[Federal Register Volume 62, Number 239 (Friday, December 12, 1997)]
[Notices]
[Page 65458]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32655]


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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 meeting during the week of 
December 15, 1997.
    An open meeting will be held on Wednesday, December 17, 1997, at 
10:00 a.m. A closed meeting will be held on Wednesday, December 17, 
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 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 Wednesday, 
December 17, 1997, at 10:00 a.m., will be:
    (1) Consideration of whether to propose rules 3a12-12, 3a12-13, 3b-
12, 3b-13, 3b-14, 3b-15, 3b-16, 15b9-2, 15c1-9, 15c3-4, and 17a-5A 
under the Securities Exchange Act of 1934 (``Exchange Act'') and 
amendments to Exchange Act rules 8c-1, 15b1-1, 15c2-1, 15c3-1, 15c3-3, 
17a-3, 17a-4, 17a-11, and Form X-17A-5 (FOCUS report). The proposed 
rules and rule amendments would tailor capital, margin, and other 
broker-dealer regulatory requirements to a class of registered dealers, 
called OTC derivatives dealers, active in OTC derivatives markets. 
Registration as an OTC derivatives dealer would be an alternative to 
registration as a fully regulated broker-dealer, and would be available 
only to entities acting primarily as counterparties in privately 
negotiated OTC derivatives transactions. For further information, 
please contact Catherine McGuire, Chief Counsel and Associate Director, 
Division of Market Regulation, at (202) 942-0061, or Michael 
Macchiaroli, Associate Director, Division of Market Regulation, at 
(202) 942-0132.
    (2) Consideration of whether to issue a concept release seeking 
comment on alternatives to the current method of calculating net 
capital requirements pursuant to Rule 15c3-1 under the Exchange Act for 
broker-dealers, including whether statistical models should be used to 
calculate net capital requirements. As part of its study, the 
Commission is considering the extent to which statistical models should 
be used in setting the capital requirements for a broker-dealer. 
Accordingly, the Commission is posing a number of questions on this 
subject as well as soliciting views on other possible alternatives for 
establishing net capital requirements. For further information, please 
contact Michael A. Macchiaroli, Associate Director, Division of Market 
Regulation, at (202) 942-0132.
    (3) Consideration of whether to propose amendments to rule 15c3-1 
under the Exchange Act regarding net capital requirements for broker-
dealers. When calculating the value of their assets for net capital 
purposes, broker-dealer must reduce the market value of the securities 
they own by certain percentages, or haircuts. The rule amendments would 
alter the haircuts taken by broker-dealers for certain interest rate 
instruments, including: government securities; investment grade 
nonconvertible debt securities; certain mortgage-backed securities; 
money market instruments; and debt-related derivative instruments. For 
further information, please contact Michael A. Macchiaroli, Associate 
Director, Division of Market Regulation, at (202) 942-0132.
    (4) Consideration of whether to propose amendments to amend Rule 
15c3-1 to define the term ``nationally recognized statistical rating 
organization'' (``NRSRO''). The proposed definition sets forth a list 
of attributes to be considered by the Commission in designating rating 
organizations as NRSROs and the process for applying for NRSRO 
designation. For further information, please contact Michael A. 
Macchiaroli, Associate Director, Division of Market Regulation, at 
(202) 942-0132.
    The subject matter of the closed meeting scheduled for Wednesday, 
December 17, 1997, 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 (202) 942-7070.

    Dated: December 10, 1997.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-32655 Filed 12-10-97; 12:30 pm]
BILLING CODE 8010-01-M