[Federal Register Volume 62, Number 217 (Monday, November 10, 1997)]
[Notices]
[Page 60541]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29702]


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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 
November 10, 1997.
    An open meeting will be held on Thursday, November 13, 1997, at 
10:00 a.m., followed by a closed 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 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 Thursday, 
November 13, 1997, at 10:00 a.m., will be:
    (1) Consideration of whether to propose: (i) Amendments to rule 
203A-2 under the Investment Advisers Act of 1940, to exempt investment 
advisers that are required to register in thirty or more states (but do 
not have $25 million or more of assets under management or otherwise 
meet the criteria for SEC registration( from the prohibition on SEC 
registration; and (ii) two alternative amendments to rule 203A-3 under 
the Investment Advisers Act of 1940, to revise the definition of 
investment adviser representative. Rule 203A-3, adopted in May 1997, 
excludes from the definition of investment adviser representative (and 
thus excludes from state qualification requirements) supervised persons 
of an SEC-registered adviser if no more than ten percent of their 
clients are natural persons. The proposed amendments to rule 203A-3 
would allow supervised persons who provide services to one or a few 
institutional or business client accounts to continue to have 
accommodation clients without being subject to state qualification 
requirements.
    Consideration also will be given to whether to propose amendments 
to rule 205-3 under the Investment Advisers Act of 1940, which permits 
investment advisers to charge performance or incentive fees to certain 
eligible clients. The rule amendments would: (i) eliminate the 
provisions of the rule that prescribe contractual terms and require 
specific disclosures; (ii) revise the threshold levels for determining 
client eligibility to reflect the effects of inflation on the levels 
established in 1985 when rule 205-3 was adopted; and (iii) make all 
``qualified purchasers'' (who are eligible to invest in certain 
privately offered investment companies exempt from registration under 
section 3(c)(7) of the Investment Company Act of 1940) eligible for the 
performance fee exemption. For further information, please contact 
Kathy Ireland at (202) 942-0530.
    (2) Consideration of whether to propose for public comment rule 154 
under the Securities Act of 1933 and amendments to rules 30d-1 and 30d-
2 under the Investment Company Act of 1940 and rules 14a-3, 14c-3 and 
14c-7 under the Securities Exchange Act of 1934. The proposals would 
permit delivery of a single prospectus or shareholder report to 
investors sharing the same address. For further information, please 
contact Marilyn Mann at (202) 942-0582 or Elizabeth Murphy at (202) 
942-2848.
    The subject matter of the closed meeting scheduled for Thursday, 
November 13, 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.
    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: November 5, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-29702 Filed 11-5-97; 4:52 pm]
BILLING CODE 8010-01-M