Securities and Exchange Commission Semiannual Regulatory Agenda, 22073-22081 [E9-10282]

Download as PDF Monday, May 11, 2009 Part XXI Securities and Exchange Commission Semiannual Regulatory Agenda VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\11MYP21.SGM 11MYP21 22074 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda SECURITIES AND EXCHANGE COMMISSION (SEC) SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33-9020, 34-59634, IA-2858, IC-28679, File No. S7-07-09] Regulatory Flexibility Agenda AGENCY: Securities and Exchange Commission. ACTION: Semiannual regulatory agenda. SUMMARY: The Securities and Exchange Commission is publishing an agenda of its rulemaking actions pursuant to the Regulatory Flexibility Act (RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information in the agenda was accurate on March 25, 2009, the day on which the Commission’s staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries. The Commission is now printing in the Federal Register, along with our preamble, only those agenda entries for which we have indicated that preparation of a Regulatory Flexibility Act analysis is required. The Commission’s complete RFA agenda will be available online at www.reginfo.gov. Comments should be received on or before July 31, 2009. DATES: Comments may be submitted by any of the following methods: ADDRESSES: Electronic comments: • Use the Commission’s Internet comment form (https://www.sec.gov/rules/ other.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number S7-07-09 on the subject line; or • Use the Federal eRulemaking Portal (https://www.regulations.gov). Follow the instructions for submitting comments. Paper comments: • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. S7-07-09. 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 (https://www.sec.gov/rules/other.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General Counsel, 202-551-5019. SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during April and October of each year, to publish in the Federal Register an agenda identifying rules that the agency expects to consider in the next 12 months that are likely to have a significant economic impact on a substantial number of small entities (5 U.S.C. 602(a)). The RFA specifically provides that publication of the agenda does not preclude an agency from considering or acting on any matter not included in the agenda and that an agency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). Actions that do not have an estimated date are placed in the long-term category; the Commission may nevertheless act on items in that category within the next 12 months. The agenda includes new entries, entries carried over from prior publications, and rulemaking actions that have been completed (or withdrawn) since publication of the last agenda. The following abbreviations for the acts administered by the Commission are used in the agenda: ‘‘Securities Act’’—Securities Act of 1933 ‘‘Exchange Act’’—Securities Exchange Act of 1934 ‘‘Investment Company Act’’— Investment Company Act of 1940 ‘‘Investment Advisers Act’’— Investment Advisers Act of 1940 The Commission invites public comment on the agenda and on the individual agenda entries. By the Commission. Dated: March 26, 2009. Elizabeth M. Murphy, Secretary. DIVISION OF CORPORATION FINANCE—Proposed Rule Stage Sequence Number Title Regulation Identifier Number 417 Amendments to Rules Requiring Internet Availability of Proxy Materials .................................................................... 3235–AK25 DIVISION OF CORPORATION FINANCE—Final Rule Stage Sequence Number Title Regulation Identifier Number 418 419 Revisions of Limited Offering Exemptions in Regulation D .......................................................................................... Proxy Disclosure Regarding Executive Compensation and Related Party Transactions ............................................ 3235–AJ88 3235–AI80 VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 PO 00000 Frm 00002 Fmt 1254 Sfmt 1254 E:\FR\FM\11MYP21.SGM 11MYP21 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda 22075 SEC DIVISION OF CORPORATION FINANCE—Completed Actions Sequence Number Title Regulation Identifier Number 420 421 422 Interactive Data To Improve Financial Reporting ......................................................................................................... Electronic Shareholder Forums ..................................................................................................................................... Modernization of Oil and Gas Reporting ....................................................................................................................... 3235–AJ71 3235–AJ92 3235–AK00 DIVISION OF INVESTMENT MANAGEMENT—Proposed Rule Stage Sequence Number Title Regulation Identifier Number 423 424 Political Contributions by Certain Investment Advisers ................................................................................................ Temporary Rule Regarding Principal Trades With Certain Advisory Clients ............................................................... 3235–AH72 3235–AJ96 DIVISION OF INVESTMENT MANAGEMENT—Final Rule Stage Sequence Number Title Regulation Identifier Number 425 Amendments to Form ADV ........................................................................................................................................... 3235–AI17 DIVISION OF INVESTMENT MANAGEMENT—Completed Actions Regulation Identifier Number Sequence Number Title 426 427 Interactive Data for Mutual Fund Risk/Return Summary .............................................................................................. Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Investment Companies ................................................................................................................................................................... Rulemaking for EDGAR System: Mandatory Electronic Submission of Applications for Orders Under the Investment Company Act and Filings Made Pursuant to Regulation E ............................................................................... Indexed Annuities and Certain Other Insurance Contracts .......................................................................................... 428 429 3235–AK13 3235–AJ44 3235–AJ81 3235–AK16 DIVISION OF TRADING AND MARKETS—Proposed Rule Stage Regulation Identifier Number Sequence Number Title 430 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 .................................................... Rule 15c2-3: Point-of-Sale Disclosure of Purchases in Open-End Management Investment Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for Education Savings .......................................... Rule 15c-100: Schedule 15C ........................................................................................................................................ Rule 15c-101: Schedule 15D ........................................................................................................................................ Processing of Reorganization Events, Tender Offers, and Exchange Offers .............................................................. 431 432 433 434 3235–AJ11 3235–AJ12 3235–AJ13 3235–AJ14 3235–AH53 DIVISION OF TRADING AND MARKETS—Final Rule Stage Sequence Number Title Regulation Identifier Number 435 436 Amendments to Regulation SHO .................................................................................................................................. Proposed Rules for Nationally Recognized Statistical Rating Organizations ............................................................... 3235–AK22 3235–AK14 VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 PO 00000 Frm 00003 Fmt 1254 Sfmt 1254 E:\FR\FM\11MYP21.SGM 11MYP21 22076 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda SEC DIVISION OF TRADING AND MARKETS—Long-Term Actions Sequence Number Title Regulation Identifier Number 437 Publication or Submission of Quotations Without Specified Information ...................................................................... 3235–AH40 Securities and Exchange Commission (SEC) Division of Corporation Finance 417. ∑ AMENDMENTS TO RULES REQUIRING INTERNET AVAILABILITY OF PROXY MATERIALS Legal Authority: 15 USC 78c(b); 15 USC 78j; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78w(a); 15 USC 78mm; 15 USC 80a–20; 15 USC 80a–29; 15 USC 80a–37 Proposed Rule Stage Abstract: The Division is considering recommending that the Commission propose revisions to the notice and access model for providing proxy materials to shareholders electronically. Timetable: Action Date NPRM FR Cite 05/00/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Steven Hearne, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 RIN: 3235–AK25 Securities and Exchange Commission (SEC) Division of Corporation Finance 418. REVISIONS OF LIMITED OFFERING EXEMPTIONS IN REGULATION D Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77c(b); 15 USC 77d; 15 USC 77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z–3 Abstract: The Commission proposed a new exemption from the registration provisions of the Securities Act for offers and sales of securities to ‘‘large accredited’’ investors in offerings where each purchaser meets that definition. The Commission also proposed changes to the definition of the term ‘‘accredited investor’’ in Regulation D to reflect developments since its first adoption. Finally, the Commission proposed shortening the timing required by the integration safe harbor in Regulation D and applying uniform updated disqualification provisions to all offerings under Regulations A, D, and E. Timetable: Action NPRM VerDate Nov<24>2008 Date FR Cite 08/10/07 72 FR 45116 08:15 May 08, 2009 Jkt 217001 Final Rule Stage Action Date NPRM Comment Period End Final Action FR Cite Action 10/09/07 07/00/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Anthony G. Barone, Office of Small Business Policy, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3460 RIN: 3235–AJ88 419. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY TRANSACTIONS Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a et seq Abstract: The Division is considering recommending that the Commission propose additional measures to promote clear, cogent, and full disclosure of executive compensation and how compensation decisions are made. PO 00000 Frm 00004 Fmt 1254 Sfmt 1254 Timetable: Date NPRM NPRM Comment Period End Final Rule Final Rule Effective Second NPRM Second NPRM Comment Period End Interim Final Rule Interim Final Rule Effective Interim Final Rule Comment Period End Final Action FR Cite 02/08/06 71 FR 6542 04/10/06 09/08/06 71 FR 53158 11/07/06 09/08/06 71 FR 53267 10/23/06 12/29/06 71 FR 78338 12/29/06 01/29/07 09/00/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Anne Krauskopf, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3500 RIN: 3235–AI80 E:\FR\FM\11MYP21.SGM 11MYP21 22077 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda Securities and Exchange Commission (SEC) Division of Corporation Finance Completed Actions Abstract: The Commission adopted rules requiring companies to provide financial statement information in an interactive data form that will improve its usefulness to investors. Under the rules, financial statement information can be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial off-the-shelf software, and used within investment models in other software formats. 421. ELECTRONIC SHAREHOLDER FORUMS Legal Authority: 15 USC 77c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78w(a) Abstract: The Commission adopted amendments to the proxy rules under the Exchange Act facilitating the creation of electronic shareholder forums; other aspects of the proposed rulemaking, including proposed amendments to enable shareholders to include in company proxy materials their proposals for bylaw amendments regarding procedures for nominating candidates to the board of directors, remain under consideration. Timetable: Timetable: Action 420. INTERACTIVE DATA TO IMPROVE FINANCIAL REPORTING Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 77nnn; 15 USC 77sss; 15 USC 80a et seq; PL 107–204, 116 Stat 745 Action Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 06/10/08 73 FR 32794 08/01/08 02/10/09 74 FR 6776 04/19/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Mark W. Green, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–0301 Phone: 202 551–3430 Email: greenm@sec.gov RIN: 3235–AJ71 Date NPRM NPRM Comment Period End Final Rule Final Rule Effective FR Cite 08/03/07 72 FR 43466 10/02/07 01/25/08 73 FR 4450 02/25/08 Regulatory Flexibility Analysis Required: Yes Agency Contact: Steven Hearne, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 RIN: 3235–AJ92 422. MODERNIZATION OF OIL AND GAS REPORTING Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq Abstract: The Commission adopted revisions to its oil and gas reporting requirements in the current form in Regulation S—K and Regulation S—X under the Securities Act and the Exchange Act. The revisions are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves, which should help investors evaluate the relative value of oil and gas companies. They codify Industry Guide 2 in Regulation S—K, with several additions to, and deletions of, current Industry Guide items. They also harmonize oil and gas disclosures by foreign private issuers with the proposed disclosures for domestic issuers. Timetable: Action Date ANPRM ANPRM Comment Period End NPRM NPRM Comment Period End Final Action Final Action Effective Legal Authority: 15 USC 204; 15 USC 206(4); 15 USC 211(a) Abstract: The Commission proposed new Rule 206(4)-5, which would prohibit an investment adviser from providing advisory services for compensation to a Government client for 2 years after the adviser or any of its partners, executive officers, or solicitors makes a contribution to certain elected officials or candidates. VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 the political contributions made by the adviser or any of its partners, executive officers, or solicitors. The Division is considering recommending that the Commission re-propose a rule related to political contributions made by certain investment advisers. Timetable: Date NPRM NPRM Comment Period End Second NPRM FR Cite 08/10/99 64 FR 43556 11/01/99 10/00/09 Regulatory Flexibility Analysis Required: Yes PO 00000 Frm 00005 01/14/09 74 FR 2158 01/01/10 Agency Contact: Melissa Duru, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3740 RIN: 3235–AK00 Proposed Rule Stage Action The Commission also proposed rule amendments that would require a registered adviser that has Government clients to maintain certain records of 07/09/08 73 FR 39526 09/08/08 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Investment Management 423. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS FR Cite 12/12/07 72 FR 71610 02/19/08 Fmt 1254 Sfmt 1254 Agency Contact: Daniel Seth Kahl, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6730 Email: kahld@sec.gov RIN: 3235–AH72 424. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY CLIENTS Legal Authority: 15 USC 80b–6a; 15 USC 80b–11(a) Abstract: The Commission adopted an interim final temporary rule that will expire on December 31, 2009, to provide an alternative means for E:\FR\FM\11MYP21.SGM 11MYP21 22078 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda SEC—Division of Investment Management investment advisers who are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the Investment Advisers Act when acting in a principal capacity in transactions with certain of their advisory clients. As contemplated in the temporary rule release, the Division has been assessing the operation of the temporary rule as well as public comment letters. In that connection, the Division is considering Proposed Rule Stage recommending that the Commission propose modifications to the rule. Regulatory Flexibility Analysis Required: Yes Timetable: Agency Contact: Matthew Goldin, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6726 Fax: 202 772–9284 Email: goldinm@sec.gov Action Date Interim Final Rule Interim Final Rule Effective Interim Final Rule Comment Period End NPRM FR Cite 09/28/07 72 FR 55022 09/30/07 11/30/07 RIN: 3235–AJ96 06/00/09 Securities and Exchange Commission (SEC) Division of Investment Management 425. AMENDMENTS TO FORM ADV 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) Abstract: The Commission proposed amendments to Form ADV part 2 to require registered investment advisers to deliver to clients and prospective clients a brochure written in plain English. The amendments are designed to require advisers to provide clients and prospective clients with clear, current, and more meaningful disclosure of the Final Rule Stage business practices, conflicts of interest, and background of investment advisers and their advisory personnel. Under the proposal, advisers would file their brochures with the Commission electronically, and the brochures would be available to the public through the Commission’s Web site. Action Timetable: Agency Contact: Vivien Liu, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6728 Email: liuy@sec.gov Action Date NPRM NPRM Comment Period End Second NPRM FR Cite 04/17/00 65 FR 20524 06/03/00 03/14/08 73 FR 13958 Date Second NPRM Comment Period End Final Action Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77j; 15 USC 77s(a); 15 USC 77z–3; 15 USC 78c; 15 USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 uSC 78jj; 15 USC 78mm; 15 USC 80a–6(c); 15 USC 80a–8; 15 USC 80a–24(e); 15 USC 80a–29; 15 USC 80a–37 Abstract: The Commission adopted rules requiring mutual funds to provide risk/return summary information in an interactive data format, which would improve its usefulness to investors. Under the rules, risk/return summary information could be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial offthe-shelf software, and used within investment models in other software formats. VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 Timetable: Action Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 06/23/08 73 FR 35442 08/01/08 02/19/09 74 FR 7748 07/15/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Alberto Zapata, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6929 Frm 00006 11/00/09 RIN: 3235–AI17 Completed Actions Mutual funds will provide the risk/return summary section of their prospectuses to the Commission and on their Web sites in interactive data format using the eXtensible Business Reporting Language, XBRL. The interactive data would be provided as an exhibit to registration statements. PO 00000 05/16/08 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Investment Management 426. INTERACTIVE DATA FOR MUTUAL FUND RISK/RETURN SUMMARY FR Cite Fmt 1254 Sfmt 1254 Email: zapataa@sec.gov RIN: 3235–AK13 427. ENHANCED DISCLOSURE AND NEW PROSPECTUS DELIVERY OPTION FOR REGISTERED OPEN–END MANAGEMENT INVESTMENT COMPANIES Legal Authority: 15 USC 77a et seq; 15 USC 80a–1 et seq Abstract: The Commission adopted comprehensive reforms of mutual fund disclosure requirements on Form N-1A, including streamlining the delivery of mutual fund information through increased use of the Internet and other electronic means of delivery and clarifying the disclosure of fees and expenses for mutual funds and exchange-traded funds. E:\FR\FM\11MYP21.SGM 11MYP21 22079 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda SEC—Division of Investment Management technical corrections to the electronic filing rules. Timetable: Action Date NPRM NPRM Comment Period End NPRM Comment Period Reopened Comment Period End Final Action Final Action Effective Completed Actions FR Cite 11/30/07 72 FR 67790 02/28/08 08/06/08 73 FR 45646 08/29/08 01/26/09 74 FR 4546 03/31/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Kieran Brown, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6773 Email: brownkg@sec.gov RIN: 3235–AJ44 dependent on the performance of a securities index. Timetable: The Commission also adopted a new rule that exempts insurance companies from filing reports under the Exchange Act with respect to indexed securities and other insurance securities registered under the Securities Act, provided that certain conditions are satisfied, including that the securities are regulated under State insurance law, the issuing insurance company and its financial condition are subject to supervision and examination by a State insurance regulator, and the securities are not publicly traded. Action Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 11/09/07 72 FR 67513 12/14/07 11/04/08 73 FR 65516 01/01/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Ruth Armfield Sanders, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6960 Email: sandersr@sec.gov RIN: 3235–AJ81 428. RULEMAKING FOR EDGAR SYSTEM: MANDATORY ELECTRONIC SUBMISSION OF APPLICATIONS FOR ORDERS UNDER THE INVESTMENT COMPANY ACT AND FILINGS MADE PURSUANT TO REGULATION E Legal Authority: 15 USC 77f to 77h; 15 USC 77s(a); 15 USC 78c; 15 USC 78I to 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 78II; 15 USC 80a–8; 15 USC 80a–29; 15 USC 80a–30; 15 USC 80a–37 Abstract: The Commission adopted rules for mandatory EDGAR submission of applications and Regulation E filings under any section of the Investment Company Act, as well as minor 429. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS Legal Authority: 15 USC 77c(a)(8); 15 USC 77s(a); 15 USC 78l(h); 15 USC 78m; 15 USC 78o; 15 USC 78w(a); 15 USC 78mm Abstract: The Commission adopted a new rule that defines the terms ‘‘annuity contract’’ and ‘‘optional annuity contract’’ under the Securities Act. The rule is intended to clarify the status under the federal securities laws of indexed annuities, under which payments to the purchaser are Timetable: Action Date NPRM NPRM Comment Period End NPRM Comment Period Extended NPRM Comment Period End Final Action Final Action Effective Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 78w(a); 15 USC 78mm Abstract: The Commission proposed new Rule 15c2-2 under the Exchange Act, together with accompanying Schedule 15C. The Commission also proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2 and Schedule 15C would provide for improved confirmation disclosure of VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 Action Date NPRM NPRM Comment Period End Frm 00007 10/17/08 73 FR 61753 11/17/08 01/16/09 74 FR 3138 01/12/11 Agency Contact: Michael Kosoff, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6754 Fax: 202 772–9285 Email: kosoffm@sec.gov RIN: 3235–AK16 Proposed Rule Stage distribution costs and conflicts of interest associated with transactions in mutual funds, municipal fund securities, and unit investment trusts. The amendments to Rule 10b-10 in part would reflect the new rule and would provide improved confirmation disclosure about certain callable securities. They also would clarify that the confirmation disclosure requirements do not determine brokerdealer disclosure obligations under other provisions of the law. Timetable: PO 00000 07/01/08 73 FR 37762 09/10/08 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Trading and Markets 430. 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 FR Cite FR Cite 02/10/04 69 FR 6438 04/12/04 Fmt 1254 Action Date NPRM Comment Period Extended NPRM Comment Period End Second NPRM 03/04/05 70 FR 10521 04/04/05 12/00/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Dawn Jessen, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5550 Fax: 202 772–9270 Email: jessend@sec.gov RIN: 3235–AJ11 Sfmt 1254 FR Cite E:\FR\FM\11MYP21.SGM 11MYP21 22080 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda SEC—Division of Trading and Markets 431. RULE 15C2–3: POINT–OF–SALE DISCLOSURE OF PURCHASES IN OPEN–END MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 78w(a); 15 USC 78mm Abstract: The Commission proposed new Rule 15c2-3 under the Exchange Act, together with accompanying Schedule15D. Proposed Rule 15c2-3 and Schedule 15D would provide for pre-transaction ‘‘point of sale’’ disclosure of distribution costs and conflicts of interest associated with transactions in mutual funds, municipal fund securities, and unit investment trusts. Timetable: Action Date NPRM NPRM Comment Period End NPRM Comment Period Extended NPRM Comment Period End Second NPRM FR Cite mutual funds, municipal fund securities, and unit investment trusts. The amendments to Rule 10b-10 in part would reflect the new rules and would provide improved confirmation disclosure about certain callable securities. They also would clarify that the confirmation disclosure requirements do not determine brokerdealer disclosure obligations under other provisions of the law. Action Date NPRM NPRM Comment Period End NPRM Comment Period Extended NPRM Comment Period End Second NPRM FR Cite Jkt 217001 Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 78w(a); 15 USC 78mm Abstract: The Commission proposed new Schedule 15D and Rules 15c2-2 and 15c2-3 under the Exchange Act, together with accompanying Schedule 15C. 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 pretransaction ‘‘point of sale’’ disclosure of distribution costs and conflicts of interest associated with transactions in mutual funds, municipal fund securities, and unit investment trusts. The amendments to Rule 10b-10 in part would reflect the new rules and would provide improved confirmation disclosure about certain callable securities. They also would clarify that the confirmation disclosure requirements do not determine brokerdealer disclosure obligations under other provisions of the law. Frm 00008 03/04/05 70 FR 10521 04/04/05 12/00/09 RIN: 3235–AJ14 433. RULE 15C–101: SCHEDULE 15D PO 00000 FR Cite 02/10/04 69 FR 6438 04/12/04 12/00/09 Regulatory Flexibility Analysis Required: Yes RIN: 3235–AJ13 08:15 May 08, 2009 Date NPRM NPRM Comment Period End NPRM Comment Period Extended NPRM Comment Period End Second NPRM 04/04/05 03/04/05 70 FR 10521 12/00/09 432. RULE 15C–100: SCHEDULE 15C Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 78w(a); 15 USC 78mm Abstract: The Commission proposed new Schedule 15C and Rules 15c2-2 and 15c2-3 under the Exchange Act, together with accompanying Schedule 15D. The Commission also proposed related amendments to Rule 10b-10. Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would provide for improved confirmation and pretransaction ‘‘point of sale’’ disclosure of distribution costs and conflicts of interest associated with transactions in Action Agency Contact: Dawn Jessen, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5550 Fax: 202 772–9270 Email: jessend@sec.gov 02/10/04 69 FR 6438 04/12/04 04/04/05 03/04/05 70 FR 10521 Timetable: Regulatory Flexibility Analysis Required: Yes Timetable: Agency Contact: Dawn Jessen, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5550 Fax: 202 772–9270 Email: jessend@sec.gov 02/10/04 69 FR 6438 04/12/04 Regulatory Flexibility Analysis Required: Yes Agency Contact: Dawn Jessen, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5550 Fax: 202 772–9270 Email: jessend@sec.gov RIN: 3235–AJ12 VerDate Nov<24>2008 Proposed Rule Stage Fmt 1254 Sfmt 1254 434. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE OFFERS 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) Abstract: The Commission proposed amendments to Rule 17Ad-14 under the Exchange Act. The amendments would require the establishment of book-entry accounts in connection with reorganization events and would give securities depositories up to 3 business days after the expiration of a tender offer, exchange offer, or reorganization event to deliver physical securities certificates to the agents. Timetable: Action Date NPRM NPRM Comment Period End Second NPRM FR Cite 09/04/98 63 FR 47209 11/03/98 03/00/10 Regulatory Flexibility Analysis Required: Yes Agency Contact: Matthew Landon, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1001 Phone: 202 551–5716 Fax: 202 772–9270 Email: landonm@sec.gov RIN: 3235–AH53 E:\FR\FM\11MYP21.SGM 11MYP21 22081 Federal Register / Vol. 74, No. 89 / Monday, May 11, 2009 / Unified Agenda Securities and Exchange Commission (SEC) Division of Trading and Markets 435. AMENDMENTS TO REGULATION SHO Legal Authority: 15 USC 78b and 78c(b); 15 USC 78F; 15 USC 78j; 15 USC 78k–1; 15 USC 78l(h); 15 USC 78o and 78o–3; 15 USC 78q and 78q–1; 15 USC 78s; 15 USC 78w(a) Abstract: The Commission adopted an interim final rule, Rule 204T, to address abusive ‘‘naked’’ short selling in all equity securities by requiring that participants of a clearing agency registered with the Commission deliver securities by settlement date, or if the participants have not delivered shares by settlement date, immediately purchase or borrow securities to close out the fail to deliver position by no later than the beginning of regular trading hours on the settlement day following the day the participant incurred the fail to deliver position. Timetable: Action Date Interim Final Rule Interim Final Rule Effective Interim Final Rule Comment Period End Next Action FR Cite 10/17/08 73 FR 61706 10/17/08 12/16/08 07/00/09 Final Rule Stage Regulatory Flexibility Analysis Required: Yes Agency Contact: Victoria L. Crane, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5744 Fax: 202 772–9355 Email: cranev@sec.gov RIN: 3235–AK22 436. PROPOSED RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS Legal Authority: 15 USC 78o–7; 15 USC 89q Abstract: The Commission adopted rule amendments that impose additional requirements on nationally recognized statistical rating organizations (‘‘NRSROs’’) in order to address concerns about the integrity of their credit rating procedures and methodologies in light of the role they played in determining credit ratings for securities collateralized by or linked to subprime residential mortgages. The Commission simultaneously proposed rule amendments regarding the disclosure of ratings history. The proposed rules also repropose certain amendments to Rule 17g-5. Timetable: Action Date NPRM NPRM Comment Period End Final Rule Second NPRM Second NPRM Comment Period End Final Action Abstract: As part of its efforts to respond to fraud and manipulation in the microcap securities market, the Commission proposed amendments to Rule 15c2-11. These amendments would limit the rule’s piggyback provision and increase public availability of issuer information. The amendments would expand the information review requirements for non-reporting issuers and the VerDate Nov<24>2008 08:15 May 08, 2009 Jkt 217001 Timetable: Action Date NPRM NPRM Comment Period End Second NPRM Second NPRM Comment Period End Second NPRM Comment Period Extended PO 00000 Frm 00009 02/09/09 74 FR 6465 02/09/09 74 FR 6485 03/26/09 09/00/09 Agency Contact: Sheila Swartz, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5545 Fax: 202 772–9273 Email: swarts@sec.gov RIN: 3235–AK14 Long-Term Actions 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. Legal Authority: 15 USC 78c; 15 USC 78j(b); 15 USC 78o(c); 15 USC 78o(g); 15 USC 78q(a); 15 USC 78w(a) 06/25/08 73 FR 36212 07/25/08 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Trading and Markets 437. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED INFORMATION FR Cite FR Cite 02/25/98 63 FR 9661 04/27/98 03/08/99 64 FR 11124 04/07/99 Action Date FR Cite Comment Period End 05/08/99 Next Action Undetermined Regulatory Flexibility Analysis Required: Yes Agency Contact: Victoria L. Crane, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5744 Fax: 202 772–9355 Email: cranev@sec.gov RIN: 3235–AH40 04/14/99 64 FR 18393 Fmt 1254 [FR Doc. E9–10282 Filed 05–08–09; 8:45 am] BILLING CODE 8010–01–S Sfmt 1254 E:\FR\FM\11MYP21.SGM 11MYP21

Agencies

[Federal Register Volume 74, Number 89 (Monday, May 11, 2009)]
[Unknown Section]
[Pages 22073-22081]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10282]


[[Page 22073]]

-----------------------------------------------------------------------

Part XXI





Securities and Exchange Commission





-----------------------------------------------------------------------



Semiannual Regulatory Agenda

[[Page 22074]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9020, 34-59634, IA-2858, IC-28679, File No. S7-07-09]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Securities and Exchange Commission is publishing an agenda 
of its rulemaking actions pursuant to the Regulatory Flexibility Act 
(RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information 
in the agenda was accurate on March 25, 2009, the day on which the 
Commission's staff completed compilation of the data. To the extent 
possible, rulemaking actions by the Commission since that date have 
been reflected in the agenda. The Commission invites questions and 
public comment on the agenda and on the individual agenda entries.

     The Commission is now printing in the Federal Register, along 
with our preamble, only those agenda entries for which we have 
indicated that preparation of a Regulatory Flexibility Act analysis 
is required. The Commission's complete RFA agenda will be available 
online at www.reginfo.gov.

DATES: Comments should be received on or before July 31, 2009.

ADDRESSES:  Comments may be submitted by any of the following methods:

Electronic comments:

 Use the Commission's Internet comment form (https://
www.sec.gov/rules/other.shtml); or

 Send an e-mail to rule-comments@sec.gov. Please include File 
Number S7-07-09 on the subject line; or

 Use the Federal eRulemaking Portal (https://
www.regulations.gov). Follow the instructions for submitting comments.

Paper comments:

 Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

    All submissions should refer to File No. S7-07-09. 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 (https://www.sec.gov/rules/
other.shtml). Comments are also available for public inspection and 
copying in the Commission's Public Reference Room, 100 F Street 
NE., Washington, DC 20549, on official business days between the 
hours of 10:00 a.m. and 3:00 p.m. All comments received will be 
posted without change; we do not edit personal identifying 
information from submissions. You should submit only information 
that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General 
Counsel, 202-551-5019.

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during 
April and October of each year, to publish in the Federal Register an 
agenda identifying rules that the agency expects to consider in the 
next 12 months that are likely to have a significant economic impact on 
a substantial number of small entities (5 U.S.C. 602(a)). The RFA 
specifically provides that publication of the agenda does not preclude 
an agency from considering or acting on any matter not included in the 
agenda and that an agency is not required to consider or act on any 
matter that is included in the agenda (5 U.S.C. 602(d)). Actions that 
do not have an estimated date are placed in the long-term category; the 
Commission may nevertheless act on items in that category within the 
next 12 months. The agenda includes new entries, entries carried over 
from prior publications, and rulemaking actions that have been 
completed (or withdrawn) since publication of the last agenda.

     The following abbreviations for the acts administered by the 
Commission are used in the agenda:

    ``Securities Act''--Securities Act of 1933

    ``Exchange Act''--Securities Exchange Act of 1934

    ``Investment Company Act''--Investment Company Act of 1940

    ``Investment Advisers Act''--Investment Advisers Act of 1940

     The Commission invites public comment on the agenda and on the 
individual agenda entries.

By the Commission.

Dated: March 26, 2009.

 Elizabeth M. Murphy,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
417         Amendments to Rules Requiring Internet Availability of Proxy Materials................    3235-AK25
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
418         Revisions of Limited Offering Exemptions in Regulation D..............................    3235-AJ88
419         Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 22075]]


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
420         Interactive Data To Improve Financial Reporting.......................................    3235-AJ71
421         Electronic Shareholder Forums.........................................................    3235-AJ92
422         Modernization of Oil and Gas Reporting................................................    3235-AK00
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
423         Political Contributions by Certain Investment Advisers................................    3235-AH72
424         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
425         Amendments to Form ADV................................................................    3235-AI17
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
426         Interactive Data for Mutual Fund Risk/Return Summary..................................    3235-AK13
427         Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End            3235-AJ44
            Management Investment Companies.......................................................
428         Rulemaking for EDGAR System: Mandatory Electronic Submission of Applications for          3235-AJ81
            Orders Under the Investment Company Act and Filings Made Pursuant to Regulation E.....
429         Indexed Annuities and Certain Other Insurance Contracts...............................    3235-AK16
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
430         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.....................................................................
431         Rule 15c2-3: Point-of-Sale Disclosure of Purchases in Open-End Management Investment      3235-AJ12
            Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used
            for Education Savings.................................................................
432         Rule 15c-100: Schedule 15C............................................................    3235-AJ13
433         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
434         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
435         Amendments to Regulation SHO..........................................................    3235-AK22
436         Proposed Rules for Nationally Recognized Statistical Rating Organizations.............    3235-AK14
----------------------------------------------------------------------------------------------------------------


[[Page 22076]]


                               DIVISION OF TRADING AND MARKETS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
437         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________



417.  AMENDMENTS TO RULES REQUIRING INTERNET 
AVAILABILITY OF PROXY MATERIALS

Legal Authority: 15 USC 78c(b); 15 USC 78j; 15 USC 78m; 15 USC 78n; 15 
USC 78o; 15 USC 78w(a); 15 USC 78mm; 15 USC 80a-20; 15 USC 80a-29; 15 
USC 80a-37

Abstract: The Division is considering recommending that the Commission 
propose revisions to the notice and access model for providing proxy 
materials to shareholders electronically.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Steven Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AK25
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________



418. REVISIONS OF LIMITED OFFERING EXEMPTIONS IN REGULATION D

Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77c(b); 15 
USC 77d; 15 USC 77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z-3

Abstract: The Commission proposed a new exemption from the registration 
provisions of the Securities Act for offers and sales of securities to 
``large accredited'' investors in offerings where each purchaser meets 
that definition. The Commission also proposed changes to the definition 
of the term ``accredited investor'' in Regulation D to reflect 
developments since its first adoption. Finally, the Commission proposed 
shortening the timing required by the integration safe harbor in 
Regulation D and applying uniform updated disqualification provisions 
to all offerings under Regulations A, D, and E.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/07                    72 FR 45116
NPRM Comment Period End         10/09/07
Final Action                    07/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Anthony G. Barone, Office of Small Business Policy, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AJ88
_______________________________________________________________________



419. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY 
TRANSACTIONS

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a et 
seq

Abstract: The Division is considering recommending that the Commission 
propose additional measures to promote clear, cogent, and full 
disclosure of executive compensation and how compensation decisions are 
made.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/08/06                     71 FR 6542
NPRM Comment Period End         04/10/06
Final Rule                      09/08/06                    71 FR 53158
Final Rule Effective            11/07/06
Second NPRM                     09/08/06                    71 FR 53267
Second NPRM Comment Period End  10/23/06
Interim Final Rule              12/29/06                    71 FR 78338
Interim Final Rule Effective    12/29/06
Interim Final Rule Comment 
Period End                      01/29/07
Final Action                    09/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Anne Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3500

RIN: 3235-AI80

[[Page 22077]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________



420. INTERACTIVE DATA TO IMPROVE FINANCIAL REPORTING

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 77nnn; 15 
USC 77sss; 15 USC 80a et seq; PL 107-204, 116 Stat 745

Abstract: The Commission adopted rules requiring companies to provide 
financial statement information in an interactive data form that will 
improve its usefulness to investors. Under the rules, financial 
statement information can be downloaded directly into spreadsheets, 
analyzed in a variety of ways using commercial off-the-shelf software, 
and used within investment models in other software formats.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/10/08                    73 FR 32794
NPRM Comment Period End         08/01/08
Final Action                    02/10/09                     74 FR 6776
Final Action Effective          04/19/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Mark W. Green, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-0301
Phone: 202 551-3430
Email: greenm@sec.gov

RIN: 3235-AJ71
_______________________________________________________________________



421. ELECTRONIC SHAREHOLDER FORUMS

Legal Authority: 15 USC 77c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78p; 15 USC 78w(a)

Abstract: The Commission adopted amendments to the proxy rules under 
the Exchange Act facilitating the creation of electronic shareholder 
forums; other aspects of the proposed rulemaking, including proposed 
amendments to enable shareholders to include in company proxy materials 
their proposals for bylaw amendments regarding procedures for 
nominating candidates to the board of directors, remain under 
consideration.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/03/07                    72 FR 43466
NPRM Comment Period End         10/02/07
Final Rule                      01/25/08                     73 FR 4450
Final Rule Effective            02/25/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Steven Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AJ92
_______________________________________________________________________



422. MODERNIZATION OF OIL AND GAS REPORTING

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq

Abstract: The Commission adopted revisions to its oil and gas reporting 
requirements in the current form in Regulation S--K and Regulation S--X 
under the Securities Act and the Exchange Act.
The revisions are intended to provide investors with a more meaningful 
and comprehensive understanding of oil and gas reserves, which should 
help investors evaluate the relative value of oil and gas companies. 
They codify Industry Guide 2 in Regulation S--K, with several additions 
to, and deletions of, current Industry Guide items. They also harmonize 
oil and gas disclosures by foreign private issuers with the proposed 
disclosures for domestic issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/12/07                    72 FR 71610
ANPRM Comment Period End        02/19/08
NPRM                            07/09/08                    73 FR 39526
NPRM Comment Period End         09/08/08
Final Action                    01/14/09                     74 FR 2158
Final Action Effective          01/01/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Melissa Duru, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3740

RIN: 3235-AK00
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________



423. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

Legal Authority: 15 USC 204; 15 USC 206(4); 15 USC 211(a)

Abstract: The Commission proposed new Rule 206(4)-5, which would 
prohibit an investment adviser from providing advisory services for 
compensation to a Government client for 2 years after the adviser or 
any of its partners, executive officers, or solicitors makes a 
contribution to certain elected officials or candidates.
The Commission also proposed rule amendments that would require a 
registered adviser that has Government clients to maintain certain 
records of the political contributions made by the adviser or any of 
its partners, executive officers, or solicitors. The Division is 
considering recommending that the Commission re-propose a rule related 
to political contributions made by certain investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/99                    64 FR 43556
NPRM Comment Period End         11/01/99
Second NPRM                     10/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Daniel Seth Kahl, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6730
Email: kahld@sec.gov

RIN: 3235-AH72
_______________________________________________________________________



424. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY 
CLIENTS

Legal Authority: 15 USC 80b-6a; 15 USC 80b-11(a)

Abstract: The Commission adopted an interim final temporary rule that 
will expire on December 31, 2009, to provide an alternative means for

[[Page 22078]]

investment advisers who are registered with the Commission as broker-
dealers to meet the requirements of section 206(3) of the Investment 
Advisers Act when acting in a principal capacity in transactions with 
certain of their advisory clients.
As contemplated in the temporary rule release, the Division has been 
assessing the operation of the temporary rule as well as public comment 
letters. In that connection, the Division is considering recommending 
that the Commission propose modifications to the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/28/07                    72 FR 55022
Interim Final Rule Effective    09/30/07
Interim Final Rule Comment 
Period End                      11/30/07
NPRM                            06/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Goldin, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6726
Fax: 202 772-9284
Email: goldinm@sec.gov

RIN: 3235-AJ96
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________



425. AMENDMENTS TO FORM ADV

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)

Abstract: The Commission proposed amendments to Form ADV part 2 to 
require registered investment advisers to deliver to clients and 
prospective clients a brochure written in plain English.
The amendments are designed to require advisers to provide clients and 
prospective clients with clear, current, and more meaningful disclosure 
of the business practices, conflicts of interest, and background of 
investment advisers and their advisory personnel. Under the proposal, 
advisers would file their brochures with the Commission electronically, 
and the brochures would be available to the public through the 
Commission's Web site.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/17/00                    65 FR 20524
NPRM Comment Period End         06/03/00
Second NPRM                     03/14/08                    73 FR 13958
Second NPRM Comment Period End  05/16/08
Final Action                    11/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Vivien Liu, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6728
Email: liuy@sec.gov

RIN: 3235-AI17
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________



426. INTERACTIVE DATA FOR MUTUAL FUND RISK/RETURN SUMMARY

Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77j; 15 USC 77s(a); 15 
USC 77z-3; 15 USC 78c; 15 USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n; 
15 USC 78o(d); 15 USC 78w(a); 15 uSC 78jj; 15 USC 78mm; 15 USC 80a-
6(c); 15 USC 80a-8; 15 USC 80a-24(e); 15 USC 80a-29; 15 USC 80a-37

Abstract: The Commission adopted rules requiring mutual funds to 
provide risk/return summary information in an interactive data format, 
which would improve its usefulness to investors. Under the rules, risk/
return summary information could be downloaded directly into 
spreadsheets, analyzed in a variety of ways using commercial off-the-
shelf software, and used within investment models in other software 
formats.
Mutual funds will provide the risk/return summary section of their 
prospectuses to the Commission and on their Web sites in interactive 
data format using the eXtensible Business Reporting Language, XBRL. The 
interactive data would be provided as an exhibit to registration 
statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/23/08                    73 FR 35442
NPRM Comment Period End         08/01/08
Final Action                    02/19/09                     74 FR 7748
Final Action Effective          07/15/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alberto Zapata, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6929
Email: zapataa@sec.gov

RIN: 3235-AK13
_______________________________________________________________________



427. ENHANCED DISCLOSURE AND NEW PROSPECTUS DELIVERY OPTION FOR 
REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES

Legal Authority: 15 USC 77a et seq; 15 USC 80a-1 et seq

Abstract: The Commission adopted comprehensive reforms of mutual fund 
disclosure requirements on Form N-1A, including streamlining the 
delivery of mutual fund information through increased use of the 
Internet and other electronic means of delivery and clarifying the 
disclosure of fees and expenses for mutual funds and exchange-traded 
funds.

[[Page 22079]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/30/07                    72 FR 67790
NPRM Comment Period End         02/28/08
NPRM Comment Period Reopened    08/06/08                    73 FR 45646
Comment Period End              08/29/08
Final Action                    01/26/09                     74 FR 4546
Final Action Effective          03/31/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Kieran Brown, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6773
Email: brownkg@sec.gov

RIN: 3235-AJ44
_______________________________________________________________________



428. RULEMAKING FOR EDGAR SYSTEM: MANDATORY ELECTRONIC SUBMISSION OF 
APPLICATIONS FOR ORDERS UNDER THE INVESTMENT COMPANY ACT AND FILINGS 
MADE PURSUANT TO REGULATION E

Legal Authority: 15 USC 77f to 77h; 15 USC 77s(a); 15 USC 78c; 15 USC 
78I to 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 78II; 15 USC 80a-8; 15 
USC 80a-29; 15 USC 80a-30; 15 USC 80a-37

Abstract: The Commission adopted rules for mandatory EDGAR submission 
of applications and Regulation E filings under any section of the 
Investment Company Act, as well as minor technical corrections to the 
electronic filing rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/09/07                    72 FR 67513
NPRM Comment Period End         12/14/07
Final Action                    11/04/08                    73 FR 65516
Final Action Effective          01/01/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Ruth Armfield Sanders, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6960
Email: sandersr@sec.gov

RIN: 3235-AJ81
_______________________________________________________________________



429. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS

Legal Authority: 15 USC 77c(a)(8); 15 USC 77s(a); 15 USC 78l(h); 15 USC 
78m; 15 USC 78o; 15 USC 78w(a); 15 USC 78mm

Abstract: The Commission adopted a new rule that defines the terms 
``annuity contract'' and ``optional annuity contract'' under the 
Securities Act. The rule is intended to clarify the status under the 
federal securities laws of indexed annuities, under which payments to 
the purchaser are dependent on the performance of a securities index.
The Commission also adopted a new rule that exempts insurance companies 
from filing reports under the Exchange Act with respect to indexed 
securities and other insurance securities registered under the 
Securities Act, provided that certain conditions are satisfied, 
including that the securities are regulated under State insurance law, 
the issuing insurance company and its financial condition are subject 
to supervision and examination by a State insurance regulator, and the 
securities are not publicly traded.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/01/08                    73 FR 37762
NPRM Comment Period End         09/10/08
NPRM Comment Period Extended    10/17/08                    73 FR 61753
NPRM Comment Period End         11/17/08
Final Action                    01/16/09                     74 FR 3138
Final Action Effective          01/12/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Michael Kosoff, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6754
Fax: 202 772-9285
Email: kosoffm@sec.gov

RIN: 3235-AK16
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Trading and Markets



_______________________________________________________________________



430. 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

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-2 under the Exchange 
Act, together with accompanying Schedule 15C. The Commission also 
proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2 and 
Schedule 15C would provide for improved confirmation disclosure of 
distribution costs and conflicts of interest associated with 
transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rule and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ11

[[Page 22080]]

_______________________________________________________________________



431. RULE 15C2-3: POINT-OF-SALE DISCLOSURE OF PURCHASES IN OPEN-END 
MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, 
AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule15D. Proposed Rule 15c2-3 and 
Schedule 15D would provide for pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ12
_______________________________________________________________________



432. RULE 15C-100: SCHEDULE 15C

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Schedule 15C and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 15D. 
The Commission also proposed related amendments to Rule 10b-10. 
Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would 
provide for improved confirmation and pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rules and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ13
_______________________________________________________________________



433. RULE 15C-101: SCHEDULE 15D

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Schedule 15D and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 15C. 
The Commission also proposed related amendments to Rule 10b-10. 
Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would 
provide for improved confirmation and pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rules and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ14
_______________________________________________________________________



434. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE 
OFFERS

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)

Abstract: The Commission proposed amendments to Rule 17Ad-14 under the 
Exchange Act. The amendments would require the establishment of book-
entry accounts in connection with reorganization events and would give 
securities depositories up to 3 business days after the expiration of a 
tender offer, exchange offer, or reorganization event to deliver 
physical securities certificates to the agents.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/04/98                    63 FR 47209
NPRM Comment Period End         11/03/98
Second NPRM                     03/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Landon, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1001
Phone: 202 551-5716
Fax: 202 772-9270
Email: landonm@sec.gov

RIN: 3235-AH53

[[Page 22081]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Trading and Markets



_______________________________________________________________________



435. AMENDMENTS TO REGULATION SHO

Legal Authority: 15 USC 78b and 78c(b); 15 USC 78F; 15 USC 78j; 15 USC 
78k-1; 15 USC 78l(h); 15 USC 78o and 78o-3; 15 USC 78q and 78q-1; 15 
USC 78s; 15 USC 78w(a)

Abstract: The Commission adopted an interim final rule, Rule 204T, to 
address abusive ``naked'' short selling in all equity securities by 
requiring that participants of a clearing agency registered with the 
Commission deliver securities by settlement date, or if the 
participants have not delivered shares by settlement date, immediately 
purchase or borrow securities to close out the fail to deliver position 
by no later than the beginning of regular trading hours on the 
settlement day following the day the participant incurred the fail to 
deliver position.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              10/17/08                    73 FR 61706
Interim Final Rule Effective    10/17/08
Interim Final Rule Comment 
Period End                      12/16/08
Next Action                     07/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5744
Fax: 202 772-9355
Email: cranev@sec.gov

RIN: 3235-AK22
_______________________________________________________________________



436. PROPOSED RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATIONS

Legal Authority: 15 USC 78o-7; 15 USC 89q

Abstract: The Commission adopted rule amendments that impose additional 
requirements on nationally recognized statistical rating organizations 
(``NRSROs'') in order to address concerns about the integrity of their 
credit rating procedures and methodologies in light of the role they 
played in determining credit ratings for securities collateralized by 
or linked to subprime residential mortgages.
The Commission simultaneously proposed rule amendments regarding the 
disclosure of ratings history. The proposed rules also repropose 
certain amendments to Rule 17g-5.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/25/08                    73 FR 36212
NPRM Comment Period End         07/25/08
Final Rule                      02/09/09                     74 FR 6465
Second NPRM                     02/09/09                     74 FR 6485
Second NPRM Comment Period End  03/26/09
Final Action                    09/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sheila Swartz, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5545
Fax: 202 772-9273
Email: swarts@sec.gov

RIN: 3235-AK14
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Trading and Markets



_______________________________________________________________________



437. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

Legal Authority: 15 USC 78c; 15 USC 78j(b); 15 USC 78o(c); 15 USC 
78o(g); 15 USC 78q(a); 15 USC 78w(a)

Abstract: As part of its efforts to respond to fraud and manipulation 
in the microcap securities market, the Commission proposed amendments 
to Rule 15c2-11. These amendments would limit the rule's piggyback 
provision and increase public availability of issuer information. The 
amendments would expand the information review requirements for non-
reporting issuers and the documentation required for significant 
relationships between the broker-dealer and the issuer of the security 
to be quoted. Finally, the amendments would exclude from the rule 
securities of larger, more liquid issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Second NPRM                     03/08/99                    64 FR 11124
Second NPRM Comment Period End  04/07/99
Second NPRM Comment Period 
Extended                        04/14/99                    64 FR 18393
Comment Period End              05/08/99


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5744
Fax: 202 772-9355
Email: cranev@sec.gov

RIN: 3235-AH40
[FR Doc. E9-10282 Filed 05-08-09; 8:45 am]
BILLING CODE 8010-01-S
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