SAS 70 Best Practices Online

The SAS 70 Advocacy Committee of the AMF Senior Executives Group is planning a conference call presentation to review the development of a proposed website for SAS 70 best practices on Friday, April 8, 2005 at 1 p.m. The SEG and various industry members are working to create this centralized resource and educational tool in order to foster SAS 70 best practices. "SAS70Standard.com" will be the asset management industry's information source on using a standard SAS 70 to report on internal controls. The site will provide participants with an e-library containing documentation on procedural methods for carrying out SAS 70 audits.

This advocacy initiative generally relates to the SEC's recent request for feedback on the experiences of registrants, accounting firms and others in implementing the new internal control requirements under Section 404 of the Sarbanes-Oxley Act of 2002. SAS70Standard.com has the potential to become the answer to many of the reporting challenges that asset managers face in this regard.

To see first-hand the developing SAS70Standard.com and to hear the potential industry benefits from the SEG leadership, please join in a special web meeting on Friday, April 8. The Senior Executives Group welcomes industry participation and feedback on this innovative initiative. Below are the call-in details for the meeting. Also, please confirm your participation by contacting Douglas Taggart, Staff Advisor to the Senior Executives Group at 646.637.9273. After you confirm your participation, you will be sent the appropriate web meeting information, including a password that permits the participant to gain access to the online portion of the meeting.

Date of Conference Call: Friday, April 8, 2005

Time: 1 p.m. Eastern

Conference Call Phone Number: 1-800-283-1476

Conference Call ID: 682-037

Opportunity to Create Operational Efficiency in the Money Markets

The Bond Market Association Money Market Operations Committee has commenced an initiative to eliminate the need for paper confirms in the money markets by leveraging technology. The first phase of the initiative would focus on creating an electronic confirmation for commercial paper. The Bond Market Association is looking to partner with The Asset Managers Forum in a joint working group on this project. TO ENSURE THE SUCCESS OF THIS INITIATIVE, BUYSIDE PARTICIPATION IS CRITICAL. The working group plans to work closely with industry utilities, such as DTCC or Omgeo, to propose an electronic model and build a solution in a standardized industry format. For more information on this project or if you are interested in volunteering in this joint buyside-sellside initiative, please contact Elisa Nuottajarvi of The Bond Market Association at 646.637.9266. Please note that Patti Lewis of Merrill Lynch is Chair of The Bond Market Association Money Market Committee and Michelle David serves as principal Staff Advisor.

NOTE: This Weekly Report on Policy Developments Affecting Asset Managers is a service of the Technology, Operations and Asset Manager Relations Department of The Bond Market Association. We encourage your input as this communication is designed to promote dialogue among members of the Senior Executives Group of The Asset Managers Forum and The Bond Market Association. Please feel free to contact Joseph Sack, Executive Director of the Senior Executives Group of The Asset Managers Forum or Douglas Taggart or Elisa Nuottajarvi of the staff of The Bond Market Association.