97-11976. Sunshine Act Meeting

[Federal Register Volume 62, Number 88 (Wednesday, May 7, 1997)]
[Notices]
[Page 25007]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11976]


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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 
May 12, 1997.
    An open meeting will be held on Monday, May 12, 1997, at 2:00 p.m. 
A closed meeting will be held on Thursday, May 15, 1997, at 10:00 a.m.
    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 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 Monday, May 
12, 1997, at 2:00 p.m., will be:
    (1) Consideration of whether to adopt amendments to rule 17f-5 
under the Investment Company Act of 1940 (the ``Act''), the rule which 
governs the custody of assets of registered management investment 
companies (``funds'') outside the United States. The amendments would 
(i) Revise the findings that must be made in connection with foreign 
custody arrangements, (ii) permit fund boards of directors to delegate 
their responsibilities to select and monitor foreign custodians, and 
(iii) expand the class of eligible foreign custodians.

FOR FURTHER INFORMATION, contact Robin S. Gross at [phone].
    (2) Consideration of whether to adopt rules and rule amendments 
under the Investment Advisers Act of 1940 to implement certain 
provisions of the Investment Advisers Supervision Coordination Act (the 
``Coordination Act''). The Coordination Act amended the Advisers Act 
to, among other things, reallocate the responsibilities for regulating 
investment advisers between the Commission and the securities 
regulatory authorities of the states. Generally, the Coordination Act 
provides for the Commission regulation of advisers with $25 million or 
more of assets under management, and state regulation of advisers with 
less than $25 million of assets under management. The rules and rule 
amendments would: (i) Establish the process by which advisers that are 
currently registered with the Commission determine their status as 
Commission- or state-registered advisers after July 8, 1997, the 
effective date of the Coordination Act; (ii) amend Form ADV to require 
advisers to report annually to the Commission information relevant to 
their status as Commission-registered advisers; (iii) relieve advisers 
of the burden of having frequently to register and then de-register 
with the Commission as a result of changes in the amount of their 
assets under management; (iv) provide certain exemptions from the 
prohibition on registration with the Commission; (v) define certain 
terms used in the Coordination Act; and (vi) clarify how advisers 
should count clients for purposes of both the new national de minimis 
exemption from state regulation and the federal de minimis exemption 
from Commission registration.

FOR FURTHER INFORMATION, contact Catherine M. Saadeh at [phone], 
or Cynthia G. Pugh at [phone].
    The subject matter of the closed meeting scheduled for Thursday, 
May 15, 1997, at 10:00 a.m., will be:
    Institution and settlement 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: May 2, 1997.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-11976 Filed 5-5-97; 11:03 am]
BILLING CODE 8010-01-M