65458 Federal Register / Vol. 62, No. 239 / Friday, December 12, 1997 / Notices

2Under applicant’s limited partnership

agreement the General Partner has sole discretion

to affect the liquidation and need not obtain the

consent of the limited partners.

equal to each partner’s respective

investment in applicant. On October 2,

1996, the board of directors of Touche

Holdings, Inc., applicant’s general

partner (the ‘‘General Partner’’), met and

approved the sale of substantially all of

applicant’s assets.2 On November 4,

1996, applicant’s liabilities exceeded its

assets and applicant sold substantially

all of its assets in exchange for cash and

a promissory note which applicant then

transferred together with its other assets

to Deloitte & Touche USA LLP (‘‘D&T’’),

the parent of applicant’s General

Partner, in partial satisfaction of a

promissory note previously issued by

applicant to D&T. D&T forgave a portion

of the note not satisfied by the assets

received from applicant.

3. D&T is assuming all administrative

and legal expenses in connection with

the liquidation of applicant. Such

expenses are estimated at $15,000.

4. As of the date of the application,

applicant had no outstanding securityholders to whom any distributions were

due. Applicant also had no liabilities, or

assets, and was not a party to any

litigation or administrative proceeding.

Applicant is not engaged, nor does it

propose to engage, in any business

activities other than those necessary for

the winding up of its affairs.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–32488 Filed 12–11–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of December 15, 1997.

An open meeting will be held on

Wednesday, December 17, 1997, at

10:00 a.m. A closed meeting will be

held on Wednesday, December 17, 1997,

following the 10:00 a.m. open meeting.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c)(4), (8), (9)(A) and (10)

and 17 CFR 200.402(a)(4), (8), (9)(i) and

(10), permit consideration of the

scheduled matters at the closed meeting.

Commissioner Carey, as duty officer,

voted to consider the items listed for the

closed meeting in a closed session.

The subject matter of the open

meeting scheduled for Wednesday,

December 17, 1997, at 10:00 a.m., will

be:

(1) Consideration of whether to

propose rules 3a12–12, 3a12–13, 3b–12,

3b–13, 3b–14, 3b–15, 3b–16, 15b9–2,

15c1–9, 15c3–4, and 17a–5A under the

Securities Exchange Act of 1934

(‘‘Exchange Act’’) and amendments to

Exchange Act rules 8c–1, 15b1–1, 15c2–

1, 15c3–1, 15c3–3, 17a–3, 17a–4, 17a–

11, and Form X–17A–5 (FOCUS report).

The proposed rules and rule

amendments would tailor capital,

margin, and other broker-dealer

regulatory requirements to a class of

registered dealers, called OTC

derivatives dealers, active in OTC

derivatives markets. Registration as an

OTC derivatives dealer would be an

alternative to registration as a fully

regulated broker-dealer, and would be

available only to entities acting

primarily as counterparties in privately

negotiated OTC derivatives transactions.

For further information, please contact

Catherine McGuire, Chief Counsel and

Associate Director, Division of Market

Regulation, at (202) 942–0061, or

Michael Macchiaroli, Associate

Director, Division of Market Regulation,

at (202) 942–0132.

(2) Consideration of whether to issue

a concept release seeking comment on

alternatives to the current method of

calculating net capital requirements

pursuant to Rule 15c3–1 under the

Exchange Act for broker-dealers,

including whether statistical models

should be used to calculate net capital

requirements. As part of its study, the

Commission is considering the extent to

which statistical models should be used

in setting the capital requirements for a

broker-dealer. Accordingly, the

Commission is posing a number of

questions on this subject as well as

soliciting views on other possible

alternatives for establishing net capital

requirements. For further information,

please contact Michael A. Macchiaroli,

Associate Director, Division of Market

Regulation, at (202) 942–0132.

(3) Consideration of whether to

propose amendments to rule 15c3–1

under the Exchange Act regarding net

capital requirements for broker-dealers.

When calculating the value of their

assets for net capital purposes, brokerdealer must reduce the market value of

the securities they own by certain

percentages, or haircuts. The rule

amendments would alter the haircuts

taken by broker-dealers for certain

interest rate instruments, including:

government securities; investment grade

nonconvertible debt securities; certain

mortgage-backed securities; money

market instruments; and debt-related

derivative instruments. For further

information, please contact Michael A.

Macchiaroli, Associate Director,

Division of Market Regulation, at (202)

942–0132.

(4) Consideration of whether to

propose amendments to amend Rule

15c3–1 to define the term ‘‘nationally

recognized statistical rating

organization’’ (‘‘NRSRO’’). The

proposed definition sets forth a list of

attributes to be considered by the

Commission in designating rating

organizations as NRSROs and the

process for applying for NRSRO

designation. For further information,

please contact Michael A. Macchiaroli,

Associate Director, Division of Market

Regulation, at (202) 942–0132.

The subject matter of the closed

meeting scheduled for Wednesday,

December 17, 1997, following the 10:00

a.m. open meeting, will be:

Institution of injunctive actions.

Institution and settlement of

administrative proceedings of an

enforcement nature.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact:

The Office of the Secretary at (202)

942–7070.

Dated: December 10, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–32655 Filed 12–10–97; 12:30

pm]

BILLING CODE 8010–01–M