[Federal Register: September 5, 2003 (Volume 68, Number 172)]
[Notices]
[Page 52803-52804]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05se03-89]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meetings
Notice is hereby given, pursuant to the provisions of the Goverment
in the Sunshine Act, Public Law 94-409, that the Securities and
Exchange Commission will hold the following meetings during the week of
September 8, 2003:
Closed Meetings will be held on Tuesday, September 9, 2003, at 2
p.m. and Wednesday, September 10, 2003, at 11 a.m., and Open Meetings
will be held on Wednesday, September 10, 2003, at 10 a.m. and Thursday,
September 11, 2003, at 10 a.m.
Commissioner Atkins, as duty officer, determined that no earlier
notice thereof was possible.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meetings.
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)(5), (7), (9)(B) and (10) and 17 CFR 200.402(a)(5),
(7), (9)(ii) and (10), permit consideration of the scheduled matters at
the Closed Meetings
The subject matter of the Closed Meeting scheduled for Tuesday,
September 9, 2003, will be:
Institution and settlement of administrative proceedings of an
enforcement nature;
Institution and settlement of injunctive actions;
Formal orders of investigation; and
Adjudicatory matter.
The subject matter for the Open Meeting scheduled for Wednesday,
September 10, 2003 will be:
1. The Commission will hear oral argument on an appeal by the Barr
Financial Group, Inc. (``BFG''), an investment adviser, and Alfred E.
Barr (``Barr''), BFG's president, from the decision of an
administrative law judge.
The law judge found that:
a. Respondents violated section 207 of the Investment Advisers Act
of 1940 (``Advisers Act'') by making untrue statements of material fact
in Forms ADV and ADV amendments filed by BFG during 1997 and 1998.
Respondents' statements concerned the amount of assets BFG had under
management and Barr's academic credentials;
b. Respondents were permanently enjoined in 1999 from violating
Advisers Act section 204 and ``regulations thereunder governing the
conduct of investment advisers under Rule 204-2 of the Advisers Act.''
The law judge ordered both respondents to cease and desist from
committing or causing any violations or future violations of Advisers
Act sections 204 and 207, barred Barr from associating with any
investment adviser, and revoked BFG's registration as an investment
adviser.
Among the issues likely to be argued are:
a. Whether the evidence supports the allegations;
b. Whether and to what extent sanctions should be imposed in the
public interest.
For further information, please contact the Office of the Secretary
at (202) 942-7070.
2. The Commission will hear oral argument on an appeal by the
Division of Enforcement from the decision of an administrative law
judge.
The law judge found that the Division of Enforcement failed to
prove that Jeffrey M. Steinberg and John Geron, (``the Respondents''),
certified public accountants and former partners of accounting firm
Arthur Andersen & Co., L.L.P., caused violations by Spectrum
Information Technologies, Inc. (``Spectrum'') of section 13(a) of the
Securities Exchange Act of 1934 and Rules 13a-13 and 12b-20 thereunder
(``the reporting provisions''), and the law judge dismissed the
proceedings against the Respondents. The law judge concluded that the
Respondents' accounting advice to Spectrum was consistent with
generally accepted accounting principles (``GAAP''). The law judge
determined also that Spectrum's quarterly reports filed with the
Commission on Forms 10-Q for the periods ended June 30, 1993, and
September 30, 1993, the reports at issue,
[[Page 52804]]
adequately disclosed certain licensing transactions.
The Division has requested that the Commission reverse the law
judge's findings of fact and conclusions of law and his dismissal of
all charges, and issue cease-and-desist orders against the Respondents.
Among the issues likely to be argued are:
a. Whether Spectrum's accounting treatment was consistent with
GAAP;
b. Whether the Respondents acted negligently;
c. Whether the Respondents were ``a cause'' of Spectrum's
violations of the reporting provisions within the meaning of Exchange
Act section 21C; and
d. Whether issuance of cease-and-desist orders against the
Respondents is in the public interest.
For further information, please contact the Office of the Secretary
at (202) 942-7070.
The subject matter for the Closed Meeting scheduled for Wednesday,
September 10, 2003 will be: Post argument discussion.
The subject matter for the Open Meeting scheduled for Thursday,
September 11, 2003, will be:
1. The Commission will consider whether to adopt amendments to rule
206(4)-2, the custody rule under the Investment Advisers Act of 1940,
to enhance the protections afforded to advisory clients' assets,
harmonize the rule with current custodial practices, and clarify
circumstances under which advisers have custody of client assets.
For further information, please contact Vivien Liu at (202) 942-
0664.
2. The Commission will consider whether to propose a rule to exempt
qualified foreign banks from the insider lending prohibition of the
Securities Exchange Act of 1934 section 13(k), as added by section 402
of the Sarbanes-Oxley Act. The proposed rule would exempt foreign banks
that meet specified criteria similar to those that qualify domestic
banks for the exemption under section 13(k). The Commission will also
consider whether to propose an amendment to Form 20-F that would
require a foreign bank issuer to provide the same disclosure regarding
problematic loans to insiders as that required for domestic banks under
Regulation S-K.
For further information contact Elliot Staffin at (202) 942-2990.
3. The Commission will also consider whether to propose an
amendment to For F-6 that would add an eligibility requirement making
the form unavailable to register under the Securities Act of 1933
depositary shares evidenced by American depositary receipts if the
foreign issuer has separately listed the deposited securities on a
registered national securities exchange or automated inter-dealer
quotation system of a national securities association.
For further information please contact Michael Coco at (202) 942-
2990.
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: September 3, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-22771 Filed 9-3-03; 12:52 pm]
BILLING CODE 8010-01-M