Regulatory Flexibility Agenda, 8082-8088 [2012-1669]

Download as PDF 8082 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33–9260, 34–65350, IA–3280, IC–29792, File No. S7–37–11] 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. 96–354, 94 Stat. 1164) (Sep. 19, 1980). Information in the agenda was accurate on September 16, 2011, 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. SUMMARY: Comments should be received on or before December 30, 2011. DATES: Comments may be submitted by any of the following methods: ADDRESSES: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/other.shtml); or • Send an email to rulecomments@sec.gov. Please include File Number S7–37–11 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. S7–37–11. 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 Web site 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 a.m. and 3 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 ‘‘Dodd-Frank Act’’— Dodd-Frank Wall Street Reform and Consumer Protection Act The Commission invites public comment on the agenda and on the individual agenda entries. By the Commission. Dated: September 16, 2011. Elizabeth M. Murphy, Secretary. DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE Regulation Identifier No. Sequence No. Title 591 .................... Proxy Solicitation Enhancements .................................................................................................................... 3235–AK28 DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE rmajette on DSK2TPTVN1PROD with PROPOSALS Sequence No. 592 593 594 595 596 597 598 .................... .................... .................... .................... .................... .................... .................... VerDate Mar<15>2010 Regulation Identifier No. Title Disqualification of Felons and Other ‘‘Bad Actors’’ From Rule 506 Offerings ................................................ Short-Term Borrowings .................................................................................................................................... Conflict Minerals ............................................................................................................................................... Disclosure of Payments By Resource Extraction Issuers ............................................................................... Listing Standards for Compensation Committees ........................................................................................... Exemptions for Security-Based Swaps ............................................................................................................ Net Worth Standard for Accredited Investors .................................................................................................. 15:26 Feb 10, 2012 Jkt 226001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\13FEP26.SGM 13FEP26 3235–AK97 3235–AK72 3235–AK84 3235–AK85 3235–AK95 3235–AL17 3235–AK90 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda 8083 DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS Regulation Identifier No. Sequence No. Title 599 .................... 600 .................... Voluntary Filers ................................................................................................................................................ Risk Disclosures ............................................................................................................................................... 3235–AK59 3235–AK58 DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE Regulation Identifier No. Sequence No. Title 601 .................... References to Credit Ratings in Certain Investment Company Act Rules and Forms ................................... 3235–AL02 DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS Regulation Identifier No. Sequence No. Title 602 .................... 603 .................... Rules Implementing Amendments to the Investment Advisers Act ................................................................ Family Offices .................................................................................................................................................. 3235–AK82 3235–AK66 DIVISION OF TRADING AND MARKETS—PROPOSED RULE STAGE Regulation Identifier No. Sequence No. Title 604 .................... Publication or Submission of Quotations Without Specified Information ........................................................ 3235–AH40 DIVISION OF TRADING AND MARKETS—FINAL RULE STAGE Sequence No. 605 606 607 608 609 .................... .................... .................... .................... .................... Regulation Identifier No. Title Broker-Dealer Reports ..................................................................................................................................... Transitional Registration as a Municipal Advisor ............................................................................................. Consolidated Audit Trail ................................................................................................................................... Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ................... Rules for Nationally Recognized Statistical Rating Organizations .................................................................. 3235–AK56 3235–AK69 3235–AK51 3235–AL14 3235–AL15 DIVISION OF TRADING AND MARKETS—COMPLETED ACTIONS Regulation Identifier No. Sequence No. Title 610 .................... 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 .......................................................................................................................... Rule 15c–101: Schedule 15D .......................................................................................................................... Processing of Reorganization Events, Tender Offers, and Exchange Offers ................................................. Proposed Rules for Nationally Recognized Statistical Rating Organizations ................................................. 611 .................... 612 613 614 615 .................... .................... .................... .................... SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance rmajette on DSK2TPTVN1PROD with PROPOSALS Proposed Rule Stage 591. Proxy Solicitation Enhancements Legal Authority: 15 U.S.C. 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 VerDate Mar<15>2010 15:26 Feb 10, 2012 Jkt 226001 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 repropose amendments in this area. Timetable: Action Date FR Cite NPRM .................. NPRM Comment Period End. 07/17/09 09/15/09 74 FR 35076 PO 00000 Frm 00003 Fmt 4701 Sfmt 4702 3235–AJ11 3235–AJ12 3235–AJ13 3235–AJ14 3235–AH53 3235–AK14 Action Date FR Cite Final Rule ............ Final Rule Effective. Second NPRM .... 12/23/09 02/28/10 74 FR 68334 06/00/12 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Mark W. Green, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC E:\FR\FM\13FEP26.SGM 13FEP26 8084 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda 20549–0301, Phone: 202 551–3440, Email: greenm@sec.gov. RIN: 3235–AK28 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Final Rule Stage 592. Disqualification of Felons and Other ‘‘Bad Actors’’ From Rule 506 Offerings Legal Authority: 15 U.S.C. 77c(a); 15 U.S.C. 77d; 15 U.S.C. 77s; 15 U.S.C. 77z–3 Abstract: The Commission proposed rules to disqualify securities offerings involving certain ‘‘bad actors’’ from eligibility for the exemptions under Rule 506 of Regulation D, in accordance with section 926 of the Dodd-Frank Act. Timetable: Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 06/01/11 07/14/11 76 FR 31518 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Johanna Vega Losert, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–3460, Email: losertj@sec.gov. RIN: 3235–AK97 593. Short-Term Borrowings Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq. Abstract: The Commission proposed revisions to rules to enhance the disclosure that registrants provide about short-term borrowings. Timetable: Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... rmajette on DSK2TPTVN1PROD with PROPOSALS 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; Pub. L. 111–203 sec 1502 Abstract: The Commission proposed amendments to forms and rules to implement the requirements of section 1502 of the Dodd-Frank Act. The proposed amendments would require any reporting issuer for which conflict minerals are necessary to the functionality or production of a product manufactured or contracted to be manufactured by that issuer to disclose in its annual report whether its conflict minerals originated in the Democratic Republic of the Congo or an adjoining country. If so, the issuer would be required to furnish a separate report which is audited by an independent private sector auditor, as an exhibit to the annual report that includes, among other matters, a description of the measures taken by the issuer to exercise due diligence on the source and chain of custody of its conflict minerals. Timetable: 09/28/10 11/29/10 75 FR 59866 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Christina Padden, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–3435, Email: paddenc@sec.gov. RIN: 3235–AK72 594. Conflict Minerals Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C. 78l; VerDate Mar<15>2010 15:26 Feb 10, 2012 Jkt 226001 Action Date FR Cite NPRM .................. NPRM Comment Period End. NPRM Comment Period Extended. NPRM Comment Period Extended End. Final Action ......... 12/23/10 01/31/11 75 FR 80948 02/03/11 76 FR 6110 03/02/11 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: John Fieldsend, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–3430, Email: fieldsendj@sec.gov. RIN: 3235–AK84 595. Disclosure of Payments by Resource Extraction Issuers Legal Authority: 15 U.S.C. 78q; Pub. L. 203–111 sec 1504 Abstract: The Commission proposed rules pursuant to section1504 of the Dodd-Frank Act, which added section 13(q) to the Exchange Act. Section 13(q) requires the Commission to adopt rules requiring resource extraction issuers to disclose in their annual reports filed with the Commission payments made to foreign governments or the U.S. federal government for the purpose of the commercial development of oil, natural gas, or minerals. Timetable: Action Date FR Cite NPRM .................. 12/23/10 75 FR 80978 PO 00000 Frm 00004 Fmt 4701 Sfmt 4702 Action Date NPRM Comment Period End. NPRM Comment Period Extended. NPRM Comment Period Extended End. Final Action ......... 01/31/11 02/03/11 FR Cite 76 FR 6111 03/02/11 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Elliot Staffin, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–3243, Email: staffine@sec.gov. RIN: 3235–AK85 596. Listing Standards for Compensation Committees Legal Authority: Pub. L. 111–203 sec 952; 15 U.S.C. 78j–3 Abstract: The Commission proposed a new rule and rule amendments to implement the provisions of section 952 of the Dodd-Frank Act, which adds section 10C to the Exchange Act. Section 10C requires the Commission to adopt rules directing the national securities exchanges and national securities associations to prohibit the listing of any equity security of an issuer that is not in compliance with section 10C’s compensation committee and compensation adviser requirements. In accordance with the statute, the proposed rule would direct the exchanges to establish listing standards that, among other things, require each member of a listed issuer’s compensation committee to be a member of the board of directors and to be ‘‘independent,’’ as defined in the listing standards of the exchanges adopted in accordance with the proposed rule. In addition, section 10C(c)(2) of the Exchange Act requires the Commission to adopt new disclosure rules concerning the use of compensation consultants and any related conflicts of interest. Timetable: Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 04/06/11 04/29/11 76 FR 18966 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Sean Harrison, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC E:\FR\FM\13FEP26.SGM 13FEP26 8085 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda 20549, Phone: 202 551–3430, Email: harrisons@sec.gov. RIN: 3235–AK95 Action 597. • Exemptions for Security-Based Swaps Legal Authority: 15 U.S.C. 77s; 15 U.S.C. 77aa; 15 U.S.C. 78l(h); 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 78ddd(d) Abstract: The Commission adopted interim final rules, providing exemptions under the Securities Act, Exchange Act, and Trust Indenture Act for those security-based swaps that under current law are security-based swap agreements and will be defined as ‘‘securities’’ under the Securities Act and the Exchange Act as of July 16, 2011, due solely to the provisions of title VII of the Dodd-Frank Act. Timetable: Action Date FR Cite Interim Final Rule Interim Final Rule Effective. Interim Final Rule Comment Period End. Final Action ......... 07/11/11 07/11/11 76 FR 40605 08/15/11 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Amy Starr, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551– 3860. RIN: 3235–AL17 rmajette on DSK2TPTVN1PROD with PROPOSALS 598. Net Worth Standard for Accredited Investors Legal Authority: Pub. L. 111–203 sec 413(a); 15 U.S.C. 77c(b); 15 U.S.C. 77d(2) Abstract: The Commission proposed amendments to the accredited investor standards in its rules under the Securities Act to reflect the requirements of section 413(a) of the Dodd-Frank Act. Section 413(a) requires the definitions of ‘‘accredited investor’’ in Securities Act rules to exclude the value of a person’s primary residence for purposes of determining whether the person qualifies as an ‘‘accredited investor’’ on the basis of having a net worth in excess of $1 million. The Commission also proposed technical amendments to Form D and a number of its rules to conform them to the language of section 413(a) and to correct cross-references to former section 4(6) of the Securities Act, which was renumbered section 4(5) by section 944 of the Dodd-Frank Act. Timetable: VerDate Mar<15>2010 15:26 Feb 10, 2012 Jkt 226001 Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 01/31/11 03/11/11 76 FR 5307 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–AK90 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Completed Actions 599. Voluntary Filers Legal Authority: Not Yet Determined Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: Date Withdrawn ........... 10/01/11 FR Cite 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 600. Risk Disclosures Legal Authority: Not Yet Determined Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: Action Date Withdrawn ........... 10/01/11 FR Cite Frm 00005 Fmt 4701 Sfmt 4702 601. References to Credit Ratings in Certain Investment Company Act Rules and Forms Legal Authority: 15 U.S.C. 80a–6(c); 15 U.S.C. 80a–8; 15 U.S.C. 80a–14(a); 15 U.S.C. 80a–29; 15 U.S.C. 80a–30(a); 15 U.S.C. 80a–37; 15 U.S.C. 77e; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); Pub. L. 111–203 sec 939; Pub. L. 111–203 sec 939A Abstract: The Commission proposed (i) to amend two rules (Rules 2a–7 and 5b–3) and four forms (Forms N–1A, N– 2, N–3, and N–MFP) under the Investment Company Act that reference credit ratings and (ii) a new rule under that Act that would set forth a credit quality standard in place of a credit rating removed by the Dodd-Frank Act from section 6(a)(5)(A)(iv)(1)of that Act. These proposals would give effect to provisions of the Dodd-Frank Act that require removing credit ratings references from certain Commission regulations and adopting credit quality standards to replace such references in the rules as well as to replace a statutory credit rating reference eliminated by the Dodd-Frank Act. Timetable: Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 03/09/11 04/25/11 76 FR 12896 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Anu Dubey, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549 Phone: 202 551–6792 RIN: 3235–AL02 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Investment Management Completed Actions 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 PO 00000 Division of Investment Management Final Rule Stage 12/00/11 Action SECURITIES AND EXCHANGE COMMISSION (SEC) 602. Rules Implementing Amendments to the Investment Advisers Act Legal Authority: 15 U.S.C. 80b–3(c)(1); 15 U.S.C. 80b–3A(a)(2)(B)(ii); 15 U.S.C. 80b–3A(C); 15 U.S.C. 80b–4; 15 U.S.C. 80b–6(4); 15 U.S.C. 80b–6A; 15 USAC 77s(a); 15 U.S.C. 77sss(a); 15 U.S.C. 78a–37(a); 15 U.S.C. 78w(a); 15 U.S.C. 78bb(e)(2); Pub. L. 111–203 sec 404; E:\FR\FM\13FEP26.SGM 13FEP26 8086 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda Pub. L. 111–203 sec 406 to 408; Pub. L. 111–203 sec 410 Abstract: The Commission adopted new rules and amendments to existing rules and forms under the Advisers Act to implement provisions of the DoddFrank Act that eliminate the ‘‘private adviser’’ exemption, extend the Commission’s authority to require reporting by certain investment advisers that are exempt from registration, and reallocate regulatory responsibilities for certain investment advisers to the states. The Commission also adopted amendments to the registration form (Form ADV) for investment advisers to obtain additional information that will enhance the Commission’s riskassessment capabilities. Finally, the Commission adopted amendments to its pay to play rule and other rules to address a number of other changes to the Investment Advisers Act made by the Dodd-Frank Act. Timetable: Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... Final Action Effective. 12/10/10 01/24/11 75 FR 77052 07/19/11 09/19/11 76 FR 42950 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Jennifer Porter, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–6739, Email: porterj@sec.gov. RIN: 3235–AK82 603. Family Offices Legal Authority: 15 U.S.C. 80b– 2(a)(11)(G) Abstract: The Commission adopted a rule, consistent with section 409 of the Dodd-Frank Act, regarding family offices. Timetable: Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... Final Action Effective. rmajette on DSK2TPTVN1PROD with PROPOSALS Action 10/18/10 11/18/10 75 FR 63753 06/29/11 08/29/11 76 FR 37983 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. VerDate Mar<15>2010 15:26 Feb 10, 2012 Jkt 226001 RIN: 3235–AK66 Abstract: The Commission proposed amendments to Rule 17a-5 dealing with, among other things, broker-dealer custody of assets. Timetable: SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Trading and Markets Proposed Rule Stage 604. Publication or Submission of Quotations Without Specified Information Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C. 78o(c); 15 U.S.C. 78o(g); 15 U.S.C. 78q(a); 15 U.S.C. 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 .................. NPRM Comment Period End. Second NPRM .... Second NPRM Comment Period End. Second NPRM Comment Period Extended. Comment Period End. Third NPRM ........ 02/25/98 04/27/98 63 FR 9661 03/08/99 04/07/99 64 FR 11124 04/14/99 64 FR 18393 05/08/99 09/00/12 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Barry O’Connell, Securities and Exchange Commission, Division of Trading and Markets, 100 F Street NE., Washington, DC 20549, Phone: 202 551–5787. RIN: 3235–AH40 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Trading and Markets Final Rule Stage 605. Broker-Dealer Reports Legal Authority: 15 U.S.C. 78q PO 00000 Frm 00006 Fmt 4701 Sfmt 4702 Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 06/27/11 08/26/11 76 FR 37572 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Mark Attar, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551– 5889, Email: attarm@sec.gov. RIN: 3235–AK56 606. Transitional Registration as a Municipal Advisor Legal Authority: Pub. L. 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 Act. The rule is effective through December 31, 2011. Timetable: Action Date FR Cite Interim Final Rule Interim Final Rule Effective. Interim Final Rule Comment Period End. Interim Final Rule Effective Through. 09/08/10 10/01/10 75 FR 54465 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 607. Consolidated Audit Trail Legal Authority: 15 U.S.C. 78k–1(a); 15 U.S.C. 78q(a) Abstract: The Commission proposed a rule that would require national securities exchanges and national securities associations to act jointly in developing 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: E:\FR\FM\13FEP26.SGM 13FEP26 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 06/08/10 08/09/10 75 FR 32556 12/00/11 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 608. • Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 Legal Authority: Pub. L. 111–203 sec 939A Abstract: Section 939A of the DoddFrank Act requires the Commission to remove any references to credit ratings from its regulations and to substitute such standards of creditworthiness as the Commission determines to be appropriate. The Commission proposed to amend certain rules and one form under the Securities Exchange Act of 1934 (the Exchange Act) applicable to broker-dealer financial responsibility, distributions of securities, and confirmations of transactions. The Commission also requested comment on potential standards of creditworthiness for purposes of Exchange Act sections 3(a)(41) and 3(a)(53), which define the terms ‘‘mortgage related security’’ and ‘‘small business related security,’’ respectively, as the Commission considers how to implement section 939(e) of the Dodd-Frank Act. Timetable: Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... rmajette on DSK2TPTVN1PROD with PROPOSALS Action 05/06/11 07/05/11 76 FR 26550 609. • Rules for Nationally Recognized Statistical Rating Organizations Legal Authority: 15 U.S.C. 78o–7; 15 U.S.C. 78q; 15 U.S.C. 78mm; Pub. L. 111–203 sections 936, 938, and 943 Abstract: The Commission proposed rules and rule amendments to 15:26 Feb 10, 2012 Action Date FR Cite NPRM .................. NPRM Comment Period End. Final Action ......... 06/08/11 08/08/11 76 FR 33420 12/00/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Timothy Fox, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–5687, Email: foxt@sec.gov. RIN: 3235–AL15 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Trading and Markets Completed Actions 610. 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 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: Action 09/00/12 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Leigh Bothe, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551–5511, Email: bothel@sec.gov. RIN: 3235–AL14 VerDate Mar<15>2010 implement certain provisions of the Dodd-Frank Act concerning nationally recognized statistical rating organizations, providers of third-party due diligence services for asset-backed securities, and issuers and underwriters of asset-backed securities. Timetable: Jkt 226001 Date 02/10/04 04/12/04 70 FR 10521 Action Date FR Cite NPRM .................. NPRM Comment Period End. NPRM Comment Period Extended. NPRM Comment Period End. Withdrawn ........... 02/10/04 04/12/04 69 FR 6438 03/04/05 70 FR 10521 04/04/05 10/01/11 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 612. Rule 15C–100: Schedule 15C Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: 69 FR 6438 03/04/05 611. 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 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: FR Cite NPRM .................. NPRM Comment Period End. NPRM Comment Period Extended. NPRM Comment Period End. Withdrawn ........... 8087 04/04/05 10/01/11 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 PO 00000 Frm 00007 Fmt 4701 Sfmt 4702 Action Date FR Cite NPRM .................. NPRM Comment Period End. NPRM Comment Period Extended. NPRM Comment Period End. Withdrawn ........... 02/10/04 04/12/04 69 FR 6438 03/04/05 70 FR 10521 04/04/05 10/01/11 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. E:\FR\FM\13FEP26.SGM 13FEP26 8088 Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / Unified Agenda RIN: 3235–AJ13 613. Rule 15C–101: Schedule 15D Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: Action Date 02/10/04 04/12/04 69 FR 6438 03/04/05 70 FR 10521 04/04/05 10/01/11 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–AJ14 614. Processing of Reorganization Events, Tender Offers, and Exchange Offers Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78k–1(a)(1)(B); 15 U.S.C. 78n(d)(4); 15 U.S.C. 78o(c)(3); 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q–1(a); 15 U.S.C. 78q–1(d)(1); 15 U.S.C. 78w(a) rmajette on DSK2TPTVN1PROD with PROPOSALS Action Date FR Cite NPRM .................. NPRM Comment Period End. Withdrawn ........... 09/04/98 11/03/98 63 FR 47209 VerDate Mar<15>2010 15:26 Feb 10, 2012 Jkt 226001 Action 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 615. Proposed Rules for Nationally Recognized Statistical Rating Organizations Legal Authority: 15 U.S.C. 78o–7; 15 U.S.C. 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. PO 00000 Frm 00008 The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date, pending the outcome of additional NRSRO rules proposed in May 2011 (RIN 3235–AL15) to implement certain provisions of the Dodd-Frank Act. Timetable: Date FR Cite 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. Withdrawn ........... 06/25/08 07/25/08 73 FR 36212 02/09/09 02/09/09 03/26/09 74 FR 6465 74 FR 6485 12/04/09 02/01/10 74 FR 63832 12/04/09 02/02/10 74 FR 63866 10/01/11 FR Cite NPRM .................. NPRM Comment Period End. NPRM Comment Period Extended. NPRM Comment Period End. Withdrawn ........... Abstract: The Commission is withdrawing this item from the Unified Agenda because it does not expect to consider this item within the next 12 months, but the Commission may consider the item at a future date. Timetable: Fmt 4701 Sfmt 9990 10/01/11 Regulatory Flexibility Analysis Required: Yes. Agency Contact: Sheila Swartzs, 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: swartzs@sec.gov. RIN: 3235–AK14 [FR Doc. 2012–1669 Filed 2–10–12; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\13FEP26.SGM 13FEP26

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 29 (Monday, February 13, 2012)]
[Unknown Section]
[Pages 8082-8088]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1669]

[[Page 8081]]

Vol. 77

Monday,

No. 29

February 13, 2012

Part XXVI

Securities and Exchange Commission

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Semiannual Regulatory Agenda

Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 /
Unified Agenda

[[Page 8082]]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9260, 34-65350, IA-3280, IC-29792, File No. S7-37-11]

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. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information in
the agenda was accurate on September 16, 2011, 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, 2011.

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 email to rule-comments@sec.gov. Please include
File Number S7-37-11 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. S7-37-11. 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 Web site 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 a.m. and 3 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
``Dodd-Frank Act''-- Dodd-Frank Wall Street Reform and Consumer
Protection Act

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

By the Commission.

Dated: September 16, 2011.
Elizabeth M. Murphy,
Secretary.

Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
591....................... Proxy Solicitation 3235-AK28
Enhancements.
------------------------------------------------------------------------

Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
592....................... Disqualification of Felons 3235-AK97
and Other ``Bad Actors''
From Rule 506 Offerings.
593....................... Short-Term Borrowings..... 3235-AK72
594....................... Conflict Minerals......... 3235-AK84
595....................... Disclosure of Payments By 3235-AK85
Resource Extraction
Issuers.
596....................... Listing Standards for 3235-AK95
Compensation Committees.
597....................... Exemptions for Security- 3235-AL17
Based Swaps.
598....................... Net Worth Standard for 3235-AK90
Accredited Investors.
------------------------------------------------------------------------

[[Page 8083]]

Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
599....................... Voluntary Filers.......... 3235-AK59
600....................... Risk Disclosures.......... 3235-AK58
------------------------------------------------------------------------

Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
601....................... References to Credit 3235-AL02
Ratings in Certain
Investment Company Act
Rules and Forms.
------------------------------------------------------------------------

Division of Investment Management--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
602....................... Rules Implementing 3235-AK82
Amendments to the
Investment Advisers Act.
603....................... Family Offices............ 3235-AK66
------------------------------------------------------------------------

Division of Trading and Markets--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
604....................... Publication or Submission 3235-AH40
of Quotations Without
Specified Information.
------------------------------------------------------------------------

Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
605....................... Broker-Dealer Reports..... 3235-AK56
606....................... Transitional Registration 3235-AK69
as a Municipal Advisor.
607....................... Consolidated Audit Trail.. 3235-AK51
608....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
609....................... Rules for Nationally 3235-AL15
Recognized Statistical
Rating Organizations.
------------------------------------------------------------------------

Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
610....................... Confirmation of 3235-AJ11
Transactions in Open-End
Management Investment
Company Shares, Unit
Investment Trust
Interests, and Municipal
Fund Securities Used for
Education Savings.
611....................... Point-of-Sale Disclosure 3235-AJ12
of Purchases in Open-End
Management Investment
Company Shares, Unit
Investment Trust
Interests, and Municipal
Fund Securities Used for
Education Savings.
612....................... Rule 15c-100: Schedule 15C 3235-AJ13
613....................... Rule 15c-101: Schedule 15D 3235-AJ14
614....................... Processing of 3235-AH53
Reorganization Events,
Tender Offers, and
Exchange Offers.
615....................... Proposed Rules for 3235-AK14
Nationally Recognized
Statistical Rating
Organizations.
------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

591. Proxy Solicitation Enhancements

Legal Authority: 15 U.S.C. 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 repropose amendments in this area.
Timetable:

------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/17/09 74 FR 35076
NPRM Comment Period End............. 09/15/09 .......................
Final Rule.......................... 12/23/09 74 FR 68334
Final Rule Effective................ 02/28/10 .......................
Second NPRM......................... 06/00/12 .......................
------------------------------------------------------------------------

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC

[[Page 8084]]

20549-0301, Phone: 202 551-3440, Email: greenm@sec.gov.
RIN: 3235-AK28

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

592. Disqualification of Felons and Other ``Bad Actors'' From Rule 506
Offerings

Legal Authority: 15 U.S.C. 77c(a); 15 U.S.C. 77d; 15 U.S.C. 77s; 15
U.S.C. 77z-3
Abstract: The Commission proposed rules to disqualify securities
offerings involving certain ``bad actors'' from eligibility for the
exemptions under Rule 506 of Regulation D, in accordance with section
926 of the Dodd-Frank Act.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Johanna Vega Losert, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549, Phone: 202 551-3460, Email: losertj@sec.gov.
RIN: 3235-AK97

593. Short-Term Borrowings

Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.
Abstract: The Commission proposed revisions to rules to enhance the
disclosure that registrants provide about short-term borrowings.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Christina Padden, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3435, Email: paddenc@sec.gov.
RIN: 3235-AK72

594. Conflict Minerals

Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15
U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; Pub. L. 111-
203 sec 1502
Abstract: The Commission proposed amendments to forms and rules to
implement the requirements of section 1502 of the Dodd-Frank Act. The
proposed amendments would require any reporting issuer for which
conflict minerals are necessary to the functionality or production of a
product manufactured or contracted to be manufactured by that issuer to
disclose in its annual report whether its conflict minerals originated
in the Democratic Republic of the Congo or an adjoining country. If so,
the issuer would be required to furnish a separate report which is
audited by an independent private sector auditor, as an exhibit to the
annual report that includes, among other matters, a description of the
measures taken by the issuer to exercise due diligence on the source
and chain of custody of its conflict minerals.
Timetable:

------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/23/10 75 FR 80948
NPRM Comment Period End............. 01/31/11 .......................
NPRM Comment Period Extended........ 02/03/11 76 FR 6110
NPRM Comment Period Extended End.... 03/02/11 .......................
Final Action........................ 12/00/11 .......................
------------------------------------------------------------------------

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Fieldsend, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3430, Email: fieldsendj@sec.gov.
RIN: 3235-AK84

595. Disclosure of Payments by Resource Extraction Issuers

Legal Authority: 15 U.S.C. 78q; Pub. L. 203-111 sec 1504
Abstract: The Commission proposed rules pursuant to section1504 of
the Dodd-Frank Act, which added section 13(q) to the Exchange Act.
Section 13(q) requires the Commission to adopt rules requiring resource
extraction issuers to disclose in their annual reports filed with the
Commission payments made to foreign governments or the U.S. federal
government for the purpose of the commercial development of oil,
natural gas, or minerals.
Timetable:

------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/23/10 75 FR 80978
NPRM Comment Period End............. 01/31/11 .......................
NPRM Comment Period Extended........ 02/03/11 76 FR 6111
NPRM Comment Period Extended End.... 03/02/11 .......................
Final Action........................ 12/00/11 .......................
------------------------------------------------------------------------

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Elliot Staffin, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3243, Email: staffine@sec.gov.
RIN: 3235-AK85

596. Listing Standards for Compensation Committees

Legal Authority: Pub. L. 111-203 sec 952; 15 U.S.C. 78j-3
Abstract: The Commission proposed a new rule and rule amendments to
implement the provisions of section 952 of the Dodd-Frank Act, which
adds section 10C to the Exchange Act. Section 10C requires the
Commission to adopt rules directing the national securities exchanges
and national securities associations to prohibit the listing of any
equity security of an issuer that is not in compliance with section
10C's compensation committee and compensation adviser requirements. In
accordance with the statute, the proposed rule would direct the
exchanges to establish listing standards that, among other things,
require each member of a listed issuer's compensation committee to be a
member of the board of directors and to be ``independent,'' as defined
in the listing standards of the exchanges adopted in accordance with
the proposed rule. In addition, section 10C(c)(2) of the Exchange Act
requires the Commission to adopt new disclosure rules concerning the
use of compensation consultants and any related conflicts of interest.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sean Harrison, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC

[[Page 8085]]

20549, Phone: 202 551-3430, Email: harrisons@sec.gov.
RIN: 3235-AK95

597. Exemptions for Security-Based Swaps

Legal Authority: 15 U.S.C. 77s; 15 U.S.C. 77aa; 15 U.S.C. 78l(h);
15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 78ddd(d)
Abstract: The Commission adopted interim final rules, providing
exemptions under the Securities Act, Exchange Act, and Trust Indenture
Act for those security-based swaps that under current law are security-
based swap agreements and will be defined as ``securities'' under the
Securities Act and the Exchange Act as of July 16, 2011, due solely to
the provisions of title VII of the Dodd-Frank Act.
Timetable:

------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Interim Final Rule.................. 07/11/11 76 FR 40605
Interim Final Rule Effective........ 07/11/11 .......................
Interim Final Rule Comment Period 08/15/11 .......................
End.
Final Action........................ 12/00/11 .......................
------------------------------------------------------------------------

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amy Starr, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-3860.
RIN: 3235-AL17

598. Net Worth Standard for Accredited Investors

Legal Authority: Pub. L. 111-203 sec 413(a); 15 U.S.C. 77c(b); 15
U.S.C. 77d(2)
Abstract: The Commission proposed amendments to the accredited
investor standards in its rules under the Securities Act to reflect the
requirements of section 413(a) of the Dodd-Frank Act. Section 413(a)
requires the definitions of ``accredited investor'' in Securities Act
rules to exclude the value of a person's primary residence for purposes
of determining whether the person qualifies as an ``accredited
investor'' on the basis of having a net worth in excess of $1 million.
The Commission also proposed technical amendments to Form D and a
number of its rules to conform them to the language of section 413(a)
and to correct cross-references to former section 4(6) of the
Securities Act, which was renumbered section 4(5) by section 944 of the
Dodd-Frank Act.
Timetable:

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-AK90

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

599. Voluntary Filers

Legal Authority: Not Yet Determined
Abstract: The Commission is withdrawing this item from the Unified
Agenda because it does not expect to consider this item within the next
12 months, but the Commission may consider the item at a future date.
Timetable:

------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 10/01/11 .......................
------------------------------------------------------------------------

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

600. Risk Disclosures

------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 10/01/11 .......................
------------------------------------------------------------------------

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 Investment Management

Final Rule Stage

601. References to Credit Ratings in Certain Investment Company Act
Rules and Forms

Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C.
80a-14(a); 15 U.S.C. 80a-29; 15 U.S.C. 80a-30(a); 15 U.S.C. 80a-37; 15
U.S.C. 77e; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C.
77s(a); Pub. L. 111-203 sec 939; Pub. L. 111-203 sec 939A
Abstract: The Commission proposed (i) to amend two rules (Rules 2a-
7 and 5b-3) and four forms (Forms N-1A, N-2, N-3, and N-MFP) under the
Investment Company Act that reference credit ratings and (ii) a new
rule under that Act that would set forth a credit quality standard in
place of a credit rating removed by the Dodd-Frank Act from section
6(a)(5)(A)(iv)(1)of that Act. These proposals would give effect to
provisions of the Dodd-Frank Act that require removing credit ratings
references from certain Commission regulations and adopting credit
quality standards to replace such references in the rules as well as to
replace a statutory credit rating reference eliminated by the Dodd-
Frank Act.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anu Dubey, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549
Phone: 202 551-6792
RIN: 3235-AL02

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

602. Rules Implementing Amendments to the Investment Advisers Act

Legal Authority: 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-
3A(a)(2)(B)(ii); 15 U.S.C. 80b-3A(C); 15 U.S.C. 80b-4; 15 U.S.C. 80b-
6(4); 15 U.S.C. 80b-6A; 15 USAC 77s(a); 15 U.S.C. 77sss(a); 15 U.S.C.
78a-37(a); 15 U.S.C. 78w(a); 15 U.S.C. 78bb(e)(2); Pub. L. 111-203 sec
404;

[[Page 8086]]

Pub. L. 111-203 sec 406 to 408; Pub. L. 111-203 sec 410
Abstract: The Commission adopted new rules and amendments to
existing rules and forms under the Advisers Act to implement provisions
of the Dodd-Frank Act that eliminate the ``private adviser'' exemption,
extend the Commission's authority to require reporting by certain
investment advisers that are exempt from registration, and reallocate
regulatory responsibilities for certain investment advisers to the
states. The Commission also adopted amendments to the registration form
(Form ADV) for investment advisers to obtain additional information
that will enhance the Commission's risk-assessment capabilities.
Finally, the Commission adopted amendments to its pay to play rule and
other rules to address a number of other changes to the Investment
Advisers Act made by the Dodd-Frank Act.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Porter, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-6739, Email: porterj@sec.gov.
RIN: 3235-AK82

603. Family Offices

Legal Authority: 15 U.S.C. 80b-2(a)(11)(G)
Abstract: The Commission adopted a rule, consistent with section
409 of the Dodd-Frank Act, regarding family offices.
Timetable:

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-AK66

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Proposed Rule Stage

604. Publication or Submission of Quotations Without Specified
Information

Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C. 78o(c);
15 U.S.C. 78o(g); 15 U.S.C. 78q(a); 15 U.S.C. 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.......................... 09/00/12
------------------------------------------------------------------------

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Barry O'Connell, Securities and Exchange
Commission, Division of Trading and Markets, 100 F Street NE.,
Washington, DC 20549, Phone: 202 551-5787.
RIN: 3235-AH40

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Final Rule Stage

605. Broker-Dealer Reports

Legal Authority: 15 U.S.C. 78q
Abstract: The Commission proposed amendments to Rule 17a-5 dealing
with, among other things, broker-dealer custody of assets.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark Attar, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5889, Email: attarm@sec.gov.
RIN: 3235-AK56

606. Transitional Registration as a Municipal Advisor

Legal Authority: Pub. L. 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 Act. The rule is effective through
December 31, 2011.
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 10/08/10
End.
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

607. Consolidated Audit Trail

Legal Authority: 15 U.S.C. 78k-1(a); 15 U.S.C. 78q(a)
Abstract: The Commission proposed a rule that would require
national securities exchanges and national securities associations to
act jointly in developing 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:

[[Page 8087]]

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

608. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934

Legal Authority: Pub. L. 111-203 sec 939A
Abstract: Section 939A of the Dodd-Frank Act requires the
Commission to remove any references to credit ratings from its
regulations and to substitute such standards of creditworthiness as the
Commission determines to be appropriate. The Commission proposed to
amend certain rules and one form under the Securities Exchange Act of
1934 (the Exchange Act) applicable to broker-dealer financial
responsibility, distributions of securities, and confirmations of
transactions. The Commission also requested comment on potential
standards of creditworthiness for purposes of Exchange Act sections
3(a)(41) and 3(a)(53), which define the terms ``mortgage related
security'' and ``small business related security,'' respectively, as
the Commission considers how to implement section 939(e) of the Dodd-
Frank Act.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Leigh Bothe, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5511, Email: bothel@sec.gov.
RIN: 3235-AL14

609. Rules for Nationally Recognized Statistical Rating
Organizations

Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 78q; 15 U.S.C. 78mm;
Pub. L. 111-203 sections 936, 938, and 943
Abstract: The Commission proposed rules and rule amendments to
implement certain provisions of the Dodd-Frank Act concerning
nationally recognized statistical rating organizations, providers of
third-party due diligence services for asset-backed securities, and
issuers and underwriters of asset-backed securities.
Timetable:

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Timothy Fox, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549, Phone: 202 551-5687, Email: foxt@sec.gov.
RIN: 3235-AL15

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

610. 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 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission is withdrawing this item from the Unified
Agenda because it does not expect to consider this item within the next
12 months, but the Commission may consider the item at a future date.
Timetable:

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

611. 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

612. Rule 15C-100: Schedule 15C

[[Page 8088]]

RIN: 3235-AJ13

613. Rule 15C-101: Schedule 15D

614. Processing of Reorganization Events, Tender Offers, and Exchange
Offers

Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78k-1(a)(1)(B); 15 U.S.C.
78n(d)(4); 15 U.S.C. 78o(c)(3); 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-
1(a); 15 U.S.C. 78q-1(d)(1); 15 U.S.C. 78w(a)
Abstract: The Commission is withdrawing this item from the Unified
Agenda because it does not expect to consider this item within the next
12 months, but the Commission may consider the item at a future date.
Timetable:

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

615. Proposed Rules for Nationally Recognized Statistical Rating
Organizations

Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 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.
The Commission is withdrawing this item from the Unified Agenda
because it does not expect to consider this item within the next 12
months, but the Commission may consider the item at a future date,
pending the outcome of additional NRSRO rules proposed in May 2011 (RIN
3235-AL15) to implement certain provisions of the Dodd-Frank Act.
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
Withdrawn........................... 10/01/11
------------------------------------------------------------------------

Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sheila Swartzs, 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: swartzs@sec.gov.
RIN: 3235-AK14

[FR Doc. 2012-1669 Filed 2-10-12; 8:45 am]
BILLING CODE 8011-01-P

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