Custody of Investment Company Assets Outside the United States Extension of Comment Period

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 270

[Release No. IC-21398, File No. S7-23-95]

RIN 3235-AE98

Custody of Investment Company Assets Outside the United States--

Extension of Comment Period

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule amendments and request for comment; extension of

comment period.

-----------------------------------------------------------------------

SUMMARY: The Commission is extending from October 6, 1995 to November

6, 1995 the comment period for Investment Company Release No. 21259,

which proposed amendments to rule 17f-5 under the Investment Company

Act of 1940.

DATES: Comments must be received on or before November 6, 1995.

ADDRESSES: Comments should be submitted in triplicate to Jonathan G.

Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street,

NW, Stop 6-9, Washington, DC 20549. All comment letters should refer to

File No. S7-23-95. All comments received will be available for public

inspection and copying in the Commission's Public Reference Room, 450

Fifth Street, NW, Washington, DC 20549.

[[Page 53153]]

FOR FURTHER INFORMATION CONTACT: Robin S. Gross, Staff Attorney, or

Elizabeth R. Krentzman, Assistant Chief, at (202) 942-0690, Office of

Regulatory Policy, Division of Investment Management, 450 Fifth Street,

NW, Washington, DC 20549.

SUPPLEMENTARY INFORMATION: On July 27, 1995, the Commission issued

Investment Company Act Release No. 21259 (60 FR 39592 (August 2, 1995))

(``Release No. 21259''), which proposed amendments to rule 17f-5 (17

CFR 270.17f-5) under the Investment Company Act of 1940 (15 U.S.C.

80a). The proposed amendments would permit an investment company's

board to delegate its responsibilities under the rule to evaluate

foreign custody arrangements. The amendments also would expand the

class of foreign banks and securities depositories that could serve as

investment company custodians.

Since Release No. 21259 was issued, the Commission has received

requests from interested persons for an extension of the comment

period. In light of the importance of the safekeeping of investment

company assets and the benefit to the Commission of receiving carefully

considered comments, the Commission believes a 30-day extension is

appropriate.

The comment period for responding to Release No. 21259 is extended

to November 6, 1995.

Dated: October 5, 1995.

By the Commission.

Jonathan G. Katz,

Secretary.

[FR Doc. 95-25250 Filed 10-11-95; 8:45 am]

BILLING CODE 8010-01-P