[Federal Register: September 15, 2006 (Volume 71, Number 179)]
[Notices]
[Page 54536-54537]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15se06-87]
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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
September 18, 2006:
An Open Meeting will be held on Wednesday, September 20, 2006 at
10 a.m. in the Auditorium, Room LL-002 and Closed Meetings will be
held on Wednesday, September 20, 2006 at 11 a.m., Thursday,
September 21, 2006 at 2 p.m. and Friday, September 22, 2006 at 2:30
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), (8), (9)(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), (8), (9)(ii), and (10) permit consideration of
the scheduled matters at the Closed Meetings.
Commissioner Nazareth, 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,
September 20, 2006 will be:
The Commission will hear oral argument on an appeal by The
Rockies Fund, Inc., a closed-end investment company, and its
directors Stephen Calandrella, Charles Powell, and Clifford Thygesen
(collectively ``Respondents''). The matter is on remand to the
Commission from the United States Court of Appeals for the District
of Columbia Circuit.
The Court of Appeals affirmed the Commission's findings that
Respondents violated antifraud provisions of the Securities Exchange
Act of 1934 by filing quarterly and annual reports containing
material misrepresentations between June 30, 1994 and December 31,
1995; that the Fund violated provisions of the Exchange Act and
Calandrella, Powell, and Thygesen aided and abetted and were a cause
of reporting violations by filing reports that were not in
compliance with Generally Accepted Accounting Principles and that
contained material misrepresentations. The Court of Appeals directed
the Commission on remand to reconsider the sanctions in light of its
determination to vacate some of the violations found by the
Commission.
Among the issues likely to be argued are:
1. Whether it is in the public interest to prohibit Calandrella,
Powell, or
[[Page 54537]]
Thygesen from associating with or acting as an affiliated person of an
investment company;
2. Whether civil money penalties should be imposed against
Calandrella, Powell or Thygesen, and if so, in what amount; and
3. Whether cease-and-desist orders against Calandrella, Powell, or
Thygesen are in the public interest.
The subject matter of the Closed Meeting scheduled for Wednesday,
September 20, 2006 will be: Post argument discussion.
The subject matters of the Closed Meeting scheduled for Thursday,
September 21, 2006 will be:
Formal orders of investigation;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an
enforcement nature;
Adjudicatory matters; and
Regulatory matters regarding financial institutions.
The subject matters of the Closed Meeting for Friday, September 22,
2006 will be:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an
enforcement nature; and a
Matter relating to an enforcement proceeding.
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: September 12, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06-7728 Filed 9-13-06; 11:02 am]
BILLING CODE 8010-01-P