Sunshine Act Meetings, 52166 [2020-18612]

Download as PDF 52166 Federal Register / Vol. 85, No. 164 / Monday, August 24, 2020 / Notices The introduction of a passive acknowledgement process, in which a FICC Settling Bank has not responded by the Acknowledgement Cutoff Time and cannot be reached by the Settlement Agent would be deemed to have passively acknowledged its Funds-Only (Cash) Settlement Figure, could enhance settlement certainty because it would allow FICC to submit the NSS file for settlement of all FICC Settling Banks’ obligations despite an unresponsive FICC Settling Bank. Additionally, the change to expressly allow FICC to exclude a FICC Settling Bank’s balance from the NSS file, where the FICC Settling Bank has requested more time, would allow FICC to submit the NSS file without the FICC Settling Bank’s balance and thus complete Funds-Only (Cash) Settlement for all other members. Therefore, the Commission believes the changes are designed to promote the prompt and accurate clearance and settlement of securities transactions, consistent with Section 17A(b)(3)(F) of the Act.25 Further, the technical and conforming changes should ensure that the Rules remain clear and accurate to FICC members. Having clear and accurate Rules should facilitate FICC members’ understanding of those rules and provide members with increased predictability and certainty regarding their obligations. Therefore, the Commission believes the technical and conforming changes would also promote the prompt and accurate clearance and settlement of securities, consistent with Section 17A(b)(3)(F) of the Act.26 IV. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act and, in particular, with the requirements of Section 17A of the Act 27 and the rules and regulations promulgated thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act 28 that proposed rule change SR–FICC–2020– 006, be, and hereby is, approved.29 jbell on DSKJLSW7X2PROD with NOTICES 25 Id. 26 Id. 27 15 U.S.C. 78q–1. U.S.C. 78s(b)(2). 29 In approving the proposed rule change, the Commission considered the proposals’ impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 28 15 VerDate Sep<11>2014 16:31 Aug 21, 2020 Jkt 250001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.30 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–18464 Filed 8–21–20; 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, the Securities and Exchange Commission will hold an Open Meeting on Wednesday, August 26, 2020 at 10:00 a.m. PLACE: The meeting will be held via remote means and/or at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. STATUS: This meeting will begin at 10:00 a.m. (ET) and will be open to the public via audio webcast only on the Commission’s website at www.sec.gov. MATTERS TO BE CONSIDERED: The subject matter of the open meeting will be the Commission’s broader efforts to (1) modernize and improve the Commission’s disclosure framework in light of the changes in our capital markets and domestic and global economy, and (2) simplify, harmonize, and improve the exempt offering framework under the Securities Act to promote capital formation and expand investment opportunities while maintaining and enhancing appropriate investor protections. The specific matters to be considered are: (1) Whether to adopt amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S–K. These disclosure items, which have not undergone significant revisions in over 30 years, would be updated to account for developments since the rules’ adoption or last revision, to improve disclosure for investors, and to simplify compliance for registrants. Specifically, the amendments are intended to improve the readability of disclosure documents, as well as discourage repetition and the disclosure of information that is not material. (2) whether to adopt amendments to the definition of ‘‘accredited investor’’ in Commission rules and the definition of ‘‘qualified institutional buyer’’ in Rule 144A under the Securities Act to update and improve the definition to TIME AND DATE: 30 17 PO 00000 CFR 200.30–3(a)(12). Frm 00082 Fmt 4703 Sfmt 4703 identify more effectively investors that have sufficient financial sophistication to participate in certain private investment opportunities. The amendments are the product of years of efforts by the Commission and its staff to consider and analyze possible approaches to revising the accredited investor definition. CONTACT PERSON FOR MORE INFORMATION: For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact Vanessa A. Countryman, Office of the Secretary, at (202) 551–5400. Dated: August 19, 2020. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2020–18612 Filed 8–20–20; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings 2:00 p.m. on Wednesday, August 26, 2020. PLACE: The meeting will be held via remote means and/or at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. STATUS: This meeting will be closed to the public. MATTERS TO BE CONSIDERED: 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. In the event that the time, date, or location of this meeting changes, an announcement of the change, along with the new time, date, and/or place of the meeting will be posted on the Commission’s website at https:// www.sec.gov. 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), (6), (7), (8), 9(B) and (10) and 17 CFR 200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10), permit consideration of the scheduled matters at the closed meeting. The subject matter of the closed meeting will consist of the following topic: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Resolution of litigation claims; and Other matters relating to enforcement proceedings. TIME AND DATE: E:\FR\FM\24AUN1.SGM 24AUN1

Agencies

[Federal Register Volume 85, Number 164 (Monday, August 24, 2020)]
[Notices]
[Page 52166]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-18612]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

TIME AND DATE: Notice is hereby given, pursuant to the provisions of 
the Government in the Sunshine Act, Public Law 94-409, the Securities 
and Exchange Commission will hold an Open Meeting on Wednesday, August 
26, 2020 at 10:00 a.m.

PLACE: The meeting will be held via remote means and/or at the 
Commission's headquarters, 100 F Street NE, Washington, DC 20549.

STATUS: This meeting will begin at 10:00 a.m. (ET) and will be open to 
the public via audio webcast only on the Commission's website at 
www.sec.gov.

MATTERS TO BE CONSIDERED: The subject matter of the open meeting will 
be the Commission's broader efforts to (1) modernize and improve the 
Commission's disclosure framework in light of the changes in our 
capital markets and domestic and global economy, and (2) simplify, 
harmonize, and improve the exempt offering framework under the 
Securities Act to promote capital formation and expand investment 
opportunities while maintaining and enhancing appropriate investor 
protections. The specific matters to be considered are:
    (1) Whether to adopt amendments to modernize the description of 
business, legal proceedings, and risk factor disclosures that 
registrants are required to make pursuant to Regulation S-K. These 
disclosure items, which have not undergone significant revisions in 
over 30 years, would be updated to account for developments since the 
rules' adoption or last revision, to improve disclosure for investors, 
and to simplify compliance for registrants. Specifically, the 
amendments are intended to improve the readability of disclosure 
documents, as well as discourage repetition and the disclosure of 
information that is not material.
    (2) whether to adopt amendments to the definition of ``accredited 
investor'' in Commission rules and the definition of ``qualified 
institutional buyer'' in Rule 144A under the Securities Act to update 
and improve the definition to identify more effectively investors that 
have sufficient financial sophistication to participate in certain 
private investment opportunities. The amendments are the product of 
years of efforts by the Commission and its staff to consider and 
analyze possible approaches to revising the accredited investor 
definition.

CONTACT PERSON FOR MORE INFORMATION: For further information and to 
ascertain what, if any, matters have been added, deleted or postponed, 
please contact Vanessa A. Countryman, Office of the Secretary, at (202) 
551-5400.

    Dated: August 19, 2020.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020-18612 Filed 8-20-20; 11:15 am]
BILLING CODE 8011-01-P
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