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MFDF - Mutual Fund Directors Forum - May 25 SEC Open Meeting

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May 25 SEC Open Meeting

The Securities and Exchange Commission has announced that it will hold an open meeting tomorrow to consider proposing amendments to Regulation D under the 1933 Act, and whether to adopt the Commission's controversial whistleblower rules.  According to the Commission's announcement, the meeting will cover:

Item 1: The Commission will consider whether to propose amendments to Regulation D under the Securities Act of 1933 to disqualify securities offerings involving certain "felons and other 'bad actors'" from reliance on the Rule 506 safe harbor exemption from Securities Act registration. These proposals are designed to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Item 2: The Commission will consider whether to adopt rules and forms to implement Section 21F of the Securities Exchange Act of 1934 entitled "Securities Whistleblower Incentives and Protection." Section 21F, as added by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, provides that the Commission shall pay awards, under regulations prescribed by the Commission and subject to certain limitations, to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action.

The meeting is scheduled to begin at 9:30AM, at the SEC's Washington, DC headquarters located at 100 F Street NE.  The event is open to the public and will be webcast live via a link on the Commission's website, www.sec.gov.

The full text of the Commission's announcement is available at:  http://sec.gov/news/openmeetings/2011/ssamtg052511.htm