted, he said.
 The institute's membership includes more than 3,430 U.S. mutual funds, with assets of over $1.3 trillion and about 36 million shareholders.
 -0- 1/22/92
 /NOTE: The complete text Mr. Fink's testimony is available on request from the Investment Company Institute./
 /CONTACT: John Collins, 202-955-3535, or Malin Jennings, 202-955-8415, both of the Investment Company Institute/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: LEG


SB -- DC009 -- 2191 01/22/92 10:38 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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