SEC Open Meeting Agenda
|Item 1:||Cash Settlement and Regulatory Halt Requirements for Security Futures Products|
Office: Division of Market Regulation
Staff: Elizabeth K. King, Terri L. Evans, Michael J. Gaw, Cyndi N. Nguyen
|Item 2:||Amendments to Investment Company Advertising Rules|
Office: Division of Investment Management
Staff: Susan Nash, Paul Cellupica, Christopher Kaiser, David Schwartz
The Commission will consider whether to jointly adopt a new rule with the Commodity Futures Trading Commission ("CFTC") generally requiring that the final settlement price for each cash-settled security futures product fairly reflect the opening price of the underlying security or securities, and that trading in any security futures product halt when a regulatory halt is instituted with respect to a security or securities underlying the security futures product by the national securities exchange or national securities association listing the security. The rule being considered would set forth more specifically how the exchange's or association's rules can satisfy provisions added to the Commodity Exchange Act ("CEA") and the Securities Exchange Act of 1934 ("Exchange Act") by the Commodity Futures Modernization Act of 2000. The Commission will also consider whether to issue a joint interpretation with the CFTC of the statutory requirement under the CEA and the Exchange Act that procedures be put in place for coordinated surveillance among the markets trading security futures products and any market trading any security underlying the security futures products or any related security.
For further information, please contact Cyndi Nguyen at (202) 942-4163.
The Commission will consider whether to propose amendments to Rules 134, 156, and 482 under the Securities Act of 1933; Rule 34b-1 under the Investment Company Act of 1940; and four investment company registration forms (Forms N-1A, N-3, N-4, and N-6). The proposed amendments would require enhanced disclosure in mutual fund advertisements and are designed to encourage advertisements that convey balanced information to prospective investors, particularly with respect to past performance. The proposed amendments also would implement a provision of the National Securities Markets Improvement Act of 1996 by eliminating the requirement that Rule 482 advertisements for an investment company contain only information the substance of which is included in the investment company's statutory prospectus.
For further information, please contact Christopher Kaiser at (202) 942-0724 or David Schwartz at (202) 942-7967.
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