Regulatory Flexibility Agenda, 79937-79945 [2010-30469]

Download as PDF Monday, December 20, 2010 Part XXIV Securities and Exchange Commission jlentini on DSKJ8SOYB1PROD with PROPOSALS27 Semiannual Regulatory Agenda VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\20DEP27.SGM 20DEP27 79938 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda SECURITIES AND EXCHANGE COMMISSION (SEC) SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33-9141, 34-62881, IA-3081, IC-29414, File No. S7-21-10] Regulatory Flexibility Agenda Securities and Exchange Commission. AGENCY: ACTION: Semiannual regulatory agenda. 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 September 10, 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. SUMMARY: 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 December 30, 2010. DATES: Comments may be submitted by any of the following methods: ADDRESSES: Electronic comments: • Use the Commission’s Internet comment form (http://www.sec.gov/rules/ other.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number S7-21-10 on the subject line; or • Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments. Paper comments: • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. S7-21-10. 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 website (http://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: September 10, 2010. Elizabeth M. Murphy, Secretary. DIVISION OF CORPORATION FINANCE—Proposed Rule Stage Title Regulation Identifier Number 611 612 jlentini on DSKJ8SOYB1PROD with PROPOSALS27 Sequence Number Voluntary Filers ............................................................................................................................................................. Risk Disclosures ............................................................................................................................................................ 3235–AK59 3235–AK58 DIVISION OF CORPORATION FINANCE—Final Rule Stage Sequence Number Title Regulation Identifier Number 613 Proxy Solicitation Enhancements .................................................................................................................................. 3235–AK28 VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 PO 00000 Frm 00002 Fmt 1254 Sfmt 1254 E:\FR\FM\20DEP27.SGM 20DEP27 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79939 SEC DIVISION OF CORPORATION FINANCE—Final Rule Stage (Continued) Sequence Number Title Regulation Identifier Number 614 Shareholder Approval of Executive Compensation and Golden Parachute Compensation ........................................ 3235–AK68 DIVISION OF CORPORATION FINANCE—Completed Actions Sequence Number Title Regulation Identifier Number 615 616 Facilitating Shareholder Director Nominations .............................................................................................................. Revisions to Regulation D ............................................................................................................................................. 3235–AK27 3235–AK52 DIVISION OF INVESTMENT MANAGEMENT—Final Rule Stage Sequence Number Title Regulation Identifier Number 617 Temporary Rule Regarding Principal Trades With Certain Advisory Clients ............................................................... 3235–AJ96 DIVISION OF INVESTMENT MANAGEMENT—Completed Actions Sequence Number Title Regulation Identifier Number 618 619 620 Amendments to Form ADV ........................................................................................................................................... Political Contributions by Certain Investment Advisers ................................................................................................ Indexed Annuities and Certain Other Insurance Contracts .......................................................................................... 3235–AI17 3235–AK39 3235–AK49 DIVISION OF TRADING AND MARKETS—Proposed Rule Stage Sequence Number Title Regulation Identifier Number 621 622 Amendments to Rule 17a-5 .......................................................................................................................................... Publication or Submission of Quotations Without Specified Information ...................................................................... 3235–AK56 3235–AH40 DIVISION OF TRADING AND MARKETS—Final Rule Stage Sequence Number Title Regulation Identifier Number 623 624 625 Transitional Registration as a Municipal Advisor .......................................................................................................... Consolidated Audit Trail ................................................................................................................................................ Proposed Rules for Nationally Recognized Statistical Rating Organizations ............................................................... 3235–AK69 3235–AK51 3235–AK14 jlentini on DSKJ8SOYB1PROD with PROPOSALS27 DIVISION OF TRADING AND MARKETS—Long-Term Actions Regulation Identifier Number Sequence Number Title 626 Confirmation of Transactions in Open-End Management Investment Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for Education Savings ......................................................................... 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 ........................................................................................................................................ 627 628 VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 PO 00000 Frm 00003 Fmt 1254 Sfmt 1254 E:\FR\FM\20DEP27.SGM 20DEP27 3235–AJ11 3235–AJ12 3235–AJ13 79940 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda SEC DIVISION OF TRADING AND MARKETS—Long-Term Actions (Continued) Sequence Number Title Regulation Identifier Number 629 630 Rule 15c-101: Schedule 15D ........................................................................................................................................ Processing of Reorganization Events, Tender Offers, and Exchange Offers .............................................................. 3235–AJ14 3235–AH53 DIVISION OF TRADING AND MARKETS—Completed Actions Sequence Number Title Regulation Identifier Number 631 Amendment to Municipal Securities Disclosure ............................................................................................................ 3235–AJ66 Securities and Exchange Commission (SEC) Division of Corporation Finance 611. 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 NPRM FR Cite 09/00/11 Proposed Rule Stage 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 612. 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 NPRM 07/00/11 Regulatory Flexibility Analysis Required: Yes Agency Contact: Jennifer Zepralka, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 RIN: 3235–AK58 Securities and Exchange Commission (SEC) Division of Corporation Finance 613. PROXY SOLICITATION ENHANCEMENTS jlentini on DSKJ8SOYB1PROD with PROPOSALS27 Abstract: The Commission adopted amendments in December 2009 to enhance proxy disclosures. In the proposing release for those rules, the Commission also proposed further 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 outstanding proposals. Timetable: Action NPRM VerDate Mar<15>2010 Date Final Rule Stage Action Legal Authority: 15 USC 78n FR Cite Date NPRM Comment Period End Final Action Final Action Effective Final Action Jkt 223001 FR Cite 09/15/09 12/23/09 74 FR 68334 02/28/10 11/00/11 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 07/17/09 74 FR 35076 19:48 Dec 17, 2010 PO 00000 Frm 00004 FR Cite Fmt 1254 Sfmt 1254 614. ∑ SHAREHOLDER APPROVAL OF EXECUTIVE COMPENSATION AND GOLDEN PARACHUTE COMPENSATION Legal Authority: PL 111–203 sec 951; 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78w(a); 15 USC 78mm Abstract: The Commission proposed revisions to the proxy rules to implement section 951 of the DoddFrank Wall Street Reform and Consumer Protection Act, which requires issuers to conduct a separate shareholder advisory vote: (1) To approve the compensation of executives; (2) to determine how often they will conduct such votes; and (3) to approve golden parachute compensation arrangements when E:\FR\FM\20DEP27.SGM 20DEP27 79941 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda SEC—Division of Corporation Finance issuers are soliciting votes to approve merger or acquisition transactions. Action Timetable: Action Date NPRM Final Rule Stage FR Cite 10/28/10 75 FR 66590 Date NPRM Comment Period End Final Action FR Cite 11/18/10 01/00/11 Regulatory Flexibility Analysis Required: Yes Agency Contact: Scott Hodgdon, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 RIN: 3235–AK68 Securities and Exchange Commission (SEC) Division of Corporation Finance 615. FACILITATING SHAREHOLDER DIRECTOR NOMINATIONS Legal Authority: 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78w(a); 15 USC 78mm; 15 USC 80a–10; 15 USC 80a–20(a); 15 USC 80a–37 Abstract: The Commission adopted amendments to the proxy and related rules to enable long-term shareholders with significant holdings to include nominees to the board of directors in company proxy materials. Timetable: Action Date NPRM NPRM Comment Period End Comment Period Extended FR Cite 06/18/09 74 FR 29024 08/17/09 12/18/09 74 FR 67145 Completed Actions Action Date FR Cite Comment Period End 02/16/10 Final Action 09/16/10 75 FR 56668 Final Action Effective 11/15/10 Regulatory Flexibility Analysis Required: Yes Agency Contact: Lillian C. Brown, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3430 RIN: 3235–AK27 616. 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 Commission is withdrawing this rulemaking because the Dodd-Frank Wall Street Reform and Consumer Protection Act requires rulemaking in this area. The Division is considering recommending action to the Commission that complies with the statutory requirements. Timetable: Action Date Withdrawn 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 Final Rule Stage 617. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY CLIENTS Section 206(3) of the Investment Advisers Act. Legal Authority: 15 USC 80b–6a; 15 USC 80b–11(a) Action jlentini on DSKJ8SOYB1PROD with PROPOSALS27 Timetable: Date Interim Final Rule Interim Final Rule Effective Interim Final Rule Comment Period End Interim Final Rule Extension Interim Final Rule Effective FR Cite 09/28/07 72 FR 55022 09/30/07 11/30/07 12/30/09 74 FR 690009 12/30/09 Action Date Interim Final Rule Extension Legal Authority: 15 USC 80b–4, 80b–6(4), 80b–ll(a), 80b–3(c)(1); 15 USC VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 Frm 00005 12/00/10 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 Completed Actions 77s(a); 15 USC 78(wa), 78bb(e)(2); 15 USC 77sss(a); 15 USC 78a–37(a) PO 00000 FR Cite Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Investment Management 618. AMENDMENTS TO FORM ADV 10/01/10 Regulatory Flexibility Analysis Required: Yes Securities and Exchange Commission (SEC) Division of Investment Management Abstract: The Division is considering recommending that the Commission propose an amendment to extend the sunset date of Rule 206(3)-3T, a rule that provides investment advisers who are also registered broker-dealers an alternative means of compliance with the principal trading restrictions in FR Cite Fmt 1254 Sfmt 1254 Abstract: The Commission adopted amendments to Form ADV part 2 to require registered investment advisers to deliver to clients and prospective E:\FR\FM\20DEP27.SGM 20DEP27 79942 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda SEC—Division of Investment Management Completed Actions clients a brochure written in plain English. 619. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS 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. Advisers will file their brochures with the Commission electronically, and the brochures will be available to the public through the Commission’s Web site. Legal Authority: 15 USC 80b–6(4); 15 USC 80b–11; 15 USC 80b–4 Timetable: Timetable: Action Date NPRM NPRM Comment Period End Second NPRM Second NPRM Comment Period End Final Action Final Action Effective FR Cite 04/17/00 65 FR 20524 06/03/00 03/14/08 73 FR 13958 05/16/08 08/12/10 75 FR 49234 10/12/10 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 Abstract: The Commission adopted a new rule under the Investment Advisers Act that prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees make a contribution to certain elected officials or candidates. Action Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 08/07/09 74 FR 39840 10/06/09 07/14/10 75 FR 41018 09/13/10 620. 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: On January 8, 2009, the Commission issued a release adopting Rule 151A under the Securities Act. Rule 151A defines the terms ‘‘annuity contract’’ and ‘‘optional annuity contract’’ under the Securities Act. The rule was 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. On July 12, 2010, a Federal appeals court issued an order vacating rule 151A. The Commission issued a release withdrawing Rule 151A. Timetable: Regulatory Flexibility Analysis Required: Yes Action Agency Contact: Melissa Roverts, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6722 Fax: 202 772–2934 Email: rovertsm@sec.gov Regulatory Flexibility Analysis Required: Yes RIN: 3235–AK39 RIN: 3235–AI17 Date Withdrawn 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 Securities and Exchange Commission (SEC) Division of Trading and Markets 621. 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 jlentini on DSKJ8SOYB1PROD with PROPOSALS27 NPRM Date FR Cite 12/00/10 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 VerDate Mar<15>2010 FR Cite 10/01/10 19:48 Dec 17, 2010 Jkt 223001 Proposed Rule Stage Email: goshornr@sec.gov RIN: 3235–AK56 622. 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 PO 00000 Frm 00006 Fmt 1254 Sfmt 1254 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 Second NPRM Second NPRM Comment Period End E:\FR\FM\20DEP27.SGM 20DEP27 FR Cite 02/25/98 63 FR 9661 04/27/98 03/08/99 64 FR 11124 04/07/99 79943 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda SEC—Division of Trading and Markets Action Date FR Cite Second NPRM 04/14/99 64 FR 18393 Comment Period Extended Comment Period End 05/08/99 Third NPRM 09/00/11 Proposed 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–AH40 Securities and Exchange Commission (SEC) Division of Trading and Markets 623. ∑ TRANSITIONAL REGISTRATION AS A MUNICIPAL ADVISOR Legal Authority: PL 111–203, sec 975 Abstract: The Commission adopted an interim final temporary rule to require all municipal advisors to register with it by October 1, 2010, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act. Timetable: Action Date Interim Final Rule Interim Final Rule Effective Interim Final Rule Comment Period End Interim Final Rule Effective Through FR Cite 09/08/10 75 FR 54465 10/01/10 10/08/10 12/31/11 Regulatory Flexibility Analysis Required: Yes Agency Contact: Ira Brandriss, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5681 Email: brandrissi@sec.gov RIN: 3235–AK69 jlentini on DSKJ8SOYB1PROD with PROPOSALS27 624. CONSOLIDATED AUDIT TRAIL Legal Authority: 15 USC 78k–1(a); 15 USC 78q(a) Abstract: The Commission proposed a rule that would require national securities exchanges and national VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 Final Rule Stage securities associations to act jointly in developed a national market system (‘‘NMS’’) plan to develop, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities. Timetable: Timetable: Action Date NPRM NPRM Comment Period End Final Action FR Cite 06/08/10 75 FR 32556 08/09/10 03/00/11 Regulatory Flexibility Analysis Required: Yes Agency Contact: Jennifer L. Colihan, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5642 Email: colihanj@sec.gov RIN: 3235–AK51 625. PROPOSED RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS Legal Authority: 15 USC 78o–7; 15 USC 89q Abstract: The Commission proposed rule amendments and a new rule that would require nationally recognized statistical rating organizations (‘‘NRSROs’’) to furnish a new annual report by the firm’s designated PO 00000 Frm 00007 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. Fmt 1254 Sfmt 1254 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 07/00/11 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\20DEP27.SGM 20DEP27 79944 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda Securities and Exchange Commission (SEC) Division of Trading and Markets 626. CONFIRMATION OF TRANSACTIONS IN OPEN–END MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS 627. 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 15c2-2 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. 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 jlentini on DSKJ8SOYB1PROD with PROPOSALS27 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 VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 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, 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 628. RULE 15C–100: SCHEDULE 15C Regulatory Flexibility Analysis Required: Yes RIN: 3235–AJ11 Long-Term Actions 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 securities, and unit investment trusts. PO 00000 Frm 00008 Fmt 1254 Sfmt 1254 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 629. 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\20DEP27.SGM 20DEP27 79945 Federal Register / Vol. 75, No. 243 / Monday, December 20, 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 630. 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 Trading and Markets, 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 631. AMENDMENT TO MUNICIPAL SECURITIES DISCLOSURE Timetable: jlentini on DSKJ8SOYB1PROD with PROPOSALS27 Abstract: The Commission amended Rule 15c2-12 under section 15 of the Exchange Act to improve the system of provided interpretive guidance for the municipal securities markets that would reflect changes in that market. VerDate Mar<15>2010 19:48 Dec 17, 2010 Jkt 223001 Completed Actions Action 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) FR Cite Date NPRM NPRM Comment Period End Final Action Final Action Effective FR Cite 07/24/09 74 FR 36832 09/08/09 06/01/10 75 FR 33100 08/09/10 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 Regulatory Flexibility Analysis Required: Yes [FR Doc. 2010–30469 Filed 12–17–10; 8:45 am] Agency Contact: Martha Mahan Haines, Division of Trading and BILLING CODE 8010–01–S PO 00000 Frm 00009 Fmt 1254 Sfmt 1254 E:\FR\FM\20DEP27.SGM 20DEP27

Agencies

[Federal Register Volume 75, Number 243 (Monday, December 20, 2010)]
[Unknown Section]
[Pages 79937-79945]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30469]


[[Page 79937]]

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

Part XXIV





Securities and Exchange Commission





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



###Semiannual Regulatory Agenda###

[[Page 79938]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9141, 34-62881, IA-3081, IC-29414, File No. S7-21-10]


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 September 10, 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 December 30, 2010.

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

Electronic comments:

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

 Send an e-mail to rule-comments@sec.gov. Please include File 
Number S7-21-10 on the subject line; or

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

Paper comments:

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

    All submissions should refer to File No. S7-21-10. 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 website (http://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: September 10, 2010.

 Elizabeth M. Murphy,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
611         Voluntary Filers......................................................................    3235-AK59
612         Risk Disclosures......................................................................    3235-AK58
----------------------------------------------------------------------------------------------------------------


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

[[Page 79939]]

 
614         Shareholder Approval of Executive Compensation and Golden Parachute Compensation......    3235-AK68
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
615         Facilitating Shareholder Director Nominations.........................................    3235-AK27
616         Revisions to Regulation D.............................................................    3235-AK52
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
617         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
618         Amendments to Form ADV................................................................    3235-AI17
619         Political Contributions by Certain Investment Advisers................................    3235-AK39
620         Indexed Annuities and Certain Other Insurance Contracts...............................    3235-AK49
----------------------------------------------------------------------------------------------------------------


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


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
623         Transitional Registration as a Municipal Advisor......................................    3235-AK69
624         Consolidated Audit Trail..............................................................    3235-AK51
625         Proposed Rules for Nationally Recognized Statistical Rating Organizations.............    3235-AK14
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF TRADING AND MARKETS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
626         Confirmation of Transactions in Open-End Management Investment Company Shares, Unit       3235-AJ11
            Investment Trust Interests, and Municipal Fund Securities Used for Education Savings..
627         Point-of-Sale Disclosure of Purchases in Open-End Management Investment Company           3235-AJ12
            Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for
            Education Savings.....................................................................
628         Rule 15c-100: Schedule 15C............................................................    3235-AJ13

[[Page 79940]]

 
629         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
630         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF TRADING AND MARKETS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
631         Amendment to Municipal Securities Disclosure..........................................    3235-AJ66
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________


<###DOC>

611. 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                            09/00/11

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
_______________________________________________________________________


<###DOC>

612. 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                            07/00/11

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK58
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________


<###DOC>

613. PROXY SOLICITATION ENHANCEMENTS

Legal Authority: 15 USC 78n

Abstract: The Commission adopted amendments in December 2009 to enhance 
proxy disclosures. In the proposing release for those rules, the 
Commission also proposed further 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 
outstanding 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
Final Action Effective          02/28/10
Final Action                    11/00/11

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
_______________________________________________________________________


<###DOC>

614.  SHAREHOLDER APPROVAL OF EXECUTIVE COMPENSATION 
AND GOLDEN PARACHUTE COMPENSATION

Legal Authority: PL 111-203 sec 951; 15 USC 78c(b); 15 USC 78m; 15 USC 
78n; 15 USC 78w(a); 15 USC 78mm

Abstract: The Commission proposed revisions to the proxy rules to 
implement section 951 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, which requires issuers to conduct a separate 
shareholder advisory vote: (1) To approve the compensation of 
executives; (2) to determine how often they will conduct such votes; 
and (3) to approve golden parachute compensation arrangements when

[[Page 79941]]

issuers are soliciting votes to approve merger or acquisition 
transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/28/10                    75 FR 66590
NPRM Comment Period End         11/18/10
Final Action                    01/00/11

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK68
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________


<###DOC>

615. FACILITATING SHAREHOLDER DIRECTOR NOMINATIONS

Legal Authority: 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78w(a); 15 USC 78mm; 15 USC 80a-10; 15 USC 80a-20(a); 15 USC 80a-37

Abstract: The Commission adopted amendments to the proxy and related 
rules to enable long-term shareholders with significant holdings to 
include nominees to the board of directors in company proxy materials.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/18/09                    74 FR 29024
NPRM Comment Period End         08/17/09
Comment Period Extended         12/18/09                    74 FR 67145
Comment Period End              02/16/10
Final Action                    09/16/10                    75 FR 56668
Final Action Effective          11/15/10

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK27
_______________________________________________________________________


<###DOC>

616. 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 Commission is withdrawing this rulemaking because the 
Dodd-Frank Wall Street Reform and Consumer Protection Act requires 
rulemaking in this area. The Division is considering recommending 
action to the Commission that complies with the statutory requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/10

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 Investment Management



_______________________________________________________________________


<###DOC>

617. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY 
CLIENTS

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

Abstract: The Division is considering recommending that the Commission 
propose an amendment to extend the sunset date of Rule 206(3)-3T, a 
rule that provides investment advisers who are also registered broker-
dealers an alternative means of compliance with the principal trading 
restrictions in Section 206(3) of the Investment Advisers Act.

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
Interim Final Rule Extension    12/00/10

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________


<###DOC>

618. 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 adopted amendments to Form ADV part 2 to 
require registered investment advisers to deliver to clients and 
prospective

[[Page 79942]]

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. Advisers will file 
their brochures with the Commission electronically, and the brochures 
will 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                    08/12/10                    75 FR 49234
Final Action Effective          10/12/10

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-AI17
_______________________________________________________________________


<###DOC>

619. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

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

Abstract: The Commission adopted a new rule under the Investment 
Advisers Act that prohibits an investment adviser from providing 
advisory services for compensation to a government client for two years 
after the adviser or certain of its executives or employees make a 
contribution to certain elected officials or candidates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/07/09                    74 FR 39840
NPRM Comment Period End         10/06/09
Final Action                    07/14/10                    75 FR 41018
Final Action Effective          09/13/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Melissa Roverts, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6722
Fax: 202 772-2934
Email: rovertsm@sec.gov

RIN: 3235-AK39
_______________________________________________________________________


<###DOC>

620. 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: On January 8, 2009, the Commission issued a release adopting 
Rule 151A under the Securities Act. Rule 151A defines the terms 
``annuity contract'' and ``optional annuity contract'' under the 
Securities Act. The rule was 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. 
On July 12, 2010, a Federal appeals court issued an order vacating rule 
151A. The Commission issued a release withdrawing Rule 151A.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/10

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Trading and Markets



_______________________________________________________________________


<###DOC>

621. 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                            12/00/10

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
_______________________________________________________________________


<###DOC>

622. 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

[[Page 79943]]

Second NPRM Comment Period 
Extended                        04/14/99                    64 FR 18393
Comment Period End              05/08/99
Third NPRM                      09/00/11

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



_______________________________________________________________________


<###DOC>

623.  TRANSITIONAL REGISTRATION AS A MUNICIPAL ADVISOR

Legal Authority: PL 111-203, sec 975

Abstract: The Commission adopted an interim final temporary rule to 
require all municipal advisors to register with it by October 1, 2010, 
consistent with the Dodd-Frank Wall Street Reform and Consumer 
Protection Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/08/10                    75 FR 54465
Interim Final Rule Effective    10/01/10
Interim Final Rule Comment 
Period End                      10/08/10
Interim Final Rule Effective 
Through                         12/31/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Ira Brandriss, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5681
Email: brandrissi@sec.gov

RIN: 3235-AK69
_______________________________________________________________________


<###DOC>

624. CONSOLIDATED AUDIT TRAIL

Legal Authority: 15 USC 78k-1(a); 15 USC 78q(a)

Abstract: The Commission proposed a rule that would require national 
securities exchanges and national securities associations to act 
jointly in developed a national market system (``NMS'') plan to 
develop, implement, and maintain a consolidated order tracking system, 
or consolidated audit trail, with respect to the trading of NMS 
securities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/08/10                    75 FR 32556
NPRM Comment Period End         08/09/10
Final Action                    03/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jennifer L. Colihan, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5642
Email: colihanj@sec.gov

RIN: 3235-AK51
_______________________________________________________________________


<###DOC>

625. PROPOSED RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATIONS

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

Abstract: The Commission proposed rule amendments and a new rule that 
would require nationally recognized statistical rating organizations 
(``NRSROs'') 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                    07/00/11

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 79944]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Trading and Markets



_______________________________________________________________________


<###DOC>

626. 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
_______________________________________________________________________


<###DOC>

627. 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
_______________________________________________________________________


<###DOC>

628. 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
_______________________________________________________________________


<###DOC>

629. 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 79945]]

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
_______________________________________________________________________


<###DOC>

630. 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 Trading and Markets, 
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



_______________________________________________________________________


<###DOC>

631. 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 amended Rule 15c2-12 under section 15 of the 
Exchange Act to improve the system of provided interpretive guidance 
for the municipal securities markets that would 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                    06/01/10                    75 FR 33100
Final Action Effective          08/09/10

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
[FR Doc. 2010-30469 Filed 12-17-10; 8:45 am]
BILLING CODE 8010-01-S