In the Matter of Weida Communications, Inc., File No. 500-1; Order of Suspension of Trading, 21831 [05-8515]

Download as PDF Federal Register / Vol. 70, No. 80 / Wednesday, April 27, 2005 / Notices others, any person directly or indirectly controlling, controlled by, or under common control with, the other person. Sections 9(a)(1) and 9(a)(3) would, upon the closing of the Merger, have the effect of precluding the Applicants, and any other company of which Riggs Bank is or during the next ten years becomes an affiliated person, from serving as investment adviser, depositor or a principal underwriter for any Funds. 2. Section 9(c) of the Act provides that the Commission shall grant an application for an exemption from the disqualification provisions of section 9(a) of the Act if it is established that these provisions, as applied to the applicants, are unduly or disproportionately severe or that the conduct of the applicants has been such as not to make it against the public interest or the protection of investors to grant the exemption. In light of the Plea Agreement and the Merger Agreement, Applicants seek an order exempting them and any other company of which Riggs Bank, or its successors, is or hereafter becomes an affiliated person (together with the Applicants, the ‘‘Covered Persons’’) from the provisions of section 9(a) of the Act with respect to the Plea Agreement. 3. Applicants state that the prohibitions of section 9(a), as applied to the Covered Persons, would be unduly and disproportionately severe and that it would not be against the public interest or the protection of investors to grant an exemption from section 9(a). Applicants state that prohibiting them from providing services to the Funds would not only adversely affect their businesses, but also their employees. Applicants state that neither they nor any of their current or former officers, directors or employees had any involvement in the conduct underlying the Plea Agreement. All of the conduct occurred and ceased before the Merger Agreement, when the Applicants had no affiliation with the parties to the Plea Agreement. Following the Merger, no former employee of Riggs Bank who previously has been or who subsequently may be identified by PNC or any federal or state agency or court as having been responsible for the conduct underlying the Plea Agreement will be an officer, director or employee of any of the Applicants or any of the other Covered Persons. Applicants assert that the provisions of section 9(a) should not apply to the Applicants, who have taken no part in the misconduct underlying the Plea Agreement and are subject to section 9(a) solely because of the Merger Agreement. VerDate jul<14>2003 16:41 Apr 26, 2005 Jkt 205001 4. Applicants have distributed, or will distribute, written materials, including an offer to meet in person to discuss the materials, to the boards of directors or trustees of the Funds for which Applicants provide services as investment adviser or principal underwriter, including the directors or trustees who are not ‘‘interested persons,’’ as defined in section 2(a)(19) of the Act, of the Funds and their independent legal counsel, as defined in rule 0–1(a)(6) under the Act, if any, regarding the Plea Agreement and the reasons applicants believe relief pursuant to section 9(c) is appropriate. Applicants undertake to provide the Funds with all the information concerning the Plea Agreement and the application necessary for the Funds to fulfill their disclosure and other obligations under the federal securities laws. Applicants also state that they have not previously applied for an exemption pursuant to section 9(c) of the Act. Applicants’ Condition Applicants agree that any order granting the requested relief shall be subject to the following condition: Neither the Applicants nor any of the other Covered Persons will employ any of the former employees of Riggs Bank who previously have been or who subsequently may be identified by PNC or any federal or state agency or court as having been responsible for the conduct underlying the Plea Agreement, in any capacity, without first making further application to the Commission pursuant to section 9(c) of the Act. By the Commission. Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–1988 Filed 4–26–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION In the Matter of Weida Communications, Inc., File No. 500–1; Order of Suspension of Trading April 25, 2005. It appears to the Securities and Exchange Commission (‘‘Commission’’) that the public interest and the protection of investors require a suspension of trading in the securities of Weida Communications, Inc. (‘‘Weida’’) because of concerns regarding potentially manipulative transactions in Weida’s common stock by certain individuals associated with the company and others. PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 21831 The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in securities of the above-listed company. Therefore, it is ordered, pursuant to section 12(k) of the Securities Exchange Act of 1934, that trading in all securities, as defined in section 3(a)(10) of the Securities Exchange Act of 1934, issued by Weida, is suspended for the period from 9:30 a.m. E.D.T. on April 25, 2005 and terminating at 11:59 p.m. E.D.T. on May 6, 2005. By the Commission. J. Lynn Taylor, Assistant Secretary. [FR Doc. 05–8515 Filed 4–25–05; 1:26 pm] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51591: File No. SR–Amex– 2005–027] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving Proposed Rule Change Relating to the Use of Certain Consolidated Tape Association Financial Status Indicator Fields and Related Disclosure Obligations April 21, 2005. On February 25, 2005, the American Stock Exchange LLC (‘‘Amex’’) submitted to the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change relating to the use of certain Consolidated Tape Association financial status indicator fields and related disclosure obligations. The Commission published the proposed rule change for comment in the Federal Register on March 21, 2005.3 On March 25, 2005, the Amex filed Amendment No. 1 to the proposed rule change.4 The Commission did not receive any comments on the proposed rule change. After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 51367 (March 14, 2005), 70 FR 13555. 4 Amendment No. 1 made technical changes to the proposed rule change and does not require notice. 2 17 E:\FR\FM\27APN1.SGM 27APN1

Agencies

[Federal Register Volume 70, Number 80 (Wednesday, April 27, 2005)]
[Notices]
[Page 21831]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-8515]


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SECURITIES AND EXCHANGE COMMISSION


In the Matter of Weida Communications, Inc., File No. 500-1; 
Order of Suspension of Trading

April 25, 2005.
    It appears to the Securities and Exchange Commission 
(``Commission'') that the public interest and the protection of 
investors require a suspension of trading in the securities of Weida 
Communications, Inc. (``Weida'') because of concerns regarding 
potentially manipulative transactions in Weida's common stock by 
certain individuals associated with the company and others.
    The Commission is of the opinion that the public interest and the 
protection of investors require a suspension of trading in securities 
of the above-listed company.
    Therefore, it is ordered, pursuant to section 12(k) of the 
Securities Exchange Act of 1934, that trading in all securities, as 
defined in section 3(a)(10) of the Securities Exchange Act of 1934, 
issued by Weida, is suspended for the period from 9:30 a.m. E.D.T. on 
April 25, 2005 and terminating at 11:59 p.m. E.D.T. on May 6, 2005.

    By the Commission.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 05-8515 Filed 4-25-05; 1:26 pm]
BILLING CODE 8010-01-P
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