Sunshine Act Meeting, 73139 [2010-30055]
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Federal Register / Vol. 75, No. 228 / Monday, November 29, 2010 / Notices
to express concern that the
extraterritorial application of Rule 17g–
5(a)(3) could, in the commenter’s view,
among other things, disrupt local
securitization markets,23 inhibit the
ability of local firms to raise capital,24
and conflict with local laws.25 Several
commenters also requested that the
conditional temporary exemption be
extended or made permanent.26 Given
the continued concerns about potential
disruptions of local securitization
markets, and because the Commission’s
consideration of the issues raised will
benefit from additional time to engage
in further dialogue with interested
parties and to monitor market and
regulatory developments, the
Commission believes extending the
conditional temporary exemption until
December 2, 2011 is necessary or
appropriate in the public interest, and is
consistent with the protection of
investors.
IV. Request for Comment
The Commission believes that it
would be useful to continue to provide
interested parties opportunity to
comment. Comments may be submitted
by any of the following methods:
Electronic Comments
mstockstill on DSKH9S0YB1PROD with NOTICES
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/exorders.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number S7–04–09 on the subject line;
or
Nov. 12, 2010 (‘‘SFJ Letter’’); Letter from Rick
Watson, Managing Director, Association for
Financial Markets in Europe/European
Securitisation Forum, to Elizabeth Murphy,
Secretary, Commission, dated Nov. 11, 2010
(‘‘AFME Letter’’); Letter from Jack Rando, Director,
Capital Markets, Investment Industry Association of
Canada, to Randall Roy, Assistant Director,
Division, Commission, dated Sep. 22, 2010 (‘‘IIAC
Letter’’); Letter from Christopher Dalton, Chief
Executive Officer, Australian Securitisation Forum,
to Randall Roy, Assistant Director, Division,
Commission, dated Jun. 27, 2010 (‘‘AuSF Letter’’);
Letter from Takefumi Emori, Managing Director,
Japan Credit Rating Agency, Ltd. (‘‘JCR’’) to
Elizabeth Murphy, Secretary, Commission, dated
Jun. 25, 2010 (‘‘JCR Letter’’).
23 See Japan FSA Letter; SFJ Letter; AFME Letter;
JCR Letter, AuSF Letter.
24 See AFME Letter; JCR Letter; AuSF Letter.
25 See Japan FSA Letter; AFME Letter; JCR Letter;
AuSF Letter; IIAC Letter. With respect to local laws,
we note that the European Commission in recent
months has issued a relevant proposal for
amendments to the European Union Regulation on
Credit Ratings. See ‘‘Regulation of the European
Parliament and of the Counsel on amending
Regulation (EC) No 1060/2009 on credit rating
agencies’’ (available at https://ec.europa.eu/
internal_market/securities/docs/agencies/
100602_proposal_en.pdf).
26 See Japan FSA Letter; SFJ Letter; AFME Letter;
JCR Letter.
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• Use the Federal eRulemaking Portal
(https://www.regulations.gov). Follow the
instructions for submitting comments.
By the Commission.
Elizabeth M. Murphy,
Secretary.
Paper Comments
[FR Doc. 2010–29929 Filed 11–26–10; 8:45 am]
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F St., NE., Washington, DC 20549–
1090.
BILLING CODE 8011–01–P
All submissions should refer to File
Number S7–04–09. This file number
should be included on the subject line
if e-mail is used. To help us process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet website
(https://www.sec.gov/rules/
exorders.shtml). Comments are also
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F St. NE.,
Washington, DC 20549 on official
business days between the hours of 10
a.m. and 3 p.m. All comments received
will be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
Sunshine Act Meeting
V. Conclusion
For the foregoing reasons, the
Commission believes it would be
necessary or appropriate in the public
interest and consistent with the
protection of investors to extend the
conditional temporary exemption
exempting NRSROs from complying
with Rule 17g–5(a)(3) with respect to
rating covered transactions until
December 2, 2011.
Accordingly
It is hereby ordered, pursuant to
Section 36 of the Exchange Act, that a
nationally recognized statistical rating
organization is exempt until December
2, 2011 from the requirements in Rule
17g–5(a)(3) (17 CFR 240.17g–5(a)(3)) for
credit ratings where:
(1) The issuer of the security or
money market instrument is not a U.S.
person (as defined under Securities Act
Rule 902(k)); and
(2) The nationally recognized
statistical rating organization has a
reasonable basis to conclude that the
structured finance product will be
offered and sold upon issuance, and that
any arranger linked to the structured
finance product will effect transactions
of the structured finance product after
issuance, only in transactions that occur
outside the U.S.
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SECURITIES AND EXCHANGE
COMMISSION
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 a Closed Meeting
on Thursday, December 2, 2010 at 2
p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. 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)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
Closed Meeting in a closed session.
The subject matter of the Closed
Meeting scheduled for Thursday,
December 2, 2010 will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
An adjudicatory matter; 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.
Dated: November 24, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–30055 Filed 11–24–10; 11:15 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 75, Number 228 (Monday, November 29, 2010)]
[Notices]
[Page 73139]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30055]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
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 a Closed Meeting on Thursday,
December 2, 2010 at 2 p.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
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)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matters at the Closed Meeting.
Commissioner Casey, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session.
The subject matter of the Closed Meeting scheduled for Thursday,
December 2, 2010 will be:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
An adjudicatory matter; 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.
Dated: November 24, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-30055 Filed 11-24-10; 11:15 am]
BILLING CODE 8011-01-P
