[Federal Register: January 26, 2007 (Volume 72, Number 17)]
[Notices]
[Page 3887]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26ja07-152]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act 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
January 29, 2007:
Open Meetings will be held on Wednesday, January 31, 2007 at 10
a.m. and 2 p.m. in the Auditorium, Room LL-002, and Closed Meetings
will be held on Wednesday, January 31, 2007 at 11 a.m. and Thursday,
February 1, 2007 at 2 p.m.
Commissioners, Counsels 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)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)
(3), (5), (7), 9(ii) and (10) permit consideration of the scheduled
matters at the Closed Meetings.
Commissioner Casey, as duty officer, voted to consider the items
listed for the closed meetings in closed session.
The subject matter of the Open Meeting scheduled for Wednesday,
January 31, 2007 at 10 a.m. will be:
The Commission will hear oral argument on an appeal by Phlo
Corporation, a beverage manufacturer and an issuer of publicly
traded securities that also acts as transfer agent for its own
securities, its president and chief executive officer James B. Hovis
(``J. Hovis''), and its executive vice president and secretary, Anne
P. Hovis (``A. Hovis''), who also served as Phlo's general counsel,
(together, ``Respondents'') from the decision of an administrative
law judge. The law judge found that Phlo willfully violated
provisions requiring transfer agents to turnaround at least ninety
percent of all routine items received in a month within three
business days and willfully failed to make records available for
examination by Commission staff. The law judge concluded that A.
Hovis willfully aided and abetted and was a cause of Phlo's failure
to complete transfers in a timely manner and failure to make records
available for examination.
The law judge further found that Phlo failed to make timely
filings of annual and quarterly reports with the Commission between
March 2003 and November 2005. The law judge found that J. Hovis
willfully aided and abetted and was a cause of Phlo's violations of
the periodic reporting requirements.
The law judge assessed civil money penalties of $100,000 against
Phlo, $25,000 against J. Hovis, and $50,000 against A. Hovis,
revoked Phlo's registration as a transfer agent, barred A. Hovis
from associating with any transfer agent, and imposed cease-and-
desist orders as to all Respondents.
Among the issues likely to be argued are whether Respondents
violated the provisions charged, and, if so, whether and to what
extent sanctions should be imposed.
The subject matter of the Closed Meeting scheduled for January 31,
2007 at 11 a.m. will be:
Post-argument discussion.
The subject matter of the Open Meeting scheduled for January 31,
2007 at 2 p.m. will be:
1. The Commission will consider whether to propose amendments to
extend its interactive data voluntary reporting program to permit
mutual funds to submit as exhibits to their registration statements
supplemental tagged information contained in the risk/return summary
section of their prospectuses. The risk/return summary section
contains key mutual fund information, including investment
objectives and strategies, risks, and costs.
2. The Commission will consider whether to propose rules to
implement provisions of the Credit Rating Agency Reform Act of 2006.
The subject matter of the Closed Meeting scheduled for Thursday,
February 1, 2007 will be:
Formal orders of investigation;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an
enforcement nature;
Resolution of litigation claims;
An adjudicatory matter; and
Other matters relating to enforcement proceedings
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) 551-5400.
Dated: January 24, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. 07-372 Filed 1-24-07; 3:57 pm]
BILLING CODE 8011-01-P