SEC Open Meeting Agenda
Tuesday, February 4, 2003, 12:00 p.m.

Agenda as of the afternoon of February 3, 2003. Note that Open Meeting agendas are subject to last-minute changes.

Item 1:	Regulation Analyst Certification Office:  Division of Market Regulation Staff:  Robert L.D. Colby, Larry E. Bergmann, James A. Brigagliano, Thomas D. Eidt, Racquel L. Russell
Item 2:	Custody of Investment Company Assets with a Securities Depository Office:  Division of Investment Management Staff:  Robert E. Plaze, C. Hunter Jones, Hugh P. Lutz
Item 3:	Compliance Systems of Investment Companies and Investment Advisers Office:  Division of Investment Management Staff:  Robert E. Plaze, Jamey Basham, Hester M. Peirce

Item 1: Regulation Analyst Certification

The Commission will consider whether to adopt Regulation Analyst Certification, a new rule that would require analysts to provide certifications regarding the views they express in research reports and public appearances and to provide disclosures regarding any compensation they may have received related to those views and recommendations.

For further information, please contact James A. Brigagliano, Thomas D. Eidt, or Racquel L. Russell at (202) 942-0772.

Item 2: Custody of Investment Company Assets with a Securities Depository

The Commission will consider whether to adopt amendments to rule 17f-4 under the Investment Company Act of 1940, the rule that governs investment companies' use of securities depositories. The amendments are designed to update and simplify the rule in response to changes in business practices and commercial law that have occurred since the rule was adopted in 1978. The amendments eliminate unnecessary restrictions in the rule, to reduce compliance burdens on funds and fund boards, without jeopardizing investor protections.

For further information, please contact Hugh P. Lutz at (202) 942-0690.

Item 3: Compliance Systems of Investment Companies and Investment Advisers

The Commission will consider a recommendation to propose for public comment new rule 38a-1 under the Investment Company Act of 1940, new rule 206(4)-7 under the Investment Advisers Act, and amendments to rule 204-2 under the Investment Advisers Act. The recommended proposals would require each investment company and investment adviser registered with the Commission to (i) adopt and implement policies and procedures reasonably designed to prevent violation of the federal securities laws, (ii) review those policies and procedures annually for their adequacy and the effectiveness of their implementation, and (iii) appoint a chief compliance officer to be responsible for administering the policies and procedures. The Commission also will consider a recommendation to seek comment on other ways to involve the private sector in fostering compliance by investment companies and investment advisers with the federal securities laws.

For further information, please contact Hester Peirce (202) 942-0690 or Jamey Basham at (202) 942-0719.