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SEC Open Meeting Agenda
Wednesday, December 3, 2003, 10:00 a.m.
Agenda as of the morning of December 2, 2003. Note that Open Meeting agendas are subject to last-minute changes.
| Item 1: |
Amendments to Rules Governing Pricing of Mutual Fund Shares
Office: Division of Investment Management
Staff: Robert E. Plaze, Hunter Jones, Penelope W. Saltzman, Adam B. Glazer
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| Item 2: |
Compliance Programs of Investment Companies and Investment Advisers
Office: Division of Investment Management
Staff: Robert E. Plaze, Jamey Basham, Hester Peirce
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| Item 3: |
Disclosure Regarding Market Timing and Selective Disclosure of Portfolio Holdings
Office: Division of Investment Management
Staff: Susan Nash, Paul G. Cellupica, Kieran G. Brown, Sanjay Lamba
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Item 1: Amendments to Rules Governing Pricing of Mutual Fund Shares
The Commission will 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 designated 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.
Item 2: Compliance Programs of Investment Companies and Investment Advisers
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 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 investment companies, would report directly to the board.
For further information, please contact Hester Peirce at (202) 942-0690 or Jamey Basham at (202) 942-0719.
Item 3: Disclosure Regarding Market Timing and Selective Disclosure of Portfolio Holdings
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.
http://www.sec.gov/news/openmeetings/agenda120303.htm
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