Changes for Mutual Fund Quotation Service Approved
October 13, 2000 – The SEC today published in the Federal Register its approval of the Nasdaq’s liberalized listing standards for the Mutual Fund Quotation Service. Release No. 34-42417, 65 Fed. Reg. 61,012 (Oct. 5, 2000).
The new rule substantially reduces the asset requirements for closed-end funds that wish to report their net asset value per share on the MFQS. Under the new standard, closed-end funds may be included in the main News Media List if they have initial net assets of at least $60 million (formerly $100 million), and they must maintain net assets of at least $30 million (formerly $60 million).
In addition, both open-end and closed-end funds now may be included in the Supplemental List if their investment adviser has at least $15 million in fund assets under management (including at least one fund with net assets of $10 million or more).
Pricing information about funds on the Supplemental List generally is not included in newspaper fund tables, but is disseminated over Nasdaq’s Level 1 Service.
Federal Register documents may be downloaded from http://www.access.gpo.gov/su_docs/aces/aces140.html
Copyright 2000, John M. Baker, Esq., Stradley, Ronon, Stevens & Young, LLP, 1220 19th Street, N.W., Suite 700, Washington, DC 20036 – (202) 822-9611- Fax (202) 822-0140 This article was originally posted to the FundLaw List, http://www.egroups.com/group/fundlaw. To subscribe to FundLaw, send a blank e-mail to fundlaw-subscribe@egroups.com
Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.
Return to The Securities Law Home Page
