[The Regulatory Plan and 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] ----------------------------------------------------------------------- Part LIX Securities and Exchange Commission ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 74304]]SECURITIES AND EXCHANGE COMMISSION (SEC) _______________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33-8738, 34-54400, 39-2443, IA-2544, IC-27476, File No. S7-15-06] 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 September 1, 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 December 29, 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 S7-15-06 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. S7-15-06. 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. Dated: September 1, 2006 By the Commission. Nancy M. Morris, Secretary. 3 OOD--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4124 Transformation of Company Disclosures................................................. 3235-AJ70 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4125 Industry Guide 3--Statistical Disclosure by Bank Holding Companies.................... 3235-AI10 4126 Streamlining Rule 144................................................................. 3235-AH13 4127 Filing in Interactive Data Format..................................................... 3235-AJ71 4128 Definition of Securities ``Held of Record''........................................... 3235-AJ22 4129 Electronic Filing of Form D........................................................... 3235-AJ46 4130 Smaller Company Regulatory Reform..................................................... 3235-AJ65 [[Page 74305]] 4131 Lock-Up Agreements.................................................................... 3235-AI09 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4132 Internet Availability of Proxy Materials.............................................. 3235-AJ47 4133 Termination of Reporting Obligations by Foreign Private Issuers Under the Securities 3235-AJ38 Exchange Act of 1934.................................................................. 4134 Internal Control Over Financial Reporting in Exchange Act Periodic Reports of Non- 3235-AJ64 Accelerated Filers and Newly Public Companies......................................... 4135 Security Holder Director Nominations.................................................. 3235-AI93 4136 Defining ``Qualified Purchasers''..................................................... 3235-AI25 4137 Proxy Disclosure Regarding Executive Compensation and Related Party Transactions...... 3235-AI80 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4138 Disclosure in Management's Discussion and Analysis Regarding the Application of 3235-AI44 Critical Accounting Policies.......................................................... ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4139 Amendments to the Tender Offer Best-Price Rule........................................ 3235-AJ50 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4140 Books and Records To Be Maintained by Investment Advisers............................. 3235-AH24 4141 Political Contributions by Certain Investment Advisers................................ 3235-AH72 4142 Disclosure and Recordkeeping Requirements for Investment Advisers Regarding Brokerage 3235-AJ45 Allocation and Soft Dollar Practices.................................................. 4143 Exchange-Traded Funds................................................................. 3235-AJ60 4144 Antifraud Rule........................................................................ 3235-AJ67 4145 Amendments to Registration Form and Rules for Registration of Certain Investment 3235-AI84 Company Securities.................................................................... 4146 Investment Company Portfolio Transaction Costs........................................ 3235-AI94 4147 Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm- 3235-AJ06 Leach-Bliley Act...................................................................... 4148 Definition of Eligible Portfolio Company Under the Investment Company Act of 1940..... 3235-AJ31 4149 Definition of ``Issued Ratably'' Under Section 18(d) of the Investment Company Act of 3235-AJ42 1940.................................................................................. 4150 Investment Company Disclosure Reform.................................................. 3235-AJ44 4151 Frequency of Distribution of Capital Gains............................................ 3235-AJ53 4152 Extension of XBRL Voluntary Reporting Program on the EDGAR System to Mutual Fund Risk/ 3235-AJ59 Return Summary Information............................................................ 4153 Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment 3235-AF93 Companies............................................................................. 4154 Amendments to the Cash Solicitation Rule.............................................. 3235-AH33 4155 Definition of ``Equal Voting Rights'' Under Section 18(i) of the Investment Company 3235-AJ61 Act................................................................................... ---------------------------------------------------------------------------------------------------------------- [[Page 74306]] DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4156 Certain Thrift Institutions Deemed Not To Be Investment Advisers...................... 3235-AI16 4157 Amendments to Form ADV................................................................ 3235-AI17 4158 Exemption From Shareholder Approval for Certain Subadvisory Contracts................. 3235-AH80 4159 Amendments to Rules Governing Pricing of Mutual Fund Shares........................... 3235-AJ01 4160 Disposal of Consumer Report Information............................................... 3235-AJ24 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4161 Amendments to Investment Company Registration Statements To Protect Certain Private 3235-AJ40 Information........................................................................... 4162 Investment Company Regulation......................................................... 3235-AJ62 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4163 Fund of Funds Investments............................................................. 3235-AI30 4164 Mutual Fund Redemption Fees........................................................... 3235-AJ51 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4165 Risk Assessment Recordkeeping and Reporting Requirement............................... 3235-AH06 4166 Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures 3235-AI83 Products.............................................................................. 4167 Regulation B.......................................................................... 3235-AJ28 4168 Municipal Securities Disclosure....................................................... 3235-AJ41 4169 Amendments to Financial Responsibility Rules for Broker-Dealers....................... 3235-AJ48 4170 Concept Release Concerning Self-Regulation............................................ 3235-AJ36 4171 Electronic Filing of Municipal Securities Disclosure.................................. 3235-AJ66 4172 Processing of Reorganization Events, Tender Offers, and Exchange Offers............... 3235-AH53 4173 Publication or Submission of Quotations Without Specified Information................. 3235-AH40 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4174 Form BD and Form BDW.................................................................. 3235-AJ52 4175 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..................................................................... 4176 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................................................................. 4177 Rule 15c-100: Schedule 15C............................................................ 3235-AJ13 4178 Rule 15c-101: Schedule 15D............................................................ 3235-AJ14 4179 Fair Administration and Governance of Self-Regulatory Organizations................... 3235-AJ33 4180 Electronic Filing of Transfer Agent Forms............................................. 3235-AJ68 4181 Amendments to Regulation M: Anti-Manipulation Rules Concerning Securities Offerings... 3235-AJ37 4182 Regulation SHO (Short Sales).......................................................... 3235-AJ57 ---------------------------------------------------------------------------------------------------------------- [[Page 74307]] DIVISION OF MARKET REGULATION--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4183 Request for Comment on NASDAQ's Petition Relating to the Regulation of NASDAQ-Listed 3235-AI86 Securities............................................................................ 4184 Concept Release: Competitive Developments in the Options Markets...................... 3235-AJ15 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4185 Application of the Definition of Narrow-Based Security Index to Debt Securities 3235-AJ54 Indexes and Security Futures on Debt Securities....................................... 4186 Definition of Nationally Recognized Statistical Rating Organization................... 3235-AH28 ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4187 Regulation PCAOB...................................................................... 3235-AJ34 4188 Inflation Adjustments................................................................. 3235-AJ69 4189 Concept Release Concerning Management's Reports on Internal Control Over Financial 3235-AJ58 Reporting............................................................................. ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4190 International Accounting Standards.................................................... 3235-AH65 4191 Implementation of Standards of Professional Conduct for Attorneys..................... 3235-AI72 ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4192 Amendments to the Informal and Other Procedures: Public Company Accounting Oversight 3235-AJ63 Board Budget Approval Process......................................................... 4193 Policy Statement Concerning Subpoenas to Members of the News Media.................... 3235-AJ55 4194 Amendments to Plan of Organization and Operation Effective During Emergency Conditions 3235-AJ56 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage 3 OOD _______________________________________________________________________ 4124. [bull] TRANSFORMATION OF COMPANY DISCLOSURES 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 Office of Information Technology is considering recommending that the Commission propose rulemaking that might be necessary to facilitate the transformation of company and regulated entity disclosures from the current text-based formats to ones that leverage interactive data. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Federalism: Undetermined [[Page 74308]] Agency Contact: R. Corey Booth, Office of Information Technology, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-8800 Email: [email protected] RIN: 3235-AJ70 _______________________________________________________________________ 4125. 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 09/00/07 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 _______________________________________________________________________ 4126. 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, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3430 RIN: 3235-AH13 _______________________________________________________________________ 4127. [bull] FILING IN INTERACTIVE DATA FORMAT 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, together with the Divisions of Investment Management and Market Regulation, and the Office of the Chief Accountant, is considering recommending that the Commission propose rules to facilitate the filing of documents with the Commission in interactive data format. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: Elizabeth Murphy, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3430 Email: [email protected] RIN: 3235-AJ71 _______________________________________________________________________ 4128. 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 03/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Daniel Greenspan, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3430 RIN: 3235-AJ22 _______________________________________________________________________ 4129. 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 02/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Corey Jennings, Division of Corporation Finance, [[Page 74309]] Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3460 RIN: 3235-AJ46 _______________________________________________________________________ 4130. [bull] SMALLER COMPANY REGULATORY REFORM Priority: Substantive, Nonsignificant Legal Authority: Not Yet Determined CFR Citation: None Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose amendments that would revise certain regulatory requirements on smaller companies, including addressing certain recommendations of the Commission's Advisory Committee on Smaller Public Companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Federalism: Undetermined Agency Contact: Tony Barone, Office of Small Business Policy, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3460 Kevin M. O'Neill, Office of Small Business Policy, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3460 RIN: 3235-AJ65 _______________________________________________________________________ 4131. 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 09/00/07 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 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Division of Corporation Finance _______________________________________________________________________ 4132. 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 12/00/06 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, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3430 RIN: 3235-AJ47 _______________________________________________________________________ 4133. 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 Exchange Act and any reporting 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 12/00/06 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, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3450 RIN: 3235-AJ38 [[Page 74310]] _______________________________________________________________________ 4134. [bull] INTERNAL CONTROL OVER FINANCIAL REPORTING IN EXCHANGE ACT PERIODIC REPORTS OF NON-ACCELERATED FILERS AND NEWLY PUBLIC COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 7262 CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission proposed amendments that would further extend for smaller companies the dates for the internal control over financial reporting requirements that were published on September 22, 2005, and that provide a transition period for newly public companies before they become subject to compliance with the internal control over financial reporting requirements. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/15/06 71 FR 47060 NPRM Comment Period End 09/14/06 Final Action 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/2006/33-8731.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-AJ64 _______________________________________________________________________ 4135. 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 09/00/07 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 _______________________________________________________________________ 4136. 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. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/27/01 66 FR 66839 NPRM Comment Period End 02/25/02 Final Action 06/00/07 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 _______________________________________________________________________ 4137. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY TRANSACTIONS Priority: Substantive, Nonsignificant. Major under 5 USC 801. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a et seq CFR Citation: 17 CFR 228.10 et seq; 17 CFR 229.10et seq; 17 CFR 229.402; 17 CFR 229.1100 et seq; 17 CFR 232.10 et seq; 17 CFR 245.100 et seq; 17 CFR 240.13a-20; 17 CFR 240.14a-101; 17 CFR 240.15d-20 Legal Deadline: None Abstract: The Commission adopted 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. The Commission solicited additional comments on certain aspects of the release. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/08/06 71 FR 6542 NPRM Comment Period End 04/10/06 Final Rule 09/08/06 71 FR 53158 Final Rule Effective 11/07/06 Second NPRM 09/08/06 71 FR 53267 Second NPRM Comment Period End 10/23/06 Final Action 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/2006/33-8735.pdf 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 [[Page 74311]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Division of Corporation Finance _______________________________________________________________________ 4138. 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 Next Action Undetermined 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: Dan Greenspan, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3623 RIN: 3235-AI44 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions Division of Corporation Finance _______________________________________________________________________ 4139. AMENDMENTS TO THE TENDER OFFER BEST-PRICE RULE Priority: Substantive, Nonsignificant 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; 17 CFR 240.14d-10 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 11/03/06 71 FR 65393 Final Action Effective 12/08/06 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/34-52968.pdf Agency Contact: Mara Lee Ransom, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-3264 Fax: 202 772-9203 Email: [email protected] Related RIN: Previously reported as 3235-AJ23 RIN: 3235-AJ50 [[Page 74312]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Investment Management _______________________________________________________________________ 4140. 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 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Don L. Evans, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6787 RIN: 3235-AH24 _______________________________________________________________________ 4141. 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 09/00/07 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, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6787 RIN: 3235-AH72 _______________________________________________________________________ 4142. 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 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Daniel Seth Kahl, 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 _______________________________________________________________________ 4143. [bull] EXCHANGE-TRADED FUNDS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a-37(a) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose new rules and rule amendments to codify prior exemptive relief granted for index-based Exchange-Traded Funds. Exchange-Traded Funds are investment companies registered under the Investment Company Act of 1940 as open-end investment companies or unit investment trusts. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None 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-AJ60 _______________________________________________________________________ 4144. [bull] ANTIFRAUD RULE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 206(4) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose a new antifraud rule under the Investment Advisers Act that would prohibit fraud by investment advisers that provide advice to certain pooled investment vehicles. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Jennifer L. Sawin, Office of Investment Adviser [[Page 74313]] Regulation, Division of Investment Management, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 551-6724 Email: [email protected] RIN: 3235-AJ67 _______________________________________________________________________ 4145. 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 that prescribe the method by which certain investment companies calculate and pay registration fees under the Securities Act 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 09/00/07 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 _______________________________________________________________________ 4146. 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 09/00/07 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 _______________________________________________________________________ 4147. 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 04/00/07 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, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-0506 Phone: 202 551-6792 RIN: 3235-AJ06 _______________________________________________________________________ 4148. 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 more closely align the definition of eligible portfolio company with the purpose originally intended and, consequently, to promote the flow of capital to certain companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/08/04 69 FR 64816 [[Page 74314]] NPRM Comment Period End 01/07/05 Second NPRM 10/31/06 71 FR 64093 Second NPRM Comment Period End 01/02/07 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: Undetermined URL For More Information: http://www.sec.gov/rules/proposed/ic-26647.htm Agency Contact: Rochelle Kauffman-Plesset, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6840 RIN: 3235-AJ31 _______________________________________________________________________ 4149. 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 when a registered investment company issues ratably to its shareholders rights or warrants to acquire additional shares. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/07 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 Email: [email protected] RIN: 3235-AJ42 _______________________________________________________________________ 4150. 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 and clarifying the disclosure of fees and expenses for mutual funds and exchange-traded funds. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/00/07 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 _______________________________________________________________________ 4151. FREQUENCY OF DISTRIBUTION OF CAPITAL GAINS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-19(a); 15 USC 80a-19(b); 15 USC 80a-37(a) CFR Citation: 17 CFR 270.19a-1; 17 CFR 270.19b-1 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose amendments to rules governing dividend payments and distributions by registered investment companies under the Investment Company Act. Rule 19a-1 prescribes the form of the written statement, required under section 19(a) of the Act, that discloses the sources of distribution payment when distributions are made from any source other than income. Rule 19b-1 governs the frequency of capital gains distributions by registered investment companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Thu Ta, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6792 RIN: 3235-AJ53 _______________________________________________________________________ 4152. [bull] EXTENSION OF XBRL VOLUNTARY REPORTING PROGRAM ON THE EDGAR SYSTEM TO MUTUAL FUND RISK/RETURN SUMMARY INFORMATION Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: Not Yet Determined CFR Citation: 17 CFR 232.401; 17 CFR 232.402; 17 CFR 270.8b-33 Legal Deadline: None Abstract: The Division is considering recommending that the Commission issue a release proposing to extend the current Voluntary Financial Reporting Program on the EDGAR System to allow open-end management investment company filers to voluntarily furnish Risk/Return Summary information in XBRL format. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Christopher Kaiser, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6770 Email: [email protected] RIN: 3235-AJ59 [[Page 74315]] _______________________________________________________________________ 4153. 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 09/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined 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-AF93 _______________________________________________________________________ 4154. 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 09/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Catherine E. Marshall, 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 _______________________________________________________________________ 4155. [bull] DEFINITION OF ``EQUAL VOTING RIGHTS'' UNDER SECTION 18(I) OF THE INVESTMENT COMPANY ACT Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a et seq; 15 USC 80a-37(a); 15 USC 80a-38 CFR Citation: 17 CFR 18i-1 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose Rule 18i-1 under the Investment Company Act that would define the term ``equal voting rights'' under section 18(i) of the Act. The rule would be designed to clarify the circumstances under which voting stock issued by a registered investment company or a business development company has equal voting rights with every other outstanding voting stock issued by that fund as required by section 18(i). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None 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 Email: [email protected] RIN: 3235-AJ61 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Division of Investment Management _______________________________________________________________________ 4156. 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 05/00/07 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, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6787 RIN: 3235-AI16 [[Page 74316]] _______________________________________________________________________ 4157. 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 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 12/00/06 Final Action 09/00/07 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, 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 _______________________________________________________________________ 4158. 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 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined URL For More Information: www.sec.gov/rules/proposed/33-8312.htm Agency Contact: Adam B. Glazer, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6792 RIN: 3235-AH80 _______________________________________________________________________ 4159. 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 06/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/ic-26288.htm Agency Contact: Adam B. Glazer, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6792 RIN: 3235-AJ01 _______________________________________________________________________ 4160. 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. 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 [[Page 74317]] Final Rule 12/08/04 69 FR 71322 Final Rule Effective 01/11/05 Final Action 05/00/07 Regulatory Flexibility Analysis Required: Undetermined Small Entities Affected: Businesses Government Levels Affected: None URL For More Information: www.sec.gov/rules/final/34-50781.htm 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 _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Division of Investment Management _______________________________________________________________________ 4161. 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: Next Action Undetermined 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 _______________________________________________________________________ 4162. [bull] INVESTMENT COMPANY REGULATION Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f); 15 USC 80a-12(b); 15 USC 80a-17(d); 15 USC 80a-17(g); 15 USC 80a-23(c); 15 USC 80a-37(a) CFR Citation: 17 CFR 270.0-1(a) Legal Deadline: None Abstract: A Federal appeals court invalidated certain amendments adopted by the Commission to rules under the Investment Company Act. The amendments, first proposed on January 15, 2004, would have imposed two conditions on investment companies (``funds'') relying on certain exemptive rules. First, fund boards would have to be comprised of at least 75 percent independent directors. Second, the boards would have to be chaired by an independent director. On June 13, 2006, the Commission issued a release soliciting further comment on the amendments and related issues. The comment period for the release has only recently closed, and consequently, the Commission has not yet determined its next action. Although the Commission has not yet determined the date for the next action in this rulemaking, the Commission may act within the next 12 months. This item is included in the long-term category solely as a result of requirements applicable to the Regulatory Flexibility Act agenda. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Notice 06/19/06 71 FR 35366 Comment Period End 08/21/06 Next Action Undetermined Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/2006/ic-27395.pdf Agency Contact: Vincent M. Meehan, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-0506 Phone: 202 551-6792 Related RIN: Related to 3235-AJ05 RIN: 3235-AJ62 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions Division of Investment Management _______________________________________________________________________ 4163. FUND OF FUNDS INVESTMENTS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(J); 15 USC 80a- 37(a) CFR Citation: 17 CFR 270.12d1-1; 17 CFR 270.12d1-2; 17 CFR 270.12d1-3 Legal Deadline: None Abstract: The Commission adopted three new rules that (i) allow investment companies to purchase securities issued by money market funds in excess of limits on those investments under the Investment Company Act and (ii) alleviate certain investment and other restrictions on investment companies that invest in other investment companies (funds of funds). The Commission also adopted amendments to the forms that investment companies use to register under the Investment Company Act and offer their shares under the Securities Act. The amendments require registered [[Page 74318]] 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 06/27/06 71 FR 36640 Final Action Effective 07/31/06 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None URL For More Information: www.sec.gov/rules/final/2006/33-8713.pdf 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 _______________________________________________________________________ 4164. MUTUAL FUND REDEMPTION FEES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80a-22(c) CFR Citation: 17 CFR 270.22c-2 Legal Deadline: None Abstract: The Commission adopted 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 enter into 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 10/03/06 71 FR 58257 Final Action Effective 12/04/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.sec.gov/rules/final/2006/ic-27504.pdf Agency Contact: Thoreau Adrian Bartmann, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-6792 Fax: 202 628-0760 Email: [email protected] RIN: 3235-AJ51 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Market Regulation _______________________________________________________________________ 4165. 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 09/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Thomas K. McGowan, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5520 Fax: 202 772-9273 RIN: 3235-AH06 _______________________________________________________________________ 4166. 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 09/00/07 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 Fax: 202 772-9270 RIN: 3235-AI83 _______________________________________________________________________ 4167. 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 [[Page 74319]] 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 Second 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/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 _______________________________________________________________________ 4168. 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 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Local, State, Tribal Agency Contact: Martha Mahan Haines, Office of Municipal Securities, 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 _______________________________________________________________________ 4169. 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 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, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5522 RIN: 3235-AJ48 _______________________________________________________________________ 4170. 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 06/00/07 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, 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 _______________________________________________________________________ 4171. [bull] ELECTRONIC FILING OF 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 propose amending Rule 240.15c2-12 under section 15 of the Exchange Act to establish the concept of a ``central post office'' (``CPO'') and to require the use of a CPO to satisfy the Rule 15c2-12 requirements. [[Page 74320]] Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Local, State, Tribal Agency Contact: Martha Mahan Haines, Office of Municipal Securities, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5681 Fax: 202 772-9275 Email: [email protected] RIN: 3235-AJ66 _______________________________________________________________________ 4172. 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 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 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/34-40386.htm Agency Contact: Matthew Landon, 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 _______________________________________________________________________ 4173. 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, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5720 Fax: 202 772-9355 RIN: 3235-AH40 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Division of Market Regulation _______________________________________________________________________ 4174. FORM BD AND FORM BDW Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is 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 ________________________________________________________________________ Final Action 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Haimera Abaineh Workie, 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] RIN: 3235-AJ52 [[Page 74321]] _______________________________________________________________________ 4175. 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 06/00/07 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/33-8544.htm Agency Contact: Dawn Jessen, 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 _______________________________________________________________________ 4176. 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 06/00/07 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/33-8544.htm Agency Contact: Dawn Jessen, 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 _______________________________________________________________________ 4177. 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 NPRM Comment Period Extended 03/04/05 70 FR 10521 NPRM Comment Period End 04/04/05 Final Action 06/00/07 [[Page 74322]] 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, 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 _______________________________________________________________________ 4178. 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 06/00/07 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None URL For More Information: www.sec.gov/rules/proposed/33-8544.htm Agency Contact: Dawn Jessen, 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 _______________________________________________________________________ 4179. 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 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 06/00/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: Undetermined URL For More Information: http://www.sec.gov/rules/proposed/34-50699.htm Agency Contact: Susie Cho, 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 _______________________________________________________________________ 4180. [bull] ELECTRONIC FILING OF TRANSFER AGENT FORMS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77s(a); 15 USC 78q; 15 USC 78q-1; 16 USC w(a) CFR Citation: 17 CFR 232.101; 17 CFR 232.104; 17 CFR 232.201; 17 CFR 240.17Ac2-1; 17 CFR 17Ac2-2; 17 CFR 17Ac3-1; 17 CFR 239; 17 CFR 249; 17 CFR 249b; 17 CFR 269; 17 CFR 274 Legal Deadline: None Abstract: The Commission proposed a rulemaking to amend the rules and forms under section 17A of the Exchange Act to require that forms for transfer agent registration, annual reporting, and withdrawal from registration be filed with the Commission electronically. The forms would be accessible on the Commission's EDGAR database in XML format to the Commission staff and the public for search and retrieval. The [[Page 74323]] proposed rulemaking would improve the Commission's ability to utilize the information reported on the forms in performing its oversight function of transfer agent operations and public dissemination of the information on the forms. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/11/06 71 FR 53494 NPRM Comment Period End 10/26/06 Final Action 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Catherine Moore, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5718 Email: [email protected] RIN: 3235-AJ68 _______________________________________________________________________ 4181. 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, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5720 Fax: 202 772-9355 Related RIN: Related to 3235-AJ00, Related to 3235-AF54 RIN: 3235-AJ37 _______________________________________________________________________ 4182. [bull] REGULATION SHO (SHORT SALES) 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 amendments to Rules 200(e)(3) and 203(b)(3) of Regulation SHO. The proposals are intended to reduce the frequency that stock is not delivered after it is sold, by eliminating the grandfather provision and narrowing the options market maker exception to the delivery requirement. They are also intended to update the market decline limitation referenced in the rule. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/21/06 71 FR 41710 NPRM Comment Period End 09/19/06 Final Action 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined URL For More Information: www.sec.gov/rules/proposed/2006/34-54154.pdf Agency Contact: James A. Brigagliano, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5720 Fax: 202 772-9355 RIN: 3235-AJ57 _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Division of Market Regulation _______________________________________________________________________ 4183. 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 [[Page 74324]] any market that fails to protect investors as required under the 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, 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-AI86 _______________________________________________________________________ 4184. 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 Next Action Undetermined 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) Completed Actions Division of Market Regulation _______________________________________________________________________ 4185. [bull] APPLICATION OF THE DEFINITION OF NARROW-BASED SECURITY INDEX TO DEBT SECURITIES INDEXES AND SECURITY FUTURES ON DEBT SECURITIES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78(c)(55)(C)(vi); 15 USC 78c(b); 15 USC 78f(h); 15 USC 78w(e); 15 USC 78mm CFR Citation: 17 CFR 240.3a55-4; 17 CFR 240.6h-2 Legal Deadline: None Abstract: The Commission, in concert with parallel action by the Commodity Futures Trading Commission, adopted two new rules under the Exchange Act to exclude from the definition of ``narrow-based security index'' debt securities indexes that satisfy specified criteria. A future on a debt securities index that is excluded from the definition of ``narrow-based security index'' will not be a security future and may trade subject to the exclusive jurisdiction of the CFTC. In addition, the rules modify the statutory listing standards requirements to permit security futures to be based on individual debt securities or a narrow-based security indexes composed of debt securities. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/10/06 71 FR 18030 NPRM Comment Period End 05/11/06 Final Action 07/13/06 71 FR 39534 Final Action Effective 08/14/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.sec.gov/final/2006/34-54106.pdf Agency Contact: Yvonne Fraticelli, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5654 Fax: 202 727-9275 Email: [email protected] Related RIN: Related to 3038-AB86 RIN: 3235-AJ54 _______________________________________________________________________ 4186. 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 had proposed a rule to define the term ``nationally recognized statistical rating organization.'' However, this rulemaking has been superseded by the enactment of the Credit Rating Agency Reform Act of 2006, Pub. L. 109-291 (September 29, 2006). Accordingly, the Commission is withdrawing this item from the Agenda. 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 [[Page 74325]] NPRM 04/25/05 70 FR 21306 NPRM Comment Period End 06/09/05 Withdrawn 10/01/06 Regulatory Flexibility Analysis Required: No 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: Thomas K. McGowan, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5520 Fax: 202 772-9273 Related RIN: Related to 3235-AG41 RIN: 3235-AH28 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Offices and Other Programs _______________________________________________________________________ 4187. 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 06/00/07 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 Fax: 202 772-9251 Email: [email protected] RIN: 3235-AJ34 _______________________________________________________________________ 4188. [bull] INFLATION ADJUSTMENTS 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 Office of the General Counsel is considering recommending that the Commission propose a rule setting forth inflation-based adjustments to dollar amounts contained in certain rules administered by the Commission. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Owen Donley, Office of the General Counsel, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5134 RIN: 3235-AJ69 _______________________________________________________________________ 4189. [bull] CONCEPT RELEASE CONCERNING MANAGEMENT'S REPORTS ON INTERNAL CONTROL OVER FINANCIAL REPORTING Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77aa et seq; 15 USC 78 CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission published a concept release to understand better the extent and nature of public interest in the development of additional guidance for management regarding its evaluation and assessment of internal control over financial reporting so that any guidance the Commission develops addresses the needs and concerns of public companies consistent with the protection of investors. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 07/18/06 71 FR 40866 ANPRM Comment Period End 09/18/06 NPRM 12/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None URL For More Information: www.sec.gov/rules/concept/2006/34-54122.pdf Agency Contact: Michael G. Gaynor, Office of Chief Accountant, Securities and Exchange Commission, 100 F Street NE, Washington, CT 20549 Phone: 202 551-5929 RIN: 3235-AJ58 [[Page 74326]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Offices and Other Programs _______________________________________________________________________ 4190. 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 Next Action Undetermined 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 _______________________________________________________________________ 4191. 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 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 for Professional Standard Rules 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 Next Action Undetermined Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None URL For More Information: www.sec.gov/rules/final/33-8185.htm 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 _______________________________________________________________________ 4192. [bull] AMENDMENTS TO THE INFORMAL AND OTHER PROCEDURES: PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD BUDGET APPROVAL PROCESS 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 7202 et seq CFR Citation: 17 CFR 202 Legal Deadline: None Abstract: The Commission adopted Rule 11 to its Informal and Other Procedures to provide guidance regarding the Commission's review and approval of the budget and accounting support fee for the PCAOB, as required by section 109 of the Sarbanes-Oxley Act of 2002 (``the Act''). The PCAOB is funded primarily through an accounting support fee, assessed annually on issuers. Section 109 of the Act directs the PCAOB to establish and adopt an annual budget at least 1 month prior to the commencement of each fiscal year (which is the calendar year for the PCAOB). The Board is required to then submit its budget and proposed accounting support fee to the Commission for review and approval. New Rule 11 provides, among other things, a timetable for the preparation and submission of the PCAOB budget and information regarding the [[Page 74327]] Commission's ability to promote changes to the budget during its approval process. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 07/24/06 71 FR 41998 Final Action Effective 08/23/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: Federal URL For More Information: www.sec.gov/rules/final/2006/33-8724.pdf Agency Contact: Melanie Jacobsen, Office of Chief Accountant, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5320 Fax: 202 772-9251 Email: [email protected] RIN: 3235-AJ63 _______________________________________________________________________ 4193. [bull] POLICY STATEMENT CONCERNING SUBPOENAS TO MEMBERS OF THE NEWS MEDIA Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77s ; 15 USC 77t; 15 USC 78d-1; 15 USC 78u; 15 USC 78w; 15 USC 78ll(d); 15 USC 79r; 15 USC 79t; 15 USC 77sss; 15 USC 77uuu; 15 USC 80a-37; 15 USC 80a-41; 15 USC 80b-9; 15 USC 80b-11 CFR Citation: 17 CFR 202.10 Legal Deadline: None Abstract: The Commission issued a policy statement that sets forth guidelines for the Agency's professional staff to ensure that vigorous enforcement of the Federal securities laws is conducted completely consistently with the principles of the First Amendment's guarantee of freedom of the press, and specifically to avoid the issuance of subpoenas to members of the media that might impair the news gathering and reporting functions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 04/20/06 71 FR 20340 Final Action Effective 04/12/06 Regulatory Flexibility Analysis Required: No Government Levels Affected: None URL For More Information: www.sec.gov/rules/policy/2006/34-53638.pdf Agency Contact: Joan McKown, Division of Enforcement, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-4933 RIN: 3235-AJ55 _______________________________________________________________________ 4194. [bull] AMENDMENTS TO PLAN OF ORGANIZATION AND OPERATION EFFECTIVE DURING EMERGENCY CONDITIONS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77s; 15 USC 78w; 15 USC 77sss; 15 USC 80a-37; 15 USC 80b-11 CFR Citation: 17 CFR 200.201; 17 CFR 200.202; 17 CFR 200.203 Legal Deadline: None Abstract: The Commission amended its rules that operate in the event of emergency conditions. The amendments provide guidance on terms used in subpart G of part 200 of title 17 of the CFR, regarding the operation of the Commission in certain specified emergency conditions. They also provide for the delivery of requests, filings, reports, and other submittals during emergencies and revise the line of succession to the Chairman in the event of the Chairman's incapacity or unavailability during emergency conditions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 06/09/06 71 FR 33384 Final Action Effective 06/09/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: Federal URL For More Information: www.sec.gov/rule/final/2006/34-53937.pdf Agency Contact: Stephen Jung, Office of General Counsel, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551-5162 RIN: 3235-AJ56 [FR Doc. 06-7691 Filed 12-08-06; 8:45 am] BILLING CODE 8010-01-S