SEC News Digest

COMMISSION ANNOUNCEMENTS

Christopher Cox to Testify

Christopher Cox, Chairman, U.S. Securities and Exchange Commission, will testify before the Senate Committee on Banking, Housing, and Urban Affairs on Thursday, April 3, 2008. Chairman Cox's testimony, which concerns 'Turmoil in U.S. Credit Markets: Examining the Recent Actions of Federal Financial Regulators', will be held in Room SD-G50 of the Dirksen Senate Office Building at 10:00 a.m.

Change in the Meeting: Cancellation of Meeting

The closed meeting scheduled for Wednesday, April 2, 2008, has been cancelled.

For further information please contact the Office of the Secretary at (202) 551-5400.

ENFORCEMENT PROCEEDINGS

SEC Orders Hearing on Registration Revocation against Six Public Companies for Failure to Make Required Periodic Filings

Today the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of six companies for failure to make required periodic filings with the Commission:

• Achieva Development Corp.
• Acme Metals, Inc.
• Act International, Inc.
• Active Assets & Associates, Inc.
• ADM Enterprises, Inc.
• Advanced Interactive, Inc.

In this Order, the Division of Enforcement (Division) alleges that the six issuers are delinquent in their required periodic filings with the Commission.

In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1, 13a-13, and 13a-16 thereunder, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-57590; File No. 3-13002)

INVESTMENT COMPANY ACT RELEASES

Franklin California Tax-Free Income Fund, et al.

A notice has been issued giving interested persons until April 25, 2008, to request a hearing on an application filed by Franklin California Tax-Free Income Fund, et al. for an order under Section 6(c) of the Investment Company Act for an exemption from Rule 12d1-2(a) under the Act. The order would permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-28229 - March 31)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change (SR-NASDAQ-2008-026), filed by the the NASDAQ Stock Market to participate in the Options Penny Pilot Program has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of March 31, 2008. (Rel. 34-57579)

A proposed rule change, as Modified by Amendment No. 1 thereto, filed by the Philadelphia Stock Exchange to amend the Quarterly Option Series Pilot Program to permit the listing of additional series (SR Phlx-2008-23) has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of March 31, 2008. (Rel. 34-57583)

SECURITIES ACT REGISTRATIONS

• Latest Securities Act registrations (TXT)

RECENT 8K FILINGS

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http://www.sec.gov/news/digest/2008/dig040108.htm