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Electronic Compliance Foundation Drafts No-Action Letter

The Electronic Compliance Foundation (ECF) is drafting a no-action letter to the Securities and Exchange Commission asking the SEC to permit investors to obtain more investment information on-line.

Since ECF announced its intent last summer to advance electronic commerce (MFMN, August 14, 1998), this has been the group's most important accomplishment to date, says Arthur Loring, one of the founders and a managing director of Cypress Holdings in Boston.

With only six members, most of them lawyers, ECF is trying to recruit new members from several areas of the mutual fund business including marketing, sales, management and technical. The goal is to have a broad membership that can provide guidelines on best e-commerce practices.

ECF has not yet named a director but it hopes to host a conference this fall.