[Federal Register Volume 68, Number 202 (Monday, October 20, 2003)]
[Notices]
[Pages 59956-59957]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-26585]


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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 
October 20, 2003: A Closed Meeting will be held on Tuesday, October 21, 
2003 at 2 p.m., and an Open Meeting will be held on Wednesday, October 
22, 2003 at 10 a.m., in Room 1C30, the William O. Douglas Room.
    Commissioner Campos, 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), (8), 9(B) and (10) and 17 CFR 
200.402(a)(5), (7), (8), (9)(ii) and (10), permit consideration of the 
scheduled matters at the Closed Meeting.
    Commissioner Campos, as duty officer, voted to consider the items 
listed for the closed meeting in a closed session.
    The subject matter of the Closed Meeting scheduled for Tuesday, 
October 21, 2003 will be: Institution and settlement of administrative 
proceedings of an enforcement nature; Institution and settlement of 
injunctive actions; Formal orders of investigation; Regulatory matters 
regarding a financial institution; and Opinion.
    The subject matter of the Open Meeting scheduled for Wednesday, 
October 22, 2003 will be:
    1. The Commission will consider whether to propose new Rule 15a-5 
under the Investment Company Act of 1940 (``Investment Company Act''). 
Proposed Rule 15a-5 would permit an investment adviser to manage an 
open-end investment company's (``fund'') assets without approval by 
fund shareholders, under certain conditions. The Commission also will 
consider whether to amend Form N-1A under the Investment Company Act 
and the Securities Act of 1933. The recommended amendments would 
include a requirement that any fund operating under the exemption in 
proposed Rule 15a-5 disclose that investment advisers may be hired 
without shareholder approval.
    For further information, please contact Adam B. Glazer at (202) 
942-0690.
    2. The Commission will consider whether to adopt amendments to Rule 
10b-18 (the safe harbor rule regarding issuer repurchases) under the 
Securities Exchange Act of 1934 (``Exchange Act''), and amendments to 
Regulations S-K and S-B under the Exchange Act, and Exchange Act Forms 
10-Q, 10-QSB, 10-K, 10-KSB, 20-F (regarding foreign private issuers), 
and Form N-CSR under the Exchange Act and the Investment Company Act of 
1940 that would require periodic disclosure of all issuer repurchases 
of equity securities, regardless of whether the repurchases are 
effected in accordance with Rule 10b-18.
    For further information, please contact Joan Collopy or Elizabeth 
Sandoe at (202) 942-0772.
    3. Proposed Regulation SHO.
    The Commission will consider whether to propose for public comment 
new Regulation SHO regulating short sales under the Securities Exchange 
of 1934, which would replace current Rules 3b-3, 10a-1 and 10a-2. Among 
other things, Regulation SHO would institute a new uniform bid test, 
applicable to exchange-listed and Nasdaq National Market System 
securities, that would allow short sales to be effected at a price 
above the consolidated best bid. Regulation SHO would also suspend the 
operation of the proposed bid test for specified highly liquid 
securities on a two-year pilot basis. Regulation SHO would also require 
short sellers in all equity securities to locate securities to borrow 
before selling short, and add further requirements to address ``naked'' 
short selling.
    The Commission will also consider simultaneously whether to propose 
for public comment amendments to Rule 105 of Regulation M, which 
addresses short sales prior to a public offering, to eliminate the 
shelf offering exception and to address transactions designed to evade 
the Rule.

Commission Guidance on Rule 3b-3 and Married Put Transactions

    Finally, the Commission will also consider whether to publish 
simultaneously an interpretive release providing all market 
participants with guidance regarding the use of married put 
transactions when aggregating positions under Rule 3b-3 for determining 
compliance with Rule 10a-1 and Rule 105 of Regulation M.
    For further information, please contact Kevin Campion or Greg 
Dumark at (202) 942-0772.
    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 59957]]


    Dated: October 15, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-26585 Filed 10-16-03; 3:53 pm]
BILLING CODE 8010-01-P