UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1799 / May 4, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9887
In the Matter of
BSN Gestion De Patrimonios SA SGC,
and Asset Timing Corp.,
Respondents. ORDER INSTITUTING PUBLIC ADMINISTRATIVE AND
CEASE-AND-DESIST PROCEEDING PURSUANT TO SECTIONS 203(e) and 203(k) OF
THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS AND IMPOSING
SANCTIONS AND CEASE-AND-DESIST ORDER
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest that a public administrative
and cease-and-desist proceeding pursuant to Sections 203(e) and 203(k)
of the Investment Advisers Act of 1940 ("Advisers Act"), be, and
hereby is, instituted against BSN Gestion De Patrimonios SA SGC
("BSN") and Asset Timing Corp. ("Asset") (collectively, the
"Respondents").
II.
In anticipation of the institution of this proceeding, the Respondents
have submitted Offers of Settlement ("Offers"), which the Commission
has determined to accept. Solely for the purpose of this proceeding
and any other proceedings brought by or on behalf of the Commission or
to which the Commission is a party, and prior to a hearing pursuant to
the Commission's Rules of Practice, 17 C.F.R. § 201.100 et seq., and
without admitting or denying any findings contained herein, except as
to the jurisdiction of the Commission over them and over the subject
matter of this proceeding, the Respondents consent to the issuance of
this Order Instituting Public Administrative and Cease-and-Desist
Proceeding Pursuant to Sections 203(e) and 203(k) of the Investment
Advisers Act of 1940, Making Findings and Imposing Sanctions and
Cease-and-Desist Order ("Order") and to the entry of the findings, the
sanctions and the cease-and-desist order set forth below.
Accordingly, IT IS HEREBY ORDERED that a proceeding pursuant to
Sections 203(e) and 203(k) of the Advisers Act be, and hereby is,
instituted.
SNIPPETS:
ADMINISTRATIVE PROCEEDING
File No. 3-9887 In the Matter of BSN Gestion De Patrimonios SA SGC, and Asset Timing Corp.,
THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS AND IMPOSING SANCTIONS AND
The Securities and Exchange Commission deems it appropriate and in the public interest that a
In anticipation of the institution of this proceeding, the Respondents have submitted Offers
Solely for the purpose of this proceeding and any other proceedings brought by or on behalf
dministrative and Cease-and-Desist Proceeding Pursuant to Sections 203and 203of the Investment
Accordingly, IT IS HEREBY ORDERED that a proceeding pursuant to Sections 203and 203of the
In Form ADV Schedule I filed with the Commission on April 23, 1998, BSN reported assets under
H. By virtue of the conduct described above, the Respondents willfully violated Section 204
no later than December 7, 1998.
the Commission deems it appropriate and in the public interest to accept the Offers of
BSN and Asset shall, effective immediately, cease and desist from committing or causing any
BSN shall pay, within 30 days of the entry of this Order, a civil money penalty in the amount
Such payment shall be made by United States postal money order, certified check, bank
r and money order or check shall be sent to Sandra J. Harris, Associate Regional Director, Pacific
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