U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

SEC Open Meeting Agenda
Wednesday, November 13, 2002, 10:00 a.m.

Agenda as of the afternoon of November 12, 2002. Note that Open Meeting agendas are subject to last-minute changes.

Item 1: Disclosure of Costs and Expenses by Insurance Company Separate Accounts Registered as Unit Investment Trusts that Offer Variable Annuity and Variable Life Insurance Contracts
Office:  Division of Investment Management
Staff:  Susan Nash, Paul Cellupica, Katy Mobedshahi
 
Item 2: Broker-Dealer Exemption from Sending Certain Financial Information to Customers
 
Order Extending Broker-Dealer Exemption from Sending Financial Information to Customers
Office:  Division of Market Regulation
Staff:  Michael A. Macchiaroli, Thomas K. McGowan, Rose R. Wells
 

Item 1: Disclosure of Costs and Expenses by Insurance Company Separate Accounts Registered as Unit Investment Trusts that Offer Variable Annuity and Variable Life Insurance Contracts

The Commission will consider whether to adopt proposed amendments to Form N-4, the registration form for insurance company separate accounts that are registered as unit investment trusts and that offer variable annuity contracts. The amendments would revise the format of the fee table of Form N-4 to require disclosure of the range of total expenses for all of the mutual funds offered through the separate account, rather than disclosure of the expenses of each fund. The Commission will also consider whether to adopt an amendment to the fee table of Form N-6, the registration form for variable life insurance policies that would require disclosure of the range of total expenses for all of the mutual funds offered, consistent with the amendments to the fee table of Form N-4.

For further information, please contact Katy Mobedshahi at (202) 942-0721.

Item 2: Broker-Dealer Exemption from Sending Certain Financial Information to Customers
 
Order Extending Broker-Dealer Exemption from Sending Financial Information to Customers

The Commission will consider whether to propose for comment an amendment to Securities Exchange Act of 1934 ("Exchange Act") Rule 17a-5(c) that would codify relief the Commission granted in a pilot program that exempted broker-dealers from the requirement of Exchange Act Section 17(e)(l)(B) and Rule 17a-5(c) thereunder to send their full balance sheet and certain net capital information to their customers twice a year. To take advantage of the exemption, a broker-dealer must send its customers the net capital information and must provide its customers instructions for obtaining its full balance sheet on its web site and by request to a toll-free telephone number. The Commission will also consider whether to extend interim relief for three months, to March 31, 2003. The Commission granted the relief as a two-year pilot program ending December 31, 2001 (Exchange Act Release No. 42222, December 10, 1999) and then extended the program for one year, to December 31, 2002 (Exchange Act Release No. 45179, December 20, 2001).

For further information, please contact Thomas K. McGown at (202) 942-4886.

 

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Modified: 11/12/2002