sec news digest LIBRAR Issue 83-102 1r May 26, 1983 ---:-------- ........JMAY2 71983 RULES AND RELAT£D MATTERS U.S. SECURITiES AND D€ell"NGE COMN:I§i: I_~~.J NEW RULE 3a12-8 PROPOSED FOR COMMENT The, Commission has issued a release proposing for comment a new Rule 3a12-8 under the Securities Exchange Act of 1934. The rule would designate certain foreign government securities as exempted securities under the Exchange Act solely for pur- poses of foreign futures trading so long as delivery of the security does not occur in the United States. Comments should be submitted in triplicate to George A. Fitzsimmons, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, DC 20549, thirty days from publication of this notice in the Federal Register, and should refer to File No. S7-975. All submissions will be available for public inspection. (Rel. 34-19811) FOR FURTHER INFORMATION CONTACT: Kevin S. Fogarty at (202) 272-2416 COMMISSION ANNOUNCEMENTS WEEKLY CALENDAR The following is a schedule of speaking engagements, Congressional testimony, Commission hearings and other public events involving the Commission for the week of May 29, 1983. (Commission Meetings are announced separately in the News Digest) Wednesday, June 1 * Commissioner Longstreth will be a speaker at the National Institute on Securities Regulation sponsored by the University of Colorado School of Law. The topic of his remarks is the National Market System. CIVIL PROCEEDINGS COMPLAINT NAMES PLAZA REALTY INVESTORS The Commission announced that on May 20 it filed a civil injunctive action in the U.S. District Court for the District of Columbia against Plaza Realty Investors (PR!) of Forest Hills, New York. The Commission, in its complaint, alleged viola- tions of the reporting provisions of the securities laws and sought a Judgment of Permanent Injunction and other Equitable Relief. The Commission alleged that PRI, as part of a continuing course of violative con- duct extending over several years, failed to file its Annual Report on Form 10-K for its fiscal year ended December 31, 1982, required to have been filed with the Commission by March 31,1983, and its Ouarterly Reports on Form 10-0 for its fiscal quarters ended September 30, 1982 and March 31, 1983, due, respectively, on November 15, 1982, and May 16, 1983, failed to file Notifications of Late Filing on Form 12b-25 and filed late various periodic reports. The Commission requested that the Court order PRI to file its delinquent annual and quarterlY reports and enjoin it from further violations of the reporting provisions of the securities laws. (SEC v. Plaza Realty Investors, U.S.D.C. D.C., Civil Action No. 83-1450). (LR-I00U) CRI.AL PROCEEDINGS WILLIAM ARTHUR WIDGERY, SR. FOUND GUILTY, OTHERS CITED The Chicago Regional Office announced that on April 29 a jury in the Southern District of Indiana found William Arthur Widgery, Sr. guilty of 11 counts of mail fraud and five counts of securities fraud. widgery's wife, Glynne H. Widgery, who was charged with two counts of mail fraud, was found not guilty. The Widgerys, along with Morris Glaser and Violet R. Castle, were charged on February 15, 1983 with violations of the mail fraud statute and securities fraud in an indictment returned by a Federal Grand Jury sitting in the Southern District of Indiana. Castle was also separately charged with two counts of making false state- ments to the Grand Jury. The defendants were charged with employing a scheme to defraud investors in Data Resource Management Consultants, Inc., an Indianapolis based computer firm, and various affiliated companies. Prior to trial, Glaser pleaded guilty to one count of mail fraud and one count of securities fraud. Castle pleaded guilty to two counts of mail fraud, one count of securities fraud, one count of selling securities without a registration statement being in effect, and one count of making a false statement to the Grand Jury. (U.S. v. William Arthur Widgery, Sr., et al., U.S.D.C. S.D. Ind., Civil No. IP B3-I3-CR). (LR-l0013) INVESTMENT COMPANY ACT RELEASES TEMPLETON FUNDS, INC. An order has been issued pursuant to Section 6(c) of the Investment Company Act of 1940 on applications filed by Templeton Funds, Inc. (formerly Templeton World Fund, Inc.), Templeton Growth Fund, Ltd., each registered under the Act as open-end, diversified management investment companies (Funds), and their principal underwriter, Securities Fund Investors, Inc. (SFI), amending earlier orders of the Commission issued in March and April 1978, to extend to Templeton Funds in its present status as a "series" company, the exemptive relief which the earlier orders had provided permitting certain offers of exchange under Section ll(a) of the Act, and exempting from the provisions of Section 22(d) of the Act, the sale of shares of the Funds pursuant to such offers of exchange. (ReI. IC-13259 - May 20) DBL TAX-FREE CASH FUND INC. An order has been issued pursuant to Section 6(c) of the Investment Company Act of 1940 on an application by DBL Tax-Free Cash Fund Inc., an open-end, diversified, management investment company, exempting it: (1) from the provisions of Section 2(a) (41) of the Act and Rules 2a-4 and 22c-l thereunder to permit it to calculate its net asset value per share based on the amortized cost method of valuation and to value, in the manner described in the application, certain rights to sell its portfolio securities to brokers, dealers, and banks; and (2) from the provisions of Section 12(d) (3) of the Act to permit it to acquire from brokers and dealers the aforesaid rights to sell portfolio securities. (ReI. IC-13260 - May 20) ALLIED CAPITAL CORPORATION A notice has been issued giving interested persons until June 14 to request a hear- ing on an application by Allied Capital Corporation and Allied Investment Corporation (Applicants), closed-end investment companies, for an order, pursuant to Section 17(b) and 17(d) of the Act and Rule l7d-l thereunder, exempting Applicants' proposed transaction from the provisions of Sections l7(a) (1)'and l7(d). (ReI. IC-13261 - May 20) BANKERS SECURITY VARIABLE ANNUITY FUNDS H, P, AND 0 A notice has been issued giving interested persons until June 15 to request a hear- ing on an application filed by Bankers security Variable Annuity Fund H, P, and 0, Bankers Security Life Insurance Society, Oppenheimer Money Market Fund, Inc., Oppenheimer Investor Services, Inc., Daily Cash Accumulation Fund, Inc., Centennial Cash Accumulation Fund, Centennial Capital Appreciation Fund, Inc., and Centennial High Yield Bond Fund, Inc. for an order, pursuant to Section 11 of the Act, approving the terms of certain offers of exchange. (ReI. 34-13262 - May 23) 2 NEWS DIGES'r, May 26, 19B3 LISTING, DELISTING AND UNLISTED TRADING ACTIONS UNLISTED TRADING SOUGHT Notices have been issued g~v~ng interested persons until June 14 to co~ment on the applications of the following stock exchanges for unlisted trading privileges in issues which are listed and registered on one or more other national securities exchanges and are reported in the consolidated transaction reporting system: The Philadelphia Stock Exchange, Inc. - common stock ($1 par value) of Unocal Corpora- tion. (ReI. 34-19806): and the Midwest Stock Exchange, Inc. - five issues. (ReI. 34-19807) SELF ·REGULATORY ORGANIZATIONS APPROVAL OF PROPOSED RULE CHANGE The Commission has approved a proposed rule change filed by the Municipal Securities Rulemaking Board (SR-MSRB-83-l) to clarify that MSRB Rules G-l, G-3, and G-23 do not apply to financial advisory services provided to a corporate obligor of an industrial development bond issue. (ReI. 34-19801) NOTICE OF EFFECTIVENESS OF PROPOSED RULE CHANGES Rule changes filed by the following, pursuant to Rule 19b-4, have become effective in accordance with Section 19(b) (3)(A) of the Securities Exchange Act of 1934: The Pacific Securities Depository Trust Company (SR-PSDTC-83-3) which permits PSDTC to make bonds with a face value of less than $1,000 ineligible for deposit. PSDTC submitted the proposal because it believes that some transfer agents are unwilling to transfer such bonds, making it difficult for PSDTC to satisfy participants' needs. (ReI. 34-19802): and The Options Clearing Corporation (SR-OCC-83-11) which incor- porates into OCC's by laws: (1) OCC's existing policy that allows Clearing Members to effect certain adjustments to their positions and accounts with OCC: and (2) extends that existing policy to enable Clearing Members to rectify coding errors made in reporting trades in near-the-threshold expiring options after acc issues its Final Exercise Report on expiration day. (ReI. 34-19803) Publication of the proposal is expected to be made in the Federal Register during the week of May 23. SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC pursuant to the Securities Act of 1933. The information noted below has been taken from the cover page and the facing sheet of the prospectus and registration statement and will appear as follows: Form, Name, address and phone number (if available) of the issuer of the security: Title and the number or face amount of the securities being offer.ed: Name of the managing underwriter (if applicable): Whether the offering is a rights offering: File number and date filed: Assigned Branch: if the registration statement is a New Issue: and [S] denoting SHELF REGISTRATION pursuant to Rule 415. (S-l) NEVADA RESOURCES INC., 525 Roberts St., Reno, NV 89512 (702) 323-0737 - 749,000 shares of common stock. The company is engaged in exploring, acquiring, developing, and mining mineral properties.