[Federal Register Volume 67, Number 67 (Monday, April 8, 2002)]
[Notices]
[Pages 16781-16782]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-8513]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

    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 
April 8, 2002: A closed meeting will be held on Wednesday, April 10, 
2002 at 9:30 a.m. and an open meeting will be held on Thursday, April 
11, 2002 at 10:00 a.m., in Room 1C30, the William O. Douglas Room.
    Commissioner Glassman, as duty officer, determined that no earlier 
notice thereof was possible.
    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)(5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(5), 
(7), (9)(ii) and (10), permit consideration of the scheduled matters at 
the closed meeting.
    The subject matter of the closed meeting scheduled for Wednesday, 
April 10, 2002, will be: formal orders of private investigation; 
institution and settlement of injunctive actions; and institution and 
settlement of administrative proceedings of an enforcement nature.
    The subject matter of the open meeting scheduled for Thursday, 
April 11, 2002, will be:
    1. The Commission will consider a proposal to amend the definition 
of ``equity security'' in rules under the Securities Act of 1933 and 
the Securities Exchange Act of 1934 to include a security future. The 
proposed amendment would conform the definitions to the statutory 
changes made by the Commodity Futures Modernization Act of 2000 to the 
definition of ``security'' in the Securities Act and definitions of 
``security'' and ``equity security'' in the Exchange Act with respect 
to security futures.
    2. The Commission will consider proposals to accelerate the filing 
of Exchange Act quarterly and annual reports. The proposals also would 
require companies to disclose in their annual reports whether they 
provide access to their annual, quarterly and current reports on Form 
8-K on their websites. If a company does not provide website access to 
its reports, it would have to state the reasons why it does not provide 
such access. The proposed amendments are part of the changes to the 
corporate disclosure rules that the Commission announced its intention 
to propose in Press Release 2002-22 on February 13, 2002.
    3. The Commission will consider proposing amendments to Exchange 
Act Form 8-K, the form companies use to file current reports. The 
proposed amendments would require companies with a class of equity 
securities registered under Section 12 of the Exchange Act to report on 
Form 8-K: (1) directors' and executive officers' transactions in 
company equity securities; (2) directors' and executive officers' 
arrangements for the purchase and sale of company equity securities 
intended to satisfy the affirmative defense conditions of Exchange Act 
Rule 10b5-1; and (3) loans of money to a director or executive officer 
made or guaranteed by the company collateralized by the director's or 
executive officer's company equity securities. The proposed amendments 
are part of the changes to the corporate disclosure rules that the 
Commission announced its intention to propose in Press Release 2002-22 
on February 13, 2002.
    4. The Commission will consider whether to propose new rule 203A-
2(f) under the Investment Advisers Act of 1940, which would permit 
certain investment advisers that provide advisory services through 
interactive Internet websites to register with the Commission instead 
of state securities authorities.
    5. The Commission will consider whether to adopt 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 is to 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. The form would focus prospectus disclosure on 
essential information that will assist investors in deciding whether to 
invest in a particular variable life insurance policy, and would 
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. The Commission will also 
consider whether to adopt an amendment to Form N-1A, the form used by 
mutual funds to register under the Investment Company Act and to offer 
their shares under the Securities Act, to require a fee table for 
mutual funds that offer their shares as investment options exclusively 
for variable life insurance policies and variable annuity contracts.
    6. The Commission will consider whether to propose amendments to 
Form N-4, the registration form for insurance company separate accounts 
that are registered as unit investment trusts and that offer variable 
annuity contracts. The proposed amendments would revise the format of 
the fee table of Form N-4 to require disclosure of the range of 
expenses for all of the mutual funds offered through the separate 
account, rather than disclosure of the expenses of each fund. These and 
other proposed technical amendments to the fee table would conform the 
treatment of fund expenses in Form N-4 to that in proposed Form N-6, a 
registration form for variable life insurance policies that will be 
considered for adoption by the Commission, and Form N-1A, the 
registration form used by mutual funds.
    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.


[[Page 16782]]


    Dated: April 4, 2002.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-8513 Filed 4-4-02; 11:18 am]
BILLING CODE 8010-01-P