SEC DOCKET 1988 Volume 42, No. 9 December SGE BUS: ADM.BRARY RELEASES IN THIS VOLUME PAGE JAN 13·1989 Public Utility Holding Company Act 24772-24775 UNIVERSITY OF Trust Indenture Act 2202...... Investment Company Act 16686-16695 Litigation 11933*, 11938-11940... This listing covers releases issued from 12/09/88-12/15/88. 611 this This listing does not affect the legal status of any document publishOCHIGAN issue. *Litigation Release 11933, included herein, replaces the version of SIGNIFICANT ITEMS IC-16692 Delegation of authority to the Director of the Division of Market OPINION JOHN R. LASALLA AND ANDRINE GIULIANO Where registered representative of men ber firm of registered securities ་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་་ང་ COMMERCE CLEARING HOUSE, INC. 4025 West Peterson Avenue Chicago, Illinois 60646 SELF REGULATORY ORGANIZATIONS 34-26361 National Association of Securities Dealers, Inc.; Order approving proposed rule change to define Professional Trader for purposes of the small order execution system .... The following releases relate to self-regulatory organization rule proposals and/or adoptions: The Securities and Exchange Commission ("Commission") deems it appropriate that public proceedings be instituted, pursuant to Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against Arthur B. Silverman (“Silverman”). In anticipation of these proceedings, Silverman has submitted an offer of settlement which the Commission has determined to accept. Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of the Commission or in which the Commission is a party, Silverman, by his Offer of Settlement without admitting or denying the findings in this Order, except that he admits the findings contained in Paragraphs III (3) and (4) of this Order and consents to the entry of this Order Instituting Proceedings, Making Findings, and Imposing Remedial Sanctions (“Order") as set forth below. II ACCORDINGLY, IT IS ORDERED that proceedings be, and they hereby are, instituted. III On the basis of this Order and the Offer of Settlement submitted by Silverman, the Commission finds that: 1. During time periods relevant herein, Silverman was a registered representative with a broker-dealer registered with the Commission. On March 6, 1988, he commenced a voluntary leave of absence and has since resigned. 2. On November 30, 1988, the Commission filed a Complaint in federal district court (the "federal action") alleging that during June and July, 1986, Silverman received material non-public information from a customer regarding a proposed merger between Coastal Savings Bank of Portland, Maine ("Coastal") and Suffield Savings Bank of Suffield, Connecticut. The Complaint further alleged that while in possession of this information, Silverman purchased Coastal for himself and three customers. 3. On November 30, 1988, Silverman, without admitting or denying liability, consented to the entry of a final judgment in the federal action CCH SEC DOCKET (ISSN: 0091-4061) published weekly by Commerce Clearing House, Inc., 4025 W. Peterson Ave., Chicago, Ill. 60646. Subscription rate $185 per year. Second-class postage paid at Chicago, Illinois and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO CCH SEC DOCKET, 4025 W. PETERSON AVE., CHICAGO, ILL. 60646. Printed in U. S. A. All rights reserved. © 1988, Commerce Clearing House, Inc. When published as promulgated, U. S. Public Laws, federal regulations and decisions of administrative and executive agencies and courts of the United States are in the public domain. However, their arrangement and compilation, and historical, statutory, and other notes and references, along with all other material in this publication, are subject to the copyright notice. |