25776 Federal Register / Vol. 65, No. 86 / Wednesday, May 3, 2000 / Notices

broker-dealer. This requirement extends

to the financial and securities activities

of the holding company, affiliates and

subsidiaries of the broker-dealer that are

reasonably likely to have a material

impact on the financial or operational

condition of the broker-dealer. Rule

17h–2T requires a broker-dealer to file

with the Commission quarterly reports

and a cumulative year-end report

concerning the information required to

be maintained and preserved under

Rule 17h–1T.

The collection of information required

by Rules 17h–1T and 17h–2T are

necessary to enable the Commission to

monitor the activities of a broker-dealer

affiliate whose business activities are

reasonably likely to have a material

impact on the financial and operational

condition of the broker-dealer. Without

this information, the Commission would

be unable to assess the potentially

damaging impact of the affiliate’s

activities on the broker-dealer.

There are currently 215 respondents

that must comply with Rules 17h–1T

and 17h–2T. Each of these 215

respondents require approximately 10

hours per year, or 2.5 hours per quarter,

to maintain the records required under

Rule 17h–1T, for an aggregate annual

burden of 2,150 hours (215 respondents

× 10 hours). In addition, each of these

215 respondents must make five annual

responses under Rule 17h–2T. These

five responses require approximately 14

hours per respondent per year, or 3.5

hours per quarter, for an aggregate

annual burden of 3,010 hours (215

respondents × 14 hours). Thus, the total

compliance burden per year is

approximately 5,160 burden hours

(2,150 + 3,010).

Written comments are invited on: (a)

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information will have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collection of

information on respondents, including

through the use of automated collection

techniques or other forms of information

technology. Consideration will be given

to comments and suggestions submitted

in writing within 60 days of this

publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

NW., Washington, DC 20549.

Dated: April 19, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–11001 Filed 5–2–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IA–1869; File No. 4–433]

Roundtable on Investment Adviser

Regulatory Issues

AGENCY: Securities and Exchange

Commission.

ACTION: Notice of roundtable meeting;

request for comment.

SUMMARY: On May 23, 2000, the

Securities and Exchange Commission

will host a roundtable discussing

several issues relating to investment

advisers. The Commission has several

initiatives on its agenda for this year

which promise to dramatically alter the

regulatory landscape for advisers. The

roundtable will bring together

investment advisers, legal counsel to

advisers, representatives from state

regulatory bodies, representatives from

the NASD, and others to discuss these

issues and offer their recommendations.

The roundtable will take place at the

Commission’s headquarters at 450 Fifth

Street, NW, Washington, DC from 9 a.m.

to 5:30 p.m. The public is invited to

observe the roundtable discussions.

Seating is available on a first-come, firstserve basis.

DATES: comments must be received on

or before May 12, 2000.

ADDRESSES: Comments should be

submitted in triplicate to Jonathan G.

Katz, Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW,

Washington, DC 20549–0609.

Comments may also be submitted

electronically at the following E-mail

address: rule-comments@sec.gov. All

comment letters should refer to File No.

4–433; this File number should be

included on the subject line if E-mail is

used. Comment letters will be available

for public inspection and copying in the

Commission’s Public Reference Room,

450 Fifth Street, NW, Washington, DC

20549. Electronically submitted

comment letters also will be posted on

the Commission’s Internet web site

(http://www.sec.gov).

FOR FURTHER INFORMATION CONTACT:

Cynthia M. Fornelli, Senior Adviser to

the Director, Division of Investment

Management, (202) 942–0720, or J.

David Fielder, Adviser to the Director,

Division of Investment Management,

(202) 942–0530, fielderd@sec.gov. at

Securities and Exchange Commission,

450 Fifth Street, NW, Washington, DC

20549–0506.

SUPPLEMENTARY INFORMATION: The

public may submit written comments on

the following topics to be discussed at

the Roundtable on Investment Adviser

Regulatory Issues:

I. Investment Advisers in Today’s

Competitive Markets/Modernization of

Adviser Regulation

A. Investment Advisers and Broker

Dealers—Are the Lines Blurring? (Proposed

rule 202(a)(11)–1: Deeming certain brokerdealers not to be investment advisers).

B. Should the other statutory exceptions

from the definition of ‘‘investment adviser’’

be revisited?

C. Effectiveness of bifurcated regulatory

regime under NSMIA.

D. Review of the disclosure model.

E. Is there a need for a self-regulatory

organization?

II. Trading Practices

A. Use of soft dollars.

B. Obligation to seek best execution.

C. Allocation of investment opportunities.

D. Personal trading (including whether

there should be a code of ethics requirement).

E. Custody.

F. Trading error correction.

III. Conflicts of Interest

A. Conflicts faced by advisers.

B. Proposed rule 206(4)–5; pay to play.

C. Possible rule modifying Section 206(3)’s

restrictions on principal trading.

D. Supervision.

IV. Advertising and Performance Reporting

A. Use of investment performance in

advertising.

B. Revisions to the Advisers Act

advertising rules.

C. Standardization of performance

reporting.

V. Technology and Investment Adviser

Regulation

A. Implications of Internet/Technology for

Advisers.

B. Regions to Form ADV.

C. The IARD: new electronic filing system.

D. Modifying the rules regarding

maintenance of investment adviser books and

records.

Dated: April 27, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–11002 Filed 5–2–00; 8:45 am]

BILLING CODE 8010–01–M