[Federal Register Volume 68, Number 176 (Thursday, September 11, 2003)]
[Notices]
[Pages 53618-53619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-23346]


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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 
September 15, 2003:

    An Open Meeting will be held on Wednesday, September 17, 2003 at 2 
p.m. in Room 6600, and Closed Meetings will be held on Wednesday, 
September 17, 2003 at 4 p.m. and Thursday, September 18, 2003 at 10 
a.m.

    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)(3), (5), (7), (9)(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), (9)(ii) and (10), permit consideration of the

[[Page 53619]]

scheduled matters at the Closed Meetings.
    The subject matter of the Open Meeting scheduled for Wednesday, 
September 17, 2003 will be:
    1. The Commission will consider whether to propose for public 
comment new rules 12d1-1, 12d1-2, and 12d1-3 under the Investment 
Company Act of 1940. The recommended rules would broaden the ability of 
an investment company (``fund'') to acquire shares of another fund 
consistent with the protection of investors and the purposes of the 
Act. The Commission also will consider a recommendation to amend forms 
N-1A, N-2, N-3, N-4, and N-6, which are used by investment companies to 
register under the Investment Company Act and to offer their shares 
under the Securities Act of 1933. The recommended amendments would 
improve the transparency of the expenses of funds that invest in other 
funds by requiring that the expenses of the acquired funds be 
aggregated and shown as an additional expense in the fee table of the 
acquiring funds.
    For further information, please contact Penelope Saltzman at (202) 
942-0690.
    2. The Commission will hear oral argument on an appeal of RichMark 
Capital Corporation, a registered broker-dealer, and Doyle Mark White, 
its 50% owner, from the decision of an administrative law judge.
    The law judge found that respondents willfully violated the 
antifraud provisions of section 17(a) of the Securities Act of 1933, 
section 10(b) of the Securities Exchange Act of 1934, and Exchange Act 
Rule 10b-5. He suspended for 90 days RichMark's broker-dealer 
registration and White from association with any broker or dealer, 
assessed civil money penalties of $275,000 against RichMark and $55,000 
against White, held RichMark and White jointly and severally liable for 
the disgorgement of $25,617.86 plus prejudgment interest, and imposed a 
cease-and-desist order.
    Among the issues likely to be argued are:
    a. Whether respondents made adequate disclosure to customers to 
whom they recommended and sold stock of PCC Group, Inc. (PCCG) that 
respondents were selling their own shares of PCCG at the same time;
    b. Whether respondents made adequate disclosure to PCCG customers 
of respondents' financial incentive to sell PCCG stock arising from the 
compensation respondents received under an investment banking agreement 
between PCCG and RichMark; and
    c. Whether sanctions should be imposed in the public interest.
    For further information, contact the Office of the Secretary at 
(202) 942-7070.
    3. The Commission will hear oral argument on an appeal by the 
Division of Enforcement from the decision of an administrative law 
judge dismissing proceedings against Robert J. Setteducati. The 
Division alleged that Setteducati, formerly executive vice president of 
H.J. Meyers & Co., Inc., a former registered broker-dealer, was part of 
an effort by the firm to manipulate the market for stock of Borealis 
Technology Corporation during 1996, in violation of antifraud 
provisions of the securities laws.
    The law judge found that:
    a. The market for Borealis had not been manipulated, and that
    b. Even if the Borealis market had been manipulated, Setteducati's 
role in the Borealis offering and aftermarket trading was insufficient 
to hold him liable for any such misconduct.
    Among the issues likely to be argued are:
    a. Whether the evidence supports the Division's allegations; and
    b. Whether and to what extent sanctions should be imposed in the 
public interest.
    For further information, please contact the Office of the Secretary 
at (202) 942-7070.
    The subject matter of the Closed Meeting scheduled for Wednesday, 
September 17, 2003 will be:
    Post-argument discussion.
    The subject matter of the Closed Meeting scheduled for Thursday, 
September 18, 2003 will be:
    Institution and settlement of administrative proceedings of an 
enforcement nature;
    Institution and settlement of injunctive actions; and
    Formal orders of investigation.
    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: September 9, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-23346 Filed 9-9-03; 3:53 pm]
BILLING CODE 8010-01-M