Sunshine Act Meetings, 34602-34603 [E9-17000]
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Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices
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.
Dated: July 14, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–17091 Filed 7–14–09; 4:15 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold Closed Meetings
on Monday, July 20, 2009 at 3 p.m. and
on Tuesday, July 21, 2009 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meetings. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(10) and 17 CFR
200.402(a)(10), permit consideration of
the scheduled matters at the Closed
Meetings.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
Closed Meetings in a closed session.
The subject matter of the Closed
Meetings scheduled for Monday, July
20, 2009 and Tuesday, July 21, 2009
will be: Post-argument discussions.
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.
Dated: July 13, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–17001 Filed 7–15–09; 8:45 am]
erowe on DSK5CLS3C1PROD with NOTICES
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
VerDate Nov<24>2008
15:08 Jul 15, 2009
Jkt 217001
the Securities and Exchange
Commission will hold Open Meetings
on Monday, July 20, 2009 at 2 p.m. and
Tuesday, July 21, 2009 at 10 a.m., in the
Auditorium, Room L–002.
The subject matter of the July 20, 2009
Open Meeting will be:
The Commission will hear oral
argument in an appeal by Joseph John
VanCook from the decision of an
administrative law judge. The law judge
found that VanCook, a registered
representative formerly associated with
Pritchard Capital Partners, LLC,
willfully violated Section 10(b) of the
Securities Exchange Act of 1934 and
Exchange Act Rule 10b-5 by
orchestrating a fraudulent scheme
involving material misrepresentations to
permit his clients to ‘‘late trade’’ shares
of certain registered investment
companies. The law judge also found
that VanCook aided and abetted and
willfully caused Pritchard Capital’s
clearing broker to violate Rule 22c–1 of
the Investment Company Act of 1940.
The law judge further found that
VanCook aided and abetted and
willfully caused Pritchard Capital to
violate Exchange Act Section 17(a)(1)
and Exchange Act Rule 17a–3(a)(6) for
failing to make and keep current certain
books and records. For these violations,
the law judge barred VanCook from
association with any broker or dealer or
investment company, imposed a ceaseand-desist order against him, ordered
disgorgement of $538,565.70, plus
prejudgment interest, and assessed a
$100,000 third-tier civil money penalty.
Among the issues likely to be argued
are whether VanCook’s conduct was
fraudulent, whether he aided and
abetted and/or caused a violation of
Rule 22c–1, whether he aided and
abetted and/or caused his firm to fail to
make and keep accurate books and
records, and, if so, whether and to what
extent sanctions should be imposed on
him.
The subject matter of the July 21, 2009
Open Meeting will be:
The Commission will hear oral
argument in an appeal by the Division
of Enforcement from the decision of an
administrative law judge in a
proceeding brought pursuant to
Commission Rule of Practice 102(e). The
law judge found that the conduct of
Kevin Hall, CPA and Rosemary Meyer,
CPA, in connection with the fiscal year
(‘‘FY’’) 1999 audit of the financial
statements of U.S. Foodservice, Inc.
(‘‘USF’’) and the interim review of
USF’s second quarter FY 2000 financial
statements, was not improper under the
Rule.
Among the issues likely to be argued
are whether Hall and Meyer failed to
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Fmt 4703
Sfmt 4703
exercise due professional care in the
planning and performance of the audit,
failed to obtain sufficient competent
evidential matter to afford a reasonable
basis for an opinion regarding the
financial statements under audit, and
failed to act in accordance with
professional standards in connection
with the interim review. The parties
may also address whether and to what
extent Hall and Meyer should be
sanctioned if they are found to have
engaged in improper professional
conduct.
The Commission also will hear oral
argument in an appeal by Gregory O.
Trautman from the decision of an
administrative law judge. The law judge
found that Trautman, co-founder,
president, and chief executive officer of
Trautman Wasserman & Company,
willfully violated Section 17(a) of the
Securities Act of 1933, Section 10(b) of
the Securities Exchange Act of 1934 and
Exchange Act Rule 10b–5 by engaging in
a scheme to defraud mutual funds and
their shareholders through late trading
and deceptive market timing. The law
judge also found that Trautman
willfully aided and abetted, and was a
cause of, Trautman Wasserman &
Company’s violations of Exchange Act
Section 15(c) and Exchange Act Rule
10b–3, and willfully aided and abetted,
and was a cause of, Trautman
Wasserman & Company’s clearing firm’s
violations of Rule 22c–1 of the
Investment Company Act of 1940. For
these violations, the law judge barred
Trautman from association with any
broker or dealer, prohibited him from
serving or acting in various capacities
with respect to a registered investment
company, imposed a cease-and-desist
order, ordered disgorgement of
$1,373,799.75, plus prejudgment
interest, and assessed a $500,000 thirdtier civil money penalty.
Among the issues likely to be argued
are whether Trautman’s conduct was
fraudulent, whether he aided and
abetted and/or caused a violation of
Investment Company Act Rule 22c–1,
whether he aided and abetted and/or
caused his firm’s violations, and, if so,
whether and to what extent sanctions
should be imposed on him.
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.
E:\FR\FM\16JYN1.SGM
16JYN1
Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices
Dated: July 13, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–17000 Filed 7–15–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–60272; File No. SR–
NYSEArca–2009–64]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Arca, Inc. That Extends the
Suspension of NYSE Arca’s Stock
Price Continued Listing Standard to
July 31, 2009
July 9, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on July 2, 2009, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through Its wholly
owned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), proposes
to amend its rules governing NYSE
Arca, LLC (also referred to as the ‘‘NYSE
Arca Marketplace’’) by extending
through July 31, 2009, the suspension of
the application of its price criteria for
capital and common stock set forth in
NYSE Arca Equities Rule 5.5(b)(2).3 The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of
and basis for the proposed rule change
and discussed any comments it received
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Commission notes that the suspension
period under this filing commenced at the time that
the proposed rule change was filed on July 2, 2009
and will continue through July 31, 2009.
2 17
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15:08 Jul 15, 2009
Jkt 217001
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in Sections A, B and C below,
of the most significant aspects of such
statements.
1. Purpose
From mid-2008 through the first
quarter of 2009, the U.S. and global
equities markets experienced extreme
volatility and a precipitous decline in
trading prices of many securities. In
response to these conditions, the
Exchange suspended through June 30,
2009, application of the $1.00 price
requirement for capital and common
stock set forth in NYSE Arca Equities
Rule 5.5(b)(2).4 A listed company falls
below compliance with NYSE Arca
Equities Rule 5.5(b)(2) if the average
closing price of its stock falls below
$1.00 over a consecutive 30 trading-day
period (the Exchange’s ‘‘dollar price
continued listing standard’’). This
suspension provided temporary relief to
companies in response to the extreme
volatility and a precipitous decline in
trading prices of many securities
experienced in the U.S. and global
equities markets, which the Commission
had acknowledged constituted a threat
to the fair and orderly functioning of the
securities markets and could lead to a
crisis of confidence among investors
regarding the viability of companies
whose stock prices have declined
significantly.5 The Exchange now
proposes to extend its suspension of the
dollar stock price continued listing
standard through July 31, 2009.6
4 See Securities Exchange Act Release No. 59854
(May 1, 2009), 74 FR 21730 (May 8, 2009)
(NYSEArca–2009–29).
5 See, e.g., Securities Exchange Act Release No.
58588 (September 18, 2008), 73 FR 55174
(September 24, 2008) (‘‘The Commission is aware
of the continued potential of sudden and excessive
fluctuations of securities prices and disruption in
the functioning of the securities markets that could
threaten fair and orderly markets. Given the
importance of confidence in our financial markets
as a whole, we have also become concerned about
sudden and unexplained declines in the prices of
securities. Such price declines can give rise to
questions about the underlying financial condition
of an issuer, which in turn can create a crisis of
confidence without a fundamental underlying basis.
This crisis of confidence can impair the liquidity
and ultimate viability of an issuer, with potentially
broad market consequences.’’).
6 The NYSE has filed an immediately effective
rule filing extending its suspension of its dollar
stock price continued listing standard through July
31, 2009 (the ‘‘NYSE Amendment’’). See SR–NYSE–
2009–64 (filed July 2, 2009).
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34603
Under the proposed extended
suspension of the Exchange’s dollar
stock price continued listing standard,
companies will not be notified of new
events of noncompliance with that
standard during the suspension period.7
Following the temporary rule
suspension, any new events of
noncompliance with the Exchange’s
dollar price continued listing standard
will be determined based on a
consecutive 30 trading-day period
commencing on August 1, 2009.
The proposed extended suspension of
the Exchange’s dollar price continued
listing standard will enable companies
to remain listed in the current difficult
market conditions with the prospect of
a future recovery in their stock prices,
potentially enabling them to comply
with the applicable listing requirements
upon the standard’s reinstatement.8
During the period between now and July
31, 2009, the Exchange will consider
whether it is appropriate to propose
further revisions to these requirements.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) 9 of the Act, in general, and
furthers the objectives of Section 6(b)(5)
of the Act 10 in particular in that it is
designed to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. The
proposed rule change is designed to
remove uncertainty regarding the ability
of certain companies to remain listed on
NYSE Arca during the current highly
unusual market conditions, thereby
protecting investors, facilitating
transactions in securities, and removing
an impediment to a free and open
market.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
7 One NYSE Arca listed company was below
compliance with the dollar stock price continued
listing standard at the time of commencement of the
suspension. This company has since regained
compliance.
8 A company would continue to be subject to
delisting for failure to comply with other listing
requirements.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 74, Number 135 (Thursday, July 16, 2009)]
[Notices]
[Pages 34602-34603]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-17000]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meetings
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold Open Meetings on Monday, July 20,
2009 at 2 p.m. and Tuesday, July 21, 2009 at 10 a.m., in the
Auditorium, Room L-002.
The subject matter of the July 20, 2009 Open Meeting will be:
The Commission will hear oral argument in an appeal by Joseph John
VanCook from the decision of an administrative law judge. The law judge
found that VanCook, a registered representative formerly associated
with Pritchard Capital Partners, LLC, willfully violated Section 10(b)
of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5 by
orchestrating a fraudulent scheme involving material misrepresentations
to permit his clients to ``late trade'' shares of certain registered
investment companies. The law judge also found that VanCook aided and
abetted and willfully caused Pritchard Capital's clearing broker to
violate Rule 22c-1 of the Investment Company Act of 1940. The law judge
further found that VanCook aided and abetted and willfully caused
Pritchard Capital to violate Exchange Act Section 17(a)(1) and Exchange
Act Rule 17a-3(a)(6) for failing to make and keep current certain books
and records. For these violations, the law judge barred VanCook from
association with any broker or dealer or investment company, imposed a
cease-and-desist order against him, ordered disgorgement of
$538,565.70, plus prejudgment interest, and assessed a $100,000 third-
tier civil money penalty.
Among the issues likely to be argued are whether VanCook's conduct
was fraudulent, whether he aided and abetted and/or caused a violation
of Rule 22c-1, whether he aided and abetted and/or caused his firm to
fail to make and keep accurate books and records, and, if so, whether
and to what extent sanctions should be imposed on him.
The subject matter of the July 21, 2009 Open Meeting will be:
The Commission will hear oral argument in an appeal by the Division
of Enforcement from the decision of an administrative law judge in a
proceeding brought pursuant to Commission Rule of Practice 102(e). The
law judge found that the conduct of Kevin Hall, CPA and Rosemary Meyer,
CPA, in connection with the fiscal year (``FY'') 1999 audit of the
financial statements of U.S. Foodservice, Inc. (``USF'') and the
interim review of USF's second quarter FY 2000 financial statements,
was not improper under the Rule.
Among the issues likely to be argued are whether Hall and Meyer
failed to exercise due professional care in the planning and
performance of the audit, failed to obtain sufficient competent
evidential matter to afford a reasonable basis for an opinion regarding
the financial statements under audit, and failed to act in accordance
with professional standards in connection with the interim review. The
parties may also address whether and to what extent Hall and Meyer
should be sanctioned if they are found to have engaged in improper
professional conduct.
The Commission also will hear oral argument in an appeal by Gregory
O. Trautman from the decision of an administrative law judge. The law
judge found that Trautman, co-founder, president, and chief executive
officer of Trautman Wasserman & Company, willfully violated Section
17(a) of the Securities Act of 1933, Section 10(b) of the Securities
Exchange Act of 1934 and Exchange Act Rule 10b-5 by engaging in a
scheme to defraud mutual funds and their shareholders through late
trading and deceptive market timing. The law judge also found that
Trautman willfully aided and abetted, and was a cause of, Trautman
Wasserman & Company's violations of Exchange Act Section 15(c) and
Exchange Act Rule 10b-3, and willfully aided and abetted, and was a
cause of, Trautman Wasserman & Company's clearing firm's violations of
Rule 22c-1 of the Investment Company Act of 1940. For these violations,
the law judge barred Trautman from association with any broker or
dealer, prohibited him from serving or acting in various capacities
with respect to a registered investment company, imposed a cease-and-
desist order, ordered disgorgement of $1,373,799.75, plus prejudgment
interest, and assessed a $500,000 third-tier civil money penalty.
Among the issues likely to be argued are whether Trautman's conduct
was fraudulent, whether he aided and abetted and/or caused a violation
of Investment Company Act Rule 22c-1, whether he aided and abetted and/
or caused his firm's violations, and, if so, whether and to what extent
sanctions should be imposed on him.
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.
[[Page 34603]]
Dated: July 13, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-17000 Filed 7-15-09; 8:45 am]
BILLING CODE 8010-01-P
