Following is a schedule of Commission meetings, which will be conducted under provisions of the Government in the Sunshine Act. Meetings will be scheduled according to the requirements of agenda items under consideration.
Open meetings will be held in the Auditorium, Room L-002 at the Commission's headquarters building, 100 F Street, N.E., Washington, D.C. Visitors are welcome at all open meetings, insofar as space is available. Persons wishing to photograph or videotape Commission meetings must obtain permission in advance from the Secretary of the Commission. Persons wishing to tape record a Commission meeting should notify the Secretary's office 48 hours in advance of the meeting.
Any member of the public who requires auxiliary aids such as a sign language interpreter or material on tape to attend a public meeting should contact SECInterpreter@SEC.gov at least three business days in advance. For any other reasonable accommodation related disability contact DisabilityProgramOfficer or call 202-551-4158.
Open Meeting - Wednesday, October 21, 2009, - 10:00 a.m.
The subject matter of the Open Meeting will be:
The Commission will consider recommendations to propose amendments to the regulatory requirements that apply to non-public trading interest, including so-called "dark pools" of liquidity. The recommended proposals are to: (1) amend the definition of "bid" or "offer " in Regulation NMS under the Securities Exchange Act of 1934 (Exchange Act) to address actionable indications of interest; (2) amend the display obligations of alternative trading systems in Regulation ATS under the Exchange Act; and (3) amend the joint-industry plans for disseminating consolidated trade data.
Closed Meeting - Thursday, October 22, 2009 - 2:30 p.m.
The subject matter of the Closed Meeting scheduled for Thursday, Oct. 22, 2009, will be: institution and settlement of injunctive actions; institution and settlement of administrative proceedings; 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.
RULES AND RELATED MATTERS
Extension of Auditor Attestation Report on Internal Control Over Financial Reporting Requirement for Non-Accelerated Filers
The Commission approved temporary rule and form amendments that postpone the date by which companies that are non-accelerated filers must begin to comply with the auditor attestation report on internal control over financial reporting mandated by Section 404(b) of the Sarbanes-Oxley Act of 2002. Under the extension, a non-accelerated filer will need to provide its first auditor's attestation report on internal control over financial reporting in an annual report for a fiscal year ending on or after June 15, 2010.
The effective date of the amendments will be 60 days from their publication in the Federal Register. The full text of the amendments will be posted to the SEC Web site as soon as possible. (Rel. 33-9072; 34-60813; File No. S7-06-03)
Delinquent Filers' Stock Registrations Revoked
The registrations of the registered securities of DTVN Holdings, Inc., Employee Solutions, Inc., Falcon Natural Gas Corp., Internet Commerce & Communications, Inc., Osage Systems Group, Inc., Payless Cashways, Inc., PC Service Source, Inc., Play by Play Toys & Novelties, Inc., Powerbrief, Inc., Southern Energy Company, Inc., Sparta Surgical Corp., Strategia Corp. (n/k/a Catthai Corp.), and TTI Industries, Inc., have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-60820; File No. 3-13624)
Securities and Exchange Commission Orders Hearing on Registration Revocation Against Six Public Companies for Failure to Make Required Periodic Filings
Today the Commission instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registrations of each class of the securities of six companies for failure to make required periodic filings with the Commission:
In this Order, the Division of Enforcement (Division) alleges that the six issuers are delinquent in their required periodic filings with the Commission.
In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the Administrative Law Judge will hear evidence from the Division and the Respondents to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 or 13a-16 thereunder, are true. The Administrative Law Judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of these Respondents should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-60821; File No. 3-13649)
Former Officer of United Rentals to Pay $6.25 Million to Settle Financial Fraud Charges
The Securities and Exchange Commission announced today that John N. Milne, a former Vice Chairman, President and Chief Financial Officer of United Rentals, Inc. (URI) has agreed to settle pending fraud charges filed against him by the Commission. Without admitting or denying the allegations in the complaint, which was filed on April 7, 2008, Milne consented to the entry of a Final Judgment, subject to the court's approval, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934, and Rules 10b-5, 13b2-1 and 13b2-2 thereunder, and from aiding and abetting violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Rules 12b-20, 13a-1, and 13a-13, thereunder, imposing a permanent officer and director bar against him, and ordering him to pay disgorgement and prejudgment interest of $6.25 million.
The Commission's complaint alleges that, from 2000 through 2002, Milne engaged in a series of fraudulent transactions undertaken in order to meet URI's earnings forecasts and analyst expectations. The complaint alleges that Milne and others carried out the fraud through a series of interlocking three-party transactions, structured as "minor sale-leasebacks," to allow URI to recognize revenue prematurely and to inflate profits generated from the sales. As a result of the fraud, URI materially overstated its financial results in its Forms 10-K for fiscal years 2000 and 2001, and its Forms 10-Q for the periods ended June 30, 2001, and March 31, 2002, as well as in other public releases.
The complaint further alleges that shortly after URI announced 2001 and 2002 year-end results, Milne sold URI stock that he owned, knowing that the company's announced financial results were materially overstated.
The U.S. Attorney's Office for the District of Connecticut also announced that Milne today pleaded guilty to one count of conspiracy to falsify the books and records of URI while he served as its CFO, and that he has agreed to a term of incarceration of 24-30 months.
The Commission acknowledges the assistance of the U.S. Attorney's Office for the District of Connecticut and the New Haven Field Office of the Federal Bureau of Investigation in this matter. [SEC v. John N. Milne, (United States District Court for the District of Connecticut, Civil Action No. 3:08-cv-00505 (EBB)] (LR-21247; AAE Rel. 3058)
Approval of Proposed Rule Change
The Commission approved a proposed rule change by the Financial Industry Regulatory Authority (SR-FINRA-2009-064) relating to the publication of certain daily and monthly short sale data on the FINRA web site. Publication is expected in the Federal Register during the week of October 12. (Rel. 34-60807)
Immediate Effectiveness of Proposed Rule Change
A proposed rule change filed by the International Securities Exchange relating to a market maker incentive plan for foreign currency options (SR-ISE-2009-80) 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 October 12. (Rel. 34-60810)
SECURITIES ACT REGISTRATIONS
RECENT 8K FILINGS