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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-199
October 14, 2008


Closed Meeting - Tuesday, October 21, 2008 - 10:00 a.m.

The subject matter of the closed meeting scheduled for Tuesday, October 21, will be: formal orders of investigation; institution and settlement of injunctive actions; institution and settlement of administrative proceedings of an enforcement nature; and other matters relating to enforcement proceedings.

 At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551-5400.


Commission Reopens Comment Period on Indexed Annuity Rulemaking

The Commission today announced that it is reopening the public comment period on its proposed rulemaking to clarify the status of indexed annuities under the federal securities laws.

In June 2008, the Commission proposed new rule 151A, which would define the terms "annuity contract" and "optional annuity contract" under the Securities Act of 1933. The proposed rule is intended to clarify the status under the federal securities laws of indexed annuities, under which payments to the purchaser are dependent on the performance of a securities index. The Commission also proposed to exempt insurance companies from filing reports under the Securities Exchange Act of 1934 with respect to indexed annuities and other insurance contracts that are registered under the Securities Act. The proposal is available on the Commission's Web site.

The Commission reopened the comment period for the rule proposal to provide additional time for the public to thoroughly consider the proposal. Comments on the proposal are due 30 days after publication in the Federal Register of the notice reopening the comment period. (Rels. 33-8976; 34-58769; File No. S7-14-08)


In the Matter of Ocean Resources, et al.

An Administrative Law Judge has issued an Order Making Findings and Revoking Registrations by Default as to Two Respondents (Default Order) in Ocean Resources, Inc. The Order Instituting Proceedings OIP) alleged that Ocean Resources, Inc., Officeland, Inc., Online Gaming Systems Ltd. (n/k/a Advanced Resources Group Ltd.), Open EC Technologies, Inc., and OVM International Holding Corp., each failed repeatedly to file required annual and quarterly reports while their securities were registered with the Securities and Exchange Commission (Commission).

On September 10 and September 11, 2008, the Commission accepted Offers of Settlement from Open EC Technologies, Inc., and OVM International Holding Corp., respectively. On August 29, 2008, Online Gaming Systems, Ltd. (n/k/a Advanced Resources Group Ltd.) filed an Answer.

The Default Order finds these allegations in the OIP to be true as to the remaining two Respondents. It revokes the registrations of each class of registered securities of Ocean Resources, Inc., and Officeland, Inc., pursuant to Section 12(j) of the Securities Exchange Act of 1934. (Rel. 34-58777; File No. 3-13139)





Modified: 10/14/2008