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SEC Open Meeting Agenda
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Item 1: | Shareholder Reports and Quarterly Portfolio Disclosure of Registered Management Investment Companies Office: Division of Investment Management Staff: Susan Nash, Paul G. Cellupica, Christopher P. Kaiser, John M. Faust |
Item 2: | Disclosure Regarding Approval of Investment Advisory Contracts by Directors of Investment Companies Office: Division of Investment Management Staff: Susan Nash, Paul G. Cellupica, Deborah D. Skeens |
Item 3: | Prohibition on the Use of Brokerage Commissions to Finance Distribution Office: Division of Investment Management Staff: Robert E. Plaze, Hunter Jones, Penelope W. Saltzman, Hester Peirce |
The Commission will consider whether to adopt amendments to Forms N-1A, N-2, N-3, and N-CSR, Articles 6 and 12 of Regulation S-X, and rules 30a-2, 30a-3, and 30d-1 under the Investment Company Act of 1940, as well as new rule 30b1-5 under the Investment Company Act of 1940 and new Form N-Q under the Investment Company Act of 1940 and the Securities Exchange Act of 1934. The amendments would (1) require a registered open-end management investment company to disclose in its reports to shareholders fund expenses borne by shareholders during the reporting period; (2) require a registered management investment company to file and certify a schedule of its complete portfolio holdings with the Commission on a quarterly basis; (3) permit a registered management investment company to include a summary portfolio schedule in reports to shareholders and exempt money market funds from including a portfolio schedule in reports to shareholders, provided that the complete portfolio schedule is filed with the Commission and available to shareholders upon request; (4) require a registered management investment company to include a tabular or graphic presentation of a fund's portfolio holdings in its reports to shareholders; and (5) require a registered open-end management investment company to include Management's Discussion of Fund Performance in its annual report to shareholders.
For further information, please contact Christopher Kaiser at (202) 942-0724.
The Commission will consider whether to propose amendments to Schedule 14A under the Securities Exchange Act of 1934, and to Forms N-1A, N-2, and N-3 under the Securities Act of 1933 and the Investment Company Act of 1940. The proposals would require a registered management investment company to provide disclosure in its reports to shareholders regarding the basis for the board of directors’ approval of an investment advisory contract. They would also enhance existing disclosure requirements in the registration statements of registered management investment companies and in proxy statements regarding the basis for the board’s approval of, or recommendation that shareholders approve, an investment advisory contract.
For further information, please contact Deborah D. Skeens at (202) 942-0562.
The Commission will consider a recommendation to propose for public comment an amendment to rule 12b-1 under the Investment Company Act of 1940. The recommended proposal would prohibit investment companies from paying for the distribution of their shares with their brokerage commissions. The Commission will also consider whether to ask for comment about the need for additional changes to rule 12b-1.
For further information, please contact Hester Peirce at (202) 942-0690.
http://www.sec.gov/news/openmeetings/agenda021104.htm
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