have recommended governing principles for derivatives use. The group, at a recent conference in Paris, recommended that fund companies assure appropriate management oversight for derivatives use. In addition, the group advised funds to establish adequate systems for internal controls and risk management and to disclose derivatives risk to shareholders in prospectuses and advertising. The Investment Company Institute represented U.S. interests at the ninth annual International Investment Funds Conference. An ICI spokeswoman said the organization is considering forwarding the recommendations to it members, though no formal action is required.

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