[Federal Register Volume 68, Number 2 (Friday, January 3, 2003)]
[Notices]
[Page 395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-33148]


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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, Public Law 94-409, that the Securities 
and Exchange Commission will hold the following meetings during the 
week of January 6, 2003:

    Closed Meetings will be held on Tuesday, January 7, 2003, at 10 
a.m., and Thursday, January 9, 2003, at 9 a.m., and an Open Meeting 
will be held on Wednesday, January 8, 2002, at 10 a.m., in Room 
1C30, the William O. Douglas Room.

    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meetings. 
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 Meetings.
    The subject matter of the Closed Meeting scheduled for Tuesday, 
January 7, 2003 will be:
    Formal orders of investigation;
    Institution and settlement of administrative proceedings of an 
enforcement nature;
    Institution and settlement of injunctive actions;
    Adjudicatory matters; and
    Opinion.
    The subject matter of the Open Meeting scheduled for Wednesday, 
January 8, 2003 will be:
    1. The Commission will consider whether to adopt new Rule 17a-10 
and amendments to Rules 10f-3, 12d3-1, 17a-6, 17d-1, and 17e-1 under 
the Investment Company Act of 1940. The rule and amendments would 
eliminate the need for investment companies, and their portfolio 
affiliates and subadvisers, to obtain individual exemptive relief from 
the Commission to enter into transactions and arrangements that are not 
likely to raise the concerns that the Act was intended to address. The 
amendments to Rules 17a-6 and 17d-1 would expand the current exemptions 
for investment companies to enter into principal transactions and joint 
arrangements with portfolio companies that are affiliated with an 
investment company because the investment company controls the 
portfolio company, or owns more than five percent of the portfolio 
company's voting securities. New Rule 17a-10 and the amendments to 
Rules 10f-3, 12d3-1, and 17e-1 would permit investment companies to 
enter into a variety of transactions with subadvisers that are 
affiliated with the investment company but not in a position to 
influence the investment company's decision to enter into the 
transaction.
    2. The Commission will consider whether to issue proposals to 
direct the national securities exchanges and national securities 
associations to prohibit the listing of any security of an issuer that 
is not in compliance with the audit committee requirements established 
by the Sarbanes-Oxley Act of 2002. These requirements relate to: The 
independence of audit committee members; the audit committee's 
responsibility to select and oversee the issuer's independent 
accountant; procedures for handling complaints regarding the issuer's 
accounting practices; the authority of the audit committee to engage 
advisors; and funding for the independent auditor and any outside 
advisors engaged by the audit committee. The proposals would implement 
the requirements of Section 10A(m)(1) of the Securities Exchange Act of 
1934, as added by Section 301 of the Sarbanes-Oxley Act of 2002.
    The subject matter of the Closed Meeting scheduled for Thursday, 
January 9, 2003 will be:
    Litigation matters;
    Institution and settlement of administrative proceedings of an 
enforcement nature; and
    Institution and settlement of injunctive actions.
    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 31, 2002.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-33148 Filed 12-31-02; 12:05 pm]
BILLING CODE 8010-01-U