UNITED STATES OF AMERICA
|In the Matter of
Asset Timing Corp.
AMENDED ORDER MAKING FINDINGS, ISSUING CEASE-AND-DESIST ORDER AND IMPOSING CIVIL PENALTY
The Securities and Exchange Commission ("Commission") has previously instituted on May 4, 1999 an administrative and cease-and-desist proceeding against Asset Timing Corp. ("Asset") pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act").
In anticipation of the institution of this proceeding, Asset submitted an Offer of Settlement for the purpose of disposing of the issues raised by this proceeding which the Commission accepted. Accordingly, on May 4, 1999, the Commission issued the 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 which required Asset to, among other things, pay a $5,000 civil penalty. Asset subsequently provided evidence that it does not have the ability to pay the $5,000 civil penalty in one payment. Accordingly, Respondent Asset has submitted an Amended Offer of Settlement ("Amended Offer") which provides for the payment of the civil penalty pursuant to an installment plan which the Commission has determined to accept.
Solely for the purposes of this proceeding and any other proceeding brought by or on behalf of the Commission or to which the Commission is a party, and prior to a hearing and without admitting or denying the findings set forth herein, except that Asset admits the jurisdiction of the Commission over it and over the subject matter of this proceeding, Asset consents to the entry of this Amended Order Making Findings, Issuing Cease-and-Desist Order and Imposing Civil Penalty ("Amended Order"). The Commission has determined that it is appropriate and in the public interest to accept the Amended Offer of Settlement of Asset and accordingly is issuing this Amended Order.
On the basis of this Amended Order and the Amended Offer of Settlement submitted by Asset, the Commission finds that:1
A. Respondent Asset (File No. 801-13584) is an investment adviser registered with the Commission pursuant to Section 203(c) of the Advisers Act.
B. 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.
C. As of December 7, 1998, Respondent had not filed Form ADV-Y2K with the Commission.
D. On January 26,1999, the Commission staff sent Respondent 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 Respondent that if it filed Form ADV-Y2K on or before February 9, 1999, no enforcement action would be taken against it.
E. As of March 12, 1999, Respondent still had not filed Part I of Form ADV-Y2K with the Commission.
F. By virtue of the conduct described above, Respondent 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.
Accordingly, IT IS HEREBY ORDERED that:
A. Asset shall be censured.
B. 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. Asset shall pay a civil money penalty in the amount of $5,000, in five monthly installments of $1,000, to the United States Treasury. The first installment payment of $1,000 shall be paid within 30 days of the entry of this Amended Order. The remaining four installment payments of $1,000 each shall be made on or before the first day of every month commencing the first day of the second month following the entry of this Amended Order. The installment payments 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 Rabia A. Cebeci, Senior Special Counsel, Pacific Regional Office, Securities and Exchange Commission, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, California 90036;By the Commission.
1 The findings herein are made pursuant to Asset's Amended Offer and are not binding on any other person or entity named as a respondent in this or any other proceeding.
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