HOW MANY REGULATED FOREIGN CIS ARE AUTHORISED OR REGISTERED IN YOUR JURISDICTION?

Australia

France

Germany

Hong Kong

Italy

Japan

Luxembourg

Mexico

Netherlands

Spain

Sweden

Switzerland

United Kingdom

USA

170 (est)

201

548

691

81

182

125 4 (non UCITS) 121 (UCITS)

8

100 30 (non UCITS) 70 (UCITS)

70

123

810

262

19

COMMENTARY:

FRANCE: 201; This number does not take into account the sub funds of umbrella funds which are considered as single entities.

GERMANY: As at 30.06.95, 548 CIS are authorised to publicly market and sell their investment fund shares in Germany. The number of authorised funds including all sub-funds of umbrella funds is 1,398. For detailed breakdown, refer Table 1 page 6.

HONG KONG: 691; as at 31.03.95.

ITALY: 81; A list of the 81 foreign CIS authorised to market their units in Italy, under the provision of EC Directive 85/611, can be made available on request.

LUXEMBOURG: 125; comprising of 4 non UCITS and 121 (UCITS) as at 30.06.95. For detailed breakdown and comparisons refer to Table 2 page 7.

MEXICO: 8; Although eight foreign CIS have been authorised to date, none have commenced operation. The authorisation process, for both foreign CIS and their operators, requires the CIS to be constituted as Mexican companies, according to Mexican Law.

NETHERLANDS: 100; comprising 30 non UCITS and 70 (UCITS). The Nederlandsche Bank, as delegated supervisor with regard to the Act on the Supervision of Investment Institutions (the Act), has authorised 30 foreign CIS (non-UCITS) of which 17 are situated on the Dutch Antilles, 5 in Luxembourg, 3 in the United States of America, 4 in Guernsey and 1 on the Cayman Islands. 70 foreign-based UCITS have been notified.

SPAIN: 70 as at 31.12.94; For detailed breakdown and comparisons refer to Table 4 page 8.

SWITZERLAND: 810 as at 31.08.95.

USA: 19; Under Section 7(d) of the Investment Company Act of 1940 ("ICA"), foreign CIS may not make a public offering of its shares in the US unless the SEC issues an order permitting the CIS to register under the ICA. In order to issue an order under Section 7(d), the SEC is required to find that "it is both legally and practically feasible to enforce the provisions of the ICA against such company." As a practical matter, this means that the SEC looks to the organisation, structure and operations of the foreign CIS to determine if they comply with the ICA, and whether it would be feasible for the SEC to take enforcement action against the foreign CIS for any failure to comply with the Act. Nineteen foreign CIS have sought Section 7(d) orders and have registered with the SEC under Section 7(d) since 1954. The last Section 7(d) order was granted in 1973 and there are currently four active CIS registered pursuant to Section 7(d).