, 21963-21971 [2010-8964]

Download as PDF Monday, April 26, 2010 Part XXIII Securities and Exchange Commission erowe on DSK5CLS3C1PROD with PROPOSALS Semiannual Regulatory Agenda VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\26APP23.SGM 26APP23 21964 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda SECURITIES AND EXCHANGE COMMISSION (SEC) SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33-9112, 34-61714, IA-3001, IC-29175, File No. S7-06-10] 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 12, 2010, 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 June 30, 2010. 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 S7-06-10 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. S7-06-10. 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 website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General Counsel, 202-551-5019. SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, 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 16, 2010. Elizabeth M. Murphy, Secretary. DIVISION OF CORPORATION FINANCE—Proposed Rule Stage Title Regulation Identifier Number 418 419 420 erowe on DSK5CLS3C1PROD with PROPOSALS Sequence Number Voluntary Filers ............................................................................................................................................................. Risk Disclosures ............................................................................................................................................................ Revisions to Regulation D ............................................................................................................................................. 3235–AK59 3235–AK58 3235–AK52 VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 PO 00000 Frm 00002 Fmt 1254 Sfmt 1254 E:\FR\FM\26APP23.SGM 26APP23 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda 21965 SEC DIVISION OF CORPORATION FINANCE—Final Rule Stage Sequence Number Title Regulation Identifier Number 421 Proxy Solicitation Enhancements .................................................................................................................................. 3235–AK28 DIVISION OF CORPORATION FINANCE—Completed Actions Sequence Number Title Regulation Identifier Number 422 Amendments to Rules Requiring Internet Availability of Proxy Materials .................................................................... 3235–AK25 DIVISION OF INVESTMENT MANAGEMENT—Proposed Rule Stage Sequence Number Title Regulation Identifier Number 423 424 Temporary Rule Regarding Principal Trades With Certain Advisory Clients ............................................................... Indexed Annuities and Certain Other Insurance Contracts .......................................................................................... 3235–AJ96 3235–AK49 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 Sequence Number Title Regulation Identifier Number 426 427 Custody of Funds or Securities of Clients by Investment Advisers .............................................................................. Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act .................................................... 3235–AK32 3235–AJ06 DIVISION OF TRADING AND MARKETS—Proposed Rule Stage Sequence Number Title Regulation Identifier Number 428 429 Amendments to Rule 17a-5 .......................................................................................................................................... Publication or Submission of Quotations Without Specified Information ...................................................................... 3235–AK56 3235–AH40 erowe on DSK5CLS3C1PROD with PROPOSALS DIVISION OF TRADING AND MARKETS—Final Rule Stage Sequence Number Title Regulation Identifier Number 430 431 Proposed Amendment to Municipal Securities Disclosure ........................................................................................... Nationally Recognized Statistical Rating Organizations ............................................................................................... 3235–AJ66 3235–AK14 VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 PO 00000 Frm 00003 Fmt 1254 Sfmt 1254 E:\FR\FM\26APP23.SGM 26APP23 21966 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda SEC DIVISION OF TRADING AND MARKETS—Long-Term Actions Regulation Identifier Number Sequence Number Title 432 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 .............................................................. 433 434 435 436 3235–AJ11 3235–AJ12 3235–AJ13 3235–AJ14 3235–AH53 DIVISION OF TRADING AND MARKETS—Completed Actions Sequence Number Title Regulation Identifier Number 437 Amendments to Regulation SHO .................................................................................................................................. 3235–AK35 Securities and Exchange Commission (SEC) Division of Corporation Finance Proposed Rule Stage 418. ∑ VOLUNTARY FILERS 419. ∑ RISK DISCLOSURES 420. REVISIONS TO REGULATION D Legal Authority: Not Yet Determined Legal Authority: Not Yet Determined Abstract: The Division is considering recommending that the Commission propose amendments to require registrants who do not have a filing obligation under the Exchange Act to file any reports with the Commission in compliance with Commission rules. Abstract: The Division is considering recommending that the Commission propose amendments to its rules and forms to consolidate and enhance the risk disclosures provided by registrants. Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77d; 15 USC 77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z–3 Timetable: Action Date NPRM 12/00/10 Action Date NPRM FR Cite 03/00/11 Timetable: FR Cite Abstract: The Division is considering recommending that the Commission propose revisions to Regulation D, including, among other things, revisions to the accredited investor eligibility standards. Timetable: Regulatory Flexibility Analysis Required: Yes Regulatory Flexibility Analysis Required: Yes Agency Contact: Sean Harrison, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 Action Date NPRM 09/00/10 Agency Contact: Jennifer Zapraka, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20016 Phone: 202 551–3430 Regulatory Flexibility Analysis Required: Yes RIN: 3235–AK58 RIN: 3235–AK59 Agency Contact: Anthony G. Barone, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3460 RIN: 3235–AK52 erowe on DSK5CLS3C1PROD with PROPOSALS Securities and Exchange Commission (SEC) Division of Corporation Finance 421. PROXY SOLICITATION ENHANCEMENTS Legal Authority: 15 USC 78n Abstract: The Commission proposed amendments to its proxy rules to clarify VerDate Nov<24>2008 12:40 Apr 23, 2010 FR Cite Jkt 220001 Final Rule Stage the manner in which they operate and address issues that have arisen in the proxy solicitation process. The Division is considering recommending that the Commission adopt amendments relating to the proposals. PO 00000 Frm 00004 Fmt 1254 Sfmt 1254 Timetable: Action Date NPRM NPRM Comment Period End Final Action E:\FR\FM\26APP23.SGM 26APP23 FR Cite 07/17/09 74 FR 35076 09/15/09 12/23/09 74 FR 68334 21967 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda SEC—Division of Corporation Finance Final Action Effective Final Action Final Rule Stage Agency Contact: Mark W. Green, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–0301 02/28/10 04/00/10 Regulatory Flexibility Analysis Required: Yes Phone: 202 551–3440 Email: greenm@sec.gov RIN: 3235–AK28 Securities and Exchange Commission (SEC) Division of Corporation Finance 422. 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 Commission adopted revisions to the notice and access Completed Actions model for providing proxy materials to shareholders electronically. Regulatory Flexibility Analysis Required: Yes Timetable: Agency Contact: Steven Hearne, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 Action Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 10/21/09 74 FR 53954 11/20/09 02/27/10 75 FR 9074 03/29/10 RIN: 3235–AK25 Securities and Exchange Commission (SEC) Division of Investment Management 423. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY CLIENTS Legal Authority: 15 USC 80b–6a; 15 USC 80b–11(a) erowe on DSK5CLS3C1PROD with PROPOSALS Abstract: The Commission adopted an interim final temporary rule that was set to expire on December 31, 2009, to provide an alternative means for 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. In December 2009, the Commission extended the expiration date until December 2010. As contemplated in the temporary rule release, the Division has been assessing the operation of the temporary rule as well as public comment letters, and will consider whether to propose to continue the rule beyond the revised sunset date and, if so, what if any modifications should be proposed to the rule. Proposed Rule Stage Timetable: Action Date Interim Final Rule Interim Final Rule Effective Interim Final Rule Comment Period End Interim Final Rule Extension Interim Final Rule Effective NPRM FR Cite 09/28/07 72 FR 55022 09/30/07 11/30/07 12/30/09 74 FR 690009 12/30/09 05/00/10 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 424. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS Legal Authority: 15 USC 77c(a)(8); 15 USC 77s(a); 15 USC 78l(h); 15 USC 78o; 15 USC 78w(a); 15 USC 78mm Abstract: A Federal appeals court issued an opinion on July 21, 2009, remanding SEC Rule 151A. A party has petitioned the court for panel rehearing, and that petition is currently pending. The Commission staff is evaluating what recommendation to make to the Commission on how to respond to the court’s decision. Timetable: Action Date NPRM 05/00/10 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–AK49 VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 PO 00000 Frm 00005 Fmt 1254 Sfmt 1254 FR Cite E:\FR\FM\26APP23.SGM 26APP23 21968 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda Securities and Exchange Commission (SEC) Division of Investment Management 425. AMENDMENTS TO FORM ADV Legal Authority: 15 USC 80b–4, 80b–6(4), 80b–ll(a), 80b–3(c)(1); 15 USC 77s(a); 15 USC 78(wa), 78bb(e)(2); 15 USC 77sss(a); 15 USC 78a–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: Sarah Ten Siethoff, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6729 Email: tensiethoffs@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 427. INTERAGENCY PROPOSAL FOR MODEL PRIVACY FORM UNDER THE GRAMM–LEACH–BLILEY ACT Legal Authority: 15 USC 80b–6(4); 15 USC 80b–4; 15 USC 80b–11; 15 USC 80b–3(c)(1) Legal Authority: 15 USC 6804; 15 USC 78q and 78W; 15 USC 80a–30 and 80a–37; 15 USC 80b–4 and 80b–11 Action Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 05/27/09 74 FR 25354 07/28/09 01/11/10 75 FR 1456 03/12/10 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 erowe on DSK5CLS3C1PROD with PROPOSALS RIN: 3235–AK32 RIN: 3235–AI17 model privacy notice to solicit public comment on data and a report on consumer testing of a revised version of the proposed model privacy form. The Agencies published a final model privacy notice on November 16, 2009. Abstract: The Commission, together with the Federal Reserve Board, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision and Commodity Futures Trading Commission (the Agencies), requested comment on whether the Agencies should consider amending the regulations that implement the privacy provisions of the Gramm-Leach-Bliley Act (‘‘GLBA’’) to allow or require financial institutions to provide alternative types of privacy notices that would be easier for consumers to understand. Timetable: Pursuant to the Financial Services Regulatory Relief Act, the Agencies proposed a model form that may be used at the option of financial institutions to comply with disclosures required under the privacy provision of GLBA. The Commission reopened the comment period on the proposed Agency Contact: Thoreau Adrian Bartmann, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6792 Email: bartmannt@sec.gov Action Date ANPRM ANPRM Comment Period End NPRM NPRM Comment Period End Second NPRM Second NPRM Comment Period End Final Action Final Action Effective Legal Authority: 15 USC 78q 12:40 Apr 23, 2010 Jkt 220001 propose amendments to Rule 17a-5 dealing with, among other things, broker-dealer custody of assets. PO 00000 12/30/03 68 FR 75165 03/29/04 03/29/07 72 FR 14490 05/29/07 04/20/09 74 FR 17925 05/20/09 12/01/09 74 FR 62890 12/31/09 RIN: 3235–AJ06 Proposed Rule Stage Timetable: Frm 00006 Fmt 1254 Sfmt 1254 Action Date NPRM Abstract: The Division is considering recommending that the Commission VerDate Nov<24>2008 FR Cite Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Trading and Markets 428. ∑ AMENDMENTS TO RULE 17A–5 07/00/10 Completed Actions 426. CUSTODY OF FUNDS OR SECURITIES OF CLIENTS BY INVESTMENT ADVISERS Timetable: 05/16/08 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Investment Management Abstract: The Commission adopted amendments that revise the rule governing custody of funds or securities of clients by investment advisers. FR Cite 06/00/10 E:\FR\FM\26APP23.SGM 26APP23 FR Cite 21969 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda SEC—Division of Trading and Markets Regulatory Flexibility Analysis Required: Yes Agency Contact: Rebekah Goshorn, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5514 Fax: 202 772–9333 Email: goshornr@sec.gov RIN: 3235–AK56 429. 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 Proposed Rule Stage 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 NPRM NPRM Comment Period End FR Cite 02/25/98 63 FR 9661 04/27/98 Action Date Second NPRM Second NPRM Comment Period End Second NPRM Comment Period Extended Comment Period End Third NPRM Action Date erowe on DSK5CLS3C1PROD with PROPOSALS NPRM NPRM Comment Period End Final Action FR Cite 07/24/09 74 FR 36832 09/08/09 07/00/10 Regulatory Flexibility Analysis Required: Yes Agency Contact: Martha Mahan Haines, Division of Trading and VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 05/08/99 12/00/10 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 Final Rule Stage RIN: 3235–AJ66 431. 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 at NRSROs. The Commission simultaneously proposed rule amendments and a new rule that would require an NRSRO to furnish a new annual report by the firm’s designated compliance officers to disclose additional information about firm sources of revenue, and to make publicly available a consolidated report about revenues attributable to persons Frm 00007 04/14/99 64 FR 18393 RIN: 3235–AH40 Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5681 Fax: 703 772–9274 Email: hainesm@sec.gov PO 00000 03/08/99 64 FR 11124 04/07/99 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Trading and Markets 430. PROPOSED AMENDMENT TO MUNICIPAL SECURITIES DISCLOSURE Legal Authority: 15 USC 78b; 15 USC 78c(b); 15 USC 78j; 15 USC 78o(c); 15 USC 78o–4; 15 USC 78q; 15 USC 78w(a)(1) Abstract: The Commission proposed amending Rule 15c2-12 under section 15 of the Exchange Act to improve the system of continuing disclosure previously established by Rule 15c2-12. The Division and the Division of Corporation Finance are considering recommending that the Commission publish an interpretive release for the municipal securities markets that would update previously published guidance to reflect changes in that market. Timetable: FR Cite Fmt 1254 Sfmt 1254 paying the NRSRO for the issuance or maintenance of a credit rating. Timetable: Action Date NPRM NPRM Comment Period End Final Rule Second NPRM Second NPRM Comment Period End Final Rule Final Rule Effective Third NPRM Third NPRM Comment Period End Final Action FR Cite 06/25/08 73 FR 36212 07/25/08 02/09/09 74 FR 6465 02/09/09 74 FR 6485 03/26/09 12/04/09 74 FR 63832 02/01/10 12/04/09 74 FR 63866 02/02/10 06/00/10 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 E:\FR\FM\26APP23.SGM 26APP23 21970 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda Securities and Exchange Commission (SEC) Division of Trading and Markets Long-Term Actions 432. 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 433. 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 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 brokerdealer disclosure obligations under other provisions of the law. Abstract: The Commission proposed new Rule 15c2-3 under the Exchange Act, together with accompanying Schedule 15D. 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: Regulatory Flexibility Analysis Required: Yes Action Date FR Cite NPRM 02/10/04 69 FR 6438 NPRM Comment 04/12/04 Period End NPRM Comment 03/04/05 70 FR 10521 Period Extended NPRM Comment 04/04/05 Period End Next Action Undetermined Regulatory Flexibility Analysis Required: Yes erowe on DSK5CLS3C1PROD with PROPOSALS VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 Action Date FR Cite NPRM 02/10/04 69 FR 6438 NPRM Comment 04/12/04 Period End NPRM Comment 03/04/05 70 FR 10521 Period Extended NPRM Comment 04/04/05 Period End Next Action Undetermined Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5618 Fax: 202 772–9270 Email: goldina@sec.gov RIN: 3235–AJ12 434. RULE 15C–100: SCHEDULE 15C Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5618 Fax: 202 772–9270 Email: goldina@sec.gov RIN: 3235–AJ11 Timetable: 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 mutual funds, municipal fund PO 00000 Frm 00008 Fmt 1254 Sfmt 1254 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. Timetable: Action Date FR Cite NPRM 02/10/04 69 FR 6438 NPRM Comment 04/12/04 Period End NPRM Comment 03/04/05 70 FR 10521 Period Extended NPRM Comment 04/04/05 Period End Next Action Undetermined Regulatory Flexibility Analysis Required: Yes Agency Contact: Alicia Goldin, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5618 Fax: 202 772–9270 Email: goldina@sec.gov RIN: 3235–AJ13 435. 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 Rule 15c2-3 under the Exchange Act, together with accompanying Schedule 15D. 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 04/12/04 Period End NPRM Comment 03/04/05 70 FR 10521 Period Extended NPRM Comment 04/04/05 Period End Next Action Undetermined Regulatory Flexibility Analysis Required: Yes Agency Contact: Alicia Goldin, Division of Trading and Markets, E:\FR\FM\26APP23.SGM 26APP23 21971 Federal Register / Vol. 75, No. 79 / Monday, April 26, 2010 / Unified Agenda SEC—Division of Trading and Markets Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5618 Fax: 202 772–9270 Email: goldina@sec.gov RIN: 3235–AJ14 436. 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) Long-Term Actions 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 FR Cite 09/04/98 63 FR 47209 Action Date NPRM Comment 11/03/98 Period End Next Action Undetermined Regulatory Flexibility Analysis Required: Yes Agency Contact: Jerry Carpenter, Division of Market Regulation, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5710 Fax: 202 772–9270 Email: carpenterj@sec.gov RIN: 3235–AH53 Securities and Exchange Commission (SEC) Division of Trading and Markets 437. AMENDMENTS TO REGULATION SHO Legal Authority: 15 USC 78j(a); 15 USC 78w(a) erowe on DSK5CLS3C1PROD with PROPOSALS Abstract: The Commission proposed two approaches to restrictions on short selling: Short sale price test restrictions that would apply on a market-wide and permanent basis, or short sale circuit breaker restrictions that would apply only to a particular security during severe market declines in the price of that security. It adopted a short sale circuit breaker that, if triggered, prohibits (with limited exceptions) VerDate Nov<24>2008 12:40 Apr 23, 2010 Jkt 220001 Completed Actions short selling at any price that is at or below the national best bid (‘‘short sale price test’’ or ‘‘short sale price test restriction’’). Timetable: Action Date NPRM NPRM Comment Period End NPRM Comment Period Reopened NPRM Comment Period End Final Action Final Action Effective PO 00000 Frm 00009 FR Cite Fmt 1254 FR Cite 04/20/09 74 FR 18042 06/19/09 Regulatory Flexibility Analysis Required: Yes Agency Contact: Josephine J. Tao, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5720 RIN: 3235–AK35 08/20/09 74 FR 42033 [FR Doc. 2010–8964 Filed 04–23–10; 8:45 am] 09/21/09 BILLING CODE 8011–01–S 03/10/10 75 FR 11232 05/10/10 Sfmt 1254 E:\FR\FM\26APP23.SGM 26APP23

Agencies

[Federal Register Volume 75, Number 79 (Monday, April 26, 2010)]
[Unknown Section]
[Pages 21963-21971]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-8964]


[[Page 21963]]

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Part XXIII





Securities and Exchange Commission





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###Semiannual Regulatory Agenda###

[[Page 21964]]

SECURITIES AND EXCHANGE COMMISSION (SEC)

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9112, 34-61714, IA-3001, IC-29175, File No. S7-06-10]

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 12, 2010, 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 June 30, 2010.

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 S7-06-10 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. S7-06-10. 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 website viewing and 
printing in the Commission's Public Reference Room, 100 F Street 
NE., Washington, DC 20549, on official business days between the 
hours of 10:00 a.m. and 3:00 p.m. All comments received will be 
posted without change; we do not edit personal identifying 
information from submissions. You should submit only information 
that you wish to make available publicly.

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

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, 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 16, 2010.

 Elizabeth M. Murphy,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
418         Voluntary Filers......................................................................    3235-AK59
419         Risk Disclosures......................................................................    3235-AK58
420         Revisions to Regulation D.............................................................    3235-AK52
----------------------------------------------------------------------------------------------------------------


[[Page 21965]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
421         Proxy Solicitation Enhancements.......................................................    3235-AK28
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
422         Amendments to Rules Requiring Internet Availability of Proxy Materials................    3235-AK25
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
423         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
424         Indexed Annuities and Certain Other Insurance Contracts...............................    3235-AK49
----------------------------------------------------------------------------------------------------------------


                               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         Custody of Funds or Securities of Clients by Investment Advisers......................    3235-AK32
427         Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act..........    3235-AJ06
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
428         Amendments to Rule 17a-5..............................................................    3235-AK56
429         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
430         Proposed Amendment to Municipal Securities Disclosure.................................    3235-AJ66
431         Nationally Recognized Statistical Rating Organizations................................    3235-AK14
----------------------------------------------------------------------------------------------------------------


[[Page 21966]]


                               DIVISION OF TRADING AND MARKETS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
432         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.....................................................................
433         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.................................................................
434         Rule 15c-100: Schedule 15C............................................................    3235-AJ13
435         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
436         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF TRADING AND MARKETS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
437         Amendments to Regulation SHO..........................................................    3235-AK35
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Corporation Finance
_______________________________________________________________________

418.  VOLUNTARY FILERS

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission 
propose amendments to require registrants who do not have a filing 
obligation under the Exchange Act to file any reports with the 
Commission in compliance with Commission rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/11

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK59
_______________________________________________________________________

419.  RISK DISCLOSURES

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission 
propose amendments to its rules and forms to consolidate and enhance 
the risk disclosures provided by registrants.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jennifer Zapraka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20016
Phone: 202 551-3430

RIN: 3235-AK58
_______________________________________________________________________

420. REVISIONS TO REGULATION D

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

Abstract: The Division is considering recommending that the Commission 
propose revisions to Regulation D, including, among other things, 
revisions to the accredited investor eligibility standards.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Anthony G. Barone, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AK52
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Corporation Finance
_______________________________________________________________________

421. PROXY SOLICITATION ENHANCEMENTS

Legal Authority: 15 USC 78n

Abstract: The Commission proposed amendments to its proxy rules to 
clarify the manner in which they operate and address issues that have 
arisen in the proxy solicitation process. The Division is considering 
recommending that the Commission adopt amendments relating to the 
proposals.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/17/09                    74 FR 35076
NPRM Comment Period End         09/15/09
Final Action                    12/23/09                    74 FR 68334

[[Page 21967]]

Final Action Effective          02/28/10
Final Action                    04/00/10

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: 202 551-3440
Email: greenm@sec.gov

RIN: 3235-AK28
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Corporation Finance
_______________________________________________________________________

422. 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 Commission adopted revisions to the notice and access 
model for providing proxy materials to shareholders electronically.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/21/09                    74 FR 53954
NPRM Comment Period End         11/20/09
Final Action                    02/27/10                     75 FR 9074
Final Action Effective          03/29/10

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)            Proposed Rule Stage
Division of Investment Management
_______________________________________________________________________

423. 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 
was set to expire on December 31, 2009, to provide an alternative means 
for 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. In December 2009, 
the Commission extended the expiration date until December 2010.
As contemplated in the temporary rule release, the Division has been 
assessing the operation of the temporary rule as well as public comment 
letters, and will consider whether to propose to continue the rule 
beyond the revised sunset date and, if so, what if any modifications 
should be proposed 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
Interim Final Rule Extension    12/30/09                   74 FR 690009
Interim Final Rule Effective    12/30/09
NPRM                            05/00/10

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
_______________________________________________________________________

424. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS

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

Abstract: A Federal appeals court issued an opinion on July 21, 2009, 
remanding SEC Rule 151A. A party has petitioned the court for panel 
rehearing, and that petition is currently pending. The Commission staff 
is evaluating what recommendation to make to the Commission on how to 
respond to the court's decision.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/10

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-AK49

[[Page 21968]]

_______________________________________________________________________
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), 80b-ll(a), 80b-3(c)(1); 15 USC 
77s(a); 15 USC 78(wa), 78bb(e)(2); 15 USC 77sss(a); 15 USC 78a-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                    07/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sarah Ten Siethoff, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6729
Email: tensiethoffs@sec.gov

RIN: 3235-AI17
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Investment Management
_______________________________________________________________________

426. CUSTODY OF FUNDS OR SECURITIES OF CLIENTS BY INVESTMENT ADVISERS

Legal Authority: 15 USC 80b-6(4); 15 USC 80b-4; 15 USC 80b-11; 15 USC 
80b-3(c)(1)

Abstract: The Commission adopted amendments that revise the rule 
governing custody of funds or securities of clients by investment 
advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/27/09                    74 FR 25354
NPRM Comment Period End         07/28/09
Final Action                    01/11/10                     75 FR 1456
Final Action Effective          03/12/10

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-AK32
_______________________________________________________________________

427. INTERAGENCY PROPOSAL FOR MODEL PRIVACY FORM UNDER THE GRAMM-LEACH-
BLILEY ACT

Legal Authority: 15 USC 6804; 15 USC 78q and 78W; 15 USC 80a-30 and 
80a-37; 15 USC 80b-4 and 80b-11

Abstract: The Commission, together with the Federal Reserve Board, 
Federal Deposit Insurance Corporation, Federal Trade Commission, 
National Credit Union Administration, Office of the Comptroller of the 
Currency, Office of Thrift Supervision and Commodity Futures Trading 
Commission (the Agencies), requested comment on whether the Agencies 
should consider amending the regulations that implement the privacy 
provisions of the Gramm-Leach-Bliley Act (``GLBA'') to allow or require 
financial institutions to provide alternative types of privacy notices 
that would be easier for consumers to understand.
Pursuant to the Financial Services Regulatory Relief Act, the Agencies 
proposed a model form that may be used at the option of financial 
institutions to comply with disclosures required under the privacy 
provision of GLBA. The Commission reopened the comment period on the 
proposed model privacy notice to solicit public comment on data and a 
report on consumer testing of a revised version of the proposed model 
privacy form. The Agencies published a final model privacy notice on 
November 16, 2009.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75165
ANPRM Comment Period End        03/29/04
NPRM                            03/29/07                    72 FR 14490
NPRM Comment Period End         05/29/07
Second NPRM                     04/20/09                    74 FR 17925
Second NPRM Comment Period End  05/20/09
Final Action                    12/01/09                    74 FR 62890
Final Action Effective          12/31/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Thoreau Adrian Bartmann, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6792
Email: bartmannt@sec.gov

RIN: 3235-AJ06
_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Trading and Markets
_______________________________________________________________________

428.  AMENDMENTS TO RULE 17A-5

Legal Authority: 15 USC 78q

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 17a-5 dealing with, among other things, 
broker-dealer custody of assets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/10

[[Page 21969]]

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Rebekah Goshorn, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5514
Fax: 202 772-9333
Email: goshornr@sec.gov

RIN: 3235-AK56
_______________________________________________________________________

429. 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
Third NPRM                      12/00/10

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
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Trading and Markets
_______________________________________________________________________

430. PROPOSED AMENDMENT TO MUNICIPAL SECURITIES DISCLOSURE

Legal Authority: 15 USC 78b; 15 USC 78c(b); 15 USC 78j; 15 USC 78o(c); 
15 USC 78o-4; 15 USC 78q; 15 USC 78w(a)(1)

Abstract: The Commission proposed amending Rule 15c2-12 under section 
15 of the Exchange Act to improve the system of continuing disclosure 
previously established by Rule 15c2-12. The Division and the Division 
of Corporation Finance are considering recommending that the Commission 
publish an interpretive release for the municipal securities markets 
that would update previously published guidance to reflect changes in 
that market.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/24/09                    74 FR 36832
NPRM Comment Period End         09/08/09
Final Action                    07/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Martha Mahan Haines, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5681
Fax: 703 772-9274
Email: hainesm@sec.gov

RIN: 3235-AJ66
_______________________________________________________________________

431. 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 at NRSROs. The Commission 
simultaneously proposed rule amendments and a new rule that would 
require an NRSRO to furnish a new annual report by the firm's 
designated compliance officers to disclose additional information about 
firm sources of revenue, and to make publicly available a consolidated 
report about revenues attributable to persons paying the NRSRO for the 
issuance or maintenance of a credit rating.

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 Rule                      12/04/09                    74 FR 63832
Final Rule Effective            02/01/10
Third NPRM                      12/04/09                    74 FR 63866
Third NPRM Comment Period End   02/02/10
Final Action                    06/00/10

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

[[Page 21970]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)              Long-Term Actions
Division of Trading and Markets
_______________________________________________________________________

432. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: goldina@sec.gov

RIN: 3235-AJ11
_______________________________________________________________________

433. 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 Schedule 15D. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: goldina@sec.gov

RIN: 3235-AJ12
_______________________________________________________________________

434. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: goldina@sec.gov

RIN: 3235-AJ13
_______________________________________________________________________

435. 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 Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule 15D. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets,

[[Page 21971]]

Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: goldina@sec.gov

RIN: 3235-AJ14
_______________________________________________________________________

436. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jerry Carpenter, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5710
Fax: 202 772-9270
Email: carpenterj@sec.gov

RIN: 3235-AH53
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Trading and Markets
_______________________________________________________________________

437. AMENDMENTS TO REGULATION SHO

Legal Authority: 15 USC 78j(a); 15 USC 78w(a)

Abstract: The Commission proposed two approaches to restrictions on 
short selling: Short sale price test restrictions that would apply on a 
market-wide and permanent basis, or short sale circuit breaker 
restrictions that would apply only to a particular security during 
severe market declines in the price of that security. It adopted a 
short sale circuit breaker that, if triggered, prohibits (with limited 
exceptions) short selling at any price that is at or below the national 
best bid (``short sale price test'' or ``short sale price test 
restriction'').

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/20/09                    74 FR 18042
NPRM Comment Period End         06/19/09
NPRM Comment Period Reopened    08/20/09                    74 FR 42033
NPRM Comment Period End         09/21/09
Final Action                    03/10/10                    75 FR 11232
Final Action Effective          05/10/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Josephine J. Tao, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5720

RIN: 3235-AK35
[FR Doc. 2010-8964 Filed 04-23-10; 8:45 am]
BILLING CODE 8011-01-S
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