80 FR 32424 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 109 (June 8, 2015)

Page Range		32424-32424
FR Document		2015-13984

Federal Register, Volume 80 Issue 109 (Monday, June 8, 2015)

[Federal Register Volume 80, Number 109 (Monday, June 8, 2015)]
[Notices]
[Page 32424]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-13984]


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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 an Open Meeting on June 8, 2015, at 
1:00 p.m., in Room 10800 at the Commission's headquarters building, to 
hear oral argument in cross-appeals by Timbervest, LLC, Joel Barth 
Shapiro, Walter William Anthony Boden, III, Donald David Zell, Jr., 
Gordon Jones II (collectively, Respondents), and the Division of 
Enforcement from an initial decision of an administrative law judge.
    On August 20, 2014, the law judge found that Timbervest violated 
Sections 206(1) and 206(2) of the Investment Advisers Act in connection 
with a repurchase arrangement and real estate commissions. The law 
judge also found that each of the individual Respondents aided, 
abetted, and caused the Section 206 violations that were connected to 
the repurchase agreement. But the law judge concluded that only Shapiro 
and Boden acted with scienter in furthering Timbervest's violations 
related to the real estate commissions; the law judge concluded that 
Zell and Jones were merely negligent. The law judge accordingly found 
that Shapiro and Jones aided, abetted, and caused Timbervest's Sections 
206(1) and 206(2) violations, but found that Jones and Zell aided, 
abetted, and caused only Timbervest's Section 206(2) violation. The law 
judge imposed cease-and-desist orders on Respondents and ordered 
disgorgement.
    The issues likely to considered at oral argument include whether 
Respondents violated Advisers Act Sections 206(1) and 206(2) as alleged 
and, if so, the extent to which they should be sanctioned for those 
violations. Also likely to be considered at oral argument is whether 
these administrative proceedings violate the U.S. Constitution.
    The General Counsel of the Commission, or her designee, has 
certified that, in her 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 matter at the Closed Meeting.
    Chair White, as duty officer, voted to consider the item listed for 
the Closed Meeting in closed session, and determined that Commission 
business required consideration earlier than one week from today. No 
earlier notice of this Meeting was practicable.
    The subject matter of June 8, 2015 Closed Meeting will be:

Post argument discussion

    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

    Dated: June 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-13984 Filed 6-4-15; 11:15 am]
 BILLING CODE 8011-01-P

32424 Federal Register / Vol. 80, No. 109 / Monday, June 8, 2015 / Notices

Dated: June 2, 2015. and (10), permit consideration of the × 5 hours) for a total burden of 290,000
Robert W. Errett, scheduled matter at the Closed Meeting. hours annually. In addition, we estimate
Deputy Secretary. Chair White, as duty officer, voted to that 25% of the 5 hours per response
[FR Doc. 2015–13872 Filed 6–5–15; 8:45 am] consider the item listed for the Closed (1.25 hours) is prepared by the filer for
BILLING CODE 8011–01–P
Meeting in closed session, and an annual reporting burden of 72,500
determined that Commission business hours (1.25 hours per response × 58,000
required consideration earlier than one responses).
SECURITIES AND EXCHANGE week from today. No earlier notice of Written comments are invited on: (a)
COMMISSION this Meeting was practicable. Whether the proposed collection of
The subject matter of June 8, 2015 information is necessary for the proper
Sunshine Act Meeting Closed Meeting will be: performance of the functions of the
Post argument discussion agency, including whether the
Notice is hereby given, pursuant to For further information, please information has practical utility; (b) the
the provisions of the Government in the contact the Office of the Secretary at accuracy of the agency’s estimate of the
Sunshine Act, Public Law 94–409, that (202) 551–5400. burden imposed by the collection of
the Securities and Exchange information; (c) ways to enhance the
Commission will hold an Open Meeting Dated: June 2, 2015.
quality, utility, and clarity of the
on June 8, 2015, at 1:00 p.m., in Room Brent J. Fields,
information collected; and (d) ways to
10800 at the Commission’s headquarters Secretary.
minimize the burden of the collection of
building, to hear oral argument in cross- [FR Doc. 2015–13984 Filed 6–4–15; 11:15 am] information on respondents, including
appeals by Timbervest, LLC, Joel Barth BILLING CODE 8011–01–P through the use of automated collection
Shapiro, Walter William Anthony techniques or other forms of information
Boden, III, Donald David Zell, Jr., technology. Consideration will be given
Gordon Jones II (collectively, SECURITIES AND EXCHANGE to comments and suggestions submitted
Respondents), and the Division of COMMISSION in writing within 60 days of this
Enforcement from an initial decision of [Extension: Regulation FD; OMB Control publication.
an administrative law judge. No.: 3235–0536, SEC File No. 270–475] Please direct your written comments
On August 20, 2014, the law judge to Pamela Dyson, Director/Chief
found that Timbervest violated Sections Proposed Collection; Comment Information Officer, Securities and
206(1) and 206(2) of the Investment Request Exchange Commission, c/o Remi Pavlik-
Advisers Act in connection with a Upon Written Request Copies Available Simon, 100 F Street NE., Washington,
repurchase arrangement and real estate From: Securities and Exchange DC 20549; or send an email to: PRA_
commissions. The law judge also found Commission Office of FOIA Services Mailbox@sec.gov.
that each of the individual Respondents 100 F Street NE., Washington, DC Dated: June 2, 2015.
aided, abetted, and caused the Section 20549–2736. Robert W. Errett,
206 violations that were connected to Notice is hereby given that, pursuant Deputy Secretary.
the repurchase agreement. But the law to the Paperwork Reduction Act of 1995 [FR Doc. 2015–13874 Filed 6–5–15; 8:45 am]
judge concluded that only Shapiro and (44 U.S.C. 3501 et seq.), the Securities
Boden acted with scienter in furthering BILLING CODE 8011–01–P
and Exchange Commission
Timbervest’s violations related to the (‘‘Commission’’) is soliciting comments
real estate commissions; the law judge on the collection of information SECURITIES AND EXCHANGE
concluded that Zell and Jones were summarized below. The Commission COMMISSION
merely negligent. The law judge plans to submit this existing collection
accordingly found that Shapiro and of information to the Office of [Extension: Rule 206(4)–3; OMB Control No.
Jones aided, abetted, and caused 3235–0242, SEC File No. 270–218]
Management Budget for extension and
Timbervest’s Sections 206(1) and 206(2) approval.
violations, but found that Jones and Zell Proposed Collection; Comment
Regulation FD (17 CFR 243.100 et Request
aided, abetted, and caused only seq.)—Other Disclosure Materials
Timbervest’s Section 206(2) violation. requires public disclosure of material Upon Written Request, Copies Available
The law judge imposed cease-and-desist information from issuers of publicly From: Securities and Exchange
orders on Respondents and ordered traded securities so that investors have Commission, Office of FOIA Services,
disgorgement. current information upon which to base 100 F Street NE., Washington, DC
The issues likely to considered at oral investment decisions. The purpose of 20549–2736.
argument include whether Respondents the regulation is to require: (1) An issuer Notice is hereby given that, pursuant
violated Advisers Act Sections 206(1) that intentionally discloses material to the Paperwork Reduction Act of 1995
and 206(2) as alleged and, if so, the information, to do so through public (44 U.S.C. 3501 et seq.), the Securities
extent to which they should be disclosure, not selective disclosure; and and Exchange Commission
sanctioned for those violations. Also (2) to make prompt public disclosure of (‘‘Commission’’) is soliciting comments
likely to be considered at oral argument material information that was on the collection of information
is whether these administrative unintentionally selectively disclosed. summarized below. The Commission
proceedings violate the U.S.
mstockstill on DSK4VPTVN1PROD with NOTICES

We estimate that approximately 13,000 plans to submit this existing collection
Constitution. issuers make Regulation FD disclosures of information to the Office of
The General Counsel of the approximately five times a year for a Management and Budget for extension
Commission, or her designee, has total of 58,000 submissions annually, and approval.
certified that, in her opinion, one or not including an estimated 7,000 issuers Rule 206(4)–3 (17 CFR 275.206(4)–3)
more of the exemptions set forth in 5 who file Form 8–K to comply with under the Investment Advisers Act of
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) Regulation FD. We estimate that it takes 1940, which is entitled ‘‘Cash Payments
and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 5 hours per response (58,000 responses for Client Solicitations,’’ provides

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Document Created: 2018-02-22 10:12:56
Document Modified: 2018-02-22 10:12:56

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 32424