[Federal Register Volume 65, Number 86 (Wednesday, May 3, 2000)]
[Notices]
[Page 25776]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-11002]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-1869; File No. 4-433]


Roundtable on Investment Adviser Regulatory Issues

AGENCY: Securities and Exchange Commission.

ACTION: Notice of roundtable meeting; request for comment.

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SUMMARY: On May 23, 2000, the Securities and Exchange Commission will 
host a roundtable discussing several issues relating to investment 
advisers. The Commission has several initiatives on its agenda for this 
year which promise to dramatically alter the regulatory landscape for 
advisers. The roundtable will bring together investment advisers, legal 
counsel to advisers, representatives from state regulatory bodies, 
representatives from the NASD, and others to discuss these issues and 
offer their recommendations.
    The roundtable will take place at the Commission's headquarters at 
450 Fifth Street, NW, Washington, DC from 9 a.m. to 5:30 p.m. The 
public is invited to observe the roundtable discussions. Seating is 
available on a first-come, first-serve basis.

DATES: comments must be received on or before May 12, 2000.

ADDRESSES: Comments should be submitted in triplicate to Jonathan G. 
Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, 
NW, Washington, DC 20549-0609. Comments may also be submitted 
electronically at the following E-mail address: [email protected]. 
All comment letters should refer to File No. 4-433; this File number 
should be included on the subject line if E-mail is used. Comment 
letters will be available for public inspection and copying in the 
Commission's Public Reference Room, 450 Fifth Street, NW, Washington, 
DC 20549. Electronically submitted comment letters also will be posted 
on the Commission's Internet web site (http://www.sec.gov).

FOR FURTHER INFORMATION CONTACT: Cynthia M. Fornelli, Senior Adviser to 
the Director, Division of Investment Management, (202) 942-0720, or J. 
David Fielder, Adviser to the Director, Division of Investment 
Management, (202) 942-0530, [email protected]. at Securities and 
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0506.

SUPPLEMENTARY INFORMATION: The public may submit written comments on 
the following topics to be discussed at the Roundtable on Investment 
Adviser Regulatory Issues:

I. Investment Advisers in Today's Competitive Markets/Modernization of 
Adviser Regulation

    A. Investment Advisers and Broker Dealers--Are the Lines 
Blurring? (Proposed rule 202(a)(11)-1: Deeming certain broker-
dealers not to be investment advisers).
    B. Should the other statutory exceptions from the definition of 
``investment adviser'' be revisited?
    C. Effectiveness of bifurcated regulatory regime under NSMIA.
    D. Review of the disclosure model.
    E. Is there a need for a self-regulatory organization?

II. Trading Practices

    A. Use of soft dollars.
    B. Obligation to seek best execution.
    C. Allocation of investment opportunities.
    D. Personal trading (including whether there should be a code of 
ethics requirement).
    E. Custody.
    F. Trading error correction.

III. Conflicts of Interest

    A. Conflicts faced by advisers.
    B. Proposed rule 206(4)-5; pay to play.
    C. Possible rule modifying Section 206(3)'s restrictions on 
principal trading.
    D. Supervision.

IV. Advertising and Performance Reporting

    A. Use of investment performance in advertising.
    B. Revisions to the Advisers Act advertising rules.
    C. Standardization of performance reporting.

V. Technology and Investment Adviser Regulation

    A. Implications of Internet/Technology for Advisers.
    B. Regions to Form ADV.
    C. The IARD: new electronic filing system.
    D. Modifying the rules regarding maintenance of investment 
adviser books and records.

    Dated: April 27, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-11002 Filed 5-2-00; 8:45 am]
BILLING CODE 8010-01-M