INVESTMENT ADVISERS ACT OF 1940
Release No. 1799 / May 4, 1999

ADMINISTRATIVE PROCEEDING
File No. 3-9887

In the Matter of

BSN Gestion De Patrimonios SA SGC,
and Asset Timing Corp.,
Respondents. 		ORDER INSTITUTING PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDING PURSUANT TO SECTIONS 203(e) and 203(k) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS AND IMPOSING SANCTIONS AND CEASE-AND-DESIST ORDER

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that a public administrative and cease-and-desist proceeding pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act"), be, and hereby is, instituted against BSN Gestion De Patrimonios SA SGC ("BSN") and Asset Timing Corp. ("Asset") (collectively, the "Respondents").

II.

In anticipation of the institution of this proceeding, the Respondents have submitted Offers of Settlement ("Offers"), which the Commission has determined to accept. Solely for the purpose of this proceeding and any other proceedings brought by or on behalf of the Commission or to which the Commission is a party, and prior to a hearing pursuant to the Commission's Rules of Practice, 17 C.F.R. § 201.100 et seq., and without admitting or denying any findings contained herein, except as to the jurisdiction of the Commission over them and over the subject matter of this proceeding, the Respondents consent to the issuance of this Order Instituting Public Administrative and Cease-and-Desist Proceeding Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings and Imposing Sanctions and Cease-and-Desist Order ("Order") and to the entry of the findings, the sanctions and the cease-and-desist order set forth below.

Accordingly, IT IS HEREBY ORDERED that a proceeding pursuant to Sections 203(e) and 203(k) of the Advisers Act be, and hereby is, instituted.

III.

On the basis of this Order and the Respondents' Offers, the Commission finds that 1 :

A. Respondent BSN (File No. 801-36291) is an investment adviser registered with the Commission pursuant to Section 203(c) of the Advisers Act.

B. Respondent Asset (File No. 801-13584) is an investment adviser registered with the Commission pursuant to Section 203(c) of the Advisers Act.

C. In Form ADV Schedule I filed with the Commission on April 23, 1998, BSN reported assets under management of not less than $25 million and therefore was required to file Part I of Form ADV-Y2K with the Commission by December 7, 1998, pursuant to Section 204 of the Advisers Act and Rule 204-5 promulgated thereunder.

D. In Form ADV-T filed with the Commission on July 7, 1997, Asset reported assets under management of not less than $25 million and therefore was required to file Part I of Form ADV-Y2K with the Commission by December 7, 1998, pursuant to Section 204 of the Advisers Act and Rule 204-5 promulgated thereunder.

E. As of December 7, 1998, Respondents had not filed Form ADV-Y2K with the Commission.

F. On January 26, 1999, the Commission staff sent the Respondents a letter warning that investment advisers who were required to file but failed to file Form ADV-Y2K might be subject to the institution of an administrative proceeding by the Commission for violations of Section 204 of the Advisers Act and Rule 204-5 thereunder, or other provisions of the securities laws, rules or regulations. The letter further informed the Respondents that if they filed Form ADV-Y2K on or before February 9, 1999, no enforcement action would be taken against them.

G. As of March 12, 1999, the Respondents still had not filed Part I of Form ADV-Y2K with the Commission.

H. By virtue of the conduct described above, the Respondents willfully violated Section 204 of the Advisers Act and Rule 204-5 promulgated thereunder, which require every investment adviser registered with the Commission that has assets under management of not less than $25 million or that is an investment adviser to an investment company registered under the Investment Company Act of 1940 to file with the Commission in accordance with the instructions in the form a completed Form ADV-Y2K no later than December 7, 1998.

IV.

Based on the foregoing, the Commission deems it appropriate and in the public interest to accept the Offers of Settlement submitted by the Respondents.

Accordingly, IT IS HEREBY ORDERED, pursuant to Sections 203(e) and 203(k) of the Advisers Act, that:

A. BSN and Asset shall be censured.

B. BSN and Asset shall, effective immediately, cease and desist from committing or causing any violation and any future violation of Section 204 of the Advisers Act and Rule 204-5 thereunder.

C. BSN shall pay, within 30 days of the entry of this Order, a civil money penalty in the amount of $15,000 to the United States Treasury. Such payment shall be: (A) made by United States postal money order, certified check, bank cashier's check or bank money order; (B) made payable to the Securities and Exchange Commission; (C) hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Stop 0-3, Alexandria, VA 22312; and (D) submitted under a cover letter that identifies BSN as a Respondent in this proceeding, and the file number of this proceeding, a copy of which cover letter and money order or check shall be sent to Sandra J. Harris, Associate Regional Director, Pacific Regional Office, Securities and Exchange Commission, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, California 90036.

D. Asset shall pay, within 30 days of the entry of this Order, a civil money penalty in the amount of $5,000 to the United States Treasury. Such payment shall be: (A) made by United States postal money order, certified check, bank cashier's check or bank money order; (B) made payable to the Securities and Exchange Commission; (C) hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Stop 0-3, Alexandria, VA 22312; and (D) submitted under a cover letter that identifies Asset as a Respondent in this proceeding, and the file number of this proceeding, a copy of which cover letter and money order or check shall be sent to Sandra J. Harris, Associate Regional Director, Pacific Regional Office, Securities and Exchange Commission, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, California 90036.

By the Commission.

Jonathan G. Katz
Secretary

Footnotes

1 The findings herein are made pursuant to BSN's and Asset's Offers and are not binding on any other person or entity named as a respondent in this or any other proceeding.