[Federal Register Volume 69, Number 99 (Friday, May 21, 2004)]
[Notices]
[Pages 29341-29342]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-11655]


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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 May 24, 2004:
    Closed Meetings will be held on Tuesday, May 25, 2004, at 11 a.m., 
Wednesday, May 26, 2004, at 12 p.m., and Thursday, May 27, 2004, at 2 
p.m. An Open Meeting will be held on Wednesday, May 26, 2004, 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), 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 Campos, as duty officer, voted to consider the items 
listed for the closed meetings in closed sessions.
    The subject matter of the Closed Meeting scheduled for Tuesday, May 
25, 2004 will be:
    Formal order of investigation;
    Institution and settlement of injunctive actions; and
    Institution and settlement of administrative proceedings of an 
enforcement nature.
    The subject matter of the Open Meeting scheduled for Wednesday, May 
26, 2004 will be:
    1. The Commission will consider whether to adopt amendments to Form 
N-1A under the Securities Act of 1933 and the Investment Company Act of 
1940 that would require an open-end management investment company to 
provide enhanced prospectus disclosure regarding breakpoint discounts 
on front-end sales loads.
    For further information, please contact Christian L. Broadbent at 
(202) 942-0721.
    2. The Commission will consider whether to adopt new rule 204A-1 
under the Investment Advisers Act of 1940 (``Advisers Act''). The rule 
would require investment advisers to adopt codes of ethics that would 
set forth standards of conduct for advisory personnel and address 
conflicts that arise from personal trading by advisory personnel. The 
Commission will also consider whether to adopt related amendments to 
Advisers Act rule 204-2, Advisers Act Form ADV, and rule 17j-1 under 
the Investment Company Act of 1940.
    For further information, please contact Robert Tuleya at (202) 942-
0719.
    3. The Commission will consider whether to propose a new rule under 
Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') 
that would prohibit registered transfer agents from effecting any 
transfer of an equity

[[Page 29342]]

securities registered under Section 12 or 15(d) of the Exchange Act 
where transfer of such security to or from securities intermediaries is 
restricted or prohibited. The term ``securities intermediary'' would be 
defined in the rule as a clearing agency registered under Section 17A 
of the Exchange Act or a person, including a bank, broker, or dealer, 
that in the ordinary course of its business maintains securities 
accounts for others. For purposes of the proposed rule, the term 
``equity securities'' excludes securities issued by partnerships, as 
defined in Sec.  229.901(b) of Regulation S-K, as well as any other 
equity security the Commission may exempt.
    For further information, please contact Jerry Carpenter or Susan 
Petersen, at (202) 942-4187.
    4. The Commission will hear oral argument on appeals by Clarke T. 
Blizzard and the Division of Enforcement from the decision of an 
administrative law judge. Blizzard was formerly a senior vice president 
and managing director of Shawmut Investment Advisers, Inc. 
(``Shawmut''). Rudolph Abel, formerly Shawmut's president and chief 
investment officer, opposes the Division's petition for review.
    The law judge found that Blizzard willfully aided and abetted and 
caused violations of Section 206(1) and 206(2) of the Investment 
Advisers Act of 1940 by Shawmut. The law judge found that charges that 
Abel aided and abetted violations of those provisions were unproven 
because no primary violations by Shawmut were established during the 
period that Abel was employed at Shawmut. The law judge ordered 
Blizzard to cease and desist from committing or causing any violations 
or future violations of Section 206 of the Advisers Act; to disgorge 
commissions in the amount of $548,233, plus pre-judgment interest; to 
pay a civil money penalty of $100,000; and to be suspended for 90 days 
from association with an investment adviser.
    Among the issues likely to be argued are:
    1. Whether Shawmut committed the alleged primary violation on which 
aiding and abetting liability by Blizzard and Abel may be premised.
    2. Whether Blizzard and Abel committed the alleged aiding-and-
abetting violations.
    3. If respondents committed violations, whether sanctions should be 
imposed in the public interest.
    The subject matter of the Closed Meeting scheduled for Wednesday, 
May 26, 2004, will be:
    Post-argument discussion.
    The subject matter of the Closed Meeting scheduled for Thursday, 
May 27, 2004, will be:
    Formal order of investigation;
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings of an 
enforcement nature; and an adjudicatory matter.
    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: May 18, 2004.
Jonathan G. Katz,
Secretary.
[FR Doc. 04-11655 Filed 5-19-04; 12:18 pm]
BILLING CODE 8010-01-P