[Federal Register Volume 79, Number 4 (Tuesday, January 7, 2014)]
[Proposed Rules]
[Pages 1298-1302]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29708]
[[Page 1297]]
Vol. 79
Tuesday,
No. 4
January 7, 2014
Part XXVI
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 79 , No. 4 / Tuesday, January 7, 2014 /
Unified Agenda
[[Page 1298]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-9475, 34-70819, IA-3711, IC-30775, File No. S7-10-13]
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 November 5, 2013, the date 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 an RFA analysis is required.
The Commission's complete RFA agenda will be available online at
www.reginfo.gov.
DATES: Comments should be received on or before February 6, 2014.
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 email to [email protected]. Please include
File Number S7-10-13 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. S7-10-13. 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 Web site 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 10:00 a.m. and 3:00 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, twice
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)). The Commission may consider
or act on any matter earlier or later than the estimated date provided
on the agenda. While the agenda reflects the current intent to complete
a number of rulemakings in the next year, the precise dates for each
rulemaking at this point are uncertain. 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: November 6, 2013.
Elizabeth M. Murphy,
Secretary.
3 OOD--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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552....................... Transitional Registration 3235-AK69
as a Municipal Advisor.
553....................... Registration of Municipal 3235-AK86
Advisers.
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Division of Corporation Finance--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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554....................... Rules Governing the Offer 3235-AL37
and Sale of Securities
Through Crowdfunding
Under Section 4(a)(6) of
the Securities Act.
555....................... Implementation of Titles V 3235-AL40
and VI of the JOBS Act.
556....................... Treatment of Certain 3235-AL41
Communications Involving
Security-Based Swaps That
May be Purchased Only by
Eligible Contract
Participants.
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[[Page 1299]]
Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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557....................... Amendments to Regulation 3235-AL46
D, Form D and Rule 156
under the Securities Act.
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Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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558....................... Disqualification of Felons 3235-AK97
and Other ``Bad Actors''
From Rule 506 Offerings.
559....................... Elimination of Prohibition 3235-AL34
on General Solicitation
in Rule 506 and Rule 144A
Offerings.
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Division of Investment Management--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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560....................... References to Credit 3235-AL02
Ratings in Certain
Investment Company Act
Rules and Forms.
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Division of Trading and Markets--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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561....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
562....................... Rules for Nationally 3235-AL15
Recognized Statistical
Rating Organizations.
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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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563....................... Broker-Dealer Reports..... 3235-AK56
564....................... Publication or Submission 3235-AH40
of Quotations Without
Specified Information.
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SECURITIES AND EXCHANGE COMMISSION (SEC)
3 OOD
Completed Actions
552. Transitional Registration as a Municipal Advisor
Legal Authority: Pub. L. 111-203, sec 975
Abstract: The Commission adopted an interim final temporary rule to
establish a means for municipal advisors to satisfy temporarily the
requirement that they register with the Commission by October 1, 2010,
consistent with the Dodd Frank Act. The rule has been amended and is
effective through December 31, 2014.
Timetable:
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Action Date FR Cite
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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 Extended......... 12/27/11 76 FR 80733
Interim Final Rule Extended......... 09/26/12 77 FR 62185
Interim Final Rule Extended......... 09/30/13 78 FR 59814
Interim Final Rule Effective Through 12/31/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ira Brandriss, Office of Municipal Securities,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5681, Email: [email protected].
RIN: 3235-AK69
553. Registration of Municipal Advisers
Legal Authority: 15 U.S.C. 78o-4; 15 U.S.C. 78q; 15 U.S.C. 78mm
Abstract: The Commission adopted new Rules 15Ba1-1 through 15Ba1-8
and new Forms MA, MA-1, MA-W, and MA-NR under the Exchange Act. The
rules and forms are designed to give effect to provisions of Title IX
of the Dodd Frank Act that, among other things, establish a permanent
registration regime with the Commission for municipal advisors and
impose certain recordkeeping requirements on such advisors.
Timetable:
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Action Date FR Cite
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NPRM................................ 01/06/11 76 FR 824
NPRM Comment Period End............. 02/22/11 .......................
Final Action........................ 11/12/13 78 FR 67468
Final Rule Effective................ 01/13/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Dodd, Office of Municipal Securities,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5653, Email: [email protected].
RIN: 3235-AK86
[[Page 1300]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
554. Rules Governing the Offer and Sale of Securities Through
Crowdfunding Under Section 4(a)(6) of the Securities Act
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; Pub.
L. 112-108, secs 301 to 305
Abstract: The Commission proposed rules to implement title III of
the JOBS Act by prescribing rules governing the offer and sale of
securities through crowdfunding under new section 4(a)(6) of the
Securities Act.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/05/13 78 FR 66428
NPRM Comment Period End............. 02/03/14 .......................
Final Action........................ 10/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sebastian Gomez Abero, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549,Phone: 202 551-3500,Email: [email protected].
Leila Bham, Division of Trading and Markets, Securities and
Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202
551-5532, Email: [email protected].
RIN: 3235-AL37
555. Implementation of Titles V and VI of the Jobs Act
Legal Authority: Pub. L. 112-106
Abstract: The Division is considering recommending that the
Commission propose rules or amendments to rules to implement Titles V
(Private Company Flexibility and Growth) and VI (Capital Expansion) of
the JOBS Act.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/00/13 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steven G. Hearne, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3430.
RIN: 3235-AL40
556. Treatment of Certain Communications Involving Security-Based Swaps
That May Be Purchased Only by Eligible Contract Participants
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose a rule under the Securities Act to address the
treatment of certain communications involving security-based swaps that
may be purchased only by eligible contract participants.
Timetable:
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Action Date FR Cite
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NPRM................................ 10/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Andrew Schoeffler, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3860.
RIN: 3235-AL41
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
557. Amendments to Regulation D, Form D and Rule 156 Under the
Securities Act
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Commission proposed rule and form amendments to
enhance the Commission's ability to evaluate the development of market
practices in offerings under Rule 506 of Regulation D and address
concerns that may arise in connection with permitting issuers to engage
in general solicitation and general advertising under new paragraph (c)
of Rule 506.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/24/13 78 FR 44806
NPRM Comment Period End............. 09/23/13 .......................
NPRM Comment Period Reopened........ 10/03/13 78 FR 61222
NPRM Comment Period End............. 11/04/13 .......................
Final Action........................ 10/00/14 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Karen Wiedemann, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3500.
Charles Kwon, Division of Corporation Finance, Securities and
Exchange Commission, 100 F Street NE., Washington, DC 20549,Phone: 202
551-3500.
Ted Yu, Division of Corporation Finance, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549,Phone: 202 551-3500.
RIN: 3235-AL46
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
558. 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 adopted rules to disqualify securities
offerings involving certain ``bad actors'' from eligibility for the
exemptions under Rule 506 of Regulation D, in accordance with section
926 of the Dodd Frank Act.
Timetable:
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Action Date FR Cite
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NPRM................................ 06/01/11 76 FR 31518
NPRM Comment Period End............. 07/14/11 .......................
Final Action........................ 07/24/13 78 FR 44730
Final Action Effective.............. 09/23/13 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Johanna Vega Losert, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549, Phone: 202 551-3460, Email: [email protected].
RIN: 3235-AK97
559. Elimination of Prohibition on General Solicitation in Rule 506 and
Rule 144A Offerings
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Commission adopted rules to eliminate the prohibition
against general solicitation and general advertising in securities
offerings conducted pursuant to Rule 506 of Regulation D under the
Securities Act and Rule 144A under the Securities Act, as mandated by
section 201(a) of the JOBS Act.
Timetable:
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Action Date FR Cite
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NPRM................................ 09/06/12 77 FR 54469
[[Page 1301]]
NPRM Comment Period End............. 10/05/12 .......................
Final Action........................ 07/24/13 78 FR 44771
Final Action Effective.............. 09/23/13 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ted Yu, Division of Corporation Finance, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone:
202 551-3500.
Charles Kwon, Division of Corporation Finance, Securities and
Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202
551-3500.
RIN: 3235-AL34
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
560. References to Credit Ratings in Certain Investment Company Act
Rules and Forms
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C.
80a-14(a); 15 U.S.C. 80a-29; 15 U.S.C. 80a-30(a); 15 U.S.C. 80a-37; 15
U.S.C. 77e; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C.
77s(a); Pub. L. 111-203, sec 939A
Abstract: The Commission proposed amendments to two rules (Rules
2a-7 and 5b-3) and four forms (Forms N-1A, N-2, N-3, and N-MFP) under
the Investment Company Act that reference credit ratings. These
proposals would give effect to section 939A of the Dodd Frank Act. The
Commission adopted a new rule under the Act that sets 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 that Act.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/09/11 76 FR 12896
NPRM Comment Period End............. 04/25/11
Final Action........................ 11/23/12 77 FR 70117
Final Action Effective.............. 12/24/12
Final Action........................ 12/00/13
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Adam Bolter, 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 Trading and Markets
Final Rule Stage
561. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934
Legal Authority: Pub. L. 111-203, sec 939A
Abstract: Section 939A of the Dodd Frank Act requires the
Commission to remove certain references to credit ratings from its
regulations and to substitute such standards of creditworthiness as the
Commission determines to be appropriate. The Commission proposed to
amend certain rules and one form under the Exchange Act applicable to
broker-dealer financial responsibility, distributions of securities,
and confirmations of transactions.
Timetable:
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Action Date FR Cite
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NPRM................................ 05/06/11 76 FR 26550
NPRM Comment Period End............. 07/05/11
Final Action........................ 12/00/13
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Carrie O'Brien, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5640, Email: [email protected].
RIN: 3235-AL14
562. Rules for Nationally Recognized Statistical Rating Organizations
Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 78q; 15 U.S.C. 78mm;
Pub. L. 111-203, secs 936, 938, and 943
Abstract: The Commission proposed rules and rule amendments to
implement certain provisions of the Dodd Frank Act concerning
nationally recognized statistical rating organizations, providers of
third-party due diligence services for asset-backed securities, and
issuers and underwriters of asset-backed securities.
Timetable:
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Action Date FR Cite
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NPRM................................ 06/08/11 76 FR 33420
NPRM Comment Period End............. 08/08/11
Final Action........................ 10/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Rachel Yura, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5729, Email: [email protected]/.
RIN: 3235-AL15
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
563. Broker-Dealer Reports
Legal Authority: 15 U.S.C. 78q
Abstract: The Commission adopted amendments to Rule 17a-5 dealing
with, among other things, broker-dealer custody of assets.
Timetable:
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Action Date FR Cite
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NPRM................................ 06/27/11 76 FR 37572
NPRM Comment Period End............. 08/26/11
Final Action........................ 08/21/13 78 FR 51910
Final Action Effective.............. 07/01/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kimberly Chehardy, Division of Trading and Markets,
Securities and Exchange Commission, 10 F Street NE., Washington, DC
20549, Phone: 202 551-5791, Email: [email protected].
RIN: 3235-AK56
564. 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: The Commission is withdrawing this item from the Unified
Agenda, which currently covers the period from November 2013 through
October 2014, because it does not expect to consider this item within
the next 12 months, but the Commission may consider the item at a
future date.
Timetable:
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Action Date FR Cite
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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
[[Page 1302]]
Second NPRM Comment Period Extended. 04/14/99 64 FR 18393
Comment Period End.................. 05/08/99
Withdrawn........................... 11/01/13
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Carla Carriveau, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5775.
RIN: 3235-AH40
[FR Doc. 2013-29708 Filed 1-6-14; 8:45 am]
BILLING CODE 8011-01-P[FEDREG][VOL]*[/VOL][NO]*[/NO][DATE]*[/
DATE][NOTICES]