COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY O. STAGGERS, West Virginia, Chairman

TORBERT H. MACDONALD, Massachusetts

JOHN E. MOSS, California

W. E. WILLIAMSON, Clerk

KENNETH J. PAINTER, Assistant Clerk

Report of Securities Investor Protection Corp., on H.R. 12981_.

Statement of—

Augenblick, Robert L., president, Investment Company Institute__.

Bauman, W. Scott, Ph. D., executive director, Institute of Chartered

Financial Analysts, and professor of business administration,

University of Virginia_--

Broome, O. Whitfield, Jr., Ph. D., examinations, ICFA, assistant
professor of commerce, University of Virginia__

Casey, John L., chairman, board of governors, Investment Counsel

Association of America__.

Croll, David B., Ph. D., program coordinator, ICFA, assistant pro-
fessor of commerce, University of Virginia____

Dooley, Michael P., special counsel, ICFA, professor of law, Univer-
sity of Virginia__

Gillis, John T., counsel, Financial Analysts Federation__.

Page

1

83

3

10

17

50

97

97

115, 128

97

Hills, Roderick M., Chairman, Securities and Exchange Commission__

Jones, Anne P., Director, Division of Investment Management, Securi-

ties and Exchange Commission___.

Lilley, Theodore F., president, Financial Analysts Federation___

Mostoff, Allan S., former Director, Investment Management Regula-

tion, Securities and Exchange Commission__

Potts, Ramsay D., counsel, Investment Counsel Association of

America

Schotland, Roy, Ph. D., Georgetown Law School__.

97

89

17

17, 27

89

74

115

83

Silver, David, senior vice president and general counsel, Invest-

ment Company Institute___

50, 52

Spolter, Seymour, Special Counsel, Division of Investment Manage-

ment, Securities and Exchange Commission___.

17

Stern, Walter P., senior vice president, Capital Research Co., and

president, the Institute of Chartered Financial Analysts-----

Thielbar, Henry B., past president and governor, Investment Counsel

Association of America___

Williams, Dave H., president-elect, New York Society of Security

Analysts

Additional material submitted for the record by-

97

115

97, 104

American Bankers Association, Robert L. Bevan, associate Federal

legislative counsel, letter dated June 3, 1976, to Chairman

Murphy

150

American Life Insurance Association, statement__

140

Association of Bank Holding Cos., Forrest J. Prettyman, general
counsel, letter dated June 2, 1976, to Chairman Murphy--
California Department of Corporations, Ronald L. Fein, chairman,
letter dated May 18, 1976, to Chairman Murphy-.
Institute of Chartered Financial Analysts, Robert E. Blixt, immediate
past-president, letter dated June 2, 1976, to Franz Opper, counsel___

Investment Company Institute; attachments to Mr. Augenblick's

prepared statement:

150

146

152

Exhibit 1-Memorandum and amendment to require uniformity
of Federal and State laws with respect to qualification and
financial responsibility requirements----

(III)

63

Additional material submitted-Continued

Investment Company Institute: Attachments-Continued

Exhibit 2-Explanation and amendment to mandate the crea-
tion of advisory committees on qualifications and financial
responsibility standards____

Exhibit 3-Explanation and amendment to clarify that qualifi-
cation requirements only apply to natural persons who have
responsibilities for or perform the duties of an investment

adviser

New York State, Louis J. Lefkowitz, attorney general, letter dated
May 19, 1976, to Chairman Murphy_
New York Stock Exchange, statement_.
Securities and Exchange Commission :

Attachment to Ms. Jones' prepared statement, SEC statement in
support of proposed amendments to Investment Advisers Act of
1940

Letter dated April 5, 1976, from Peter Kiernan, Assistant Director, to Chairman Murphy re relevance to the legislative proposals__ Securities Industry Association, Edward I. O'Brien, president, letter dated May 28, 1976, ot Chairman Murphy‒‒‒‒‒