[Federal Register Volume 67, Number 112 (Tuesday, June 11, 2002)]
[Notices]
[Pages 40033-40034]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-14712]


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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 
June 10, 2002:

    Open Meetings will be held on Wednesday, June 12, 2002, at 10:00 
a.m. and Thursday, June 13, 2002 at 10:00 a.m., in Room 1C30, the 
William O. Douglas Room, and a closed meeting will be held on 
Thursday, June 13, 2002, immediately following the Open Meeting.

    Commissioner Hunt, 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)(3), (5), (7), (8), (9)(B), and (10) and 17 CFR 
200.402(a)(3), (5), (7), (8), (9)(ii) and (10), permit consideration of 
the scheduled matters at the closed meeting.
    The subject matter of the open meeting scheduled for Wednesday, 
June 12, 2002, will be:
    1. The Commission will consider whether to issue an order approving 
the application by E.ON AG (``E.ON''), a German corporation that is a 
utility holding company exempt by rule 5 under the Public Utility 
Holding Company Act of 1935 (``Act''), to acquire Powergen plc, a 
British corporation that is a registered holding company. Powergen is 
subject to the Act because of its ownership of Louisville Gas & 
Electric and Kentucky Utilities, two utility subsidiaries that operate 
primarily in Kentucky. The acquisition involves novel issues under the 
Act, including permitting a registered holding company with foreign 
utility operations to retain ownership of a foreign water utility, 
permitting E.ON to invest additional money in businesses that the Act 
requires them to divest in order to increase the price at which those 
businesses will likely be sold, requiring a registered holding company 
to divest nonconforming companies within five years rather than the 
typical two or three years, and permitting E.ON to invest in equity 
securities of third parties in an amount designed to allow it to meet 
future pension liabilities and nuclear decommissioning costs without 
making those investments through a separate entity.
    The Commission will also consider whether to issue an order 
approving a related application by E.ON to engage in financing 
transactions to be entered into subsequent to the acquisition of 
Powergen. E.ON and its subsidiaries, upon approval of the acquisition 
of Powergen, propose to issue equity and debt securities in an 
aggregate amount of up to $75 billion. E.ON and its subsidiaries also 
propose to engage in financing activities including interest rate and 
currency risk management devices, profit and loss transfer agreements, 
money pools, and various additional transactions. E.ON and its 
subsidiaries propose to use the proceeds of these financing 
transactions to support existing businesses, to make further 
acquisitions of Exempt Wholesale Generators, Foreign Utility Companies, 
and Energy Related Companies, as well as possible future acquisitions 
of public utility companies regulated under the Act.
    2. The Commission will consider whether to adopt final amendments 
to Exchange Act Rules 15c3-3, 17a-3, 17a-4, 17a-5, 17a-7, 17a-11, and 
17a-13. These amendments are designed to avoid duplicative or 
conflicting

[[Page 40034]]

regulations applicable to firms that are fully-registered with the 
Commodity Futures Trading Commission (``CFTC'') as a futures commission 
merchant and fully-registered with the SEC as a broker-dealer relating 
to the treatment of customer funds, securities or property, maintenance 
of books and records, financial reporting or other financial 
responsibility rules involving security futures products (``SFPs''), as 
directed by the Commodity Futures Modernization Act of 2000. The 
amendments are also designed to avoid certain conflicting or 
duplicative recordkeeping, reporting, telegraphic notice, and quarterly 
count requirements involving SFPs for firms that are ``notice'' 
registered with the Commission under Exchange Act Section 15(b)(11)(A). 
These amendments were developed in consultation with the CFTC.
    3. The Commission will consider whether to issue, jointly with the 
CFTC, an order to permit the listing of security futures based on 
shares of exchange-traded funds, trust issued receipts, or shares of a 
closed-end management investment company.
    4. The Commission will consider whether to issue an order granting 
exemptive relief pursuant to Sections 15(a)(2) and 36(a)(1) of the 
Exchange Act in response to an application from Evangelical Christian 
Credit Union for an exemption to permit it to offer to sweep account 
balances into no-load money market funds on the same terms and 
conditions that would be applicable to banks when the Gramm-Leach-
Bliley Act amendments to the definition of ``broker'' become effective. 
In light of an informal request for similar relief on behalf of other 
credit unions, the Commission also will consider whether to make such 
relief applicable to all credit unions with deposits insured by the 
National Credit Union Share Insurance Fund. In addition, the Commission 
will consider whether to request public comment on the issues such an 
exemption would raise for review in connection with consideration of 
amendments to the May 11, 2001 interim final rules implementing the 
functional regulation exceptions from broker-dealer registration of the 
Gramm-Leach-Bliley Act.
    5. The Commission will consider whether to propose amendments to 
Form 8-K under the Securities Exchange Act of 1934 to add several new 
disclosure items to Form 8-K, amend many of the existing Form 8-K 
disclosure items, shorten the Form 8-K filing deadline to two business 
days, and reorganize the disclosure items into logical categories. 
These proposed amendments are part of the series of initiatives to 
change the corporate disclosure rules that the Commission announced its 
intention to consider in Press Release 2002-22 on February 13, 2002.
    6. The Commission will consider whether to issue proposed rules 
that would require a company's principal executive officer and 
principal financial officer to certify the company's quarterly and 
annual reports. In addition, the proposed rules would require companies 
to regularly review and evaluate their procedures that enable them to 
fulfill their periodic reporting obligations.
    The subject matter of the Open Meeting scheduled for Thursday, June 
13, 2002, will be:
    1. The Commission will hear oral argument on an appeal by George J. 
Kolar from the decision of an administrative law judge. The law judge 
found that Kolar failed to exercise reasonable supervision over a 
salesman in Dean Witter's Troy, Michigan branch office, who violated 
registration and antifraud provisions of the securities laws. The law 
judge ordered that Kolar be suspended for six months from acting in a 
supervisory capacity with any registered broker or dealer, and fined 
him $20,000.
    The subject matter of the Closed Meeting scheduled for Thursday, 
June 13, 2002, will be:

Regulatory matter regarding a financial institution;
Formal orders of investigation;
Institution and settlement of injunctive actions;
Report of investigation;
    Institution and settlement of administrative proceedings of an 
enforcement nature; and a
Post argument discussion.

    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: June 6, 2002.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-14712 Filed 6-6-02; 4:32 pm]
BILLING CODE 8010-01-P