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[May 16, 2005 (Volume 70, Number 93)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID: f:ua050460.wais]
[Page 28002-28024]
-----------------------------------------------------------------------
Part LX
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
[[Page 28002]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
_______________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-8561, 34-51444, 35-27952, 39-2435, IA-2373, IC-26825,
File No. S7-02-05]
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.
Information in the agenda was accurate on March 29, 2005, the date on
which the Commission's staff completed compilation of the data. To the
extent possible, rulemaking actions by the Commission since that date
have been reflected in the agenda. The Commission invites questions and
public comment on the agenda and on the individual agenda entries.
DATES: Comments should be received on or before July 30, 2005.
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 rule-comments@sec.gov. Please include File
Number S7-02-05 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 Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street
NW,Washington, DC 20549-0609.
All submissions should refer to File No. S7-02-05. 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, 450 Fifth Street
NW, 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, 202-942-0954.
SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub.
L. No. 96-354, 94 Stat. 1164) (September 19, 1980) requires each
Federal agency, during the spring and fall of each year, to publish in
the Federal Register an agenda identifying rules that the agency
expects to propose or adopt 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
``PUHCA''--Public Utility Holding Company Act of 1935
``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: March 29, 2005.
By the Commission.
Margaret H. McFarland,
Deputy Secretary.
DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4017 Industry Guide 3--Statistical Disclosure by Bank Holding Companies.................... 3235-AI10
4018 Streamlining Rule 144................................................................. 3235-AH13
4019 Revision to Accelerated Filer Definition.............................................. 3235-AJ29
4020 Definition of Securities ``Held of Record''........................................... 3235-AJ22
4021 Termination of Reporting Obligations by Foreign Private Issuers Under the Securities 3235-AJ38
Exchange Act of 1934..................................................................
4022 Lock-Up Agreements.................................................................... 3235-AI09
4023 Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under 3235-AJ23
the Securities Exchange Act of 1934...................................................
4024 Proxy Disclosure Regarding Executive Compensation and Related Party Transactions...... 3235-AI80
----------------------------------------------------------------------------------------------------------------
[[Page 28003]]
DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4025 Disclosure in Management's Discussion and Analysis Regarding the Application of 3235-AI44
Critical Accounting Policies..........................................................
4026 Use of Form S-8 and Form 8-K by Public Shell Companies................................ 3235-AH88
4027 Security Holder Director Nominations.................................................. 3235-AI93
4028 Ownership Reports and Trading by Officers, Directors, and Principal Security Holders.. 3235-AJ27
4029 Securities Offering Reform............................................................ 3235-AI11
4030 Defining ``Qualified Purchasers''..................................................... 3235-AI25
----------------------------------------------------------------------------------------------------------------
DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4031 Asset-Backed Securities............................................................... 3235-AF74
4032 Electronic Signatures Act and Information Delivery Under the Securities Act of 1933... 3235-AI82
4033 Additional Form F-6 Eligibility Requirement Related to the Listed Status of Deposited 3235-AI89
Securities Underlying American Depositary Receipts....................................
4034 First Time Application of International Financial Reporting Standards................. 3235-AI92
4035 Temporary Postponement of the Phase-In Period for Acceleration of Periodic Report 3235-AJ30
Filing Dates..........................................................................
4036 XBRL Voluntary Financial Reporting Program on the EDGAR System........................ 3235-AJ32
----------------------------------------------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4037 Books and Records To Be Maintained by Investment Advisers............................. 3235-AH24
4038 Amendments to Registration Form and Rules for Registration of Certain Investment 3235-AI84
Company Securities....................................................................
4039 Investment Company Portfolio Transaction Costs........................................ 3235-AI94
4040 Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm- 3235-AJ06
Leach-Bliley Act......................................................................
4041 Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment 3235-AF93
Companies.............................................................................
4042 Amendments to the Cash Solicitation Rule.............................................. 3235-AH33
4043 Regional Transmission Organizations and Independent Transmission Companies............ 3235-AI27
4044 Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding 3235-AI59
Officers and Directors of Registered Holding Companies................................
4045 Exemption of Holding Companies Which Are Intrastate or Predominantly Operating 3235-AJ35
Companies.............................................................................
----------------------------------------------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4046 Political Contributions by Certain Investment Advisers................................ 3235-AH72
4047 Certain Thrift Institutions Deemed Not To Be Investment Advisers...................... 3235-AI16
4048 Amendments to Form ADV................................................................ 3235-AI17
4049 Fund of Funds Investments............................................................. 3235-AI30
4050 Exemption From Shareholder Approval for Certain Subadvisory Contracts................. 3235-AH80
4051 Amendments to Rules Governing Pricing of Mutual Fund Shares........................... 3235-AJ01
4052 Disposal of Consumer Report Information............................................... 3235-AJ24
4053 Definition of Eligible Portfolio Company Under the Investment Company Act of 1940..... 3235-AJ31
4054 Rulemaking for EDGAR System........................................................... 3235-AI18
4055 PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries 3235-AF78
Authorized To Perform Services or Construction or To Sell Goods.......................
----------------------------------------------------------------------------------------------------------------
[[Page 28004]]
DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4056 Certain Broker-Dealers Deemed Not To Be Investment Advisers........................... 3235-AH78
4057 Registration Under the Advisers Act of Certain Hedge Fund Advisers.................... 3235-AJ25
4058 Disclosure Regarding Portfolio Managers of Registered Management Investment Companies. 3235-AJ16
4059 Mutual Fund Redemption Fees........................................................... 3235-AJ17
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4060 Risk Assessment Recordkeeping and Reporting Requirement............................... 3235-AH06
4061 Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures 3235-AI83
Products..............................................................................
4062 Securities Transactions Settlement.................................................... 3235-AJ19
4063 Concept Release Concerning Self-Regulation............................................ 3235-AJ36
4064 Processing of Reorganization Events, Tender Offers, and Exchange Offers............... 3235-AH53
4065 Rating Agencies and the Use of Credit Ratings Under the Federal Securities Laws....... 3235-AH28
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4066 Regulation B.......................................................................... 3235-AJ28
4067 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.....................................................................
4068 Rule 15c2-3: Point-of-Sale Disclosure for Purchase Transactions in Open-End Management 3235-AJ12
Investment Company Shares, Unit Investment Trust Interests, and Municipal Fund
Securities Used for Education Svgs....................................................
4069 Rule 15c-100: Schedule 15C............................................................ 3235-AJ13
4070 Rule 15c-101: Schedule 15D............................................................ 3235-AJ14
4071 Regulation NMS........................................................................ 3235-AJ18
4072 Fair Administration and Governance of Self-Regulatory Organizations................... 3235-AJ33
4073 Amendments to the Penny Stock Rules................................................... 3235-AI02
4074 Removal From Listing and Registration of Securities Pursuant to Section 12(d) of the 3235-AJ04
Securities Exchange Act of 1934.......................................................
4075 Amendments to Regulation M: Anti-Manipulation Rules Concerning Securities Offerings... 3235-AJ37
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4076 Request for Comment on the Regulation of NASDAQ Petition Relating to NASDAQ Listed 3235-AI86
Securities............................................................................
4077 Publication or Submission of Quotations Without Specified Information................. 3235-AH40
4078 Concept Release: Competitive Developments in the Options Markets...................... 3235-AJ15
----------------------------------------------------------------------------------------------------------------
DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4079 Issuer Restrictions or Prohibitions on Ownership by Securities Intermediaries......... 3235-AJ26
----------------------------------------------------------------------------------------------------------------
[[Page 28005]]
OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4080 Regulation PCAOB...................................................................... 3235-AJ34
----------------------------------------------------------------------------------------------------------------
OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
4081 International Accounting Standards.................................................... 3235-AH65
4082 Implementation of Standards of Professional Conduct for Attorneys..................... 3235-AI72
----------------------------------------------------------------------------------------------------------------
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Division of Corporation Finance
_______________________________________________________________________
4017. 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 of Corporation Finance 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 04/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Carol Stacey, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2960
RIN: 3235-AI10
_______________________________________________________________________
4018. 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 04/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-7391.txt
Agency Contact: Raymond A. Be, Office of Rulemaking, Division of
Corporation Finance, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-2910
RIN: 3235-AH13
_______________________________________________________________________
4019. REVISION TO ACCELERATED FILER DEFINITION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: 17 CFR 240.12b-2
Legal Deadline: None
Abstract: The Division of Corporation Finance is considering
recommending that the Commission propose rules that would revise the
definition of an ``accelerated filer'' in Rule 12b-2 under the Exchange
Act so that an accelerated filer that no longer is subject to Exchange
Act reporting with respect to any class of common equity securities,
but that remains subject to Exchange Act reporting with respect to one
or more other classes of securities, would no longer be subject to the
definition and therefore would be able to stop complying with the
accelerated filing requirements on or after the date that the company
no longer is subject to Exchange Act reporting with respect to its
common equity.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
[[Page 28006]]
Federalism: Undetermined
Agency Contact: Jennifer G. Williams, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2910
RIN: 3235-AJ29
_______________________________________________________________________
4020. 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 of Corporation Finance 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 09/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Steven Hearne, Special Counsel, Division of Corporation
Finance, Securities and Exchange Commission, 450 5th Street NW,
Washington, DC 20549
Phone: 202 942-2910
RIN: 3235-AJ22
_______________________________________________________________________
4021. [bull] 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: Not Yet Determined
CFR Citation: 17 CFR 240.12g-4; 17 CFR 240.12h-3
Legal Deadline: None
Abstract: The Division of Corporation Finance is considering
recommending that the Commission propose revisions relating to the
circumstances under which foreign private issuers are permitted to
terminate their registration under section 12(g) of the Securities
Exchange Act and any reporting obligation under section 15(d) of that
Act.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Federalism: Undetermined
Agency Contact: Elliot Staffin, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-2990
RIN: 3235-AJ38
_______________________________________________________________________
4022. 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 of Corporation Finance 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 04/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Pamela Carmody, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2920
RIN: 3235-AI09
_______________________________________________________________________
4023. EQUAL TREATMENT OF SECURITY HOLDERS PURSUANT TO RULE 14D-10 AND
RULE 13E-4(F) UNDER THE SECURITIES EXCHANGE ACT OF 1934
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division of Corporation Finance is considering
recommending to the Commission amendments to the ``best-price'' rules
contained in tender offer Rule 14d-10 and Rule 13e-4(f) under the
Securities Exchange Act of 1934 to address issues raised by recent
court decisions regarding the type of consideration that these rules
apply to.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Brian V. Breheny, Chief, Office of Mergers and
Acquisitions, Division of Corporation Finance, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2920
RIN: 3235-AJ23
_______________________________________________________________________
4024. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED
PARTY TRANSACTIONS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Division of Corporation Finance is considering
recommending that the Commission propose amendments that would 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.
[[Page 28007]]
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Anne Krauskopf, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2910
RIN: 3235-AI80
_______________________________________________________________________
Securities and Exchange Commission (SEC) Final Rule Stage
Division of Corporation Finance
_______________________________________________________________________
4025. 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 the application of its critical accounting policies. The
proposals would encompass both critical accounting estimates that a
company makes and the initial adoption by a company of an accounting
policy with a material impact on its financial presentation. The new
disclosure would be included in the MD&A section of a company's annual
reports, registration statements, and proxy and information statements
and would be updated quarterly.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/20/02 67 FR 35620
NPRM Comment Period End 07/19/02
Final Action 12/00/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8098.htm
Agency Contact: Consuelo Hitchcock, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2810
RIN: 3235-AI44
_______________________________________________________________________
4026. USE OF FORM S-8 AND FORM 8-K BY PUBLIC SHELL COMPANIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78a et seq
CFR Citation: 17 CFR 249.308
Legal Deadline: None
Abstract: The Commission proposed amendments to Form S-8 and Form 8-K
that would affect their use by shell companies.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 04/21/04 69 FR 21650
NPRM Comment Period End 06/07/04
Final Action 06/00/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8407.htm
Agency Contact: Kevin O'Neill, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2950
RIN: 3235-AH88
_______________________________________________________________________
4027. 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 09/00/05
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, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2920
RIN: 3235-AI93
_______________________________________________________________________
4028. OWNERSHIP REPORTS AND TRADING BY OFFICERS, DIRECTORS, AND
PRINCIPAL SECURITY HOLDERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c(b); 15 USC 78p; 15 USC 78w(a); 15 USC
79q(a); 15 USC 80a-29(b)
CFR Citation: 17 CFR 228.405; 17 CFR 229.405; 17 CFR 240.16b-3; 17 CFR
240.16b-7
Legal Deadline: None
Abstract: The Commission proposed amendments to Rules 16b-3 and 16b-7,
which exempt certain transactions from the private right of action to
recover short-swing profit provided by
[[Page 28008]]
section 16(b) of the Exchange Act. The amendments clarify the exemptive
scope of these rules, consistent with statements in previous Commission
releases. The Commission also proposed amendments to Item 405 of
Regulation S-K and S-B to harmonize that item with the 2 business day
Form 4 due date and mandated electronic filing and website posting of
section 16 reports.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/25/04 69 FR 35982
NPRM Comment Period End 08/09/04
Final Action 05/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-49895.htm
Agency Contact: Anne M. Krauskopf, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-2910
RIN: 3235-AJ27
_______________________________________________________________________
4029. SECURITIES OFFERING REFORM
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 5 USC 77a et seq
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed modifications to the Securities Act
restrictions on communications by issuers and underwriters around the
time of an offering. The proposals also include procedural changes in
registration forms and their use to further capital formation. Finally,
the proposals address the requirements for delivery of final
prospectuses.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/17/04 69 FR 67392
NPRM Comment Period End 01/31/05
Final Action 07/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8501.htm
Agency Contact: Daniel Horwood, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-2910
RIN: 3235-AI11
_______________________________________________________________________
4030. DEFINING ``QUALIFIED PURCHASERS''
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78r
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed amendments to Rule 146 to provide a
definition of ``qualified purchaser'' to expand the definition of
``covered securities'' in section 18 of the Securities Act of 1933.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/27/01 66 FR 66839
NPRM Comment Period End 02/25/02
Final Action 04/00/06
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, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2973
RIN: 3235-AI25
_______________________________________________________________________
Securities and Exchange Commission (SEC) Completed Actions
Division of Corporation Finance
_______________________________________________________________________
4031. ASSET-BACKED SECURITIES
Priority: Substantive, Nonsignificant. Major under 5 USC 801.
Legal Authority: 15 USC 77e; 15 USC 78o; 15 USC 78w; 15 USC 77f; 15 USC
77g; 15 USC 77h; 15 USC 77j; 15 USC 77s; 15 USC 78l; 15 USC 78m; 15 USC
78n
CFR Citation: 17 CFR 229; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR
249
Legal Deadline: None
Abstract: The Commission adopted amendments to rules and forms that
specify disclosure requirements for asset-backed securities
transactions.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/13/04 69 FR 26650
NPRM Comment Period End 07/12/04
Final Action 01/07/05 70 FR 1506
Final Action Effective 03/08/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
http://www.sec.gov/rules/final/33-8518.htm
Agency Contact: Jennifer G. Williams, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2910
RIN: 3235-AF74
_______________________________________________________________________
4032. ELECTRONIC SIGNATURES ACT AND INFORMATION DELIVERY UNDER THE
SECURITIES ACT OF 1933
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77z-3; 15 USC 78c(b)
CFR Citation: 17 CFR 230.405
[[Page 28009]]
Legal Deadline: None
Abstract: The Division of Corporation Finance is withdrawing this item
from the Unified Agenda because its subject matter is addressed in a
separate proposal issued under the title Securities Offering Reform,
RIN 3235-AI11.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Withdrawn 05/01/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
Agency Contact: Daniel Horwood, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-2910
Related RIN: Related to 3235-AI11
RIN: 3235-AI82
_______________________________________________________________________
4033. ADDITIONAL FORM F-6 ELIGIBILITY REQUIREMENT RELATED TO THE LISTED
STATUS OF DEPOSITED SECURITIES UNDERLYING AMERICAN DEPOSITARY RECEIPTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77f; 15 USC 77q; 15 USC 77j; 15 USC 77s
CFR Citation: 17 CFR 239.36
Legal Deadline: None
Abstract: The Division of Corporation Finance is withdrawing this item
from the Unified Agenda because the Division does not expect to
recommend Commission consideration of the item within the next 12
months, but the Commission may nonetheless consider this item further
at some date.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/17/03 68 FR 54644
NPRM Comment Period End 10/17/03
Withdrawn 05/01/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8287.htm
Agency Contact: Michael Coco, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-3010
RIN: 3235-AI89
_______________________________________________________________________
4034. FIRST TIME APPLICATION OF INTERNATIONAL FINANCIAL REPORTING
STANDARDS
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 78a
CFR Citation: 17 CFR 249.220f
Legal Deadline: None
Abstract: The Commission adopted amendments to Form 20-F to provide a
one-time accommodation regarding prior period financial statements
prepared under International Financial Reporting Standards (IFRS). This
accommodation, if adopted, would be applicable to foreign private
issuers that are incorporated in a country that has adopted IFRS as the
official national accounting standard for reporting periods beginning
after January 2005.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/18/04 69 FR 12904
NPRM Comment Period End 04/19/04
Final Action 04/20/05 70 FR 20674
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8937a.html
Agency Contact: Michael Coco, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-3010
RIN: 3235-AI92
_______________________________________________________________________
4035. TEMPORARY POSTPONEMENT OF THE PHASE-IN PERIOD FOR ACCELERATION OF
PERIODIC REPORT FILING DATES
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 77c(b); 15 USC 77s(a); 15 USC 78m; 15 USC
78o(d); 15 USC 78w(a)
CFR Citation: 17 CFR 210.3-01; 17 CFR 210.3-09; 17 CFR 210.3-12; 17 CFR
240.13a-10; 17 CFR 240.15d-10
Legal Deadline: None
Abstract: The Commission adopted amendments to its rules that would
postpone for 1 year the final phase-in period for acceleration of the
due dates of quarterly and annual reports required to be filed under
the Exchange Act by companies that are ``accelerated filers,'' as
defined in Exchange Act Rule 12b-2.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/01/04 69 FR 53550
NPRM Comment Period End 10/01/05
Final Action 11/17/04 69 FR 68232
Final Action Effective 11/17/04
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/final/33-8507.pdf
Agency Contact: Jennifer G. Williams, Division of Corporation Finance,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-2910
RIN: 3235-AJ30
_______________________________________________________________________
4036. XBRL VOLUNTARY FINANCIAL REPORTING PROGRAM ON THE EDGAR SYSTEM
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 78a et seq; 15 USC 80a et seq
CFR Citation: 17 CFR 232.401; 17 CFR 232.402; 17 CFR 232.11; 17 CFR
232.305; 17 CFR 229.601; 17 CFR 228.601; 17 CFR 228.10 et seq; 17 CFR
240.13a-14; 17 CFR 240.15d-14; 17 CFR 270.8b-1; 17 CFR 270.8b-2; 17 CFR
270.30a-2; 17 CFR 249.220f; 17 CFR 249.306
Legal Deadline: None
Abstract: The Commission adopted rules that enable registrants to
submit voluntarily supplemental tagged financial information using
Extensible Business Reporting Language Format as exhibits to their
EDGAR filings under the Exchange Act and the Investment Company Act.
[[Page 28010]]
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/01/04 69 FR 59094
NPRM Comment Period End 11/01/04
Final Action 02/08/05 70 FR 6556
Final Action Effective 03/16/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
Federalism: Undetermined
URL For More Information:
http://www.sec.gov/rules/final/33-8529.htm
Agency Contact: Mark W. Green, Senior Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549-0301
Phone: 202 942-2910
Fax: 202 942-9624
Email: greenm@sec.gov
RIN: 3235-AJ32
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Division of Investment Management
_______________________________________________________________________
4037. 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 of Investment Management is considering
recommending that the Commission update the books and records
requirements for investment advisers.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Don L. Evans, Office of Investment Adviser Regulation,
Division of Investment Management, Securities and Exchange Commission,
450 5th Street NW, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AH24
_______________________________________________________________________
4038. 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 of Investment Management is considering
recommending that the Commission amend the rule and the form under the
Investment Company Act of 1940 that prescribe the method by which
certain investment companies calculate and pay registration fees under
the Securities Act of 1933 and Rule 457 under the Securities Act that
allows for the offset of registration fees in cases of overpayment. The
amendments would make clear that funds must pay interest on late
filings at the time of the late filing, allow funds to use excess
filing fees resulting from erroneous overpayments with Form 24F-2
filings as an offset against future registration fees due with Form
24F-2 filings, and make technical corrections to the form.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Ruth Armfield Sanders, Division of Investment
Management, Securities and Exchange Commission, 450 5th Street NW,
Washington, DC 20549
Phone: 202 551-6960
RIN: 3235-AI84
_______________________________________________________________________
4039. 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 of Investment
Management 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 05/00/05
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, 450 5th Street NW, Washington, DC
20549
Phone: 202 551-6784
RIN: 3235-AI94
_______________________________________________________________________
4040. 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
[[Page 28011]]
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 04/00/06
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/concept/34-48966.htm
Agency Contact: Vincent M. Meehan, Office of Regulatory Policy,
Division of Investment Management, Securities and Exchange Commission,
450 5th Street NW, Washington, DC 20549-0506
Phone: 202 551-6792
RIN: 3235-AJ06
_______________________________________________________________________
4041. 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 of Investment Management 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 05/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division
of Investment Management, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 551-6960
RIN: 3235-AF93
_______________________________________________________________________
4042. 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 of Investment Management is considering whether
to recommend revisions to the cash solicitation rule.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 08/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Agency Contact: Catherine E. Marshall, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6786
Email: marshallc@sec.gov
RIN: 3235-AH33
_______________________________________________________________________
4043. REGIONAL TRANSMISSION ORGANIZATIONS AND INDEPENDENT TRANSMISSION
COMPANIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 79c
CFR Citation: 17 CFR 250.18; 17 CFR 250.40; 17 CFR 250.44; 17 CFR 250.6
Legal Deadline: None
Abstract: The Division of Investment Management is considering
recommending a proposal to the Commission to deem an ``independent
transmission company'' as defined by the rule not to be a
``subsidiary,'' ``company,'' or ``affiliate'' of a registered holding
company. The rule is intended to facilitate the Federal Energy
Regulatory Commission's Order No. 2000, Regional Transmission
Organizations.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 04/00/06
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
Agency Contact: Victoria J. Adraktas, Office of Public Utility
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6944
Email: adraktasv@sec.gov
RIN: 3235-AI27
_______________________________________________________________________
4044. EXEMPTIONS FROM SECTION 17(C) OF THE PUBLIC UTILITY HOLDING
COMPANY ACT REGARDING OFFICERS AND DIRECTORS OF REGISTERED HOLDING
COMPANIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 79q(c)
CFR Citation: 17 CFR 250.70
Legal Deadline: None
Abstract: The Division of Investment Management is considering
recommending that the Commission propose revisions to existing Rule 70
under the Public Utility Holding Company Act to update the exemptions
to reflect current industry conditions.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: David B. Smith, Office of Public Utility Regulation,
[[Page 28012]]
Division of Investment Management, Securities and Exchange Commission,
450 5th Street NW, Washington, DC 20549
Phone: 202 551-6944
RIN: 3235-AI59
_______________________________________________________________________
4045. EXEMPTION OF HOLDING COMPANIES WHICH ARE INTRASTATE OR
PREDOMINANTLY OPERATING COMPANIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 79c
CFR Citation: None
Legal Deadline: None
Abstract: The Division is considering recommending that the Commission
propose an amendment to Form U-3A-2 under Rule 2 under the Public
Utility Holding Company Act to determine the exempt status of certain
holding companies.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 09/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Federalism: Undetermined
Agency Contact: Victoria J. Adraktas, Office of Public Utility
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6944
Email: adraktasv@sec.gov
RIN: 3235-AJ35
_______________________________________________________________________
Securities and Exchange Commission (SEC) Final Rule Stage
Division of Investment Management
_______________________________________________________________________
4046. 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 has 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 has 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
Final Action 04/00/06
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/ia-1812.htm
Agency Contact: Jennifer L. Sawin, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AH72
_______________________________________________________________________
4047. CERTAIN THRIFT INSTITUTIONS DEEMED NOT TO BE INVESTMENT ADVISERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80b-2(a)(11)(F)
CFR Citation: 17 CFR 275
Legal Deadline: None
Abstract: The Commission proposed excepting from the definition of
investment adviser thrift institutions providing investment advice to
certain clients.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 05/07/04 69 FR 25778
NPRM Comment Period End 07/09/04
Final Action 09/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/34.49639.htm
Agency Contact: Jennifer L. Sawin, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AI16
_______________________________________________________________________
4048. 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 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
amendments to Form ADV and the final amendments to part 1 of Form ADV
under RIN 3235-AD21. The Commission deferred adoption of the final
amendments to part 2 of Form ADV. The Division of Investment Management
plans to recommend that the Commission seek further public comment.
Final action on amendments to part 2 of the Form ADV (and related
rules), if approved by
[[Page 28013]]
the Commission, will be published under RIN 3235-AI17.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 04/05/00 65 FR 20524
NPRM Comment Period End 06/13/00
Other 05/00/05
Final Action 12/00/05
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: Daniel Seth Kahl, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6787
Related RIN: Related to 3235-AD21
RIN: 3235-AI17
_______________________________________________________________________
4049. FUND OF FUNDS INVESTMENTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(J); 15 USC 80a-
37(a)
CFR Citation: 17 CFR 12d1-1; 17 CFR 12d1-2; 17 CFR 12d1-3
Legal Deadline: None
Abstract: The Commission proposed new rules that would (i) allow
investment companies to purchase securities issued by money market
funds in excess of limits on those investments under the Investment
Company Act of 1940 and (ii) alleviate certain investment and other
restrictions on investment companies that invest in other investment
companies (funds of funds). The Commission also proposed amendments to
the forms that investment companies use to register under the
Investment Company Act and offer their shares under the Securities Act
of 1933. The proposed amendments would require registered funds to
disclose the aggregate costs of investing in other funds.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/08/03 68 FR 58226
NPRM Comment Period End 12/03/03
Final Action 07/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8297.htm
Agency Contact: Dalia Osman Blass, Division of Investment Management,
Securities and Exchange Commission, 450 5th Street, Washington, DC
20549-0506
Phone: 202 551-6792
RIN: 3235-AI30
_______________________________________________________________________
4050. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY
CONTRACTS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-6(c)
CFR Citation: 17 CFR 270.15a-5; 17 CFR 210.6-07; 17 CFR 274.11A; 17 CFR
240.14a-10
Legal Deadline: None
Abstract: The Commission proposed a new rule to allow certain types of
funds or their investment advisers to enter into subadvisory agreements
for investment management services without obtaining shareholder
approval.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/29/03 68 FR 61720
NPRM Comment Period End 01/08/04
Final Action 07/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/33-8372.htm
Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division
of Investment Management, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 551-6792
RIN: 3235-AH80
_______________________________________________________________________
4051. AMENDMENTS TO RULES GOVERNING PRICING OF MUTUAL FUND SHARES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-22(c); 15 USC 80a-37(a)
CFR Citation: 17 CFR 270.22c-1
Legal Deadline: None
Abstract: The Commission proposed amendments to Rule 22c-1 that would
provide that an order to purchase or redeem mutual fund shares would
receive the current day's price only if the fund, designated transfer
agents, or a registered securities clearing agency receives the order
by the time the fund establishes for calculating its net asset value.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/17/03 68 FR 70388
NPRM Comment Period End 02/06/04
Final Action 08/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/ic-26288.htm
Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division
of Investment Management, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 551-6792
RIN: 3235-AJ01
_______________________________________________________________________
4052. 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: The Commission adopted amendments to Regulation S-P to
implement sections 214 and 216 of the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act).
[[Page 28014]]
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/14/04 69 FR 42302
NPRM Comment Period End 08/13/04
Second NPRM 09/20/04 69 FR 56304
Second NPRM Comment Period End 10/20/04
Final Rule 12/08/04 69 FR 71322
Final Rule Effective 01/11/05
Final Action 09/00/05
Regulatory Flexibility Analysis Required: Undetermined
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/final/34-50781.pdf
Agency Contact: Vincent Meehan, Division of Investment Management,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 551-6792
RIN: 3235-AJ24
_______________________________________________________________________
4053. DEFINITION OF ELIGIBLE PORTFOLIO COMPANY UNDER THE INVESTMENT
COMPANY ACT OF 1940
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 80a-2(a)(46)(C)(iv); 15 USC 80a-37(a); 15 USC
80a-6(c)
CFR Citation: 17 CFR 270.2a-46; 17 CFR 270.55a-1
Legal Deadline: None
Abstract: The Commission proposed two new rules under the Investment
Company Act to modernize the definition of ``eligible portfolio
company'' by creating a new standard for delineating those companies
that do not have ready access to the public capital markets. The rules
are designed to realign the definition of eligible investment company
in a manner that would promote the flow of capital to small,
developing, and financially troubled companies.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/08/04 69 FR 64816
NPRM Comment Period End 01/07/05
Final Action 09/00/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/proposed/ic-26647.htm
Agency Contact: Rochelle Kauffman-Plesset, Office of the Chief Counsel,
Division of Investment Management, Securities and Exchange Commission,
450 5th Street NW, Washington, DC 20549
Phone: 202 551-6840
RIN: 3235-AJ31
_______________________________________________________________________
4054. RULEMAKING FOR EDGAR SYSTEM
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC
77s(a); 15 USC 78c; 15 USC 781; 15 USC 78m; 15 USC 78n; 15 USC 78o(d);
15 USC 78w(a); 15 USC 78ll; 15 USC 77sss; 15 USC 79c; 15 USC 79e; 15
USC 79f; 15 USC 79g; 15 USC 79j; 15 USC 79l; 15 USC 79m; 15 USC 79n; 15
USC 79q; 15 USC 79t; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-30; 15 USC
80a-37
CFR Citation: 17 CFR 232.101 to 232.601
Legal Deadline: None
Abstract: In connection with the ongoing modernization of the
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, the
Commission proposed amendments to existing rules and forms to make
technical and clarifying corrections and to expand the categories of
mandatory electronic filings and to identify series and classes for
certain investment company filings.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/23/04 69 FR 13690
NPRM Comment Period End 05/24/04
Final Action 05/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8401.htm
Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division
of Investment Management, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 551-6960
RIN: 3235-AI18
_______________________________________________________________________
4055. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY
COMPANIES; SUBSIDIARIES AUTHORIZED TO PERFORM SERVICES OR CONSTRUCTION
OR TO SELL GOODS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 79e; 15 USC 79f(b); 15 USC 79i(c)(3); 15 USC
79t; 15 USC 79z-5a; 15 USC 79z-5b; 15 USC 79; 15 USC 79j; 15 USC 79l;
15 USC 79m; 15 USC 79n; 15 USC 79o
CFR Citation: 17 CFR 250.55 (New); 17 CFR 250.87 (Revision); 17 CFR
259.56 (Revision); 17 CFR 259.207 (Revision)
Legal Deadline: None
Abstract: Proposed Rule 55 under the Public Utility Holding Company Act
is intended to provide a safe harbor for those acquisitions of one or
more foreign utility companies by a registered holding company that
meet specified criteria. Proposed Rule 56, previously considered in RIN
3235-AF79, clarifies that a subsidiary of a registered holding company
that is engaged exclusively in the business of owning an interest in
one or more foreign utility companies will be deemed a foreign utility
company. The proposed amendment to Rule 87 would require registered
holding companies to obtain Commission approval of intrasystem
agreements involving foreign utility companies and exempt wholesale
generators.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/15/93 58 FR 13719
NPRM Comment Period End 04/14/93
Second NPRM 02/07/01 66 FR 9247
Second NPRM Comment Period End 04/09/01
Final Action 10/00/05
[[Page 28015]]
Regulatory Flexibility Analysis Required: No
Small Entities Affected: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/35-27342.htm
Agency Contact: Alberto Zapata, Division of Investment Management,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 551-6944
Related RIN: Related to 3235-AF79
RIN: 3235-AF78
_______________________________________________________________________
Securities and Exchange Commission (SEC) Completed Actions
Division of Investment Management
_______________________________________________________________________
4056. CERTAIN BROKER-DEALERS DEEMED NOT TO BE INVESTMENT ADVISERS
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 80b-2(a)(11)(F); 15 USC 80b-11(a)
CFR Citation: 17 CFR 275.202(a)(11)-1
Legal Deadline: None
Abstract: The Commission adopted a final rule, which excludes from the
definition of investment adviser those broker-dealers offering certain
nondiscretionary, full-service brokerage programs so long as the
investment advice provided is solely incidental to the brokerage
services and other conditions are satisfied. The final rule also
addresses services that will be considered solely incidental to
brokerage.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 11/10/99 64 FR 61226
NPRM Comment Period End 01/14/00
NPRM Comment Period Reopened 08/20/04 69 FR 51620
NPRM Comment Period End 09/22/04
Second NPRM 01/14/05 70 FR 2716
Second NPRM Comment Period End 02/07/05
Interim Final Rule 01/14/05 70 FR 2712
Interim Final Rule Effective 01/06/05
Final Action 04/19/05 70 FR 20454
Final Action Effective 05/23/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
http://www.sec.gov/rules/proposed/34-50980.htm
Agency Contact: Jennifer L. Sawin, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AH78
_______________________________________________________________________
4057. REGISTRATION UNDER THE ADVISERS ACT OF CERTAIN HEDGE FUND ADVISERS
Priority: Other Significant. Major under 5 USC 801.
Legal Authority: 15 USC 204; 15 USC 205(e); 15 USC 206(4); 15 USC 206A;
15 USC 211(a)
CFR Citation: 17 CFR 203(b)(3)-2
Legal Deadline: None
Abstract: The Commission adopted Rule 203(b)(3)-2 and related
amendments that require certain advisers to hedge funds to register
under the Investment Advisers Act of 1940.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 07/28/04 69 FR 45172
NPRM Comment Period End 09/15/04
Final Action 12/10/04 69 FR 72054
Final Action Effective 02/10/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/final/ia-2333.htm
Agency Contact: Jennifer L. Sawin, Office of Investment Adviser
Regulation, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6787
RIN: 3235-AJ25
_______________________________________________________________________
4058. DISCLOSURE REGARDING PORTFOLIO MANAGERS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a-1 et
seq
CFR Citation: 17 CFR 270.30a-2; 17 CFR 274.11A; 17 CFR 274.11a-1; 17
CFR 274.11b ; 17 CFR 274.128 ; 17 CFR 239.14; 17 CFR 239.15A ; 17 CFR
239.17a; 17 CFR 249.331
Legal Deadline: None
Abstract: The Commission adopted amendments that require improved
disclosure regarding fund portfolio managers, including disclosure
regarding the structure of portfolio manager compensation, ownership of
shares of the funds, and other investment companies or accounts that
are managed by a portfolio manager to a registered fund.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/17/04 69 FR 12752
NPRM Comment Period End 05/21/04
Final Rule 08/27/04 69 FR 52788
Final Action Effective 10/01/04 69 FR 76022
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/final/33-8458.htm
Agency Contact: Sanjay Lamba, Senior Counsel, Division of Investment
Management, Securities and Exchange Commission, 450 5th Street NW,
Washington, DC 20549
Phone: 202 551-6771
RIN: 3235-AJ16
[[Page 28016]]
_______________________________________________________________________
4059. MUTUAL FUND REDEMPTION FEES
Priority: Substantive, Nonsignificant. Major under 5 USC 801.
Legal Authority: 15 USC 80a-11(a); 15 USC 80a-22(c); 15 USC 80a-37(a)
CFR Citation: 17 CFR 270.22c-2; 17 CFR 270.11a-3
Legal Deadline: None
Abstract: The Commission proposed new Rule 22c-2 under the Investment
Company Act to require mutual funds (with certain exceptions) to impose
a 2 percent fee on the redemption of fund shares purchased within the
previous 5 business days. On March 3, 2005, the Commission voted to
adopt new Rule 22c-2, which requires boards of mutual funds that redeem
shares within 7 days to (i) adopt a redemption fee of no more than 2
percent or (ii) determine that a redemption fee is not necessary or
appropriate for the fund. The rule also requires funds that redeem
shares within 7 days to enter into agreements obligating their
intermediaries to (i) provide certain shareholder trading information
and (ii) enforce the fund's market timing policies. The Commission also
requested comment to obtain further views on whether it should
establish uniform standards for redemption fees that funds choose to
charge under the rule.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/11/04 69 FR 11762
NPRM Comment Period End 05/10/04
Final Action 03/18/05 70 FR 13328
Final Action Effective 05/23/05
Regulatory Flexibility Analysis Required: No
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/final/ic-26782.pdf
Agency Contact: William C. Middlebrooks Jr., Office of Regulatory
Policy, Division of Investment Management, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6792
Email: middlebrooks@sec.gov
RIN: 3235-AJ17
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Division of Market Regulation
_______________________________________________________________________
4060. 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 of Market Regulation plans to recommend that the
Commission propose final rules replacing the temporary rules.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 10/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Thomas K. McGowan, Office of Risk Management, Division
of Market Regulation, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 942-4886
Fax: 202 942-9553
RIN: 3235-AH06
_______________________________________________________________________
4061. 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 of Market Regulation is considering recommending
to the Commission to 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 09/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Sean P. O'Malley, Special Counsel, Division of Market
Regulation, Securities and Exchange Commission, 450 5th Street NW,
Washington, DC 20549
Phone: 202 942-0734
RIN: 3235-AI83
_______________________________________________________________________
4062. SECURITIES TRANSACTIONS SETTLEMENT
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78q-1
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Securities and Exchange Commission is seeking comment on
methods to improve the safety and operational efficiency of the U.S.
clearance and settlement system and to help the U.S. securities
industry achieve straight-through processing. The concept release
focuses on trade confirmation and affirmation processes, shortening the
settlement cycle, and reducing the use of physical securities.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 03/18/04 69 FR 12922
ANPRM Comment Period End 06/16/04
NPRM 08/00/05
Regulatory Flexibility Analysis Required: No
[[Page 28017]]
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/concept/33-8398.htm
Agency Contact: Jerry Carpenter, Division of Market Regulation,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-4187
Fax: 202 942-9695
Email: carpenterj@sec.gov
RIN: 3235-AJ19
_______________________________________________________________________
4063. CONCEPT RELEASE CONCERNING SELF-REGULATION
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: not applicable
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 04/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/concept/34-50700.htm
Agency Contact: Nancy J. Sanow, Office of Market Supervision, Division
of Market Regulation, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 942-0796
Fax: 202 942-9695
Email: sanown@sec.gov
RIN: 3235-AJ36
_______________________________________________________________________
4064. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE
OFFERS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4);
15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-
1(d)(1); 15 USC 78w(a)
CFR Citation: 17 CFR 240.17Ad-14
Legal Deadline: None
Abstract: The Commission proposed amendments to Rule 17Ad-14 under the
Securities Exchange Act of 1934. The amendments would require the
establishment of book-entry accounts in connection with reorganization
events and would provide securities depositories within 3 business days
after the expiration of a tender offer, exchange offer, or
reorganization event in which 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 10/00/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-40386.htm
Agency Contact: Matthew Landon, Special Counsel, Division of Market
Regulation, Securities and Exchange Commission, 450 5th Street NW,
Washington, DC 20549-1001
Phone: 202 824-5267
Fax: 202 924-9695
Email: landonm@sec.gov
RIN: 3235-AH53
_______________________________________________________________________
4065. RATING AGENCIES AND THE USE OF CREDIT RATINGS UNDER THE FEDERAL
SECURITIES LAWS
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: In June 2003, the Commission issued a concept release as part
of its review of the role of credit rating agencies in the operation of
the securities markets. The Commission has sought comment on various
issues relating to credit rating agencies, including whether credit
ratings should continue to be used for regulatory purposes under the
Federal securities laws and, if so, the process of determining whose
credit ratings should be used and the level of oversight to apply to
such credit rating agencies. On March 3, 2005, the Commission voted to
propose a rule to define the term ``nationally recognized statistical
rating organization.''
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/30/97 62 FR 68018
NPRM Comment Period End 03/02/98
ANPRM 06/12/03 68 FR 35258
ANPRM Comment Period End 07/28/03
NPRM 04/25/05 70 FR 21306
NPRM Comment Period End 06/09/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Additional Information: This proposal was based in part on comments
received in response to a concept release (RIN 3235-AG41; 59 FR 46314),
which is now combined in this rulemaking.
URL For More Information:
www.sec.gov/rules/concept/33-8236htm
Agency Contact: Thomas K. McGowan, Office of Risk Management, Division
of Market Regulation, Securities and Exchange Commission, 450 5th
Street NW, Washington, DC 20549
Phone: 202 942-4886
Fax: 202 942-9553
Related RIN: Related to 3235-AG41
RIN: 3235-AH28
[[Page 28018]]
_______________________________________________________________________
Securities and Exchange Commission (SEC) Final Rule Stage
Division of Market Regulation
_______________________________________________________________________
4066. REGULATION B
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Unfunded Mandates: Undetermined
Legal Authority: 15 USC 77g; 15 USC 77q(a); 15 USC 77s(a); 15 USC 78b ;
15 USC 78c; 15 USC 78g(c)(2); 15 USC 78i(a); 15 USC 78j; 15 USC 78k-
1(c); 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(b); 15 USC 78o(c);
15 USC 78o(g); 15 USC 78q(a); 15 USC 78q(b); 15 USC 78q(h); 15 USC
78w(a); 15 USC 78dd-1; 15 USC 78mm; 15 USC 80a-23; 15 USC 80a-29; 15
USC 80a-37
CFR Citation: 17 CFR 242.710 to 242.781
Legal Deadline: None
Abstract: The Commission proposed Regulation B, which would grant new
exemptions for banks from the definition of the term ``broker'' and
broaden a number of existing exemptions already available to banks,
savings associations, and savings banks that effect transactions in
securities.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/30/04 69 FR 39682
NPRM Comment Period Extended 07/28/04 69 FR 44988
NPRM Comment Period End 09/01/04
Final Action 09/00/05
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, Attorney Fellow, Division of
Market Regulation, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-0073
Fax: 202 942-9645
Related RIN: Related to 3235-AI19
RIN: 3235-AJ28
_______________________________________________________________________
4067. 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 has proposed new Rules 15c2-2 and 15c2-3 under
the Securities and Exchange Act of 1934, 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, and 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 07/00/05
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: Joshua Kans, Office of Market Supervision, Division of
Market Regulation, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-0079
Fax: 202 942-9645
Email: kansj@sec.gov
Related RIN: Related to 3235-AJ12, Related to 3235-AJ13, Related to
3235-AJ14
RIN: 3235-AJ11
_______________________________________________________________________
4068. RULE 15C2-3: POINT-OF-SALE DISCLOSURE FOR PURCHASE TRANSACTIONS IN
OPEN-END MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST
INTERESTS, AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SVGS
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 has proposed new Rules 15c2-2 and 15c2-3 under
the Securities Exchange Act of 1934, 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, and 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 07/00/05
[[Page 28019]]
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: Joshua Kans, Office of Market Supervision, Division of
Market Regulation, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-0079
Fax: 202 942-9645
Email: kansj@sec.gov
Related RIN: Related to 3235-AJ11, Related to 3235-AJ13, Related to
3235-AJ14
RIN: 3235-AJ12
_______________________________________________________________________
4069. 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 has proposed new Rules 15c2-2 and 15c2-3 under
the Securities Exchange Act of 1934, 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, and 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 07/00/05
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: Joshua Kans, Office of Market Supervision, Division of
Market Regulation, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-0079
Fax: 202 942-9645
Email: kansj@sec.gov
Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to
3235-AJ14
RIN: 3235-AJ13
_______________________________________________________________________
4070. 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 has proposed new Rules 15c2-2 and 15c2-3 under
the Securities Exchange Act of 1934, 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, and also
would clarify that the confirmation disclosure requirements do not
determine broker-dealer disclosure obligations under 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 07/00/05
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: Joshua Kans, Office of Market Supervision, Division of
Market Regulation, Securities and Exchange Commission, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-0079
Fax: 202 942-9645
Email: kansj@sec.gov
Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to
3235-AJ13
RIN: 3235-AJ14
_______________________________________________________________________
4071. REGULATION NMS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78b ; 15 USC 78c(b); 15 USC 78e; 15 USC 78f; 15
USC 78k-1; 15 USC 78o; 15 USC 78e-3; 15 USC 78q(a); 15 USC 78q(b); 15
USC 78s; 15 USC 78w(a); 15 USC 78mm
CFR Citation: 17 CFR 240.11Aa3-2(c)(i); 17 CFR 240.600-612 (new); 17
CFR 240.11a3-1 (revision); 17 CFR 240.11Aa2-1 (repealed); 17 CFR
200.30-3 (revision); 17 CFR 230.144 (revision); 17 CFR 230.13-1
(revision); 17 CFR 240.11Aa2-1 to 11Ae 1-6 (redesignated); 17 CFR
249.001 (revision)
Legal Deadline: None
Abstract: The Securities and Exchange Commission published Regulation
NMS for public comment. In addition to redesignating the existing
national market system rules adopted under section 11A of the
Securities Exchange
[[Page 28020]]
Act of 1934, Regulation NMS would incorporate four substantive
proposals that are designed to enhance and modernize the regulatory
structure of the U.S. equity markets. First, the Commission proposed a
uniform rule for all NMS market centers that, subject to certain
exceptions, would require a market center to implement policies and
procedures reasonably designed to prevent ``trade-throughs''--the
execution of an order in its market at a price that is inferior to a
price displayed in another market. Second, the Commission proposed a
market access rule that would modernize the terms of access to
quotations and execution of orders in the national market system. The
third proposal would prohibit market participants from accepting,
ranking, or displaying orders, quotes, or indications of interest in a
pricing increment finer than a penny, except for securities with a
share price of below $1.00. Finally, the Commission proposed amendments
to the rules and joint industry plans for disseminating market
information to the public that, among other things, would reward
markets for more broadly based contributions to public discovery.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 03/09/04 69 FR 11125
NPRM Comment Period End 05/24/04
NPRM Comment Period Extended 05/26/04 69 FR 30142
NPRM Comment Period End 06/30/04
Second NPRM 12/16/04 69 FR 77424
Second NPRM Comment Period End 01/26/05
Final Action 05/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-50870fr.pdf
Agency Contact: David Hsu, Special Counsel, Securities and Exchange
Commission, Division of Market Regulation, 450 5th Street NW,
Washington, DC 20549
Phone: 202 942-0731
RIN: 3235-AJ18
_______________________________________________________________________
4072. FAIR ADMINISTRATION AND GOVERNANCE OF SELF-REGULATORY
ORGANIZATIONS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c; 15 USC 78o-3; 15 USC 78q; 15 USC 78w
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission proposed new rules and amendments to existing
rules and forms under the Securities Exchange Act. The proposals
pertain to the oversight and operation of self-regulatory organizations
(SROs) that are national securities exchanges or a national securities
association. The new rules would strengthen the governance and
administration of national securities exchanges and national securities
associations. In addition, the proposal includes amendments to SEC
forms for registration as a national securities exchange or national
securities association to require that those SROs include specified
information relating to their governance, regulatory programs,
financial statements, and ownership structure. Further, the Commission
proposed a new rule to require exchanges and associations to submit
quarterly and annual electronic reports on particular aspects of their
regulatory programs. Finally, the proposal would impose certain checks
on the heightened potential conflicts that arise with demutualized SROs
relating to the ``self-listing'' of the SRO's or affiliate's stock, but
not otherwise seek to regulate controlling shareholders of an SRO.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/08/04 69 FR 71126
NPRM Comment Period End 01/24/05
NPRM Comment Period Extended 01/18/05 70 FR 2829
NPRM Comment Period End 03/08/05
Final Action 09/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: Undetermined
URL For More Information:
http://www.sec.gov/rules/proposed/34-50699.html
Agency Contact: Susie Cho, Office of Market Supervision, Division of
Market Regulation, Securities and Exchange Commission, 450 5th Street
NW, Washington , DC 20549
Phone: 202 942-0748
Fax: 202 942-9695
Email: chos@sec.gov
RIN: 3235-AJ33
_______________________________________________________________________
4073. AMENDMENTS TO THE PENNY STOCK RULES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78c(a)(51)(B); 15 USC 78c(b); 15 USC 78o(g); 15
USC 78w(a)
CFR Citation: 17 CFR 240.15g-2(c); 17 CFR 240.15g-9(e); 17 CFR 240.3a-
51A; 17 CFR 240.15g-100
Legal Deadline: None
Abstract: On January 8, 2004, the Commission proposed amending Rules
15g-2 and 15g-9, the definition of ``penny stock'' found at Rule 3a51-1
and the penny stock risk disclosure document set forth in Rule 15g-100,
to address market changes, evolving communications, and recent
legislative developments.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 01/08/04 69 FR 2531
NPRM Comment Period End 03/16/04
Final Action 05/00/05
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-49037.htm
Agency Contact: Norman Reed, Division of Market Regulation, Securities
and Exchange Commission, Division of Market Regulation, 450 5th Street
NW, Washington, DC 20459
Phone: 202 942-7901
RIN: 3235-AI02
[[Page 28021]]
_______________________________________________________________________
4074. REMOVAL FROM LISTING AND REGISTRATION OF SECURITIES PURSUANT TO
SECTION 12(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 78C; 15 USC 781; 15 USC 78W(a)
CFR Citation: 17 CFR 240.12d2-2; 17 CFR 249.25; 17 CFR 240.19d-1
Legal Deadline: None
Abstract: The Commission proposed to streamline the procedures for
removing from listing and from registration, securities under section
12(d) of the Securities Exchange Act of 1934 (Exchange Act).
Specifically, the Commission proposed to amend Rule 12d2-2 and Form 25,
so that the Commission would no longer issue an order to remove a
security from listing and registration on a national securities
exchange. Instead, all issuers and national securities exchanges
seeking to delist and deregister a security in accordance with the
rules of an exchange would file a revised Form 25 with the Commission.
The Commission also proposed to amend Rule 19d-1 under the Exchange Act
to require exchanges to file revised Form 25 as notice to the
Commission under section 19(d) of the Exchange Act. Finally, the
Commission proposed to exempt options and security futures from section
12(d) of the Exchange Act.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/22/04 69 FR 34860
NPRM Comment Period End 07/22/04
Final Action 08/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/34-49858.htm
Agency Contact: Susie Cho, Special Counsel, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0748
Fax: 202-942-9695
Email: chos@sec.gov
RIN: 3235-AJ04
_______________________________________________________________________
4075. [bull] 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 08/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
http://www.sec.gov/rules/proposed/33-8511.html
Agency Contact: James A. Brigagliano, Assistant Director, Office of
Risk Management, Division of Market Regulation, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0772
Related RIN: Related to 3235-AJ00, Related to 3235-AF54
RIN: 3235-AJ37
_______________________________________________________________________
Securities and Exchange Commission (SEC) Long-Term Actions
Division of Market Regulation
_______________________________________________________________________
4076. REQUEST FOR COMMENT ON THE REGULATION OF NASDAQ PETITION RELATING
TO NASDAQ LISTED SECURITIES
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Unfunded Mandates: Undetermined
Legal Authority: 15 USC 78f(b)(1); 15 USC 78o-3(b)(2); 15 USC
78F(b)(5); 15 USC 78f(b)(8); 15 USC 78o-3(b)(6); 15 USC 78o-3(b)(9)
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission requested comment on a petition submitted by
the NASDAQ Stock Market, Inc., concerning the regulation of NASDAQ-
listed securities. Specifically, NASDAQ requested that the Commission
amend the rules of all markets that trade NASDAQ-listed securities to
establish uniform trading rules, and to ensure equal surveillance and
enforcement of those rules; order that the exchanges' costs of
regulation, including costs associated with proper data collection,
surveillance, and enforcement, be aggregated and deducted from the
market data revenue collected pursuant to the NASDAQ Unlisted Trading
Privileges Plan; and prohibit the launch or continuation of NASDAQ
trading by any market that fails to protect investors as required under
the Securities Exchange Act of 1934. In addition, the Commission
requested comment on whether the same actions would be appropriate for
the regulation
[[Page 28022]]
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: Chris Stone, Division of Market Regulation, Securities
and Exchange Commission, Division of Market Regulation, 450 5th Street
NW, Washington, DC 20549
Phone: 202 942-7938
Email: stonec@sec.gov
RIN: 3235-AI86
_______________________________________________________________________
4077. 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 modestly 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
Final Action To Be Determined
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposal/34-41110.htm
Agency Contact: James A. Brigagliano, Assistant Director, Office of
Risk Management, Division of Market Regulation, Securities and Exchange
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0772
RIN: 3235-AH40
_______________________________________________________________________
4078. CONCEPT RELEASE: COMPETITIVE DEVELOPMENTS IN THE OPTIONS MARKETS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: Not Yet Determined
CFR Citation: Not Yet Determined
Legal Deadline: None
Abstract: The Commission published a concept release discussing changes
in the U.S. options market since the start of widespread multiple
trading of options in 1999 that have had the greatest impact on
competition. The release sought comment on, among other things, the
impact on the marketplace of payment for order flow, specialist
guarantees, and internalization; whether the Commission should extend
Exchange Act Rules 11Ac1-4 and 11Ac1-5 to the options markets; and
whether options should be quoted in penny increments.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 02/09/04 69 FR 6124
ANPRM Comment Period End 04/09/04
NPRM To Be Determined
Regulatory Flexibility Analysis Required: No
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/concept/34-49175.htm
Agency Contact: Heather Seidel, Division of Market Regulation,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-0788
Email: seidelh@sec.gov
RIN: 3235-AJ15
_______________________________________________________________________
Securities and Exchange Commission (SEC) Completed Actions
Division of Market Regulation
_______________________________________________________________________
4079. ISSUER RESTRICTIONS OR PROHIBITIONS ON OWNERSHIP BY SECURITIES
INTERMEDIARIES
Priority: Substantive, Nonsignificant
Legal Authority: 15 USC 78c; 15 USC 78d; 15 USC 78e; 15 USC 78f; 15 USC
78g; 15 USC 78i; 15 USC 78j; 15 USC 78j-1; 15 USC 78k; 15 USC 78l; 15
USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78q-1;
15 USC 78s; 15 USC 78u-5; 15 USC 78w; 15 USC 78x; 15 USC 78ll; 15 USC
78mm
CFR Citation: 17 CFR 240.17Ad-20
Legal Deadline: None
Abstract: The Commission adopted a rule under section 17A of the
Exchange Act to bar registered transfer agents from effecting transfers
in equity securities registered under sections 12 or 15(d) of the
Exchange Act to or from securities intermediaries if those transfers
are restricted or prohibited. The rule defines a ``securities
intermediary'' as a clearing agency registered under section 17A of the
Exchange Act or a person, bank, broker, or dealer that in the ordinary
course
[[Page 28023]]
of business maintains securities accounts for others. The rule also
defines equity securities for purposes of the rule.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/10/04 69 FR 32784
NPRM Comment Period End 07/12/04
Final Action 12/07/04 69 FR 70852
Final Action Effective 03/07/05
Regulatory Flexibility Analysis Required: Yes
Small Entities Affected: Businesses
Government Levels Affected: None
URL For More Information:
http://www.sec.gov/rules/final/34-50758a.htm
Agency Contact: Jerry Carpenter, Division of Market Regulation,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-4187
Fax: 202 942-9695
Email: carpenterj@sec.gov
RIN: 3235-AJ26
_______________________________________________________________________
Securities and Exchange Commission (SEC) Proposed Rule Stage
Offices and Other Programs
_______________________________________________________________________
4080. 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 exercise its authority under the
Sarbanes-Oxley Act to propose rules that would:
(1) Define the term ``PCAOB Rule;''
(2) Establish a PCAOB record retention requirement;
(3) Establish procedures for the Commission's interim review of PCAOB
inspection reports; and
(4) Clarify certain PCAOB rulemaking requirements.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/05
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
Federalism: Undetermined
Agency Contact: Sandra Folsom Kinsey, Office of the Chief Accountant,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-4400
Fax: 292-942-9656
Email: kinseys@sec.gov
RIN: 3235-AJ34
_______________________________________________________________________
Securities and Exchange Commission (SEC) Long-Term Actions
Offices and Other Programs
_______________________________________________________________________
4081. INTERNATIONAL ACCOUNTING STANDARDS
Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq
CFR Citation: 17 CFR 210; 17 CFR 249.220f
Legal Deadline: None
Abstract: The Commission staff has reviewed comments received in
response to a concept release on whether the Commission should
recognize accounting standards promulgated by the International
Accounting Standards Board for purposes of cross-border offerings and
listings by foreign companies. The staff is monitoring the development
and implementation of international accounting standards for
consideration in drafting appropriate rule proposals and
recommendations to the Commission.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
ANPRM 02/23/00 65 FR 8896
ANPRM Comment Period End 05/23/00
NPRM To Be Determined
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: Undetermined
URL For More Information:
www.sec.gov/rules/concept/34-42430.htm
Agency Contact: Susan Koski-Grafer, Office of the Chief Accountant,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-4400
RIN: 3235-AH65
_______________________________________________________________________
4082. 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
[[Page 28024]]
counsel or the chief executive officer of the company (or the
equivalent thereof) and, if they do not respond appropriately to the
evidence, requiring the attorney to report the evidence to the audit
committee, another committee of independent directors, or the full
board of directors.
The Commission is still considering the ``noisy withdrawal'' provisions
of the original proposal under which attorneys would be required under
certain circumstances to withdraw from representing an issuer and
disclose that fact to the Commission. In the related proposing release,
the Commission discusses that part of the original proposal and seeks
comment on additional alternatives. Although the Commission has not yet
determined the date for the next action in this rulemaking, that does
not necessarily mean that the Commission will not act within the next
12 months.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM for Professional Standard
Rules 12/02/02 67 FR 71670
NPRM Comment Period End 12/18/02
NPRM for ``Noisy Withdrawal''
Rule 02/06/03 68 FR 6324
Final Action for Professional
Standard Rules 02/06/03 68 FR 6296
NPRM for ``Noisy Withdrawal''
Rule Comment Period End 04/07/03
Final Action for Professional
Standard Rules Effective 08/05/03
Final Action on ``Noisy
Withdrawal'' Rule To Be Determined
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
URL For More Information:
www.sec.gov/rules/proposed/33-8185
Agency Contact: Timothy N. McGarey, Office of General Counsel,
Securities and Exchange Commission, 450 5th Street NW, Washington, DC
20549
Phone: 202 942-0914
RIN: 3235-AI72
[FR Doc. 05-6974 Filed 05-13-05; 8:45 am]
BILLING CODE 8010-01-S