[Federal Register Volume 61, Number 242 (Monday, December 16, 1996)]
[Notices]
[Pages 66064-66065]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31892]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Agency Meetings
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and
Exchange Commission will hold the following meetings during the week of
December 16, 1996.
An open meeting will be held on Wednesday, December 18, 1996, at 10
[[Page 66065]]
a.m. A closed meeting will be held on Friday, December 20, 1996, at 10
a.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the closed meeting.
Certain staff members who have an interest in the matters may also be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c) (4), (8), (9)(A) and (10) and 17 CFR 200.402(a)
(4), (8), (9)(i) and (10), permit consideration of the scheduled
matters at the closed meeting.
Commissioner Johnson, as duty officer, voted to consider the items
listed for the closed meeting in a closed session.
The subject matter of the open meeting scheduled for Wednesday,
December 18, 1996, at 10 a.m., will be:
(1) Consideration of whether to adopt a new anti-manipulation
regulation, Regulation M, and Rules 100 through 105 thereunder,
governing securities offerings. The new regulations would simplify,
modify, and in some cases, eliminate provisions that otherwise
restrict the activities of issuers, underwriters, and others
participating in a securities offering. Regulation M would be
adopted under various provisions of the Securities Act of 1933 and
the Securities Exchange Act of 1934 (``Exchange Act''), among other
statutory provisions, and would replace Rules 10b-6, 10b-6A, 10b-7,
10b-8, and 10b-21 under the Exchange Act. The Commission also will
consider related amendments to Items 502(d) and 508 of Regulations
S-B and S-K, and to Rules 10b-18 and 17a-2 under the Exchange Act.
Technical amendments to various rules and schedules to reflect the
adoption of Regulation M also will be considered. For further
information, contact M. Blair Corkran or Alan Reed at (202) 942-
0772.
(2) Consideration of whether to adopt an amendment to Rule 13e-4
under the Securities Exchange Act of 1934 and to issue a class
exemption from Rule 10b-13, and a temporary class exemption from
Rule 10b-6, under the Securities Exchange Act of 1934 to eliminate
the record date requirement from paragraph (h)(5) of Rule 13e-4 and
to permit continuous odd-lot tender offers by issuers. For further
information, please contact Lauren C. Mullen at (202) 942-0772.
(3) Consideration of whether to propose for public comment rules
2a51-1, 2a51-2, 2a51-3, 3c-1, 3c-5, 3c-6 and 3c-7 under the
Investment Company Act of 1940. The rules would implement certain
provisions of the National Securities Markets Improvement Act of
1996 (the ``1996 Act'') relating to private investment companies.
The 1996 Act, among other things, amended section 3(c)(1) of the
Investment Company Act (the existing exclusion from Investment
Company Act regulation used by private investment companies) and
added section 3(c)(7) to create a new exclusion from regulation
under the Act for private investment companies that consist solely
of highly sophisticated ``qualified purchasers'' owning or investing
on a discretionary basis a specified amount of ``investments''
(``section 3(c)(7) funds''). The new rules would: (i) define the
term ``investments'' for purposes of the qualified purchaser
definition; (ii) define the term ``beneficial owner'' for purposes
of the provisions that permit an existing private investment company
to convert into a section 3(c)(7) fund or to be treated as a
qualified purchaser; (iii) address certain interpretative issues
under section 3(c)(7); (iv) address certain interpretative issues
under section 3(c)(1) resulting from changes made by the 1996 Act;
(v) address investments in private investment companies by certain
``knowledgeable employees''; and (vi) address transfers of
securities issued by private investment companies when the transfer
was caused by legal separation, divorce, death, and certain other
involuntary events. For further information, please contact Kenneth
J. Berman at (202) 942-0690.
(4) Consideration of whether to propose for public comment new
rules and rule amendments under the Investment Advisers Act of 1940
(``Advisers Act'') to implement provisions of the Investment
Advisers Supervision Coordination Act (Title III of the National
Securities Markets Improvement Act of 1996) (``Coordination Act'')
that reallocate regulatory responsibilities for investment advisers
between the Commission and the states. The proposed rules would
establish the process by which certain advisers would withdraw from
Commission registration, exempt certain advisers from the
Coordination Act's prohibition on Commission registration, and
define certain terms. The Commission is also proposing amendments to
several rules under the Advisers Act that would reflect the changes
made by the Coordination Act. The proposed rules and rule amendments
are intended to clarify provisions of the Coordination Act and
thereby assist investment advisers in ascertaining their regulatory
status after the effective date of the Coordination Act, April 9,
1997. For further information, please contact Robert E. Plaze at
(202) 942-0716.
The subject matter of the closed meeting scheduled for Friday,
December 20, 1996, at 10:00 a.m., will be:
Injunction and settlement of injunctive actions.
Institution and settlement of administrative proceedings of an
enforcement nature.
Formal order of investigation.
Opinion.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items. For further information and to
ascertain, what, if any, matters have been added, deleted or postponed,
please contact:
The Office of the Secretary at (202) 942-7070.
Dated: December 11, 1996.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-31892 Filed 12-13-96; 8:58 am]
BILLING CODE 8010-01-M