Sunshine Act Meetings, 71203 [2012-28952]

Download as PDF Federal Register / Vol. 77, No. 230 / Thursday, November 29, 2012 / Notices firms to raise capital,26 and conflict with local laws.27 Several commenters also requested that the conditional temporary exemption be extended or made permanent.28 The First Extension Order again solicited public comment on issues raised in connection with the extra-territorial application of Rule 17g– 5(a)(3).29 One commenter requested that the Order be made permanent, citing many of the same reasons set forth in prior comment letters.30 The Second Extension Order again solicited public comment on issues raised in connection with the extra-territorial application of Rule 17g–5(a)(3).31 Commenters supported the exemption regarding the extra-territorial application of the Rule,32 with one of those commenters again requesting that the Order be made permanent.33 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, 2013 is necessary or appropriate in the public interest, and is consistent with the protection of investors. 26 See AFME Letter; JCR Letter; AuSF Letter. 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). 28 See Japan FSA Letter; SFJ Letter; AFME Letter; JCR Letter. 29 See Letter from Tom Deutsch, Executive Director, American Securitization Forum, and Chris Dalton, Chief Executive Officer, Australian Securitization Forum, to Randall Roy, Assistant Director, and Joseph Levinson, Special Counsel, Division, Commission, dated Aug. 9, 2011 (‘‘ASF/ AuSF Letter 1’’); Letter from Jack Rando, Director, Capital Markets, Investment Industry Association of Canada, to Randall Roy, Assistant Director, Division, Commission, dated Nov. 2, 2011 (‘‘IIAC Letter 2’’). 30 See ASF/AuSF Letter 1. 31 Letter from Chris Barnard to the Commission, dated Nov. 23, 2011 (‘‘Barnard Letter’’); Letter from Tom Deutsch, Executive Director, American Securitization Forum and Chris Dalton, Chief Executive Officer, Australian Securitisation Forum, to Thomas Butler, Director, Office of Credit Ratings, Randall Roy, Associate Director, and Joseph Levinson, Special Counsel, Division, dated Aug. 28, 2012 (‘‘ASF/AuSF Letter 2’’). 32 See Barnard Letter; ASF/AuSF Letter 2. 33 See ASF/AuSF Letter 2. pmangrum on DSK3VPTVN1PROD with NOTICES 27 See VerDate Mar<15>2010 15:12 Nov 28, 2012 Jkt 229001 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 • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/exorders.shtml); or • Send an email to rulecomments@sec.gov. Please include File Number S7–04–09 on the subject line; or • Use the Federal eRulemaking Portal (https://www.regulations.gov). Follow the instructions for submitting comments. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F St. NE., Washington, DC 20549– 1090. All submissions should refer to File Number S7–04–09. This file number should be included on the subject line if email 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 Web site (https://www.sec.gov/rules/ exorders.shtml). Comments are also available for Web site 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. 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, 2013. 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, 2013 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. PO 00000 Frm 00037 Fmt 4703 Sfmt 9990 71203 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. By the Commission. Elizabeth M. Murphy, Secretary. [FR Doc. 2012–28900 Filed 11–28–12; 8:45 am] BILLING CODE 8011–01–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 a Closed Meeting on Monday, December 3, 2012 at 2:00 p.m. Commissioners, Counsels to the Commissioners, the Secretary to the Commission, and certain staff members who have an interest in the matter will attend the Closed Meeting. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions as set forth in 5 U.S.C. 552b(c)(2) and (6) and 17 CFR 200.402(a)(2) and (6), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Gallagher, as duty officer, voted to consider the item listed for the closed meeting in closed session. The subject matter of the Closed Meeting will be a personnel-related matter. 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 26, 2012. Elizabeth M. Murphy, Secretary. [FR Doc. 2012–28952 Filed 11–27–12; 11:15 am] BILLING CODE 8011–01–P E:\FR\FM\29NON1.SGM 29NON1

Agencies

[Federal Register Volume 77, Number 230 (Thursday, November 29, 2012)]
[Notices]
[Page 71203]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-28952]


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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 a Closed Meeting on Monday, December 
3, 2012 at 2:00 p.m.
    Commissioners, Counsels to the Commissioners, the Secretary to the 
Commission, and certain staff members who have an interest in the 
matter will attend the Closed Meeting.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions as set 
forth in 5 U.S.C. 552b(c)(2) and (6) and 17 CFR 200.402(a)(2) and (6), 
permit consideration of the scheduled matter at the Closed Meeting.
    Commissioner Gallagher, as duty officer, voted to consider the item 
listed for the closed meeting in closed session.
    The subject matter of the Closed Meeting will be a personnel-
related matter.
    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 26, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-28952 Filed 11-27-12; 11:15 am]
BILLING CODE 8011-01-P
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