Get the free SEC News Digest, 06-06-1974. A brief summary of financial proposals filed with and a...

Commission in formulating and developing policies and procedures for implementation of its order (REI. 34-9835) which is adopted by reference (see the Commission's Appendix, pages 6-7, for the text of this order). Meetings of the Advisory Committee are held on the fourth Wednesday of each month, unless otherwise stated, at 10:00 a.m. in the Essex House, 160 Central Park South, New York Room Mil, New York, N.Y. (For information concerning other times and locations of Commission meetings, contact the Com- mission at). The Commission is requesting your assistance in carrying out this request. I regret that the staff and members of this Commission are being required to meet several times a month to obtain information and make recommendations which the Commission considers advisable to further its policies and procedures. Although many of us may not have the time to make our recommendations in person, the staff members will take great pains to ensure that the appropriate information is obtained and that our recommendations are considered in person. This effort will consist of two prey- tices. First, the staff will prepare and send at least one set of recommendations directly to the members of the Commission, without which they are unlikely to take any concrete action. Second, the staff will arrange and have a staff chair present at each of the meetings of the Advisory Committee. If possible, the staff chair will make it known to the Commit- sion that a proposed staff recommendation should be made a part of the Advisory Committee's report. These two practices will ensure that the Commission will receive at least six recommendations from staff, and will enable us to analyze the implications and take proper action. The Commission's Committee on Booking and Trading has been in constant contact with the staff of the American Stock Exchange for the past two and a half years regarding the subject of broker-dealers who, in the past, have been the subject of inquiries by the Commission. In January 1975, this Committee and the staff of the Stock Exchange developed a “model compliance program” which, it is hoped, will assist the Commission in establishing and implementing its order (S.R. No. 584). In preparing this model policy and procedures, the Committee and staff have considered current New York Banking law and regulations and the activities and practices of Broker-Dealers throughout the United States. As was stated heretofore, the Committee recognizes that there is no set policy or procedure which is all- encompassing or easy to apply.