[Federal Register Volume 68, Number 230 (Monday, December 1, 2003)]
[Notices]
[Pages 67231-67232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29910]


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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 
December 1, 2003:
    Closed Meetings will be held on Tuesday, December 2, 2003 at 2 p.m. 
and Thursday, December 4, 2003 at 4 p.m., and Open Meetings will be 
held on Wednesday, December 3, 2003 at 10 a.m., in Room 1C30, the 
William O. Douglas Room and Thursday, December 4, 2003 at 3 p.m., in 
Room 1C30, the William O. Douglas Room.
    Commissioner Goldschmid, 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 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), (6), (7), 9(B) and (10) and 17 CFR 200.402(a) 
(5), (6), (7), (9)(ii) and (10), permit consideration of the scheduled 
matters at the Closed Meetings.
    Commissioner Goldschmid, as duty officer, voted to consider the 
items listed for the closed meeting in closed sessions.
    The subject matter of the Closed Meeting scheduled for Tuesday, 
December 2, 2003 will be:
    Formal orders of investigation;
    Institution and settlement of administrative proceedings of an 
enforcement nature;
    Regulatory matter regarding a financial institution;
    Adjudicatory matter; and
    Institution and settlement of injunctive actions.
    The subject matter of the Open Meeting scheduled for Wednesday, 
December 3, 2003 will be:
    1. The Commission will consider whether to adopt new rule 38a-1 
under the Investment Company Act, new rule 206(4)-7 under the 
Investment Advisers Act, and amendments to rule 204-2 under the 
Advisers Act. These rules and rule amendments would require each 
investment company (``fund'') and each investment adviser registered 
with the Commission to adopt and implement compliance policies and 
procedures, to review those policies and procedures periodically for 
their adequacy and the effectiveness of their implementation, and to 
designate a chief compliance officer who, in the case of funds, would 
report directly to the board.
    For further information, please contact Hester Peirce at (202) 942-
0690 or Jamey Basham at (202) 942-0719.
    The Commission will also consider whether to propose amendments to 
rule 22c-1 under the Investment Company Act of 1940 designed to 
eliminate late trading of redeemable securities issued by a registered 
investment company (``fund''). The proposed amendments would require 
that an order to purchase or redeem fund shares be received by the 
fund, its primary transfer agent, or a registered securities clearing 
agency, by the time that the fund establishes for calculating its net 
asset value in order to receive that day's price.
    For further information, please contact Adam B. Glazer or Penelope 
W. Saltzman at (202) 942-0690.
    2. The Commission will consider whether to propose amendments to 
Forms N-1A, N-3, N 4, and N-6 under the Securities Act of 1933 and the 
Investment Company Act of 1940. The proposals would (1) require open-
end management investment companies and variable insurance products to 
disclose in their prospectuses information about the risks of, and 
policies and procedures with respect to, the frequent purchase and 
redemption of investment company shares; (2) clarify that open-end 
management investment companies and insurance company managed separate 
accounts that offer variable annuities are required to explain both the 
circumstances under which they will use fair value pricing and the 
effects of using fair value pricing; and (3) require open end 
management investment companies and insurance company managed separate 
accounts that offer variable annuities to disclose their policies with 
respect to disclosure of portfolio holdings information.
    For further information, please contact Kieran G. Brown or Sanjay 
Lamba at (202) 942 0721.
    The subject matter of the Open Meeting scheduled for Thursday, 
December 4, 2003 will be:
    The Commission will hear oral argument on an appeal by Enron 
Corporation from an initial decision of an administrative law judge. 
The law judge denied Enron's applications for exemption from the 
provisions of the Public Utility Holding Company Act of 1935 (``Act''). 
In the first application, filed April 12, 2000, Enron requested an 
exemption pursuant to Sections 3(a)(3) and 3(a)(5) of the Act. The law 
judge denied that application, finding that Enron failed to show that 
it is only incidentally a public utility holding company and that it 
does not derive a material part of its income from its public utility 
subsidiary, Portland General Electric Company. In its second 
application, filed on February 28, 2002, and amended on May 31, 2002, 
Enron sought an exemption pursuant to Section 3(a)(1) of the Act. The 
law judge also denied that application, finding that Enron failed to 
show that Portland General is predominantly intrastate in character and 
that it carries on business substantially in a single state.
    Enron contends that the law judge erred when she found that Enron 
was not entitled to the exemptions for which it applied. The Public 
Utility Commission of Oregon, which regulates

[[Page 67232]]

public utilities in Oregon and which was granted party status by the 
law judge, supports Enron's application for an exemption pursuant to 
Section 3(a)(1). The Division of Investment Management opposes Enron's 
applications and contends that Enron failed to establish that it 
qualifies for any of the statutory exemptions for which it applied.
    Among the issues likely to be considered is whether Enron has 
established that it is entitled to an exemption under Sections 3(a)(1), 
3(a)(3), or 3(a)(5) of the Act.
    For further information, please contact the Office of the Secretary 
at (202) 942-7070.
    The subject matter of the Closed Meeting scheduled for Thursday, 
December 4, 2003 will be:
    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: November 26, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-29910 Filed 11-26-03; 11:16 am]
BILLING CODE 8010-01-P