Charles Boucher Named SEC Chief Information Officer
On December 9, Securities and Exchange Commission Chairman Christopher Cox announced that Charles Boucher has been named Chief Information Officer (CIO) and Director of the Office of Information Technology, a role in which he will direct the Commission's information technology program and systems.
The CIO manages all of the Commission's IT programs, including application development, infrastructure operations, user support, security, and enterprise architecture. The Office of Information Technology also works with the agency's divisions and offices to incorporate technology into all of the Commission's programs to serve investors, maintain orderly markets, and promote capital formation. OIT operates the EDGAR system and its successor, IDEA, which will provide investors with interactive access to millions of public company financial statements and other filings. The office also maintains the Commission's Web site and the information about the Commission and securities industry on that site.
"In the information age, it is critical that SEC employees have access to the technology and tools they need to serve and protect investors," said Chairman Cox. "Equally important, to fulfill its mission, the SEC must provide investors with seamless and timely electronic access to publicly available filings and other financial information. The office of the CIO is the technology linchpin for the SEC, serving as a critical conduit for the information needs of employees, investors, and other market participants. Charles has a broad and deep range of experience in all of these important areas, and I am confident that he will further advance the Commission's information technology efforts."
Mr. Boucher said, "Building on the work of the past several years, the SEC has some extraordinary opportunities to advance the use of information technology, and I am honored and excited to be named to a position in which I can help employees and investors take advantage of those opportunities. My goal is to make the SEC a model, not just for government agencies, but for the use of information technology and services across the financial sector."
Most recently, Mr. Boucher was an Executive Director at Morgan Stanley, where he directed all technology audits for infrastructure, including information security and disaster recovery. Prior to that role, he served as Senior Vice President and Chief Information Officer at Standard & Poor's, where he managed all aspects of the company's technology systems and programs. Earlier, Mr. Boucher was Principal Head, IT Coverage for Morgan Stanley and Vice President, Area Manager for Chase Manhattan. He received his B.A. in management from Rutgers University and an MBA in finance from Columbia University. (Press Rel. 2008-289)
In the Matter of Robert P. Verheecke (CPA)
On December 9, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions (Order) against Robert P. Verheecke. The Order finds that on Nov. 20, 2008, the United States District Court for the Northern District of California entered an order permanently enjoining Verheecke from future violations of Section 17(a) of the Securities Act of 1933 (Securities Act), Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act), and Rules 10b 5, 13a 14, 13b2 1, and 13b2 2 thereunder, and from aiding and abetting violations of Sections 13(a), 13(b)(2)(A), 13(b)(2)(B), and 14(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a 11, 13a 13, and 14a 9. The Commission's complaint in the district court action alleged, among other things, that from at least 2001 through 2005, Verheecke backdated stock options granted to Blue Coat Systems, Inc. employees and executives and failed to disclose millions of dollars in expenses to Blue Coat shareholders.
Based on the above, the Order suspended Verheecke from appearing or practicing before the Commission as an accountant. After five years from the date of the Order, Verheecke may request that the Commission consider his reinstatement. Verheecke consented to the issuance of the order without admitting or denying any of the findings in the Order. (Rel. 34-59071; AAE Rel. 2907; File No. 3-13305)
INVESTMENT COMPANY ACT RELEASES
TWB Investment Partnership, L.P., et al.
A notice has been issued giving interested persons until Jan. 5, 2009, to request a hearing on an application filed by TWB Investment Partnership, L.P., et al. for an order to exempt certain investment vehicles formed for the benefit of partners and key eligible employees of Perkins Coie LLP from certain provisions of the Investment Company Act. Each vehicle will be an "employees' securities company" as defined in Section 2(a)(13) of the Act. (Rel. IC-28528 - December 9)
Wortham Finance, L.P., et al.
An order has been issued on an application filed by Wortham Finance, L.P., et al. to exempt a vehicle formed for the benefit of certain eligible current employees of John L. Wortham & Son, L.P. from certain provisions of the Investment Company Act. The vehicle will be an "employees' securities company" as defined in Section 2(a)(13) of the Act. (Rel. IC-28529 - December 9)
Proposed Rule Changes
The International Securities Exchange filed a proposed rule change pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934 (SR-ISE-2008-90) relating to Alternative Primary Market Makers. Publication is expected in the Federal Register during the week of December 8. (Rel. 34-59053)
Chicago Board Options Exchange filed a proposed rule change (SR-CBOE-2008-115) under Section 19(b)(1) of the Securities Exchange Act of 1934 related to FLEX Options expirations. Publication is expected in the Federal Register during the week of December 8. (Rel. 34-59060)
Approval of Proposed Rule Changes
The Commission approved a proposed rule change (SR-NYSEArca-2008-114), submitted pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 by NYSE Arca, through its wholly owned subsidiary, NYSE Arca Equities, Inc., to revise the listing and annual fees applicable to Paired Trust Shares. Publication is expected in the Federal Register during the week of December 8. (Rel. 34-59063)
The Commission approved a proposed rule change (SR-NYSE-2008-91) submitted under Rule 19b-4 by the New York Stock Exchange to adopt a policy relating to its treatment of trade reports that it determines to be inconsistent with the prevailing market. Publication is expected in the Federal Register during the week of December 8. (Rel. 34-59064)
A proposed rule change (SR-ISE-2008-78) filed by the International Securities Exchange relating to quoting obligations for Competitive Market Makers has been approved pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 15. (Rel. 34-59066)
Immediate Effectiveness of Proposed Rule Change
A proposed rule change (SR-NYSE-2008-124) filed by the New York Stock Exchange extending for three months to March 31, 2009 the moratorium related to the qualification and registration of Registered Competitive Market Makers pursuant to NYSE Rule 107A and Competitive Traders pursuant to NYSE Rule 110 has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 15. (Rel. 34-59069)
SECURITIES ACT REGISTRATIONS
RECENT 8K FILINGS