[Federal Register Volume 69, Number 78 (Thursday, April 22, 2004)]
[Notices]
[Pages 21870-21871]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-9344]


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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 
April 26, 2004: An Open Meeting will be held on Wednesday, April 28, 
2004 at 2:30 p.m. in Room 6600. A Closed Meeting will be held on 
Thursday, April 29, 2004 at 3 p.m.

    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), (9), and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii), and (10), permit consideration of the 
scheduled matters at the Closed Meeting.
    Commissioner Glassman, as duty officer, voted to consider the items 
listed for the closed meeting in a closed session.
    The subject matter of the Open Meeting scheduled for Wednesday, 
April 28, 2004 will be:
    1. The Commission will consider whether to propose new rule 
202(a)(11)-2 under the Investment Advisers Act of 1940 (``Advisers 
Act''). The proposed rule would except thrift institutions from the 
Advisers Act when they provide investment advice (1) as trustee, 
executor, administrator, or guardian to trusts, estates, guardianships 
or other fiduciary accounts and (2) to their collective trust funds 
that are excepted from the Investment Company Act of 1940. The 
Commission will also consider whether to propose new rule 12g-6 under 
the Securities Exchange Act of 1934 to exempt thrift-sponsored 
collective trust funds from registration and reporting requirements 
under that Act.
    For further information, please contact Robert Tuleya, Attorney, 
Division of Investment Management, at (202) 942-0719.
    2. The Commission will consider whether to propose new and amended 
rules and forms to address the registration, disclosure and reporting 
requirements for asset-backed securities under the Securities Act of 
1933 (``Securities Act'') and the Securities Exchange Act of 
1934(``Exchange Act''). The proposals relate to four primary regulatory 
areas: Securities Act registration; disclosure requirements; 
communications during the offering process; and ongoing reporting under 
the Exchange Act.
    For further information, please contact Jeffrey J. Minton, Special 
Counsel, or Jennifer G. Williams, Attorney-Advisor, Office of 
Rulemaking, Division of Corporation Finance, at (202) 942-2910.
    3. The Commission will consider whether to adopt rule amendments 
and new rules under the Securities Exchange Act of 1934 (``Exchange 
Act'') that would establish two separate voluntary regulatory programs 
for the Commission to supervise broker-dealers and their affiliates on 
a consolidated basis.
    One program would establish an alternative method to compute 
certain net capital charges for broker-dealers that are part of a 
holding company that manages risks on a group-wide basis and whose 
holding company consents to group-wide Commission supervision. The 
broker-dealer's holding company and its affiliates, if subject to 
Commission supervision, would be referred to as a ``consolidated 
supervised entity'' or ``CSE.'' Under the alternative capital 
computation method, the broker-dealer would be allowed to compute 
certain market and credit risk capital charges using internal 
mathematical models. The CSE would be required to comply with rules 
regarding its group-wide internal risk management control system and 
would be required periodically to provide the Commission with 
consolidated computations of allowable capital and risk allowances (or 
other capital assessment) prepared in a form that is consistent with 
the Basel Standards. Commission supervision of the CSE would include 
recordkeeping, reporting, and examination requirements. The 
requirements would be modified for an entity with a principal 
regulator.
    The other program would implement section 17(i) of the Exchange 
Act, which created a new structure for consolidated supervision of 
holding companies of broker-dealers, or ``investment bank holding 
companies'' (``IBHCs'') and their affiliates. Pursuant to the Exchange 
Act, an IBHC that meets certain, specified criteria may voluntarily 
register with the Commission as a supervised investment bank holding 
company (``SIBHC'') and be subject to supervision on a group-wide 
basis. Registration as an SIBHC is limited to IBHCs that are not 
affiliated with certain types of banks and that have a substantial 
presence in the securities markets. The rules would provide an IBHC 
with an application process to become supervised by the Commission as 
an SIBHC, and would establish regulatory requirements for those SIBHCs. 
Commission supervision of an SIBHC would include recordkeeping, 
reporting and examination requirements. Further, the SIBHC also would 
be required to comply with rules regarding its group-wide internal risk 
management control system and would be required periodically to provide 
the Commission with consolidated computations of allowable capital and 
risk allowances (or other capital assessment) consistent with the Basel 
Standards.
    Both programs would also include technical and conforming 
amendments to the risk assessment rules (Exchange Act Rules 17h-1T and 
17h-2T).

[[Page 21871]]

    For further information, please contact Lourdes Gonzalez at (202) 
942-0098, Linda Stamp Sundberg at (202) 942-0073, Bonnie Gauch at (202) 
942-0765, Rose Wells at (202) 942-0143, or Matt Comstock at (202) 942-
0156.
    The subject matter of the Closed Meeting scheduled for Thursday, 
April 29, 2004 will be:
    Formal orders of investigation;
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings of an 
enforcement nature;
    Consideration of amicus participation; an adjudicatory matter; and 
an Opinion.
    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: April 20, 2004.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-9344 Filed 4-20-04; 3:59 pm]
BILLING CODE 8010-01-P