81 FR 13426 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 49 (March 14, 2016)

Page Range		13426-13426
FR Document		2016-05802

Federal Register, Volume 81 Issue 49 (Monday, March 14, 2016)

[Federal Register Volume 81, Number 49 (Monday, March 14, 2016)]
[Notices]
[Page 13426]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05802]


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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 Wednesday, March 
16, 2016 at 1:30 p.m., in the Auditorium (L-002) at the Commission's 
headquarters building, to hear oral argument in an appeal from an 
initial decision of an administrative law judge by respondents Mohammed 
Riad and Kevin Timothy Swanson.
    On April 21, 2014, the ALJ found that respondents violated the 
antifraud provisions of the securities laws while associated with an 
investment adviser responsible for managing the portfolio of a closed-
end investment company, the Fiduciary/Claymore Dynamic Equity Fund (the 
``Fund''). Specifically, the ALJ found that respondents misrepresented 
and omitted material information about two newly implemented derivative 
strategies in the Fund's 2007 annual report and May 2008 semiannual 
report. The ALJ also found that Riad caused the Fund's violation of 
Investment Company Rule 8b-16(b), which requires closed-end funds to 
disclose in their annual reports any material change in their 
investment objectives, policies, and risk factors.
    For these violations, the ALJ imposed cease-and-desist orders, 
order that each respondent pay a third-tier civil penalty of $130,000, 
and barred each respondent. She also ordered that Riad disgorge 
$188,948.52 plus prejudgment interest.
    Respondents appealed the initial decision's findings of violations 
and the sanctions imposed. The issues likely to be considered at oral 
argument include, among other things, whether respondents violated the 
securities laws and, if so, what sanction, if any, is appropriate in 
the public interest.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

    Dated: March 9, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-05802 Filed 3-10-16; 4:15 pm]
 BILLING CODE 8011-01-P

13426 Federal Register / Vol. 81, No. 49 / Monday, March 14, 2016 / Notices

new Participant’s name in Section 3(a) communications relating to the respondent pay a third-tier civil penalty
of the Plan; and (b) submit the executed amendment between the Commission of $130,000, and barred each
Plan to the Commission. The Plan then and any person, other than those that respondent. She also ordered that Riad
provides that such an amendment will may be withheld from the public in disgorge $188,948.52 plus prejudgment
be effective when the amendment is accordance with the provisions of 5 interest.
approved by the Commission or U.S.C. 552, will be available for Web Respondents appealed the initial
otherwise becomes effective pursuant to site viewing and printing in the decision’s findings of violations and the
Section 11A of the Act and Rule 608 Commission’s Public Reference Room, sanctions imposed. The issues likely to
thereunder. 100 F Street NE., Washington, DC be considered at oral argument include,
20549, on official business days among other things, whether
II. Effectiveness of the Proposed between the hours of 10:00 a.m. and respondents violated the securities laws
Linkage Plan Amendment 3:00 p.m. Copies of such filing also will and, if so, what sanction, if any, is
The foregoing Plan amendment has be available for inspection and copying appropriate in the public interest.
become effective pursuant to Rule at the principal office of ISE Mercury. For further information, please
608(b)(3)(iii) 6 because it involves solely All comments received will be posted contact the Office of the Secretary at
technical or ministerial matters. At any without change; the Commission does (202) 551–5400.
time within sixty days of the filing of not edit personal identifying Dated: March 9, 2016.
this amendment, the Commission may information from submissions. You Brent J. Fields,
summarily abrogate the amendment and should submit only information that Secretary.
require that it be refiled pursuant to you wish to make available publicly. All [FR Doc. 2016–05802 Filed 3–10–16; 4:15 pm]
paragraph (a)(1) of Rule 608,7 if it submissions should refer to File
BILLING CODE 8011–01–P
appears to the Commission that such Number 4–546 and should be submitted
action is necessary or appropriate in the on or before April 4, 2016.
public interest, for the protection of By the Commission. SECURITIES AND EXCHANGE
investors or the maintenance of fair and Robert W. Errett, COMMISSION
orderly markets, to remove impediments Deputy Secretary.
to, and perfect the mechanisms of, a [Release No. 34–77316; File No. SR–MSRB–
[FR Doc. 2016–05599 Filed 3–11–16; 8:45 am] 2016–03]
national market system or otherwise in
BILLING CODE 8011–01–P
furtherance of the purposes of the Act. Self-Regulatory Organizations;
III. Solicitation of Comments Municipal Securities Rulemaking
Interested persons are invited to SECURITIES AND EXCHANGE Board; Notice of Filing and Immediate
submit written data, views and COMMISSION Effectiveness of a Proposed Rule
arguments concerning the foregoing, Change Consisting of an Amendment
Sunshine Act Meeting to Rule G–33, on Calculations, and an
including whether the amendment is
Notice is hereby given, pursuant to Interpretive Notice
consistent with the Act. Comments may
be submitted by any of the following the provisions of the Government in the March 8, 2016.
methods: Sunshine Act, Public Law 94–409, that Pursuant to Section 19(b)(1) of the
the Securities and Exchange Securities Exchange Act of 1934 (the
Electronic Comments Commission will hold an Open Meeting ‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule
• Use the Commission’s Internet on Wednesday, March 16, 2016 at 1:30 19b–4 thereunder,2 notice is hereby
comment form (http://www.sec.gov/ p.m., in the Auditorium (L–002) at the given that on February 23, 2016, the
rules/sro.shtml); or Commission’s headquarters building, to Municipal Securities Rulemaking Board
• Send an email to rule-comments@ hear oral argument in an appeal from an (the ‘‘MSRB’’ or ‘‘Board’’) filed with the
sec.gov. Please include File Number 4– initial decision of an administrative law Securities and Exchange Commission
546 on the subject line. judge by respondents Mohammed Riad (the ‘‘Commission’’ or ‘‘SEC’’) the
and Kevin Timothy Swanson. proposed rule change as described in
Paper Comments On April 21, 2014, the ALJ found that Items I and II below, which Items have
• Send paper comments in triplicate respondents violated the antifraud been prepared by the MSRB. The
to Brent J. Fields, Secretary, Securities provisions of the securities laws while Commission is publishing this notice to
and Exchange Commission, 100 F Street associated with an investment adviser solicit comments on the proposed rule
NE., Washington, DC 20549–1090. responsible for managing the portfolio change from interested persons.
All submissions should refer to File of a closed-end investment company,
Number 4–546. This file number should the Fiduciary/Claymore Dynamic Equity I. Self-Regulatory Organization’s
be included on the subject line if email Fund (the ‘‘Fund’’). Specifically, the ALJ Statement of the Terms of Substance of
is used. To help the Commission found that respondents misrepresented the Proposed Rule Change
process and review your comments and omitted material information about The MSRB filed with the Commission
more efficiently, please use only one two newly implemented derivative a proposed rule change consisting of a
method. The Commission will post all strategies in the Fund’s 2007 annual proposed amendment to Rule G–33, on
comments on the Commission’s Internet report and May 2008 semiannual report. calculations, and a proposed
Web site (http://www.sec.gov/rules/ The ALJ also found that Riad caused the interpretive notice (the ‘‘proposed rule
jstallworth on DSK7TPTVN1PROD with NOTICES

sro.shtml). Copies of the submission, all Fund’s violation of Investment change’’). The MSRB has designated the
subsequent amendments, all written Company Rule 8b–16(b), which requires proposed rule change as ‘‘non-
statements with respect to the proposed closed-end funds to disclose in their controversial’’ pursuant to Section
rule change that are filed with the annual reports any material change in 19(b)(3)(A)(iii) of the Act 3 and Rule
Commission, and all written their investment objectives, policies,
and risk factors. 1 15 U.S.C. 78s(b)(1).
6 17 CFR 242.608(b)(3)(iii). For these violations, the ALJ imposed 2 17 CFR 240.19b–4.
7 17 CFR 242.608(a)(1). cease-and-desist orders, order that each 3 15 U.S.C. 78s(b)(3)(A)(iii).

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Document Created: 2016-03-12 01:01:03
Document Modified: 2016-03-12 01:01:03

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		81 FR 13426