[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Unknown Section]
[Pages 40208-40214]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-15505]
[[Page 40207]]
Vol. 76
Thursday,
No. 130
July 7, 2011
Part XXIII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 /
Unified Agenda
[[Page 40208]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-9194, 34-64021, IA-3168, IC-29593, File No. S7-09-11]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Securities and Exchange Commission is publishing an agenda
of its rulemaking actions pursuant to the Regulatory Flexibility Act
(RFA), (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information
in the agenda was accurate on March 3, 2011, the day on which the
Commission's staff completed compilation of the data. To the extent
possible, rulemaking actions by the Commission since that date have
been reflected in the agenda. The Commission invites questions and
public comment on the agenda and on the individual agenda entries.
The Commission is now printing in the Federal Register, along with
our preamble, only those agenda entries for which we have indicated
that preparation of a Regulatory Flexibility Act analysis is required.
The Commission's complete RFA agenda will be available online at
http://www.reginfo.gov.
DATES: Comments should be received on or before June 30, 2011.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
Send an e-mail to [email protected]. Please include
File Number S7-09-11 on the subject line; or
Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.
Paper comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File No. S7-09-11. This file number
should be included on the subject line if email is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
Internet Web site (http://www.sec.gov/rules/other.shtml). Comments are
also available for website viewing and printing in the Commission's
Public Reference Room, 100 F Street NE, Washington, DC 20549, on
official business days between the hours of 10 a.m. and 3 p.m. All
comments received will be posted without change; we do not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General
Counsel, 202-551-5019.
SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during
April and October of each year, to publish in the Federal Register an
agenda identifying rules that the agency expects to consider in the
next 12 months that are likely to have a significant economic impact on
a substantial number of small entities (5 U.S.C. 602(a)). The RFA
specifically provides that publication of the agenda does not preclude
an agency from considering or acting on any matter not included in the
agenda and that an agency is not required to consider or act on any
matter that is included in the agenda (5 U.S.C. 602(d)). Actions that
do not have an estimated date are placed in the long-term category; the
Commission may nevertheless act on items in that category within the
next 12 months. The agenda includes new entries, entries carried over
from prior publications, and rulemaking actions that have been
completed (or withdrawn) since publication of the last agenda.
The following abbreviations for the acts administered by the
Commission are used in the agenda:
``Securities Act''--Securities Act of 1933
``Exchange Act''--Securities Exchange Act of 1934
``Investment Company Act''--Investment Company Act of 1940
``Investment Advisers Act''--Investment Advisers Act of 1940
``Dodd-Frank Act''--Dodd-Frank Wall Street Reform and Consumer
Protection Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: March 3, 2011.
Elizabeth M. Murphy,
Secretary.
Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
451....................... Voluntary Filers.......... 3235-AK59
452....................... Disqualification of Felons 3235-AK97
and Other ``Bad Actors''
From Rule 506 Offerings.
453....................... Risk Disclosures.......... 3235-AK58
------------------------------------------------------------------------
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
454....................... Proxy Solicitation 3235-AK28
Enhancements.
455....................... Short-term Borrowings..... 3235-AK72
456....................... Conflict Minerals......... 3235-AK84
457....................... Disclosure of Payments By 3235-AK85
Resource Extraction
Issuers.
458....................... Listing Standards for 3235-AK95
Compensation Committees.
459....................... Net Worth Standard for 3235-AK90
Accredited Investors.
------------------------------------------------------------------------
[[Page 40209]]
Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
460....................... Shareholder Approval of 3235-AK68
Executive Compensation
and Golden Parachute
Compensation.
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
461....................... References to Credit 3235-AL02
Ratings in Certain
Investment Company Act
Rules and Forms.
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Division of Investment Management--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
462....................... Temporary Rule Regarding 3235-AJ96
Principal Trades With
Certain Advisory Clients.
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Division of Trading and Markets--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
463....................... Amendments to Rule 17a-5.. 3235-AK56
464....................... Publication or Submission 3235-AH40
of Quotations Without
Specified Information.
------------------------------------------------------------------------
Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
465....................... Transitional Registration 3235-AK69
as a Municipal Advisor.
466....................... Consolidated Audit Trail.. 3235-AK51
467....................... Proposed Rules for 3235-AK14
Nationally Recognized
Statistical Rating
Organizations.
------------------------------------------------------------------------
Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
468....................... Confirmation of 3235-AJ11
Transactions in Open-End
Management Investment
Company Shares, Unit
Investment Trust
Interests, and Municipal
Fund Securities Used for
Education Savings.
469....................... Point-of-Sale Disclosure 3235-AJ12
of Purchases in Open-End
Management Investment
Company Shares, Unit
Investment Trust
Interests, and Municipal
Fund Securities Used for
Education Savings.
470....................... Rule 15c-100: Schedule 15C 3235-AJ13
471....................... Rule 15c-101: Schedule 15D 3235-AJ14
472....................... Processing of 3235-AH53
Reorganization Events,
Tender Offers, and
Exchange Offers.
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Division of Trading and Markets--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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473....................... Risk Management Controls 3235-AK53
for Brokers or Dealers
With Market Access.
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SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
451. Voluntary Filers
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose amendments to require registrants who do not have a
filing obligation under the Exchange Act to file any reports with the
Commission in compliance with Commission rules.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/00/12 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sean Harrison, Division of Corporation Finance,
[[Page 40210]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430.
RIN: 3235-AK59
452. Disqualification of Felons and Other ``Bad Actors'' From
Rule 506 Offerings
Legal Authority: 15 U.S.C. 77c(a); 15 U.S.C. 77d; 15 U.S.C. 77s; 15
U.S.C. 77z-3
Abstract: The Commission has acted to implement section 926 of the
Dodd-Frank Act by proposing rules to disqualify securities offerings
involving certain ``bad actors'' from eligibility for the exemptions
under Rule 506 of Regulation D.
Timetable:
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Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 06/01/11 76 FR 31518
NPRM Comment Period End............. 07/14/11 .......................
Final Action........................ 07/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Johanna Vega Losert, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20845, Phone: 202 551-3460, E-mail: [email protected].
RIN: 3235-AK97
453. Risk Disclosures
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose amendments to its rules and forms to consolidate and
enhance the risk disclosures provided by registrants.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/00/12 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430.
RIN: 3235-AK58
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
454. Proxy Solicitation Enhancements
Legal Authority: 15 U.S.C. 78n
Abstract: The Commission adopted amendments in December 2009 to
enhance proxy disclosures. In the proposing release for those rules,
the Commission also proposed further amendments to its proxy rules to
clarify the manner in which they operate and address issues that have
arisen in the proxy solicitation process. The Division is considering
recommending that the Commission adopt amendments relating to the
outstanding proposals.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/17/09 74 FR 35076
NPRM Comment Period End............. 09/15/09 .......................
Final Rule.......................... 12/23/09 74 FR 68334
Final Rule Effective................ 02/28/10 .......................
Final Action........................ 12/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3440, E-mail: [email protected].
RIN: 3235-AK28
455. Short-Term Borrowings
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.
Abstract: The Commission proposed revisions to rules to enhance the
disclosure that registrants provide about short-term borrowings.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/28/10 75 FR 59866
NPRM Comment Period End............. 11/29/10 .......................
Final Action........................ 06/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Christina Padden, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3435, E-mail: [email protected].
RIN: 3235-AK72
456. Conflict Minerals
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15
U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; PL. 111-203
sec 1502
Abstract: The Commission proposed amendments to forms and rules to
implement the requirements of section 1502 of the Dodd-Frank Act. The
proposed amendments would require any reporting issuer for which
conflict minerals are necessary to the functionality or production of a
product manufactured or contracted to be manufactured by that issuer to
disclose in its annual report whether its conflict minerals originated
in the Democratic Republic of the Congo or an adjoining country. If so,
the issuer would be required to furnish a separate report as an exhibit
to the annual report that includes, among other matters, a description
of the measures taken by the issuer to exercise due diligence on the
source and chain of custody of its conflict minerals.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/23/10 75 FR 80948
NPRM Comment Period End............. 01/31/11 .......................
NPRM Comment Period Extended........ 02/03/11 76 FR 6110
NPRM Comment Period Extended End.... 03/02/11 .......................
Final Action........................ 07/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Fieldsend, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, E-mail: [email protected].
RIN: 3235-AK84
457. Disclosure of Payments by Resource Extraction Issuers
Legal Authority: 15 U.S.C. 78q; Pub. L. 203-111 sec 1504
Abstract: The Commission proposed rules pursuant to section 1504 of
the Dodd-Frank Act, which added section 13(q) to the Exchange Act.
Section 13(q) requires the Commission to adopt rules requiring resource
extraction issuers to disclose in their annual reports filed with the
Commission payments made to foreign governments or the U.S. federal
government for the purpose of the commercial development of oil,
natural gas, or minerals.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
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NPRM................................ 12/23/10 75 FR 80978
NPRM Comment Period End............. 01/31/11 .......................
NPRM Comment Period Extended........ 02/03/11 76 FR 6111
NPRM Comment Period Extended End.... 03/02/11 .......................
Final Action........................ 07/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
[[Page 40211]]
Agency Contact: Elliot Staffin, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549, Phone: 202 551-3243, E-mail: [email protected].
RIN: 3235-AK85
458. Listing Standards for Compensation Committees
Legal Authority: Pub. L. 111-203 sec 952; 15 U.S.C. 78j-3
Abstract: The Commission proposed a new rule and rule amendments to
implement the provisions of section 10C of the Exchange Act, which was
added by section 952 of the Dodd-Frank Act. Section 10C requires the
Commission to adopt rules directing the national securities exchanges
and national securities associations to adopt certain listing standards
with respect to compensation committees and compensation advisors.
Section 10C of the Exchange Act requires the Commission to adopt new
disclosure rules concerning the use of compensation consultants and
conflicts of interest.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/06/11 76 FR 18966
NPRM Comment Period End............. 04/29/11 .......................
Final Action........................ 07/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sean Harrison, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549, Phone: 202 551-3430, E-mail: [email protected].
RIN: 3235-AK95
459. Net Worth Standard for Accredited Investors
Legal Authority: Pub. L. 111-203 sec 413(a); 15 U.S.C. 77c(b); 15
U.S.C. 77d(2)
Abstract: The Commission proposed amendments to the accredited
investor standards in its rules under the Securities Act to reflect the
requirements of section 413(a) of the Dodd-Frank Act. Section 413(a)
requires the definitions of ``accredited investor'' in Securities Act
rules to exclude the value of a person's primary residence for purposes
of determining whether the person qualifies as an ``accredited
investor'' on the basis of having a net worth in excess of $1 million.
The Commission also proposed technical amendments to Form D and a
number of its rules to conform them to the language of section 413(a)
and to correct cross-references to former section 4(6) of the
Securities Act, which was renumbered section 4(5) by section 944 of the
Dodd-Frank Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/31/11 76 FR 5307
NPRM Comment Period End............. 03/11/11 .......................
Final Action........................ 06/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anthony G. Barone, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549, Phone: 202 551-3460.
RIN: 3235-AK90
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
460. Shareholder Approval of Executive Compensation and Golden
Parachute Compensation
Legal Authority: Pub. L. 111-203 sec 951; 15 U.S.C. 78c(b); 15
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission adopted revisions to the proxy rules to
implement section 951 of the Dodd-Frank Act, which requires issuers to
conduct a separate shareholder advisory vote: (1) to approve the
compensation of executives; (2) to determine how often they will
conduct such votes and (3) to approve golden parachute compensation
arrangements when issuers are soliciting votes to approve merger or
acquisition transactions.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/28/10 75 FR 66590
NPRM Comment Period End............. 11/18/10 .......................
Final Action........................ 02/02/11 76 FR 6010
Final Action Effective.............. 04/04/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Scott Hodgdon, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549, Phone: 202 551-3430.
RIN: 3235-AK68
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
461. References to Credit Ratings in Certain Investment
Company Act Rules and Forms
Legal Authority: Not Yet Determined
Abstract: The Commission proposed to amend two rules (Rules 2a-1
and 5b-3) and four forms (Forms N-2A, N-2, N-3, and N-MFP) under the
Investment Company Act that reference credit ratings and propose a new
rule under the Act that would set forth a credit quality standard in
place of a credit rating removed by the Dodd-Frank Act from section
6(a)(5)(A)(iv)(1) of the Investment Company Act. These proposals would
give effect to provisions of the Dodd-Frank Act that require removing
credit ratings from Commission regulations and adopting a credit
quality standard to replace the statutory credit rating references
eliminated by the Dodd-Frank Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/09/11 76 FR 12896
NPRM Comment Period End............. 04/25/11 .......................
Final Action........................ 07/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anu Dubey, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6792.
RIN: 3235-AL02
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
462. Temporary Rule Regarding Principal Trades With Certain Advisory
Clients
Legal Authority: 15 U.S.C. 80b-6a; 15 U.S.C. 80b-11(a)
Abstract: The Commission adopted an amendment to extend the sunset
date of Rule 206(3)-3T, a rule that provides investment advisers who
are also registered broker-dealers an alternative means of compliance
with the principal trading restrictions in section 206(3) of the
Investment Advisers Act.
Timetable:
[[Page 40212]]
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Interim Final Temporary Rule........ 09/28/07 72 FR 55022
Interim Final Rule Effective........ 09/30/07 .......................
Interim Final Rule Comment Period 11/30/07 .......................
End.
Final Rule.......................... 12/30/09 74 FR 69009
Final Rule Effective................ 12/30/09 .......................
NPRM................................ 12/06/10 75 FR 75650
NPRM Comment Period End............. 12/20/10 .......................
Temporary Final Rule................ 12/30/10 75 FR 82236
Temporary Final Rule Effective...... 12/30/10 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Matthew Goldin, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6726, Fax: 202 772-9284, E-mail: [email protected].
RIN: 3235-AJ96
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Proposed Rule Stage
463. Amendments to Rule 17A-5
Legal Authority: 15 U.S.C. 78q
Abstract: The Division is considering recommending that the
Commission propose amendments to Rule 17a-5 dealing with, among other
things, broker-dealer custody of assets.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 06/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Rebekah Goshorn, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5514, Fax: 202 772-9333, E-mail:
[email protected].
RIN: 3235-AK56
464. Publication or Submission of Quotations Without Specified
Information
Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C. 78o(c);
15 U.S.C. 78o(g); 15 U.S.C. 78q(a); 15 U.S.C. 78w(a)
Abstract: As part of its efforts to respond to fraud and
manipulation in the microcap securities market, the Commission proposed
amendments to Rule 15c2-11. These amendments would limit the rule's
piggyback provision and increase public availability of issuer
information. The amendments would expand the information review
requirements for non-reporting issuers and the documentation required
for significant relationships between the broker-dealer and the issuer
of the security to be quoted. Finally, the amendments would exclude
from the rule securities of larger, more liquid issuers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/25/98 63 FR 9661
NPRM Comment Period End............. 04/27/98 .......................
Second NPRM......................... 03/08/99 64 FR 11124
Second NPRM Comment Period End...... 04/07/99 .......................
Second NPRM Comment Period Extended. 04/14/99 64 FR 18393
Comment Period End.................. 05/08/99 .......................
Third NPRM.......................... 09/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Victoria L. Crane, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5744, Fax: 202 772-9355, E-mail: [email protected].
RIN: 3235-AH40
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
465. Transitional Registration as a Municipal Advisor
Legal Authority: Pub. L. 111-203, sec 975
Abstract: The Commission adopted an interim final temporary rule to
require all municipal advisors to register with it by October 1, 2010,
consistent with the Dodd-Frank Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Interim Final Rule.................. 09/08/10 75 FR 54465
Interim Final Rule Effective........ 10/01/10 .......................
Interim Final Rule Comment Period 10/08/10 .......................
End.
Interim Final Rule Effective Through 12/31/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ira Brandriss, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5681, E-mail: [email protected].
RIN: 3235-AK69
466. Consolidated Audit Trail
Legal Authority: 15 U.S.C. 78k-1(a); 15 U.S.C. 78q(a)
Abstract: The Commission proposed a rule that would require
national securities exchanges and national securities associations to
act jointly in developing a national market system (NMS) plan to
develop, implement, and maintain a consolidated order tracking system,
or consolidated audit trail, with respect to the trading of NMS
securities.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 06/08/10 75 FR 32556
NPRM Comment Period End............. 08/09/10 .......................
Final Action........................ 06/00/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer L. Colihan, Division of Trading and
Markets, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-5642, E-mail: [email protected].
RIN: 3235-AK51
467. Proposed Rules for Nationally Recognized Statistical Rating
Organizations
Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 89q
Abstract: The Commission proposed rule amendments and a new rule
that would require nationally recognized statistical rating
organizations (NRSROs) to furnish a new annual report by the firm's
designated compliance officers, to disclose additional information
about firm sources of revenue, and to make publicly available a
consolidated report about revenues attributable to persons paying the
NRSRO for the issuance or maintenance of a credit rating.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 06/25/08 73 FR 36212
NPRM Comment Period End............. 07/25/08 .......................
Final Rule.......................... 02/09/09 74 FR 6465
Second NPRM......................... 02/09/09 74 FR 6485
Second NPRM Comment Period End...... 03/26/09 .......................
Final Rule.......................... 12/04/09 74 FR 63832
[[Page 40213]]
Final Rule Effective................ 02/01/10 .......................
Third NPRM.......................... 12/04/09 74 FR 63866
Third NPRM Comment Period End....... 02/02/10 .......................
Final Action........................ 03/00/12 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sheila Swartz, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5545, Fax: 202 772-9273, E-mail: [email protected].
RIN: 3235-AK14
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
468. Confirmation of Transactions in Open-End Management Investment
Company Shares, Unit Investment Trust Interests, and Municipal Fund
Securities Used for Education Savings
Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed new Rule 15c2-2 under the
Exchange Act, together with accompanying Schedule 15C. The Commission
also proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2
and Schedule 15C would provide for improved confirmation disclosure of
distribution costs and conflicts of interest associated with
transactions in mutual funds, municipal fund securities, and unit
investment trusts. The amendments to Rule 10b-10 in part would reflect
the new rule and would provide improved confirmation disclosure about
certain callable securities. They also would clarify that the
confirmation disclosure requirements do not determine broker-dealer
disclosure obligations under other provisions of the law.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/10/04 69 FR 6438
NPRM Comment Period End............. 04/12/04 .......................
NPRM Comment Period Extended........ 03/04/05 70 FR 10521
NPRM Comment Period End............. 04/04/05 .......................
Next Action Undetermined............ ......... .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alicia Goldin, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5618, Fax: 202 772-9270, E-mail: [email protected].
RIN: 3235-AJ11
469. Point-of-Sale Disclosure of Purchases in Open-End Management
Investment Company Shares, Unit Investment Trust Interests, and
Municipal Fund Securities Used for Education Savings
Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed new Rule 15c2-3 under the
Exchange Act, together with accompanying Schedule 15D. Proposed Rule
15c2-3 and Schedule 15D would provide for pre-transaction ``point of
sale'' disclosure of distribution costs and conflicts of interest
associated with transactions in mutual funds, municipal fund
securities, and unit investment trusts.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/10/04 69 FR 6438
NPRM Comment Period End............. 04/12/04 .......................
NPRM Comment Period Extended........ 03/04/05 70 FR 10521
NPRM Comment Period End............. 04/04/05 .......................
Next Action Undetermined............ ......... .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alicia Goldin, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5618, Fax: 202 772-9270, E-mail: [email protected].
RIN: 3235-AJ12
470. Rule 15C-100: Schedule 15C
Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed new Schedule 15C and Rules 15c2-2
and 15c2-3 under the Exchange Act, together with accompanying Schedule
15D. The Commission also proposed related amendments to Rule 10b-10.
Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would
provide for improved confirmation and pre-transaction ``point of sale''
disclosure of distribution costs and conflicts of interest associated
with transactions in mutual funds, municipal fund securities, and unit
investment trusts. The amendments to Rule 10b-10 in part would reflect
the new rules and would provide improved confirmation disclosure about
certain callable securities. They also would clarify that the
confirmation disclosure requirements do not determine broker-dealer
disclosure obligations under other provisions of the law.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/10/04 69 FR 6438
NPRM Comment Period End............. 04/12/04 .......................
NPRM Comment Period Extended........ 03/04/05 70 FR 10521
NPRM Comment Period End............. 04/04/05 .......................
Next Action Undetermined............ ......... .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alicia Goldin, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5618, Fax: 202 772-9270, E-mail: [email protected].
RIN: 3235-AJ13
471. Rule 15C-101: Schedule 15D
Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed new Rule 15c2-3 under the
Exchange Act, together with accompanying Schedule 15D. Proposed Rule
15c2-3 and Schedule 15D would provide for pre-transaction ``point of
sale'' disclosure of distribution costs and conflicts of interest
associated with transactions in mutual funds, municipal fund
securities, and unit investment trusts.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/10/04 69 FR 6438
NPRM Comment Period End............. 04/12/04 .......................
NPRM Comment Period Extended........ 03/04/05 70 FR 10521
NPRM Comment Period End............. 04/04/05 .......................
Next Action Undetermined............ ......... .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alicia Goldin, Division of Trading and Markets,
[[Page 40214]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5618, Fax: 202 772-9270, E-mail: [email protected].
RIN: 3235-AJ14
472. Processing of Reorganization Events, Tender Offers, and Exchange
Offers
Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78k-1(a)(1)(B); 15 U.S.C.
78n(d)(4); 15 U.S.C. 78o(c)(3); 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-
1(a); 15 U.S.C. 78q-1(d)(1); 15 U.S.C. 78w(a)
Abstract: The Commission proposed amendments to Rule 17Ad-14 under
the Exchange Act. The amendments would require the establishment of
book-entry accounts in connection with reorganization events and would
give securities depositories up to 3 business days after the expiration
of a tender offer, exchange offer, or reorganization event to deliver
physical securities certificates to the agents.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/04/98 63 FR 47209
NPRM Comment Period End............. 11/03/98 .......................
Next Action Undetermined............ ......... .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jerry Carpenter, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5710, Fax: 202 772-9270, E-mail:
[email protected].
RIN: 3235-AH53
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
473. Risk Management Controls for Brokers or Dealers With Market Access
Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78c(b); 15 U.S.C. 78k-1;
15 U.S.C. 78o; 15 U.S.C. 78q(a) and (b); 15 U.S.C. 78w(a)
Abstract: The Commission adopted a new rule requiring brokers or
dealers with access to trading directly on an exchange or alternative
trading system, including those providing sponsored or direct market
access to customers or other persons, to implement risk management
controls and supervisory procedures reasonably designed to manage the
financial, regulatory, and other risks of this business activity.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/26/10 75 FR 4007
NPRM Comment Period End............. 03/29/10 .......................
Final Action........................ 11/15/10 75 FR 69792
Final Action Effective.............. 01/14/11 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Theodore Venuti, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5658, Fax: 202 772-9274, E-mail: [email protected].
RIN: 3235-AK53
[FR Doc. 2011-15505 Filed 7-6-11; 8:45 am]
BILLING CODE 8011-01-P