OTHER NEWS - Dec. 15, 1993

SEC to Unveil Rule on Tax-Exempt Money Market Funds: Hoping to improve safety for investors, the Securities and Exchange Commission is expected today to propose higher credit-quality standards for securities purchased by tax-exempt money market funds. The proposed rules are designed to provide the same degree of safety that a 1991 rule provides for investors in taxable funds, SEC Chairman Arthur Levitt said last month. The agency will cast a final vote on the rule after seeking public comment. Separately, the SEC will also propose rules to improve disclosures in mutual fund proxy statements. The proposed rules will encourage further participation and activism by mutual fund shareholders, said SEC Commissioner Richard Roberts. The commission wants to remove unnecessary language from mutual fund proxies and require new disclosures about the compensation of fund directors and conflicts that they may face, Roberts said.