[Federal Register Volume 62, Number 61 (Monday, March 31, 1997)]
[Notices]
[Pages 15212-15213]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8226]
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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
March 31, 1997.
An open meeting will be held on Thursday, April 3, 1997, at 10:00
a.m. A closed meeting will be held on Thursday, April 3, 1997,
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 Wallman, 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 Thursday,
April 3, 1997, at 10:00 a.m., will be:
Consideration of whether to adopt rules under the Investment Company
Act of 1940 to implement certain provisions of the National
Securities Markets Improvement Act of 1996 (the ``1996 Act'')
relating to privately offered investment companies. The
[[Page 15213]]
1996 Act, among other things, amended section 3(c)(1) of the
Investment Company Act (the existing exclusion from Investment
Company Act regulation used by privately offered investment
companies) and added section 3(c)(7) to create a new exclusion from
regulation under the Investment Company Act for privately offered
investment companies that consist solely of ``qualified purchasers''
owning or investing on a discretionary basis a specified amount of
``investments.'' The new rules would: (i) define the term
``investments'' for purposes of the qualified purchaser definition;
(ii) define the term ``beneficial owner'' for purposes of the
provisions that permit an existing privately offered investment
company to convert into a qualified purchaser pool or to be treated
as a qualified purchaser; (iii) address certain interpretative
issues under section 3(c)(7); (iv) address certain interpretative
issues under section 3(c)(1) resulting from changes made by the 1996
Act; (v) address investments in privately offered investment
companies by ``knowledgeable employees''; and (vi) address certain
transfers of securities issued by privately offered investment
companies.
The subject matter of the closed meeting scheduled for Thursday,
April 3, 1997, following the 10:00 a.m. open meeting, will be:
Institution and settlement of injunctive actions.
Institution and settlement of administrative proceedings of an
enforcement nature.
Opinions.
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: March 26, 1997.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-8226 Filed 3-27-97; 3:08 pm]
BILLING CODE 8010-01-M
