98-3117. Sunshine Act Meeting

[Federal Register Volume 63, Number 25 (Friday, February 6, 1998)]
[Notices]
[Page 6247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3117]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

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 
February 9, 1998.
    An open meeting will be held on Tuesday, February 10, 1998, at 
10:00 a.m. A closed meeting will be held on Tuesday, February 10, 1998, 
following the 10:00 a.m. open meeting.
    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 Carey, 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 Tuesday,
    February 10, 1998, at 10:00 a.m., will be:
    1. The Commission will hear oral argument on an appeal by L.C. 
Wegard & Co., Inc., a registered broker-dealer, and Leonard B. Greer, 
the firm's president, from an administrative law judge's initial 
decision.

FOR FURTHER INFORMATION CONTACT: William S. Stern at [phone].
    2. The Commission will consider whether to issue a release adopting 
amendments to Regulation S. The amendments are designed to stop abusive 
practices in connection with offerings of equity securities purportedly 
made in reliance on Regulation S.

FOR FURTHER INFORMATION CONTACT: Felica H. Kung, Division of 
Corporation Finance, at [phone].
    3. The Commission will consider whether to propose amendments to 
Rules 15c2-11 and 17a-4 under the Securities Exchange Act of 1934. The 
proposed amendments to Rule 15c2-11 would require all broker-dealers 
to: (a) obtain and review enhance information about the issuer when 
they first publish or resume publishing a quotation for a covered 
security; (b) document that review; (c) update the issuer information 
annually if they publish priced quotations; and (d) make the 
information available to other persons upon request. The proposed 
amendment to Rule 17a-4 would incorporate the record retention 
requirements currently contained in Rule 15c2-11.

FOR FURTHER INFORMATION CONTACT: Alan Reed, Division of Market 
Regulation, at [phone].
    4. The Commission will consider whether to propose amendments to 
Securities Act Form S-8, the streamlined form companies use to register 
sales of securities to their employees. The amendments would (a) 
restrict the use of the form for the sale of securities to consultants 
and advisors, and (b) allow the use of the form for the exercise of 
stock options by family members of employee optionees. The Commission 
also will consider proposing a corresponding amendment to Form S-3, as 
well as amendments to the executive compensation disclosure 
requirements to clarify reporting of transferred options. The purposes 
of the proposed changes are to eliminate the abuse of Form S-8 to 
register securities issued to consultants for capital-raising purposes, 
and to facilitate legitimate employee estate planning transactions and 
other intra-family transfers.

FOR FURTHER INFORMATION CONTACT: Anne M. Krauskopf at [phone].
    The subject matter of the closed meeting scheduled for Tuesday, 
February 10, 1998, following the 10:00 a.m. open meeting, will be:
    Post argument discussion.
    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 [phone].

    Dated: February 3, 1998.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-3117 Filed 2-3-98; 4:00 pm]
BILLING CODE 8010-01-M