C9-7237. Offer and Sale of Securities to Canadian Tax-Deferred Retirement Savings Accounts

[Federal Register Volume 64, Number 71 (Wednesday, April 14, 1999)]
[Corrections]
[Page 18481]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: C9-7237]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 230, 240 and 270

[Release Nos. 33-7656, 34-41189, IC-23745; File No. S7-10-99; 
International Series Release No. 1188]
RIN 3235-AH32


Offer and Sale of Securities to Canadian Tax-Deferred Retirement 
Savings Accounts

Correction

    In proposed rule document 99-7237, beginning on page 14648, in the 
issue of Friday, March 26, 1999, make the following correction:
    On page 14649, in the second and third columns, the text ``The 
Commission and its staff have interpreted section 7(d) to generally 
prohibit a foreign fund from making a U.S. private offering if that 
offering would cause the securities of the fund to be beneficially 
owned by more than 100 U.S. residents. See Resale of Restricted 
Securities, Securities Act Release No. 6862 (Apr. 23, 1990) [55 FR 
17933 (Apr. 30, 1990)] at text following n.64; Investment Funds 
Institute of Canada, SEC No-Action Letter (Mar. 4, 1996); Touche 
Remnant & Co., SEC No.- Action Letter (Aug. 27, 1984). Given the large 
number of Canadian/U.S. Participants, it is unlikely that a Candadian 
fund could sell securities to Canadian retirement accounts of Canadian/
U.S. Participants without exceeding the limit of 100 U.S. beneficial 
owners.'' should be removed and placed above footnote 11.
[FR Doc. C9-7237 Filed 4-13-99; 8:45 am]
BILLING CODE 1505-01-D