[Unified Agenda of Federal Regulatory and Deregulatory Actions]
[Securities and Exchange Commission Semiannual Regulatory Agenda
]
[From the U.S. Government Printing Office, www.gpo.gov]
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Part LIX
Securities and Exchange Commission
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Semiannual Regulatory Agenda
[[Page 23714]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
_______________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-8663, 34-53374, 39-2442, IA-2490, IC-27230, File No.
S7-05-06]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
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) (September 19, 1980).
Information in the agenda was accurate on February 24, 2006, 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.
DATES: Comments should be received on or before July 30, 2006.
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 S7-05-06 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 Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File No. S7-05-06. This file
number should be included on the subject line if e-mail 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 public inspection and
copying in the Commission's Public Reference Room, 100 F Street
NE., Washington, DC 20549. 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 proposing
or adopting 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
The Commission's RFA agenda is set forth below. The Commission
invites public comment on the agenda and on the individual agenda
entries.
By the Commission.
Dated: February 27, 2006.
Nancy M. Morris,
Secretary.
DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4037 Industry Guide 3--Statistical Disclosure by Bank Holding Companies.................... 3235-AI10
4038 Streamlining Rule 144................................................................. 3235-AH13
4039 Disclosure in Management's Discussion and Analysis Regarding the Application of 3235-AI44
Critical Accounting Policies..........................................................
4040 Definition of Securities ``Held of Record''........................................... 3235-AJ22
4041 Electronic Filing of Form D........................................................... 3235-AJ46
4042 Lock-Up Agreements.................................................................... 3235-AI09
4043 Proxy Disclosure Regarding Executive Compensation and Related Party Transactions...... 3235-AI80
----------------------------------------------------------------------------------------------------------------
DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4044 Internet Availability of Proxy Materials.............................................. 3235-AJ47
[[Page 23715]]
4045 Termination of Reporting Obligations by Foreign Private Issuers Under the Securities 3235-AJ38
Exchange Act of 1934..................................................................
4046 Security Holder Director Nominations.................................................. 3235-AI93
4047 Amendments to the Tender Offer Best-Price Rule........................................ 3235-AJ50
4048 Defining ``Qualified Purchasers''..................................................... 3235-AI25
----------------------------------------------------------------------------------------------------------------
DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4049 Revision to Accelerated Filer Definition.............................................. 3235-AJ29
4050 Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under 3235-AJ23
the Securities Exchange Act of 1934...................................................
----------------------------------------------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4051 Books and Records To Be Maintained by Investment Advisers............................. 3235-AH24
4052 Political Contributions by Certain Investment Advisers................................ 3235-AH72
4053 Disclosure and Recordkeeping Requirements for Investment Advisers Regarding Brokerage 3235-AJ45
Allocation and Soft Dollar Practices..................................................
4054 Amendments to Registration Form and Rules for Registration of Certain Investment 3235-AI84
Company Securities....................................................................
4055 Investment Company Portfolio Transaction Costs........................................ 3235-AI94
4056 Amendments to Investment Company Registration Statements To Protect Certain Private 3235-AJ40
Information...........................................................................
4057 Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm- 3235-AJ06
Leach-Bliley Act......................................................................
4058 Definition of ``Issued Ratably'' Under Section 18(d) of the Investment Company Act of 3235-AJ42
1940..................................................................................
4059 Investment Company Disclosure Reform.................................................. 3235-AJ44
4060 Mutual Fund Redemption Fees........................................................... 3235-AJ51
4061 Frequency of Distribution of Capital Gains............................................ 3235-AJ53
4062 Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment 3235-AF93
Companies.............................................................................
4063 Amendments to the Cash Solicitation Rule.............................................. 3235-AH33
----------------------------------------------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4064 Certain Thrift Institutions Deemed Not To Be Investment Advisers...................... 3235-AI16
4065 Amendments to Form ADV................................................................ 3235-AI17
4066 Fund of Funds Investments............................................................. 3235-AI30
4067 Exemption From Shareholder Approval for Certain Subadvisory Contracts................. 3235-AH80
4068 Amendments to Rules Governing Pricing of Mutual Fund Shares........................... 3235-AJ01
4069 Disposal of Consumer Report Information............................................... 3235-AJ24
4070 Definition of Eligible Portfolio Company Under the Investment Company Act of 1940..... 3235-AJ31
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4071 Risk Assessment Recordkeeping and Reporting Requirement............................... 3235-AH06
4072 Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures 3235-AI83
Products..............................................................................
4073 Municipal Securities Disclosure....................................................... 3235-AJ41
[[Page 23716]]
4074 Amendments to Financial Responsibility Rules for Broker-Dealers....................... 3235-AJ48
4075 Form BD and Form BDW.................................................................. 3235-AJ52
4076 Concept Release Concerning Self-Regulation............................................ 3235-AJ36
4077 Processing of Reorganization Events, Tender Offers, and Exchange Offers............... 3235-AH53
4078 Publication or Submission of Quotations Without Specified Information................. 3235-AH40
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4079 Regulation B.......................................................................... 3235-AJ28
4080 Rule 15c2-2: Confirmation of Transactions in Open-End Management Investment Company 3235-AJ11
Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for
Education Savings.....................................................................
4081 Rule 15c2-3: Point-of-Sale Disclosure of Purchases in Open-End Management Investment 3235-AJ12
Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used
for Education Savings.................................................................
4082 Rule 15c-100: Schedule 15C............................................................ 3235-AJ13
4083 Rule 15c-101: Schedule 15D............................................................ 3235-AJ14
4084 Fair Administration and Governance of Self-Regulatory Organizations................... 3235-AJ33
4085 Definition of Nationally Recognized Statistical Rating Organization................... 3235-AH28
4086 Amendments to Regulation M: Anti-Manipulation Rules Concerning Securities Offerings... 3235-AJ37
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4087 Request for Comment on NASDAQ's Petition Relating to the Regulation of NASDAQ-Listed 3235-AI86
Securities............................................................................
4088 Concept Release: Competitive Developments in the Options Markets...................... 3235-AJ15
----------------------------------------------------------------------------------------------------------------
OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4089 Regulation PCAOB...................................................................... 3235-AJ34
----------------------------------------------------------------------------------------------------------------
OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4090 International Accounting Standards.................................................... 3235-AH65
4091 Implementation of Standards of Professional Conduct for Attorneys..................... 3235-AI72
----------------------------------------------------------------------------------------------------------------
OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4092 Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror 3235-AJ49
Countermeasures to the Federal Government.............................................
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[[Page 23717]]
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Division of Corporation Finance
_______________________________________________________________________
4037. INDUSTRY GUIDE 3--STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq
CFR Citation: 17 CFR 229; 17 CFR 231; 17 CFR 241
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments to Securities Act Industry Guide 3 and Exchange Act
Industry Guide 3, Statistical Disclosure by Banking Holding Companies,
to update them and apply them more broadly to registrants engaging in
lending, investing, or deposit-taking activities, in addition to banks
and bank holding companies. The revisions also would likely take into
account changes in financial reporting rules and the increasingly
diverse lending and investing activities that expose registrants to
credit risk.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Carol Stacey, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3400
RIN: 3235-AI10
_______________________________________________________________________
4038. STREAMLINING RULE 144
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq
CFR Citation: 17 CFR 230.144
Legal Deadline: None
Abstract: The Commission proposed revisions to Rule 144, Rule 145, and
Form 144 to make the rules and form easier to understand and apply. The
Division is considering recommending that the Commission repropose
amendments that would, among other things, add a bright line test to
the Rule 144 definition of affiliate, increase the Form 144 filing
thresholds, and codify certain interpretive positions.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 02/20/97 62 FR 9246
NPRM Comment Period End 04/29/97
Second NPRM 03/00/07
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-7391.txt
Agency Contact: Raymond A. Be, Office of Rulemaking, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-3430
RIN: 3235-AH13
_______________________________________________________________________
4039. DISCLOSURE IN MANAGEMENT'S DISCUSSION AND ANALYSIS REGARDING THE
APPLICATION OF CRITICAL ACCOUNTING POLICIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq
CFR Citation: 17 CFR 228.303; 17 CFR 229.303
Legal Deadline: None
Abstract: The Commission proposed rule provisions to require a company
to discuss accounting estimates resulting from the application of
critical accounting policies and the initial adoption of accounting
policies that have a material impact on a company's financial
presentation. The proposed disclosure requirements would apply to all
companies except small business issuers that have not had revenues from
operations during the last 2 fiscal years. They would also cover the
most recent fiscal year and any subsequent interim period for which
financial statements are required to be reported, and be included in
the MD&A section of a company's annual reports, registration
statements, and proxy and information statements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/20/02 67 FR 35620
NPRM Comment Period End 07/19/02
Second NPRM 03/00/07
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8098.htm
Agency Contact: Consuelo Hitchcock, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3115
RIN: 3235-AI44
_______________________________________________________________________
4040. DEFINITION OF SECURITIES ``HELD OF RECORD''
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: 17 CFR 240.12g5-1
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose revisions to the definition of securities ``held of record''
under the Securities Exchange Act of 1934 to include the beneficial
owners of securities registered in the name of a broker, dealer, bank,
or similar nominee.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 02/00/07
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Daniel Greenspan, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-3430
RIN: 3235-AJ22
[[Page 23718]]
_______________________________________________________________________
4041. ELECTRONIC FILING OF FORM D
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments that would provide for the electronic filing of Form
D.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Corey Jennings, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3460
RIN: 3235-AJ46
_______________________________________________________________________
4042. LOCK-UP AGREEMENTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq
CFR Citation: 17 CFR 230; 17 CFR 240
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose a new rule under the Securities Act to clarify how to register
securities that acquiring companies issue to certain target security
holders who enter into lock-up agreements in connection with
acquisition transactions. The Division also would consider recommending
corresponding exemptions from certain Exchange Act rules to allow for
the execution of lock-up agreements without violation of the applicable
rules.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Pamela Carmody, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3440
RIN: 3235-AI09
_______________________________________________________________________
4043. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED
PARTY TRANSACTIONS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed rule amendments to enhance disclosure
regarding executive compensation, the independence of a registrant's
board of directors, related party transactions between executive
officers and directors, and related party transactions with an issuer.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 02/08/06 71 FR 6542
NPRM Comment Period End 04/10/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Anne Krauskopf, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3500
RIN: 3235-AI80
_______________________________________________________________________
Securities and Exchange Commission (SEC) Final Rule Stage
Division of Corporation Finance
_______________________________________________________________________
4044. INTERNET AVAILABILITY OF PROXY MATERIALS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c(b); 15 USC 78j; 15 USC 78m; 15 USC 78n; 15
USC 78o; 15 USC 78w; 15 USC 78mm; 15 USC 80a-19; 15 USC 80a-29; 15 USC
80a-37
CFR Citation: 17 CFR 240.14a-2; 17 CFR 240.14a-3; 17 CFR 240.14a-4; 17
CFR 240.14a-7; 17 CFR 240.14a-8; 17 CFR 240.14a-12; 17 CFR 240.14a-13;
17 CFR 240.14c-2; 17 CFR 240.14c-3
Legal Deadline: None
Abstract: The Commission proposed amendments that would relax existing
requirements regarding the Internet availability of proxy materials.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/15/05 70 FR 74597
NPRM Comment Period End 02/13/06
Final Action 06/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-52926.pdf
Agency Contact: Raymond A. Be, Office of Rulemaking, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-3430
RIN: 3235-AJ47
_______________________________________________________________________
4045. TERMINATION OF REPORTING OBLIGATIONS BY FOREIGN PRIVATE ISSUERS
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC
78c(b); 15 USC 78l; 15 USC 78m; 15 USC 78w; 15 USC 78mm
CFR Citation: 17 CFR 240.12g-4; 17 CFR 240.12h-3
Legal Deadline: None
Abstract: The Commission proposed revisions relating to the
circumstances under which foreign private issuers are permitted to
terminate their registration under section 12(g) of the Securities
Exchange Act and any reporting
[[Page 23719]]
obligation under section 15(d) of that Act.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/30/05 70 FR 77688
NPRM Comment Period End 02/28/06
Final Action 06/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-53020.pdf
Agency Contact: Elliot Staffin, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-3450
RIN: 3235-AJ38
_______________________________________________________________________
4046. SECURITY HOLDER DIRECTOR NOMINATIONS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15
USC 78p; 15 USC 78w(a)
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed amendments to the proxy rules and
related rules and regulations regarding the inclusion of shareholder
director nominations in company proxy materials.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/23/03 68 FR 60783
NPRM Comment Period End 12/22/03
Round table: Announced 02/12/04 69 FR 6928
Round table comments due 03/31/04
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-48626.htm
Agency Contact: Lillian C. Brown, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3115
RIN: 3235-AI93
_______________________________________________________________________
4047. AMENDMENTS TO THE TENDER OFFER BEST-PRICE RULE
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77e(b)(10); 15 USC 77m; 15 USC 77n; 15 USC 77w;
15 USC 77mm; 15 USC 80a-23(c)
CFR Citation: 17 CFR 240.13e-4(f)(8)(ii); 17 CFR 240.14d-10(a)(2); 17
CFR 240.14d-10(c); 17 CFR 240.14d-10(d)(2)
Legal Deadline: None
Abstract: The Commission proposed amendments to the tender offer best-
price rule to clarify that the rule applies only with respect to the
consideration offered and paid for securities tendered in an issuer or
third-party tender offer and should not apply to consideration offered
and paid according to employment compensation, severance, or other
employee benefit arrangements entered into with employees or directors
of the subject company. The proposed rule also would provide a safe
harbor in the context of third-party tender offers that would allow the
compensation committee or a committee performing similar functions of
the subject company's or bidder's board of directors, depending upon
whether the subject company or the bidder is the party to the
arrangement, to approve an employment compensation, severance, or other
employee benefit arrangement and thereby deem it to be such an
arrangement within the meaning of the proposed safe harbor. These
amendments are intended to facilitate the negotiation and execution of
employment compensation, severance, and other employee benefit
arrangements with employees and directors of the subject company by
excluding these arrangements from the application of the best-price
rule.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/22/05 70 FR 76115
NPRM Comment Period End 02/21/06
Final Action 05/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Federalism: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/34-52968.pdf
Agency Contact: Mara Lee Ransom, Securities and Exchange Commission,
Division of Corporation Finance, 100 F Street NE, Washington, DC 10549
Phone: 202 551-3264
Fax: 202 772-9203
Email: [email protected]
Related RIN: Previously reported as 3235-AJ23
RIN: 3235-AJ50
_______________________________________________________________________
4048. DEFINING ``QUALIFIED PURCHASERS''
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78r
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed amendments to Rule 146 to provide a
definition of ``qualified purchaser'' to expand the definition of
``covered securities'' in section 18 of the Securities Act of 1933.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/27/01 66 FR 66839
NPRM Comment Period End 02/25/02
Final Action 03/00/07
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8041.htm
Agency Contact: Gerald J. Laporte, Office of Small Business Policy,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3460
RIN: 3235-AI25
[[Page 23720]]
_______________________________________________________________________
Securities and Exchange Commission (SEC) Completed Actions
Division of Corporation Finance
_______________________________________________________________________
4049. REVISION TO ACCELERATED FILER DEFINITION
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 77c(b); 15 USC 77s(a); 15 USC 78l; 15 USC 78m;
15 USC 78o(d); 15 USC 78w
CFR Citation: 17 CFR 240.12b-2
Legal Deadline: None
Abstract: The Commission adopted rules that revise the definition of an
``accelerated filer'' in Rule 12b-2 under the Exchange Act so that an
accelerated filer that is no longer subject to Exchange Act reporting
with respect to any class of common equity securities, but that remains
subject to Exchange Act reporting with respect to one or more other
classes of securities, is no longer subject to the definition and
therefore would be able to stop complying with the accelerated filing
requirements on or after the date that the company no longer is subject
to Exchange Act reporting with respect to its common equity.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/29/05 70 FR 56863
NPRM Comment Period End 10/31/05
Final Action 12/27/05 70 FR 76626
Final Action Effective 12/27/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rule/final/33-8644.pdf
Agency Contact: Katherine W. Hsu, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-3430
RIN: 3235-AJ29
_______________________________________________________________________
4050. EQUAL TREATMENT OF SECURITY HOLDERS PURSUANT TO RULE 14D-10 AND
RULE 13E-4(F) UNDER THE SECURITIES EXCHANGE ACT OF 1934
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: On December 22, 2005, the Commission proposed amendments to
the tender offer best-price rule under a different RIN 3235-AJ50. This
matter, RIN 3235-AJ23, also concerned the tender offer best-price rule.
Therefore, the Division is withdrawing this RIN.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Withdrawn 04/01/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
Agency Contact: Brian V. Breheny, Chief, Office of Mergers and
Acquisitions, Division of Corporation Finance, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-3440
Related RIN: Merged with 3235-AJ50
RIN: 3235-AJ23
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Division of Investment Management
_______________________________________________________________________
4051. BOOKS AND RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80b-4; 15 USC 80b-6(4); 15 USC 80b-11(a)
CFR Citation: 17 CFR 275.204-2
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
update the books and records requirements for investment advisers.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Don L. Evans, Office of Investment Adviser Regulation,
Division of Investment Management, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AH24
_______________________________________________________________________
4052. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 206(4); 15 USC 211(a); 15 USC 204
CFR Citation: 17 CFR 275
Legal Deadline: None
Abstract: The Commission proposed new Rule 206(4)-5, which would
prohibit an investment adviser from providing advisory services for
compensation to a Government client for 2 years after the adviser or
any of its partners, executive officers, or solicitors makes a
contribution to certain elected officials or candidates.
The Commission also proposed rule amendments that would require a
registered adviser that has Government clients to maintain certain
records of the political contributions made by the adviser or any of
its partners, executive officers, or solicitors.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 08/10/99 64 FR 43556
NPRM Comment Period End 11/01/99
NPRM 03/00/07
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/ia-1812.htm
Agency Contact: Jennifer L. Sawin, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
[[Page 23721]]
Phone: 202 551-6787
RIN: 3235-AH72
_______________________________________________________________________
4053. DISCLOSURE AND RECORDKEEPING REQUIREMENTS FOR INVESTMENT ADVISERS
REGARDING BROKERAGE ALLOCATION AND SOFT DOLLAR PRACTICES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78bb(e); 15 USC 80b-11(a); 15 USC 80b-4; 15 USC
80a-28(a); 15 USC 80a-31(a)
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division is considering recommending to the Commission
that it propose rules that would require investment advisers to create
a report and maintain records regarding their direction of brokerage
transactions and receipt of research and other services in connection
with those transactions.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Daniel Seth Kahl, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6730
Email: [email protected]
RIN: 3235-AJ45
_______________________________________________________________________
4054. AMENDMENTS TO REGISTRATION FORM AND RULES FOR REGISTRATION OF
CERTAIN INVESTMENT COMPANY SECURITIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-24; 15 USC 80a-37; 15 USC 77f; 15 USC 77h;
15 USC 77j; 15 USC 77s(a)
CFR Citation: 17 CFR 230; 17 CFR 270; 17 CFR 274
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
amend the rule and the form under the Investment Company Act of 1940
that prescribe the method by which certain investment companies
calculate and pay registration fees under the Securities Act of 1933
and Rule 457 under the Securities Act that allows for the offset of
registration fees in cases of overpayment. The amendments would make
clear that funds must pay interest on late filings at the time of the
late filing, allow funds to use excess filing fees resulting from
erroneous overpayments with Form 24F-2 filings as an offset against
future registration fees due with Form 24F-2 filings, and make
technical corrections to the form.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Ruth Armfield Sanders, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-6960
RIN: 3235-AI84
_______________________________________________________________________
4055. INVESTMENT COMPANY PORTFOLIO TRANSACTION COSTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 80a-1 et seq
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission sought public comment on ways to improve
disclosure of portfolio transaction costs. The Division is considering
whether to recommend to the Commission amendments to investment company
registration statements to make those improvements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 12/24/03 68 FR 74820
ANPRM Comment Period End 02/23/04
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov.rules/concept/33-8349.htm
Agency Contact: David Schwartz, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-6784
RIN: 3235-AI94
_______________________________________________________________________
4056. AMENDMENTS TO INVESTMENT COMPANY REGISTRATION STATEMENTS TO
PROTECT CERTAIN PRIVATE INFORMATION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC
77s(a); 15 USC 78j(b); 15 USC 78m; 15 USC 78o(d); 15 USC 78w(a); 15 USC
78mm; 15 USC 80a-8; 15 USC 80a-24(a); 15 USC 80a-29; 15 USC 80a-37
CFR Citation: 17 CFR 239.15A; 17 CFR 249.331; 17 CFR 274.11A; 17 CFR
274.11a-1; 17 CFR 274.11b; 17 CFR 274.128
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
issue a release proposing modifications to the disclosure requirements
in Forms N-1A, N-2, N-3, and N-CSR to safeguard the privacy interests
of investors qualifying as principal holders of any class of certain
investment companies with regard to identifying information and of
portfolio managers with regard to quantitative information about
certain personal accounts.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/00/07
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
Agency Contact: Christopher Kaiser, Division of Investment Management,
Securities and Exchange Commission, 100 Street NE, Washington, DC 20549
Phone: 202 551-6770
Email: [email protected]
RIN: 3235-AJ40
[[Page 23722]]
_______________________________________________________________________
4057. INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE FORMS OF PRIVACY
NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 6804; 15 USC 78q, 78W; 15 USC 80a-30, 80a-37;
15 USC 80b-4, 80b-11
CFR Citation: None
Legal Deadline: None
Abstract: The Commission, together with the Board of Governors of the
Federal Reserve System, Federal Deposit Insurance Corporation, Federal
Trade Commission, National Credit Union Administration, Office of the
Comptroller of the Currency, and the Office of Thrift Supervision (the
Agencies), requested comment on whether the Agencies should consider
amending the regulations that implement the privacy provisions of the
Gramm-Leach-Bliley Act to allow or require financial institutions to
provide alternative types of privacy notices that would be easier for
consumers to understand.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 12/30/03 68 FR 75165
ANPRM Comment Period End 03/29/04
NPRM 12/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/concept/34-48966.htm
Agency Contact: Vincent M. Meehan, Office of Regulatory Policy,
Division of Investment Management, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549-0506
Phone: 202 551-6792
RIN: 3235-AJ06
_______________________________________________________________________
4058. DEFINITION OF ``ISSUED RATABLY'' UNDER SECTION 18(D) OF THE
INVESTMENT COMPANY ACT OF 1940
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Unfunded Mandates: Undetermined
Legal Authority: 15 USC 80a et seq; 15 USC 80a-37(a); 15 USC 80a-38
CFR Citation: 17 CFR 270.18d-1 (new)
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose new Rule 18d-1 under the Investment Company Act that would
define the term ``issued ratably'' under section 18(d) of the Act. The
rule would be designed to clarify that a registered investment company
does not issue ratably to its shareholders rights to acquire additional
shares when, by their terms, the rights do not entitle each owner to
exercise the rights and obtain the additional shares.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Eric S. Purple, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-6825
Fax: 202 628-0761
RIN: 3235-AJ42
_______________________________________________________________________
4059. INVESTMENT COMPANY DISCLOSURE REFORM
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 80a-1 et seq
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
issue a release proposing comprehensive reforms of mutual fund
disclosure requirements on Form N-1A, including streamlining the
delivery of mutual fund information through increased use of the
Internet and other electronic means of delivery.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Christopher Kaiser, Division of Investment Management,
Securities and Exchange Commission, 100 Street NE, Washington, DC 20549
Phone: 202 551-6770
Email: [email protected]
RIN: 3235-AJ44
_______________________________________________________________________
4060. MUTUAL FUND REDEMPTION FEES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-22(c)
CFR Citation: 17 CFR 270.22c-2
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments to Rule 22c-2 under the Investment Company Act that
would (i) limit the types of intermediaries that hold shares on behalf
of mutual fund investors and with which funds must negotiate
information-sharing agreements, (ii) address the rule's application
when there are chains of intermediaries, and (iii) clarify the effect
of a fund's failure to obtain an agreement from any of its
intermediaries.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/07/06 71 FR 11351
NPRM Comment Period End 04/10/06
Final Action 06/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Federalism: Undetermined
Agency Contact: Thoreau Adrian Bartmann, Securities and Exchange
Commission, Division of Invesment Management,, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-6792
Fax: 202 628-0760
Email: [email protected]
RIN: 3235-AJ51
_______________________________________________________________________
4061. FREQUENCY OF DISTRIBUTION OF CAPITAL GAINS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-19(b)
[[Page 23723]]
CFR Citation: 17 CFR 270.19b-1
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments to Rule 19b-1 under the Investment Company Act,
which governs the frequency of capital gains distributions by
registered investment companies.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Federalism: Undetermined
Agency Contact: Thu Ta, Securities and Exchange Commission, Division of
Investment Management, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6792
RIN: 3235-AJ53
_______________________________________________________________________
4062. AMEND FILING REQUIREMENTS FOR FORM N-SAR, SEMIANNUAL REPORT OF
REGISTERED INVESTMENT COMPANIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78 et seq; 15 USC 80a-1 et seq
CFR Citation: 17 CFR 249.330; 17 CFR 274.101
Legal Deadline: None
Abstract: The Division is considering whether to recommend that the
Commission amend the information filed on Form N-SAR, the semiannual
report for registered investment companies, to incorporate series and
class (contract) identifiers and to make other software related
improvements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division
of Investment Management, Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549
Phone: 202 551-6960
RIN: 3235-AF93
_______________________________________________________________________
4063. AMENDMENTS TO THE CASH SOLICITATION RULE
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80b-4; 15 USC 80b-6; 15 USC 80-11(a)
CFR Citation: 17 CFR 275.206(4)-3
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments to update and modernize the cash solicitation rule,
Rule 206(4)-3 under the Investment Company Act.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 08/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Catherine E. Marshall, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6786
Email: [email protected]
RIN: 3235-AH33
_______________________________________________________________________
Securities and Exchange Commission (SEC) Final Rule Stage
Division of Investment Management
_______________________________________________________________________
4064. CERTAIN THRIFT INSTITUTIONS DEEMED NOT TO BE INVESTMENT ADVISERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80b-2(a)(11)(F)
CFR Citation: 17 CFR 275
Legal Deadline: None
Abstract: The Commission proposed excepting from the definition of
investment adviser thrift institutions providing investment advice to
certain clients.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/07/04 69 FR 25778
NPRM Comment Period End 07/09/04
Final Action 09/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/34.49639.htm
Agency Contact: Jennifer L. Sawin, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AI16
_______________________________________________________________________
4065. AMENDMENTS TO FORM ADV
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80b-4, 80b-6(4), 80bll(a), 80b-3(c)(1); 15 USC
77s(a); 15 USC 78(a), 78bbb(e)(2); 15 USC 77sss(a); 15 USC 78(s)-37(a)
CFR Citation: 17 CFR 275.204-2; 17 CFR 275.204-3; 17 CFR 275.206(4)-4;
17 CFR 279.1
Legal Deadline: None
Abstract: In 2000, the Commission proposed amendments to Form ADV
(parts 1 and 2) and related rules to create an electronic filing system
for investment advisers and to improve the quality of information that
advisers must provide to clients and prospective clients. The
Commission adopted final
[[Page 23724]]
amendments to part 1 of Form ADV under RIN 3235-AD21.
The Commission deferred adoption of final amendments to part 2 of Form
ADV. The Division is considering recommending that the Commission seek
further public comment under RIN 3235-AI17.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 04/05/00 65 FR 20524
NPRM Comment Period End 06/13/00
Other 05/00/06
Final Action 11/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-42620.htm
Agency Contact: Robert Tuleya, Office of Investment Adviser Regulation,
Division of Investment Management, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549
Phone: 202 551-6730
Email: [email protected]
Related RIN: Related to 3235-AD21
RIN: 3235-AI17
_______________________________________________________________________
4066. FUND OF FUNDS INVESTMENTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(J); 15 USC 80a-
37(a)
CFR Citation: 17 CFR 12d1-1; 17 CFR 12d1-2; 17 CFR 12d1-3
Legal Deadline: None
Abstract: The Commission proposed new rules that would (i) allow
investment companies to purchase securities issued by money market
funds in excess of limits on those investments under the Investment
Company Act of 1940 and (ii) alleviate certain investment and other
restrictions on investment companies that invest in other investment
companies (funds of funds). The Commission also proposed amendments to
the forms that investment companies use to register under the
Investment Company Act and offer their shares under the Securities Act
of 1933. The proposed amendments would require registered funds to
disclose the aggregate costs of investing in other funds.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/08/03 68 FR 58226
NPRM Comment Period End 12/03/03
Final Action 05/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8297.htm
Agency Contact: Dalia Osman Blass, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0506
Phone: 202 551-6792
RIN: 3235-AI30
_______________________________________________________________________
4067. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY
CONTRACTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-6(c)
CFR Citation: 17 CFR 270.15a-5; 17 CFR 210.6-07; 17 CFR 274.11A; 17 CFR
240.14a-10
Legal Deadline: None
Abstract: The Commission proposed a new rule to allow certain types of
funds or their investment advisers to enter into subadvisory agreements
for investment management services without obtaining shareholder
approval.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/29/03 68 FR 61720
NPRM Comment Period End 01/08/04
Final Action 07/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/33-8372.htm
Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division
of Investment Management, Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549
Phone: 202 551-6792
RIN: 3235-AH80
_______________________________________________________________________
4068. AMENDMENTS TO RULES GOVERNING PRICING OF MUTUAL FUND SHARES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-22(c); 15 USC 80a-37(a)
CFR Citation: 17 CFR 270.22c-1
Legal Deadline: None
Abstract: The Commission proposed amendments to Rule 22c-1 that would
provide that an order to purchase or redeem mutual fund shares would
receive the current day's price only if the fund, designated transfer
agents, or a registered securities clearing agency receives the order
by the time the fund establishes for calculating its net asset value.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/17/03 68 FR 70388
NPRM Comment Period End 02/06/04
Final Action 08/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/ic-26288.htm
Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division
of Investment Management, Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549
Phone: 202 551-6792
RIN: 3235-AJ01
_______________________________________________________________________
4069. DISPOSAL OF CONSUMER REPORT INFORMATION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: PL 108-159, 117 Stat 1952, 214, 216
CFR Citation: 17 CFR 248
Legal Deadline: Final, Statutory, September 4, 2004, Rulemaking under
section 214.
[[Page 23725]]
Final, Statutory, December 4, 2004, Rulemaking under section 216.
Abstract: Sections 214 and 216 of the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act) require the Commission to
promulgate rules related to (i) limitations on affiliate marketing, and
(ii) the disposal of consumer report information.
The Commission adopted amendments to Regulation S-P to implement the
disposal rule, and proposed Regulation S-AM to implement the affiliate
marketing provisions. The Division is considering recommending that the
Commission adopt proposed Regulation S-AM.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/14/04 69 FR 42302
NPRM Comment Period End 08/13/04
Second NPRM 09/20/04 69 FR 56304
Second NPRM Comment Period End 10/20/04
Final Rule 12/08/04 69 FR 71322
Final Rule Effective 01/11/05
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/final/34-50781.pdf
Agency Contact: Vincent Meehan, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-6792
RIN: 3235-AJ24
_______________________________________________________________________
4070. DEFINITION OF ELIGIBLE PORTFOLIO COMPANY UNDER THE INVESTMENT
COMPANY ACT OF 1940
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-2(a)(46)(C)(iv); 15 USC 80a-37(a); 15 USC
80a-6(c)
CFR Citation: 17 CFR 270.2a-46; 17 CFR 270.55a-1
Legal Deadline: None
Abstract: The Commission proposed two new rules under the Investment
Company Act to modernize the definition of ``eligible portfolio
company'' by creating a new standard for delineating those companies
that do not have ready access to the public capital markets. The rules
are designed to realign the definition of eligible investment company
in a manner that would promote the flow of capital to small,
developing, and financially troubled companies.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/08/04 69 FR 64816
NPRM Comment Period End 01/07/05
Final Action 05/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/ic-26647.htm
Agency Contact: Rochelle Kauffman-Plesset, Office of the Chief Counsel,
Division of Investment Management, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549
Phone: 202 551-6840
RIN: 3235-AJ31
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Division of Market Regulation
_______________________________________________________________________
4071. RISK ASSESSMENT RECORDKEEPING AND REPORTING REQUIREMENT
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78a(h)
CFR Citation: 17 CFR 240.17h-1T; 17 CFR 240.17h-2T
Legal Deadline: None
Abstract: The Risk Assessment Recordkeeping and Reporting Requirements,
which became effective September 30, 1992, following notice and
comment, were adopted as temporary rules pursuant to the Market Reform
Act of 1990. These rules contain recordkeeping and reporting
requirements with regard to Material Associated Persons of broker-
dealers. The Division plans to recommend that the Commission propose
final rules replacing the temporary rules.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Thomas K. McGowan, Office of Risk Management, Division
of Market Regulation, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-5520
RIN: 3235-AH06
_______________________________________________________________________
4072. REGISTRATION REQUIREMENTS FOR BANKS ACTING AS BROKERS OR DEALERS
IN SECURITY FUTURES PRODUCTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78o(i)
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose Rule 15i-1, which would apply the broker-dealer registration
requirements of the Exchange Act to banks that act as brokers or
dealers in security futures products.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Linda Stamp Sundberg, Division of Market Regulation,
Securities and Exchange Commission, 100 F Street NW, Washington, DC
20549
Phone: 202 551-5579
[[Page 23726]]
Fax: 202 772-9270
RIN: 3235-AI83
_______________________________________________________________________
4073. MUNICIPAL SECURITIES DISCLOSURE
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: 17 CFR 240
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
amend Rule 240.15c-12 under section 15 of the Exchange Act to delete
the reference to the Municipal Securities Rulemaking Board (MSRB) as a
recipient of material event notices filed by municipal securities
issuers.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Local, State, Tribal
Agency Contact: Martha Mahan Haines, Chief, Office of Municipal
Securities, Division of Market Regulation, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5681
Fax: 202 772-9275
Email: [email protected]
RIN: 3235-AJ41
_______________________________________________________________________
4074. AMENDMENTS TO FINANCIAL RESPONSIBILITY RULES FOR BROKER-DEALERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78o(c); 15 USC 78q(a)
CFR Citation: 17 CFR 15c3-1; 17 CFR 15c3-3; 17 CFR 240.17a-3; 17 CFR
240.17a-4; 17 CFR 17a-11
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments to the broker-dealer financial responsibility rules,
including the net capital rule (Rule 15c3-1), the customer protection
rule (Rule 15c3-3), the books and records rules (Rules 17a-3 and 17a-
4), and the notification rule (Rule 17a-11).
Together, these rules require broker dealers to (1) maintain specified
levels of liquid assets, (2) create reserves for amounts owed to
customers, (3) maintain possession or control of customer fully paid
and excess margin securities, (4) make and maintain books and records,
and (5) provide regulators, if necessary, with notices of extreme
events.
The amendments under consideration would facilitate the use of cross-
margining of certain customer accounts; reduce certain capital charges
in Rule 15c3-1 to better align the requirement with the risk; and
generally strengthen the financial responsibility rules in certain
areas.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Randall Roy, Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549
Phone: 202 551-5522
RIN: 3235-AJ48
_______________________________________________________________________
4075. FORM BD AND FORM BDW
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Unfunded Mandates: Undetermined
Legal Authority: 15 USC 78a, et seq
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose amendments to Forms BD and BDW, the uniform broker-dealer
registration form and the uniform request for withdrawal from broker-
dealer registration, respectively. The proposed amendments would update
the forms in light of market, legal, and technological developments;
clarify provisions of the forms; and make them easier to complete.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Federalism: Undetermined
Agency Contact: Haimera Abaineh Workie, Securities and Exchange
Commission, Division of Market Regulation, 100 F Street NE, Washington,
DC 20549
Phone: 202 551-5583
Fax: 202 772-9270
Email: [email protected]
RIN: 3235-AJ52
_______________________________________________________________________
4076. CONCEPT RELEASE CONCERNING SELF-REGULATION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78f; 15 USC 78o-3; 15 USC 78s
CFR Citation: None
Legal Deadline: None
Abstract: The Commission issued a concept release on SRO structure to
solicit public comment on a wide range of issues related to the
efficacy of the SRO system.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 12/08/04 69 FR 71256
ANPRM Comment Period End 03/08/05
NPRM 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/concept/34-50700.htm
Agency Contact: Nancy J. Sanow, Office of Market Supervision, Division
of Market Regulation, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-5621
Fax: 202 772-9275
Email: [email protected]
RIN: 3235-AJ36
[[Page 23727]]
_______________________________________________________________________
4077. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE
OFFERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4);
15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-
1(d)(1); 15 USC 78w(a)
CFR Citation: 17 CFR 240.17Ad-14
Legal Deadline: None
Abstract: The Commission proposed amendments to Rule 17Ad-14 under the
Securities 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
Second NPRM 07/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-40386.htm
Agency Contact: Matthew Landon, Special Counsel, Division of Market
Regulation, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1001
Phone: 202 551-5716
Fax: 202 772-9270
Email: [email protected]
RIN: 3235-AH53
_______________________________________________________________________
4078. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED
INFORMATION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78b; 15 USC 78c; 15 USC 78j(b); 15 USC 78o(q);
15 USC 78q(a); 15 USC 78w(a)
CFR Citation: 17 CFR 240.15c2-11
Legal Deadline: None
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 to 04/14/99 64 FR 18393
Supplemental NPRM 12/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposal/34-41110.htm
Agency Contact: James A. Brigagliano, Assistant Director, Office of
Risk Management, Division of Market Regulation, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5720
RIN: 3235-AH40
_______________________________________________________________________
Securities and Exchange Commission (SEC) Final Rule Stage
Division of Market Regulation
_______________________________________________________________________
4079. REGULATION B
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Unfunded Mandates: Undetermined
Legal Authority: 15 USC 77g; 15 USC 77q(a); 15 USC 77s(a); 15 USC 78b ;
15 USC 78c; 15 USC 78g(c)(2); 15 USC 78i(a); 15 USC 78j; 15 USC 78k-
1(c); 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(b); 15 USC 78o(c);
15 USC 78o(g); 15 USC 78q(a); 15 USC 78q(b); 15 USC 78q(h); 15 USC
78w(a); 15 USC 78dd-1; 15 USC 78mm; 15 USC 80a-23; 15 USC 80a-29; 15
USC 80a-37
CFR Citation: 17 CFR 242.710 to 242.781
Legal Deadline: None
Abstract: The Commission proposed Regulation B, which would grant new
exemptions for banks from the definition of the term ``broker'' and
broaden a number of existing exemptions already available to banks,
savings associations, and savings banks that effect transactions in
securities.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/30/04 69 FR 39682
NPRM Comment Period Extended 07/28/04 69 FR 44988
NPRM Comment Period End 09/01/04
Final Action 09/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-49879.htm
Agency Contact: Linda Stamp Sundberg, Division of Market Regulation,
Securities and Exchange Commission, 100 F Street NW, Washington, DC
20549
Phone: 202 551-5579
Fax: 202 772-9270
Related RIN: Related to 3235-AI19
RIN: 3235-AJ28
[[Page 23728]]
_______________________________________________________________________
4080. RULE 15C2-2: CONFIRMATION OF TRANSACTIONS IN OPEN-END MANAGEMENT
INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND
MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC
78w(a); 15 USC 78mm
CFR Citation: 17 CFR 240.15c2-2; 17 CFR 240.15c2-3; 17 CFR 240.10b-10
Legal Deadline: None
Abstract: The Commission proposed new Rules 15c2-2 and 15c2-3 under the
Exchange Act, together with accompanying Schedules 15C and 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
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm
Agency Contact: Dawn Jessen, Office of Chief Counsel, Division of
Market Regulation, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]
Related RIN: Related to 3235-AJ12, Related to 3235-AJ13, Related to
3235-AJ14
RIN: 3235-AJ11
_______________________________________________________________________
4081. RULE 15C2-3: 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
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC
78w(a); 15 USC 78mm
CFR Citation: 17 CFR 240.15c2-2; 17 CFR 240.15c2-3; 17 CFR 240.10b-10
Legal Deadline: None
Abstract: The Commission proposed new Rules 15c2-2 and 15c2-3 under the
Exchange Act, together with accompanying Schedules 15C and 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
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm
Agency Contact: Dawn Jessen, Office of Chief Counsel, Division of
Market Regulation, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]
Related RIN: Related to 3235-AJ11, Related to 3235-AJ13, Related to
3235-AJ14
RIN: 3235-AJ12
_______________________________________________________________________
4082. RULE 15C-100: SCHEDULE 15C
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC
78w(a); 15 USC 78mm
CFR Citation: 17 CFR 240.15c2-2; 17 CFR 240.15c2-3; 17 CFR 240.10b-10
Legal Deadline: None
Abstract: The Commission proposed new Rules 15c2-2 and 15c2-3 under the
Exchange Act, together with accompanying Schedules 15C and 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
[[Page 23729]]
NPRM Comment Period Extended 03/04/05 70 FR 10521
NPRM Comment Period End 04/04/05
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm
Agency Contact: Dawn Jessen, Office of Chief Counsel, Division of
Market Regulation, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]
Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to
3235-AJ14
RIN: 3235-AJ13
_______________________________________________________________________
4083. RULE 15C-101: SCHEDULE 15D
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC
78w(a); 15 USC 78mm
CFR Citation: 17 CFR 240.15c2-2; 17 CFR 240.15c2-3; 17 CFR 240.10b-10
Legal Deadline: None
Abstract: The Commission proposed new Rules 15c2-2 and 15c2-3 under the
Exchange Act, together with accompanying Schedules 15C and 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
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm
Agency Contact: Dawn Jessen, Office of Chief Counsel, Division of
Market Regulation, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]
Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to
3235-AJ13
RIN: 3235-AJ14
_______________________________________________________________________
4084. FAIR ADMINISTRATION AND GOVERNANCE OF SELF-REGULATORY
ORGANIZATIONS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c; 15 USC 78o-3; 15 USC 78q; 15 USC 78w
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed new rules and amendments to existing
rules and forms under the Securities Exchange Act. The proposals
pertain to the oversight and operation of self-regulatory organizations
(SROs) that are national securities exchanges or a national securities
association. The new rules would strengthen the governance and
administration of national securities exchanges and national securities
associations. In addition, the proposal includes amendments to SEC
forms for registration as a national securities exchange or national
securities association to require that those SROs include specified
information relating to their governance, regulatory programs,
financial statements, and ownership structure. Further, the Commission
proposed a new rule to require exchanges and associations to submit
quarterly and annual electronic reports on particular aspects of their
regulatory programs. Finally, the proposal would impose certain checks
on the heightened potential conflicts that arise with demutualized SROs
relating to the ``self-listing'' of the SRO's or affiliate's stock, but
not otherwise seek to regulate controlling shareholders of an SRO.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/08/04 69 FR 71126
NPRM Comment Period End 01/24/05
NPRM Comment Period Extended 01/18/05 70 FR 2829
NPRM Comment Period End 03/08/05
Final Action 12/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
URL For More Information:
http://www.sec.gov/rules/proposed/34-50699.html
Agency Contact: Susie Cho, Office of Market Supervision, Division of
Market Regulation, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549
Phone: 202 551-5639
Fax: 202 772-9275
Email: [email protected]
RIN: 3235-AJ33
_______________________________________________________________________
4085. DEFINITION OF NATIONALLY RECOGNIZED STATISTICAL RATING
ORGANIZATION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c; 15 USC 78o; 15 USC 78q; 15 USC 78w
CFR Citation: 17 CFR 240.15c3-1
Legal Deadline: None
Abstract: The Commission published for comment a proposed new rule
under the Exchange Act that would define the term ``nationally
recognized statistical rating organization'' (``NRSRO''). The proposed
definition contains three components that must
[[Page 23730]]
each be met in order for a credit rating agency to be an NRSRO. In the
release, the Commission also provided interpretations of the proposed
definition of NRSRO. The comment period for the rule proposal closed on
June 9, 2005. Thirty comment letters were received.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/30/97 62 FR 68018
NPRM Comment Period End 03/02/98
ANPRM 06/12/03 68 FR 35258
ANPRM Comment Period End 07/28/03
NPRM 04/25/05 70 FR 21306
NPRM Comment Period End 06/09/05
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Additional Information: This proposal was based in part on comments
received in response to a concept release (RIN 3235-AG41; 59 FR 46314),
which is now combined in this rulemaking.
URL For More Information:
www.sec.gov/rules/proposed/33-8570.pdf
Agency Contact: Rachael Grad, Office of Financial Responsibility,
Division of Market Regulation, Securities and Exchange Commission, 100
F Street NE, Washington, DC 20549
Phone: 202 551-5543
Fax: 202 772-9273
Related RIN: Related to 3235-AG41
RIN: 3235-AH28
_______________________________________________________________________
4086. AMENDMENTS TO REGULATION M: ANTI-MANIPULATION RULES CONCERNING
SECURITIES OFFERINGS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77g; 15 USC 77a(a); 15 USC 77s(a); 15 USC 78b;
15 USC 78c; 15 USC 78g(c)(2); 15 USC 78i(a); 15 USC 78j; 15 USC 78k-
1(c); 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(b); 15 USC
78(o)(c); 15 USC 78o(g); 15 USC 78q(a); 15 USC 78q(b); 15 USC 78q(h);
15 USC 78w(a); 15 USC 78dd-1; 15 USC 78mm; 15 USC 80a-23; 15 USC 80a-
29; 15 USC 80a-37
CFR Citation: 17 CFR 242.100; 17 CFR 242.101; 17 CFR 242.102; 17 CFR
242.103; 17 CFR 242.104; 17 CFR 105
Legal Deadline: None
Abstract: In order to prohibit certain activities by underwriters and
other distribution participants that can undermine the integrity and
fairness of the offering process, particularly with respect to
allocation of offered securities, the Commission proposed amendments to
Regulation M. The proposal seeks to enhance the transparency of
syndicate covering bids and prohibit the use of penalty bids. The
amendments are also intended to update certain definitional and
operational provisions in light of market developments since Regulation
M's adoption.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/17/04 69 FR 75774
NPRM Comment Period End 02/15/05
Final Action 12/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
http://www.sec.gov/rules/proposed/33-8511.html
Agency Contact: James A. Brigagliano, Assistant Director, Office of
Risk Management, Division of Market Regulation, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5720
Related RIN: Related to 3235-AJ00, Related to 3235-AF54
RIN: 3235-AJ37
_______________________________________________________________________
Securities and Exchange Commission (SEC) Long-Term Actions
Division of Market Regulation
_______________________________________________________________________
4087. REQUEST FOR COMMENT ON NASDAQ'S PETITION RELATING TO THE
REGULATION OF NASDAQ-LISTED SECURITIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Unfunded Mandates: Undetermined
Legal Authority: 15 USC 78f(b)(1); 15 USC 78o-3(b)(2); 15 USC
78F(b)(5); 15 USC 78f(b)(8); 15 USC 78o-3(b)(6); 15 USC 78o-3(b)(9)
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission requested comment on a petition submitted by
the NASDAQ Stock Market, Inc. concerning the regulation of NASDAQ-
listed securities. Specifically, NASDAQ requested that the Commission
amend the rules of all markets that trade NASDAQ-listed securities to
establish uniform trading rules, and to ensure equal surveillance and
enforcement of those rules; order that the exchanges' costs of
regulation, including costs associated with proper data collection,
surveillance, and enforcement, be aggregated and deducted from the
market data revenue collected pursuant to the NASDAQ Unlisted Trading
Privileges Plan; and prohibit the launch or continuation of NASDAQ
trading by any market that fails to protect investors as required under
the Securities Exchange Act of 1934. In addition, the Commission
requested comment on whether the same actions would be appropriate for
the regulation and trading of exchange-listed securities.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 05/20/03 68 FR 27722
ANPRM Comment Period End 06/19/03
Next Action Undetermined
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/concept/34-47849.htm
Agency Contact: Nancy J. Sanow, Office of Market Supervision, Division
of Market Regulation, Securities and
[[Page 23731]]
Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5621
Fax: 202 772-9275
Email: [email protected]
RIN: 3235-AI86
_______________________________________________________________________
4088. CONCEPT RELEASE: COMPETITIVE DEVELOPMENTS IN THE OPTIONS MARKETS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission published a concept release discussing changes
in the U.S. options market since the start of widespread multiple
trading of options in 1999 that have had the greatest impact on
competition. The release sought comment on, among other things, the
impact on the marketplace of payment for order flow, specialist
guarantees, and internalization; whether the Commission should extend
Exchange Act Rules 11Ac1-4 and 11Ac1-5 to the options markets; and
whether options should be quoted in penny increments.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 02/09/04 69 FR 6124
ANPRM Comment Period End 04/09/04
NPRM To Be Determined
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/concept/34-49175.htm
Agency Contact: Heather Seidel, Division of Market Regulation,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-5608
Fax: 202 772-9275
Email: [email protected]
RIN: 3235-AJ15
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Offices and Other Programs
_______________________________________________________________________
4089. REGULATION PCAOB
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et
seq; 15 USC 7201 et seq
CFR Citation: 17 CFR 210
Legal Deadline: None
Abstract: The Office of the Chief Accountant is considering
recommending that the Commission propose rules that would establish
procedures for the Commission's interim review of PCAOB inspection
reports and other matters of PCAOB oversight.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Melanie Jacobsen, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-5320
Email: [email protected]
RIN: 3235-AJ34
_______________________________________________________________________
Securities and Exchange Commission (SEC) Long-Term Actions
Offices and Other Programs
_______________________________________________________________________
4090. INTERNATIONAL ACCOUNTING STANDARDS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq
CFR Citation: 17 CFR 210; 17 CFR 249.220f
Legal Deadline: None
Abstract: The Commission staff has reviewed comments received in
response to a concept release on whether the Commission should
recognize accounting standards promulgated by the International
Accounting Standards Board for purposes of cross-border offerings and
listings by foreign companies. The staff is monitoring the development
and implementation of international accounting standards for
consideration in drafting appropriate rule proposals and
recommendations to the Commission.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 02/23/00 65 FR 8896
ANPRM Comment Period End 05/23/00
NPRM To Be Determined
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/concept/34-42430.htm
Agency Contact: Susan Koski-Grafer, Office of the Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-5349
RIN: 3235-AH65
_______________________________________________________________________
4091. IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 7202, 7245, 7262; 15 USC 77s; 15 USC 78c(b),
78d-3, 78m, 78w; 15 USC 80a-37, 80a-38; 15 USC 80b-11
CFR Citation: 17 CFR 205
[[Page 23732]]
Legal Deadline: Final, Statutory, January 26, 2003.
Abstract: The Commission adopted a rule establishing standards of
professional conduct for attorneys who appear and practice before the
Commission on behalf of issuers in accordance with section 307 of the
Sarbanes-Oxley Act 2002. The standards include a rule requiring an
attorney to report evidence of a material violation of a securities law
or breach of fiduciary duty or similar violation by the issuer up-the-
ladder within the company to the chief legal counsel or the chief
executive officer of the company (or the equivalent thereof) and, if
they do not respond appropriately to the evidence, requiring the
attorney to report the evidence to the audit committee, another
committee of independent directors, or the full board of directors.
The Commission is still considering the ``noisy withdrawal'' provisions
of the original proposal under which attorneys would be required under
certain circumstances to withdraw from representing an issuer and
disclose that fact to the Commission. In the related proposing release,
the Commission discusses that part of the original proposal and seeks
comment on additional alternatives. Although the Commission has not yet
determined the date for the next action in this rulemaking, that does
not necessarily mean that the Commission will not act within the next
12 months.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM for Professional Standard
Rules 12/02/02 67 FR 71670
NPRM Comment Period End 12/18/02
NPRM for ``Noisy Withdrawal''
Rule 02/06/03 68 FR 6324
Final Action for Professional
Standard Rules 02/06/03 68 FR 6296
NPRM for ``Noisy Withdrawal''
Rule Comment Period End 04/07/03
Final Action for Professional
Standard Rules Effective 08/05/03
Final Action on ``Noisy
Withdrawal'' Rule To Be Determined
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8185
Agency Contact: Timothy N. McGarey, Office of General Counsel,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-5179
RIN: 3235-AI72
_______________________________________________________________________
Securities and Exchange Commission (SEC) Completed Actions
Offices and Other Programs
_______________________________________________________________________
4092. COMMISSION GUIDANCE REGARDING ACCOUNTING FOR
SALES OF VACCINES AND BIOTERROR COUNTERMEASURES TO THE FEDERAL
GOVERNMENT
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et
seq; 15 USC 80a et seq; 15 USC 7201 et seq
CFR Citation: None
Legal Deadline: None
Abstract: The Commission issued interpretive guidance with respect to
accounting for sales of vaccines and bioterror countermeasures to the
Federal Government for placement into the Pediatric Vaccine Stockpile
or the National Strategic Stockpile. Usually, revenue is not recognized
in financial statements until a product is delivered. The interpretive
guidance allows revenue recognition for sales of enumerated vaccines to
the Federal Government for placement into a Federal Governmental
vaccine stockpile, even though certain criteria otherwise required for
revenue recognition by the SEC have not been met. Because of the unique
characteristics of the vaccine program, the guidance provides that the
SEC will not object if vaccine manufacturers recognize revenue, if the
arrangements otherwise meet the applicable revenue recognition criteria
specified under generally accepted accounting principles and SEC rules
and regulations, other than product delivery and inventory segregation
requirements, so long as the manufacturers fully disclose the nature of
the transactions, the related accounting, and the effect of this
alternative accounting method in the financial statements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Final Action 12/05/05 70 FR 73343
Final Action Effective 12/05/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Federalism: Undetermined
URL For More Information:
www.sec.gov/rules/interp/33-8642.pdf
Agency Contact: Melanie Jacobsen, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-5320
Email: [email protected]
RIN: 3235-AJ49
[FR Doc. 06-2532 Filed 04-21-06; 8:45 am]
BILLING CODE 8010-01-S