SEC Open Meeting Agenda
Wednesday, September 10, 2003, 10:00 a.m.

Agenda as of the morning of September 9, 2003. Note that Open Meeting agendas are subject to last-minute changes.

Item 1:	Barr Financial Group, Inc. and Alfred E. Barr Office:  Office of the General Counsel
Item 2:	Jeffrey M. Steinberg and John Geron Office:  Office of the General Counsel

Item 1: The Commission will hear oral argument on an appeal by the Barr Financial Group, Inc. ("BFG"), an investment adviser, and Alfred E. Barr ("Barr"), BFG's president (the "Respondents"), from the decision of an administrative law judge.

The law judge found that:

1. The Respondents violated Section 207 of the Investment Advisers Act of 1940 ("Advisers Act") by making untrue statements of material fact in Forms ADV and ADV amendments filed by BFG during 1997 and 1998. The Respondents' statements concerned the amount of assets BFG had under management and Barr's academic credentials.
    
2. The Respondents were permanently enjoined in 1999 from violating Advisers Act Section 204 and "regulations thereunder governing the conduct of investment advisers under Rule 204-2 of the Advisers Act."

The law judge ordered the Respondents to cease and desist from committing or causing any violations or future violations of Advisers Act Sections 204 and 207, barred Barr from associating with any investment adviser, and revoked BFG's registration as an investment adviser.

Among the issues likely to be argued are:

1. whether the evidence supports the allegations.
    
2. whether and to what extent sanctions should be imposed in the public interest.

For further information, please contact the Office of the Secretary at (202) 942-7070.

Item 2: The Commission will hear oral argument on an appeal by the Division of Enforcement from the decision of an administrative law judge.

The law judge found that the Division of Enforcement failed to prove that Jeffrey M. Steinberg and John Geron, ("the Respondents"), certified public accountants and former partners of accounting firm Arthur Andersen & Co., L.L.P., caused violations by Spectrum Information Technologies, Inc. ("Spectrum") of Section 13(a) of the Securities Exchange Act of 1934 and Rules 13a-13 and 12b-20 thereunder ("the reporting provisions"), and the law judge dismissed the proceedings against the Respondents. The law judge concluded that the Respondents' accounting advice to Spectrum was consistent with generally accepted accounting principles ("GAAP"). The law judge determined also that Spectrum's quarterly reports filed with the Commission on Forms 10-Q for the periods ended June 30, 1993 and September 30, 1993, the reports at issue, adequately disclosed certain licensing transactions.

The Division has requested that the Commission reverse the law judge's findings of fact and conclusions of law and his dismissal of all charges, and issue cease-and-desist orders against the Respondents.

Among the issues likely to be argued are:

1. whether Spectrum's accounting treatment was consistent with GAAP;
    
2. whether the Respondents acted negligently;
    
3. whether the Respondents were "a cause" of Spectrum's violations of the reporting provisions within the meaning of Exchange Act Section 21C; and
    
4. whether, if violations are established, issuance of cease-and-desist orders against the Respondents is in the public interest.
    

For further information, please contact the Office of the Secretary at (202) 942-7070.