98-5820. Sunshine Act Meeting

[Federal Register Volume 63, Number 43 (Thursday, March 5, 1998)]
[Notices]
[Pages 10960-10961]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-5820]


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

SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    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 9, 1998.
    An open meeting will be held on Tuesday, March 10, 1998, at 10:00 
a.m. A closed meeting will be held on Tuesday, March 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.

[[Page 10961]]

    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 Johnson, 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, March 
10, 1998, at 10:00 a.m., will be:
    (1) Consideration of whether to amend Form N-1A. Form N-1A is used 
by mutual funds to register under the Investment Company Act of 1940 
and the Securities Act of 1933. The amendments are intended to improve 
fund prospectus disclosure and to promote more effective communication 
of information about funds to investors. The amendments would focus 
prospectus disclosure on essential information about a particular fund 
that would assist investors in deciding whether to invest in that fund. 
The amendments also would minimize prospectus disclosure about 
technical, legal, and operational matters that generally are common to 
all funds.
    Consideration of whether to adopt rule 498 under the Securities Act 
of 1933. Rule 498 would permit a mutual fund to offer investors a new 
disclosure document called a ``profile'', which summarizes key 
information about the fund, including the fund's investment strategies, 
risks, performance, and fees, in a concise, standardized format. The 
profile would offer investors the option of purchasing the fund's 
shares after reviewing the information in the profile or after 
requesting and reviewing the fund's prospectus (and other information). 
An investor deciding to purchase fund shares based on the information 
in a profile would receive the fund's prospectus with the confirmation 
of purchase.
    (2) Consideration of whether to propose a new registration form, 
Form N-6, for insurance company separate accounts registered as unit 
investment trusts that offer variable life insurance policies. The form 
would be used by these separate accounts to register under the 
Investment Company Act of 1940 and to offer their securities under the 
Securities Act of 1933. Form N-6 would focus prospectus disclosure on 
essential information that would assist an investor in deciding whether 
to invest in a particular variable life insurance policy, minimize 
prospectus disclosure about technical and legal matters, improve 
disclosure of fees and charges, and streamline the registration process 
by replacing two forms that were not specifically designed for variable 
life insurance policies with a single form tailored to these products. 
For further information, contact Kevin M. Kirchoff at [phone].
    The subject matter of the closed meeting scheduled for Tuesday, 
March 10, 1998, following the 10:00 a.m. open meeting, will be:

Institution of injunctive actions.
Institution and settlement of administrative proceedings of an 
enforcement nature.

    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: March 2, 1998.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-5820 Filed 3-3-98; 11:36 am]
BILLING CODE 8010-01-M