List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act, 65973-65978 [2015-27385]
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Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Proposed Rules
Dated: October 23, 2015.
Rex A. Barnes,
Associate Administrator, Agricultural
Marketing Service.
[FR Doc. 2015–27448 Filed 10–27–15; 8:45 am]
BILLING CODE 3410–02–P
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Chapter II
[Release Nos. 33–9965, 34–76240, 39–2507,
IC–31879, IA–4238; File No. S7–21–15]
List of Rules To Be Reviewed Pursuant
to the Regulatory Flexibility Act
Securities and Exchange
Commission.
ACTION: Publication of list of rules
scheduled for review.
AGENCY:
The Securities and Exchange
Commission is publishing a list of rules
to be reviewed pursuant to Section 610
of the Regulatory Flexibility Act. The
list is published to provide the public
with notice that these rules are
scheduled for review by the agency and
to invite public comment on whether
the rules should be continued without
change, or should be amended or
rescinded to minimize any significant
economic impact of the rules upon a
substantial number of such small
entities.
SUMMARY:
Comments should be submitted
by November 27, 2015.
ADDRESSES: Comments may be
submitted by any of the following
methods:
DATES:
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
[S7–21–15] on the subject line; or
• Use the Federal eRulemaking Portal
(https://www.regulations.gov). Follow the
instructions for submitting comments.
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Paper Comments
• Send paper comments to Brent
Fields, Secretary, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
S7–21–15. This file number should be
included on the subject line if email 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).
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Comments also are 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 10:00 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
Regulatory Flexibility Act (‘‘RFA’’),
codified at 5 U.S.C. 600–611, requires
an agency to review its rules that have
a significant economic impact upon a
substantial number of small entities
within ten years of the publication of
such rules as final rules. 5 U.S.C. 610(a).
The purpose of the review is ‘‘to
determine whether such rules should be
continued without change, or should be
amended or rescinded . . . to minimize
any significant economic impact of the
rules upon a substantial number of such
small entities.’’ 5 U.S.C. 610(a). The
RFA sets forth specific considerations
that must be addressed in the review of
each rule:
• The continued need for the rule;
• The nature of complaints or
comments received concerning the rule
from the public;
• The complexity of the rule;
• The extent to which the rule
overlaps, duplicates or conflicts with
other federal rules, and, to the extent
feasible, with state and local
governmental rules; and
• The length of time since the rule
has been evaluated or the degree to
which technology, economic conditions,
or other factors have changed in the area
affected by the rule. 5 U.S.C. 610(c).
The Securities and Exchange
Commission, as a matter of policy,
reviews all final rules that it published
for notice and comment to assess not
only their continued compliance with
the RFA, but also to assess generally
their continued utility. When the
Commission implemented the Act in
1980, it stated that it ‘‘intend[ed] to
conduct a broader review [than that
required by the RFA], with a view to
identifying those rules in need of
modification or even rescission.’’
Securities Act Release No. 6302 (Mar.
20, 1981), 46 FR 19251 (Mar. 30, 1981).
The list below is therefore broader than
that required by the RFA, and may
include rules that do not have a
significant economic impact on a
substantial number of small entities.
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Where the Commission has previously
made a determination of a rule’s impact
on small businesses, the determination
is noted on the list.
The Commission particularly solicits
public comment on whether the rules
listed below affect small businesses in
new or different ways than when they
were first adopted. The rules and forms
listed below are scheduled for review by
staff of the Commission during the next
12 months. The list includes 21 rules
adopted by the Commission in 2004.
Title: Shareholder Reports and
Quarterly Portfolio Disclosure of
Registered Management Investment
Companies.
Citation: 17 CFR 270.30b1–5; 17 CFR
270.30a–2; 17 CFR 270.30a–3; 17 CFR
270.30d–1; 17 CFR 249.331; 17 CFR
249.332; 17 CFR 239.14; 17 CFR
239.15A; 17 CFR 239.17; 17 CFR
274.11A; 17 CFR 274.11a–1; 17 CFR
274.11b; 17 CFR 274.130; 17 CFR
274.128; 17 CFR 210.6; and 17 CFR
210.12.
Authority: 15 U.S.C. 77e, 77f, 77g,
77h, 77j, 77s(a), and 77z–3; 78j(b), 78l,
78m, 78o(d), 78w(a), and 78mm; 80a–
6(c), 80a–8, 80a–24, 80a–24(a), 80a–29,
80a–30, and 80a–37.
Description: The amendments require
open-end management investment
companies to disclose fund expenses
borne by shareholders during the
reporting period in reports to
shareholders; permit a management
investment company registered under
the Investment Company Act to include
a summary portfolio schedule in its
reports to shareholders; exempt money
market funds from including a portfolio
schedule in reports to shareholders
provided that the complete portfolio
schedule is filed with the Commission
on Form N–CSR and is provided to
shareholders free of charge; require
reports to shareholders by funds to
include a tabular or graphic
presentation of a fund’s portfolio
holdings by identifiable categories;
require a fund to file its complete
portfolio schedule as of the end of its
first and third fiscal quarters with the
Commission on new Form N–Q and
certified by the fund’s principal
executive and financial officers; and
require a mutual fund to include
Management’s Discussion of Fund
Performance in its annual report to
shareholders.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. 33–8393 (Feb.
27, 2004). The Commission considered
comments received on the proposing
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release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. IC–25870 (Dec. 18, 2002) at that
time.
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Title: Adoption of Amendments to the
Rules of Practice and Delegations of
Authority of the Commission.
Citation: 17 CFR 200.30–7; 17 CFR
200.30–14; 17 CFR 201.100; 17 CFR
201.102; 17 CFR 111; 17 CFR 201.141;
17 CFR 201.150–154; 17 CFR 201.201–
202; 17 CFR 201.210; 17 CFR 201.230–
233; 17 CFR 201.350–351; 17 CFR
201.360; 17 CFR 201.400; 17 CFR
201.411; 17 CFR 201.420; 17 CFR
201.430; 17 CFR 201.440–441; 17 CFR
201.450–451; 17 CFR 201.460; 17 CFR
201.460; 17 CFR 201.470; 17 CFR
201.601; 17 CFR 201.1100–1106; 17 CFR
240.19d–4.
Authority: 15 U.S.C. 7202; 15 U.S.C.
77s, 78s, 77sss, 78w, 79t, . 80a–37 and
80a–39 and 80b–11.
Description: The Commission adopted
rules and rule amendments to
implement provisions under the
Sarbanes-Oxley Act of 2002 that
provided for the creation of Fair Funds
and for Commission review of
disciplinary actions imposed by the
Public Company Accounting Oversight
Board. The Commission also adopted
rules and rule amendments to clarify or
modify a variety of aspects of
administrative proceedings, including
certain motions, petitions, and filings,
service and form of filings, and
procedures for the production or
subpoena of documents.
Prior Commission Determination
under 5 U.S.C. 610: The Commission
determined in Rel. No. 34–49412
(March 12, 2004) that the revision
related solely to agency organization,
procedure, or practice, and that,
therefore, the Administrative Procedure
Act and the Regulatory Flexibility Act
did not apply to the rule. The
Commission received no comments on
this determination
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Title: Additional Form 8–K Disclosure
Requirements and Acceleration of Filing
Date.
Citation: 17 CFR 240.13a–11; 17 CFR
240.15d–11; 17 CFR 249.308.
Authority: 15 U.S.C. 77g, 77l, 77s, 78j,
78l, 78m, 78o, and 78w.
Description: The Commission adopted
rules and amendments to (i) expand the
number of events that are reportable on
Form 8–K, adding eight new items to
the form, and transferring two items
from the periodic reports, (ii) expand
disclosures under two existing Form 8–
K items, (iii) reorganize Form 8–K items
into topical categories, (iv) shorten the
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Form 8–K filing deadline for most items
to four business days after the
occurrence of an event triggering the
disclosure requirements of the form, and
(v) adopt a limited safe harbor from
liability for failure to file certain of the
required Form 8–K reports.
Prior Commission Determination
under 5 U.S.C. 610: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the adoption of
Release No. 33–8400 (March 16, 2004).
The Commission considered comments
received on the proposing release and
the Initial Regulatory Flexibility
Analysis prepared in Release No. 33–
8106 (June 17, 2002) at that time.
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Title: Disclosure Regarding Market
Timing and Selective Disclosure of
Portfolio Holdings.
Citation: 17 CFR 239.15A; 17 CFR
239.17a; 17 CFR 239.17b; 17 CFR
239.17c; 17 CFR 274.11A; 17 CFR
274.11b; 17 CFR 274.11c; and 17 CFR
274.11d.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j,
77ss(a), 80a–3, 80a–22, 80a–24(a), 80a–
29, and 80a–37.
Description: The amendments require
improved disclosure in fund
prospectuses of a mutual fund’s risks,
policies, and procedures. In addition,
the amendments clarify instructions to
registration forms to require all mutual
funds (other than money market funds)
and insurance company managed
separate accounts that offer variable
annuities to explain in their
prospectuses both the circumstances
under which they will use fair value
pricing and the effects of using fair
value pricing. The amendments also
require mutual funds and insurance
company managed separate accounts
that offer variable annuities to disclose
their policies with respect to disclosure
of portfolio holdings information.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. 33–8408 (Apr.
19, 2004). The Commission considered
comments received on the proposing
release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. IC–26287 (Dec. 11, 2003) at that
time.
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Title: Mandated Electronic Filing for
Form ID.
Citation: 17 CFR 232.10; 17 CFR
239.63; 17 CFR 249.446, 17 CFR
259.602; 17 CFR 269.7; 17 CFR 274.402.
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Authority: 15 U.S.C. 77s, 77sss,
78c(b), 78m(a), 78w(a), 78ll(d),79t, 80a–
29 and 80a–37.
Description: The Commission adopted
rule and form amendments to mandate
the electronic filing of Form ID on a new
on-line system.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the adoption of
Release No. 33–8410 April 21, 2004).
The Commission solicited comments
concerning the proposing release and
the Initial Regulatory Flexibility
Analysis prepared in Release No. 33–
8399 (March 15, 2004) but received no
comment letters on the analysis.
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Title: Foreign Bank Exemption from
the Insider Lending Prohibition of
Exchange Act Section 13(k).
Citation: 17 CFR 240.13k–1.
Authority: 15 U.S.C. 77f, 77g, 77h,
77j,77s, 78c, 78l, 78m, 78w, and 78mm.
Description: The Commission adopted
a rule that grants qualified foreign banks
an exemption from the insider lending
prohibition under Section 13(k) of the
Securities Exchange Act of 1934.
Prior Commission Determination
under 5 U.S.C. 610: Pursuant to Section
605(b) of the Regulatory Flexibility Act,
the Commission certified that the rule
would not have a significant economic
impact on a substantial number of small
entities. This certification was
incorporated into the proposing release,
Release No. 34–48481 (September 11,
2003). As stated in the adopting release,
Release No. 34–49616 (April 26, 2004),
the Commission received no comments
concerning the impact on small entities
or the Regulatory Flexibility Act
Certification.
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Title: Disclosure of Breakpoint
Discounts by Mutual Funds.
Citation: 17 CFR 239.15A; 17 CFR
274.11A.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j,
77s(a), 80a–8, 80a–24(a), 80a–29 and
80a–37.
Description: The form amendments
require an open-end management
investment company to provide
enhanced disclosure regarding
breakpoint discounts on front-end sales
loads. Under the amendments, an openend management investment company
is required to describe in its prospectus
any arrangements that result in
breakpoints in sales loads and to
provide a brief summary of shareholder
eligibility requirements.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
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Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. 33–8427 (June
7, 2004). The Commission considered
comments received on the proposing
release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. 33–8347 (Dec. 17, 2003) at that time.
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Title: Alternative Net Capital
Requirements for Broker-Dealers That
Are Part of Consolidated Supervised
Entities.
Citation: 17 CFR 200.30–3, 17 CFR
240.15c3–1, 17 CFR 240.17a–4, 17 CFR
240.17a–5, 17 CFR 240.17a–11, 17 CFR
240.17h–1T, and 17 CFR 240.17h–2T.
Authority: 15 U.S.C. 78o(c), 78q(a),
78w, 78x(b) and 78mm.
Description: The Commission adopted
rule amendments that established a
voluntary, alternative method of
computing deductions to net capital for
certain broker-dealers. This alternative
method permits a broker-dealer to use
mathematical models to calculate net
capital requirements for market and
derivatives-related credit risk. A brokerdealer using the alternative method of
computing net capital is subject to
enhanced net capital, early warning,
recordkeeping, reporting, and certain
other requirements, and must
implement and document an internal
risk management system.
Prior Commission Determination
Under 5 U.S.C. 610: Pursuant to section
605(b) of the Regulatory Flexibility Act,
the Commission certified that the
amendments would not have a
significant economic impact on a
substantial number of small entities.
This certification was incorporated into
the proposing release, Release No. 34–
48690 (Oct. 24, 2003). As stated in the
adopting release, Release No. 34–49830
(June 8, 2004), the Commission received
no comments concerning the impact on
small entities or the Regulatory
Flexibility Act certification.
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Title: Disclosure Regarding Approval
of Investment Advisory Contracts by
Directors of Investment Companies.
Citation: 17 CFR 239.14; 17 CFR
239.15A; 17 CFR 239.17a; 17 CFR
274.11A; 17 CFR 274.11a–1; 17 CFR
274.11b; 17 CFR 240.14a–101.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j,
77s(a), 78n, 78w(a)(1), 80a–8, 80a–15,
80a–20, 80a–24(a), 80a–29 and 80a–37.
Description: The rule and form
amendments require a registered
management investment company to
provide disclosure in its reports to
shareholders regarding the material
factors and the conclusions with respect
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to those factors that formed the basis for
the board’s approval of advisory
contracts during the most recent fiscal
half-year. The amendments are also
designed to encourage improved
disclosure in proxy statements regarding
the basis for the board’s
recommendation that shareholders
approve an advisory contract.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. 34–49928 (June
23, 2004). The Commission considered
comments received on the proposing
release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. 34–49014 (Feb. 11, 2004) at that
time.
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Title: Collection Practices under
Section 31 of the Exchange Act.
Citation: 17 CFR 200.30–3, 17 CFR
240.31.
Authority: 15 U.S.C. 78f, 78o–3, 78q–
1, 78s, 78w(a) and 78ee.
Description: The rule established new
procedures to govern the calculation,
payment, and collection of fees and
assessments on securities transactions
owed by national securities exchanges
and national securities associations to
the Commission pursuant to Section 31
of the Securities Exchange Act of 1934.
Under these new procedures, each
exchange or association must provide
the Commission with data on its
securities transactions. The Commission
calculates the amount of fees and
assessments due based on the volume of
these transactions and bills the
exchange or association that amount.
Prior Commission Determination
Under 5 U.S.C. 610: Pursuant to Section
605(b) of the Regulatory Flexibility Act,
the Commission certified that Rule 31
and Form R31 would not have a
significant economic impact on a
substantial number of small businesses.
This certification was set forth in the
Proposing Release No. 34–49014
(January 20, 2004). As stated in the
adopting release, Release No. 34–49928
(June 28, 2004), the Commission
received no comments concerning the
impact on small entities or the
Regulatory Flexibility Act Certification.
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Title: Investment Adviser Codes of
Ethics.
Citation: 17 CFR 275.204A–1; 17 CFR
275.204–2; 17 CFR 279.1; 17 CFR
270.17j–1.
Authority: 15 U.S.C. 77s(a), 77sss(a),
78a–37(a), 78w(a), 78bb(e)(2),79w(a),
80a–17(j), 80a–37(a), 80b–2(a)(17), 80b–
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3(c)(1), 80b–4, 80b–4(a), 80b–6(4) and
80b–11(a).
Description: The rule and rule
amendments require registered advisers
to adopt codes of ethics. The codes of
ethics must set forth standards of
conduct expected of advisory personnel
and address conflicts that arise from
personal trading by advisory personnel.
Among other things, the rule and rule
amendments require advisers’
supervised persons to report their
personal securities transactions,
including transactions in any mutual
fund managed by the adviser. The rule
and rule amendments are designed to
promote compliance with fiduciary
standards by advisers and their
personnel.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. IA–2256 (July 2,
2004). The Commission considered
comments received on the proposing
release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. IA–2209 (Jan. 20, 2004) at that time.
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Title: Covered Securities Pursuant to
Section 18 of the Securities Act of 1933.
Citation: 17 CFR 230.146.
Authority: 15 U.S.C. 77r(b)(1)(B) and
77s(a).
Description: The Commission
amended a rule under Section 18 of the
Securities Act of 1933 to designate
options listed on the International
Securities Exchange, Inc. as covered
securities. Covered securities under
Section 18 of the Securities Act are
exempt from state law registration
requirements.
Prior Commission Determination
Under 5 U.S.C. 601: Pursuant to Section
605(b) of the Regulatory Flexibility Act,
the Commission certified that amending
Rule 146(b) would not have a significant
economic impact on a substantial
number of small entities. The
certification was incorporated in the
proposing release, Release No. 33–8404
(March 22, 2004). As stated in the
adopting release, Release No. 33–8442
(July 14, 2004), the Commission
received no comments concerning the
impact on small entities or the
Regulatory Flexibility Act Certification.
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Title: Investment Company
Governance.
Citation: 17 CFR 270.0–1(a); 17 CFR
270.10f–3; 17 CFR 270.12b–1(c); 17 CFR
270.15a–4(b)(2); 17 CFR 270.17a–7(f); 17
CFR 270.17a–8(a)(4); 17 CFR 270.17d–
1(d)(7); 17 CFR 270.17e–1(c); 17 CFR
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270.17g–1(j)(3); 17 CFR 270.18f–3(e); 17
CFR 270.23c–3(b)(8); 17 CFR 270.31a–2.
Authority: 15 U.S.C., 80a–6(c), 80a–
10(f), 80a–12(b), 80a–17(d), 80a–17(g),
80a–23(c), 80a–30(a), and 80a–37(a).
Description: A Federal appeals court
vacated certain amendments adopted by
the Commission to rules under the
Investment Company Act. The
amendments, first proposed on January
15, 2004, would have imposed two
conditions on investment companies
(‘‘funds’’) relying on certain exemptive
rules. First, fund boards would have to
have been comprised of at least 75
percent independent directors. Second,
the boards would have to have been
chaired by an independent director. In
June 2006 and December 2006, the
Commission requested additional
comment regarding the fund governance
provisions.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 relating to
the amendments to the exemptive rules
and the Commission’s rules on
investment company governance in
conjunction with the Commission’s
adoption of Release No. IC–26520 on
July 27, 2004. Comments to the
proposing release (Release No. IC–26323
(Jan. 24, 2004)) and any comments to
the Initial Regulatory Flexibility
Analysis were considered in connection
with the Commission’s adoption of
Release No. IC–26520.
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Title: Short Sales.
Citation: 17 CFR 242.200, 17 CFR
242.202T, 17 CFR 242.203.
Authority: 15 U.S.C. 78b, 78c(b),
78i(h), 78j, 78k–1, 78o, 78q(a), 78q–1,
78w(a), and 78mm.
Description: The Commission adopted
new Regulation SHO, which defined
ownership of securities, specified
aggregation of long and short positions,
and required broker-dealers to mark
sales in all equity securities ‘‘long,’’
‘‘short,’’ or ‘‘short exempt.’’ Regulation
SHO also included a temporary rule that
established procedures for the
Commission to suspend temporarily the
operation of the ‘‘tick’’ test and any
short sale price test of any exchange or
national securities association for
specified securities. Regulation SHO
also required short sellers in all equity
securities to locate securities to borrow
before selling, and also imposed
additional delivery requirements on
broker-dealers for securities in which a
substantial number of failures to deliver
had occurred. The Commission also
adopted amendments that removed the
shelf offering exception and issued
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interpretive guidance addressing sham
transactions designed to evade
Regulation M.
Prior Commission Determination
Under 5 U.S.C. 610: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the adoption of
Release No. 34 –50103 (July 28, 2004).
The Commission solicited comment on
the Initial Regulatory Flexibility
Analysis prepared in the proposing
release, Release No. 34–48709 (October
28, 2003), but received no comment on
that analysis. The Commission did
receive comments related to small
business, and considered those
comments in the adopting release.
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Title: Disclosure Regarding Portfolio
Managers of Registered Management
Investment Companies.
Citation: 17 CFR 239.14; 17 CFR
239.15A; 17 CFR 239.17a; 17 CFR
249.331; 17 CFR 270.30a–2; 17 CFR
274.11a–1; 17 CFR 274.11A; 17 CFR
274.11b; 17 CFR 274.128.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j,
77s(a), 78(j(b), 78m, 78n, 78o(d), 78w(a),
78mm,, 80a–8, 80a–24(a), 80a–29, 80a–
37, 80a–39.
Description: The forms and rule
amendments improve the disclosure
provided by registered investment
companies regarding their portfolio
managers. The amendments extend the
existing requirement that a registered
management investment company
provide basic information in its
prospectus regarding its portfolio
managers to include the members of
management teams. The amendments
also require a registered management
investment company to disclose
additional information about its
portfolio managers, including other
accounts that they manage,
compensation structure, and ownership
of securities in the investment company.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No 33–8458 (Aug.
23, 2004). The Commission considered
comments received on the proposing
release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. 33–8396 (Mar. 11, 2004) at that
time.
*
*
*
*
*
Title: Rule 15c3–3 Reserve
Requirements for Margin Related to
Security Futures Products.
Citation: 17 CFR 200.30–3 and 17 CFR
240.15c3–3a.
Authority: 15 U.S.C. 78o, 78q, 78w(a),
and 78mm.
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Description: The Commission adopted
amendments to the formula for
determination of customer reserve
requirements of broker-dealers under
the Exchange Act to address issues
related to customer margin for security
futures products. The amendments
permit a broker-dealer to include margin
related to security futures products
written, purchased, or sold in customer
securities accounts and on deposit with
a registered clearing agency or a
derivatives clearing organization as a
debit item in calculating its customer
reserve requirement under specified
conditions. The amendments were
intended to help ensure that a brokerdealer is not required to fund its
customer reserve requirements with
proprietary assets.
Prior Commission Determination
Under 5 U.S.C. 610: Pursuant to section
605(b) of the Regulatory Flexibility Act,
the Commission certified that the
amendments to Rule 15c3–3a would not
have a significant impact on a
substantial number of small entities.
This certification was incorporated into
the proposing release, Release No.
46492 (Sept. 12, 2002). As stated in the
adopting release, Release No. 33–50295,
the Commission received no comments
concerning the impact on small entities
or the Regulatory Flexibility Act
certification.
*
*
*
*
*
Title: Prohibition on the Use of
Brokerage Commissions to Finance
Distribution.
Citation: 17 CFR 270.12b–1.
Authority: 15 U.S.C. 80a–12(b) and
80a–37(a).
Description: The amendments amend
the rule that governs the use of assets of
open-end management investment
companies (funds) to distribute their
shares. The amended rule prohibits
funds from paying for the distribution of
their shares with brokerage
commissions. The amendments are
designed to end a practice that poses
significant conflicts of interest and may
be harmful to funds and fund
shareholders.
Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. IC–26591
(September 2, 2004). The Commission
considered comments received on the
proposing release and the Initial
Regulatory Flexibility Analysis prepared
in Release No. IC–26356 (Feb.24, 2004)
at that time.
*
*
*
*
*
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Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Proposed Rules
Title: Proposed Rule Changes of SelfRegulatory Organizations.
Citation: 17 CFR 240.11Aa3–2 and 17
CFR 240.19b–4.
Authority: 15 U.S.C. 78c, 78f, 78k–1,
78o–3, 78o–4, 78q–1, 78s(b), 78w(a),
78mm.
Description: The Commission adopted
rule amendments that require selfregulatory organizations (SROs) to file
proposed rule changes electronically
with the Commission, rather than in
paper form. In addition, the
Commission required SROs to post all
proposed rule changes, as well as
current and complete sets of their rules,
on their Web sites. The Commission
also required all participants in National
Market System Plans (NMS Plans) to
arrange for posting on a designated Web
site a current and complete version of
the NMS Plan.
Prior Commission Determination
Under 5 U.S.C. 610: Pursuant to Section
605(b) of the Regulatory Flexibility Act,
the Commission certified that amending
Rule 19b–4 and Form 19b–4 would not
have a significant economic impact on
a substantial number of small
businesses. This certification was
incorporated in the proposing release,
Release No. 49505 (March 30, 2004). As
stated in the adopting release, Release
No. 34–50486 (Oct.4, 2004), the
Commission received no comments
concerning the impact on small entities
or the Regulatory Flexibility Act
certification.
*
*
*
*
*
Title: Disposal of Consumer Report
Information.
Citation: 17 CFR 248.1; 17 CFR 248.2;
17 CFR 248.30.
Authority: 15 U.S.C. 6801(b), 15
U.S.C. 1681w, 15 U.S.C. 78q, 78w,
78mm, 80a–30(a), 80a–37, 80b–4 and
80b–11.
Description: The amendments to the
rule under Regulation S–P require
financial institutions to adopt policies
and procedures to safeguard customer
information. The amended rule
implements the provision in section 216
of the Fair and Accurate Credit
Transactions Act of 2003 requiring
proper disposal of consumer report
information and records. Section 216
directs the Commission and other
federal agencies to adopt regulations
requiring that any person who
maintains or possesses consumer report
information or any compilation of
consumer report information derived
from a consumer report for a business
purpose must properly dispose of the
information. The amendments also
require the policies and procedures
adopted under the safeguard rule to be
in writing.
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Prior Commission Determination
Under 5 U.S.C. 601: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the Commission’s
adoption of Release No. 34–50781 (Dec.
2, 2004). The Commission considered
comments received on the proposing
release and the Initial Regulatory
Flexibility Analysis prepared in Release
No. 34–50361 (Sept. 14, 2004) at that
time.
*
*
*
*
*
Title: Issuer Restrictions or
Prohibitions on Ownership by
Securities Intermediaries.
Citation: 17 CFR 240.17Ad–20.
Authority: 15 U.S.C. 78q–1(a)(1), 78q–
1(a)(2), 78q–1(d), and 78w(a).
Description: The Commission adopted
a new rule to prohibit registered transfer
agents from effecting any transfer of any
equity security registered under Section
12 or any equity security that subjects
an issuer to reporting under Section
15(d) of the Exchange Act if such
security is subject to any restriction or
prohibition on transfer to or from a
securities intermediary, such as clearing
agencies, banks, or broker-dealers.
Prior Commission Determination
Under 5 U.S.C. 610: A Final Regulatory
Flexibility Analysis was prepared in
accordance with 5 U.S.C. 604 in
conjunction with the adoption of
Release No. 34–50758A (December 7,
2004). The Commission solicited
comment on the Initial Regulatory
Flexibility Analysis prepared in the
proposing release, Release No. 49809
(June 4, 2004), but received no comment
on that analysis.
*
*
*
*
*
Title: Asset-Backed Securities.
Citation: 17 CFR 210.1–02, 17 CFR
210–2.01, 17 CFR 210.2–02, 17 CFR
210.2–07, 17 CFR 229.10, 17 CFR
229.202, 17 CFR 229.308, 17 CFR
229.401, 17 CFR 229.406, 17 CFR
229.501, 17 CFR 229.503, 17 CFR
229.512, 17 CFR 229.601, 17 CFR
229.701, 17 CFR 229.1100 through 1123,
17 CFR 230.411, 17 CFR 230.434, 17
CFR 230.139a, 17 CFR 230.167, 17 CFR
230.190, 17 CFR 230.191, 17 CFR
230.426, 17 CFR 232.311, 17 CFR
232.312, 17 CFR 239.11, 17 CFR 239.12,
17 CFR 239.13, 17 CFR 239.18, 17 CFR
239.31, 17 CFR 239.32, 17 CFR 239.33,
17 CFR 240.10A–3, 17 CFR 240.12b–2,
17 CFR 240.12b–15, 17 CFR 240.12b–25,
17 CFR 240.13a–10, 17 CFR 240.13a–11,
17 CFR 240.13a–13, 17 CFR 240.13a–14,
17 CFR 240.13a–15, 17 CFR 240.13a–16,
17 CFR 240.15c2–8, 17 CFR 240.15d–10,
17 CFR 240.15d–11, 17 CFR 240.15d–
13, 17 CFR 240.15d–14, 17 CFR
240.15d–15, 17 CFR 240.15d–16, 17
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65977
CFR 240.3a12–12, 17 CFR 240.3b–19, 17
CFR 240.13a–17, 17 CFR 240.13a–18, 17
CFR 240.15d–17, 17 CFR 240.15d–18,
17 CFR 240.15d-22, 17 CFR 240.15d-23,
17 CFR 242.100, 17 CFR 245.101, 17
CFR 249.220f, 17 CFR 249.240f, 17 CFR
249.308, 17 CFR 249.310, 17 CFR
249.312, and 17 CFR 249.322.
Authority: 15 U.S.C. 77e, 77f, 77g,
77h, 77j, 77k, 77q(a), 77s, 77s(a),
77sss(a), 77z–2, 77z–3, 77aa(25),
77aa(26), 77ddd, 77eee, 77ggg, 77hhh,
77jjj, 7nnn, 77sss, 78(b), 78c, 78c(b),
78g(c)(2), 78i(a), 78j, 78j–1, 78k–1(c),
78l, 78m, 78n, 78o, 78o(b), 78o(c),
78o(d), 78q, 78q(a), 78q(b), 78q(h), 78u–
5, 78(w), 78w(a), 78dd–1, 78ll, 78ll(d),
78mm, 79e, 79e(b), 79f, 79f, 79j, 79j(a),
79l, 79m, 79n, 79q, 79t, 79t(a), 80a–8,
80a–20, 80a–23, 80a–24, 80a–26, 80a–
29, 80a–30, 80a–31, 80a–37, 80a–37(a),
80b–3, 80b–11, 7201 et seq., 7202, 7262,
and 18 U.S.C. 1350.
Description: The Commission adopted
new and amended rules and forms to
address comprehensively the
registration, disclosure and reporting
requirements for asset-backed securities
under the Securities Act of 1933 and the
Securities Exchange Act of 1934. The
final rules and forms accomplish the
following: update and clarify the
Securities Act registration requirements
for asset-backed securities offerings,
including expanding the types of assetbacked securities that may be offered in
delayed primary offerings on Form S–3;
consolidate and codify existing
interpretive positions that allow
modified Exchange Act reporting that is
more tailored and relevant to assetbacked securities; provide tailored
disclosure guidance and requirements
for Securities Act and Exchange Act
filings involving asset-backed securities;
and streamline and codify existing
interpretive positions that permit the
use of written communications in a
registered offering of asset-backed
securities in addition to the statutory
registration statement prospectus.
Prior Commission Determination
under 5 U.S.C. 610: Pursuant to Section
605(b) of the Regulatory Flexibility Act,
the Commission certified that the new
and amended rules and forms would not
have a significant economic impact on
a substantial number of small entities.
This certification was incorporated into
the proposing release, Release No. 33–
8419 (May 3, 2004). As stated in the
adopting release, Release No. 33–8518
(December 22, 2004) the Commission
received no comments concerning the
impact on small entities or the
Regulatory Flexibility Act Certification.
By the Commission.
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Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Proposed Rules
Dated: October 22, 2015.
Brent J. Fields,
Secretary.
manner detailed (see ‘‘Written/Paper
Submissions’’ and ‘‘Instructions’’).
Written/Paper Submissions
[FR Doc. 2015–27385 Filed 10–27–15; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 172
[Docket No. FDA–2015–F–3663]
Grocery Manufacturers Association;
Filing of Food Additive Petition
AGENCY:
Food and Drug Administration,
HHS.
ACTION:
Notice of petition.
The Food and Drug
Administration (FDA or we) is
announcing that we have filed a
petition, submitted by the Grocery
Manufacturers Association, proposing
that the food additive regulations be
amended to provide for the safe use of
partially hydrogenated vegetable oils
(PHOs) in various food applications.
DATES: This food additive petition was
filed on October 1, 2015. Submit either
electronic or written comments on the
petitioner’s environmental assessment
by November 27, 2015.
ADDRESSES: You may submit comments
as follows:
SUMMARY:
Lhorne on DSK5TPTVN1PROD with PROPOSALS
Electronic Submissions
Submit electronic comments in the
following way:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Comments submitted electronically,
including attachments, to https://
www.regulations.gov will be posted to
the docket unchanged. Because your
comment will be made public, you are
solely responsible for ensuring that your
comment does not include any
confidential information that you or a
third party may not wish to be posted,
such as medical information, your or
anyone else’s Social Security number, or
confidential business information, such
as a manufacturing process. Please note
that if you include your name, contact
information, or other information that
identifies you in the body of your
comments, that information will be
posted on https://www.regulations.gov.
• If you want to submit a comment
with confidential information that you
do not wish to be made available to the
public, submit the comment as a
written/paper submission and in the
VerDate Sep<11>2014
18:12 Oct 27, 2015
Jkt 238001
Submit written/paper submissions as
follows:
• Mail/Hand delivery/Courier (for
written/paper submissions): Division of
Dockets Management (HFA–305), Food
and Drug Administration, 5630 Fishers
Lane, Rm. 1061, Rockville, MD 20852.
• For written/paper comments
submitted to the Division of Dockets
Management, FDA will post your
comment, as well as any attachments,
except for information submitted,
marked and identified, as confidential,
if submitted as detailed in
‘‘Instructions.’’
Instructions: All submissions received
must include the Docket No. FDA–
2015–F–3663 for ‘‘Grocery
Manufacturers Association; Filing of
Food Additive Petition’’. Received
comments will be placed in the docket
and, except for those submitted as
‘‘Confidential Submissions,’’ publicly
viewable at https://www.regulations.gov
or at the Division of Dockets
Management between 9 a.m. and 4 p.m.,
Monday through Friday.
• Confidential Submissions—To
submit a comment with confidential
information that you do not wish to be
made publicly available, submit your
comments only as a written/paper
submission. You should submit two
copies total. One copy will include the
information you claim to be confidential
with a heading or cover note that states
‘‘THIS DOCUMENT CONTAINS
CONFIDENTIAL INFORMATION’’. The
Agency will review this copy, including
the claimed confidential information, in
its consideration of comments. The
second copy, which will have the
claimed confidential information
redacted/blacked out, will be available
for public viewing and posted on https://
www.regulations.gov. Submit both
copies to the Division of Dockets
Management. If you do not wish your
name and contact information to be
made publicly available, you can
provide this information on the cover
sheet and not in the body of your
comments and you must identify this
information as ‘‘confidential.’’ Any
information marked as ‘‘confidential’’
will not be disclosed except in
accordance with 21 CFR 10.20 and other
applicable disclosure law. For more
information about FDA’s posting of
comments to public dockets, see 80 FR
56469, September 18, 2015, or access
the information at: https://www.fda.gov/
regulatoryinformation/dockets/
default.htm.
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Docket: For access to the docket to
read background documents or the
electronic and written/paper comments
received, go to https://
www.regulations.gov and insert the
docket number, found in brackets in the
heading of this document, into the
‘‘Search’’ box and follow the prompts
and/or go to the Division of Dockets
Management, 5630 Fishers Lane, Rm.
1061, Rockville, MD 20852.
FOR FURTHER INFORMATION CONTACT:
Ellen Anderson, Center for Food Safety
and Applied Nutrition (HFS–265), Food
and Drug Administration, 5100 Paint
Branch Pkwy., College Park, MD 20740–
3835, 240–402–1309.
Under the
Federal Food, Drug, and Cosmetic Act
(section 409(b)(5) (21 U.S.C. 348(b)(5))),
we are giving notice that we have filed
a food additive petition (FAP 5A4811),
submitted by the Grocery Manufacturers
Association, 1350 I Street, NW., Suite
300, Washington, DC 20005. The
petition proposes to amend the food
additive regulations in 21 CFR part 172
Food Additives Permitted for Direct
Addition to Food for Human
Consumption to provide for the safe use
of PHOs in the following food
applications at specified maximum use
levels: As a carrier or component thereof
for flavors or flavorings, as a diluent or
component thereof for color additives,
as an incidental additive or processing
aid, and as a direct additive in specific
foods.
We are reviewing the potential
environmental impact of this petition.
To encourage public participation
consistent with regulations issued under
the National Environmental Policy Act
(40 CFR 1501.4(b)), we are placing the
environmental assessment submitted
with the petition that is the subject of
this notice on public display at the
Division of Dockets Management (see
DATES and ADDRESSES) for public review
and comment.
We will also place on public display,
in the Division of Dockets Management
and at https://www.regulations.gov, any
amendments to, or comments on, the
petitioner’s environmental assessment
without further announcement in the
Federal Register. If, based on our
review, we find that an environmental
impact statement is not required, and
this petition results in a regulation, we
will publish the notice of availability of
our finding of no significant impact and
the evidence supporting that finding
with the regulation in the Federal
Register in accordance with 21 CFR
25.51(b).
SUPPLEMENTARY INFORMATION:
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]]>Agencies
[Federal Register Volume 80, Number 208 (Wednesday, October 28, 2015)]
[Proposed Rules]
[Pages 65973-65978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-27385]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Chapter II
[Release Nos. 33-9965, 34-76240, 39-2507, IC-31879, IA-4238; File No.
S7-21-15]
List of Rules To Be Reviewed Pursuant to the Regulatory
Flexibility Act
AGENCY: Securities and Exchange Commission.
ACTION: Publication of list of rules scheduled for review.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission is publishing a list of
rules to be reviewed pursuant to Section 610 of the Regulatory
Flexibility Act. The list is published to provide the public with
notice that these rules are scheduled for review by the agency and to
invite public comment on whether the rules should be continued without
change, or should be amended or rescinded to minimize any significant
economic impact of the rules upon a substantial number of such small
entities.
DATES: Comments should be submitted by November 27, 2015.
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 [S7-21-15] 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 to Brent Fields, Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File No. S7-21-15. This file number
should be included on the subject line if email 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 also
are 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 10:00 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 Regulatory Flexibility Act (``RFA''),
codified at 5 U.S.C. 600-611, requires an agency to review its rules
that have a significant economic impact upon a substantial number of
small entities within ten years of the publication of such rules as
final rules. 5 U.S.C. 610(a). The purpose of the review is ``to
determine whether such rules should be continued without change, or
should be amended or rescinded . . . to minimize any significant
economic impact of the rules upon a substantial number of such small
entities.'' 5 U.S.C. 610(a). The RFA sets forth specific considerations
that must be addressed in the review of each rule:
The continued need for the rule;
The nature of complaints or comments received concerning
the rule from the public;
The complexity of the rule;
The extent to which the rule overlaps, duplicates or
conflicts with other federal rules, and, to the extent feasible, with
state and local governmental rules; and
The length of time since the rule has been evaluated or
the degree to which technology, economic conditions, or other factors
have changed in the area affected by the rule. 5 U.S.C. 610(c).
The Securities and Exchange Commission, as a matter of policy,
reviews all final rules that it published for notice and comment to
assess not only their continued compliance with the RFA, but also to
assess generally their continued utility. When the Commission
implemented the Act in 1980, it stated that it ``intend[ed] to conduct
a broader review [than that required by the RFA], with a view to
identifying those rules in need of modification or even rescission.''
Securities Act Release No. 6302 (Mar. 20, 1981), 46 FR 19251 (Mar. 30,
1981). The list below is therefore broader than that required by the
RFA, and may include rules that do not have a significant economic
impact on a substantial number of small entities. Where the Commission
has previously made a determination of a rule's impact on small
businesses, the determination is noted on the list.
The Commission particularly solicits public comment on whether the
rules listed below affect small businesses in new or different ways
than when they were first adopted. The rules and forms listed below are
scheduled for review by staff of the Commission during the next 12
months. The list includes 21 rules adopted by the Commission in 2004.
Title: Shareholder Reports and Quarterly Portfolio Disclosure of
Registered Management Investment Companies.
Citation: 17 CFR 270.30b1-5; 17 CFR 270.30a-2; 17 CFR 270.30a-3; 17
CFR 270.30d-1; 17 CFR 249.331; 17 CFR 249.332; 17 CFR 239.14; 17 CFR
239.15A; 17 CFR 239.17; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR
274.11b; 17 CFR 274.130; 17 CFR 274.128; 17 CFR 210.6; and 17 CFR
210.12.
Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77s(a), and 77z-3;
78j(b), 78l, 78m, 78o(d), 78w(a), and 78mm; 80a-6(c), 80a-8, 80a-24,
80a-24(a), 80a-29, 80a-30, and 80a-37.
Description: The amendments require open-end management investment
companies to disclose fund expenses borne by shareholders during the
reporting period in reports to shareholders; permit a management
investment company registered under the Investment Company Act to
include a summary portfolio schedule in its reports to shareholders;
exempt money market funds from including a portfolio schedule in
reports to shareholders provided that the complete portfolio schedule
is filed with the Commission on Form N-CSR and is provided to
shareholders free of charge; require reports to shareholders by funds
to include a tabular or graphic presentation of a fund's portfolio
holdings by identifiable categories; require a fund to file its
complete portfolio schedule as of the end of its first and third fiscal
quarters with the Commission on new Form N-Q and certified by the
fund's principal executive and financial officers; and require a mutual
fund to include Management's Discussion of Fund Performance in its
annual report to shareholders.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No.
33-8393 (Feb. 27, 2004). The Commission considered comments received on
the proposing
[[Page 65974]]
release and the Initial Regulatory Flexibility Analysis prepared in
Release No. IC-25870 (Dec. 18, 2002) at that time.
* * * * *
Title: Adoption of Amendments to the Rules of Practice and
Delegations of Authority of the Commission.
Citation: 17 CFR 200.30-7; 17 CFR 200.30-14; 17 CFR 201.100; 17 CFR
201.102; 17 CFR 111; 17 CFR 201.141; 17 CFR 201.150-154; 17 CFR
201.201-202; 17 CFR 201.210; 17 CFR 201.230-233; 17 CFR 201.350-351; 17
CFR 201.360; 17 CFR 201.400; 17 CFR 201.411; 17 CFR 201.420; 17 CFR
201.430; 17 CFR 201.440-441; 17 CFR 201.450-451; 17 CFR 201.460; 17 CFR
201.460; 17 CFR 201.470; 17 CFR 201.601; 17 CFR 201.1100-1106; 17 CFR
240.19d-4.
Authority: 15 U.S.C. 7202; 15 U.S.C. 77s, 78s, 77sss, 78w, 79t, .
80a-37 and 80a-39 and 80b-11.
Description: The Commission adopted rules and rule amendments to
implement provisions under the Sarbanes-Oxley Act of 2002 that provided
for the creation of Fair Funds and for Commission review of
disciplinary actions imposed by the Public Company Accounting Oversight
Board. The Commission also adopted rules and rule amendments to clarify
or modify a variety of aspects of administrative proceedings, including
certain motions, petitions, and filings, service and form of filings,
and procedures for the production or subpoena of documents.
Prior Commission Determination under 5 U.S.C. 610: The Commission
determined in Rel. No. 34-49412 (March 12, 2004) that the revision
related solely to agency organization, procedure, or practice, and
that, therefore, the Administrative Procedure Act and the Regulatory
Flexibility Act did not apply to the rule. The Commission received no
comments on this determination
* * * * *
Title: Additional Form 8-K Disclosure Requirements and Acceleration
of Filing Date.
Citation: 17 CFR 240.13a-11; 17 CFR 240.15d-11; 17 CFR 249.308.
Authority: 15 U.S.C. 77g, 77l, 77s, 78j, 78l, 78m, 78o, and 78w.
Description: The Commission adopted rules and amendments to (i)
expand the number of events that are reportable on Form 8-K, adding
eight new items to the form, and transferring two items from the
periodic reports, (ii) expand disclosures under two existing Form 8-K
items, (iii) reorganize Form 8-K items into topical categories, (iv)
shorten the Form 8-K filing deadline for most items to four business
days after the occurrence of an event triggering the disclosure
requirements of the form, and (v) adopt a limited safe harbor from
liability for failure to file certain of the required Form 8-K reports.
Prior Commission Determination under 5 U.S.C. 610: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 33-8400
(March 16, 2004). The Commission considered comments received on the
proposing release and the Initial Regulatory Flexibility Analysis
prepared in Release No. 33-8106 (June 17, 2002) at that time.
* * * * *
Title: Disclosure Regarding Market Timing and Selective Disclosure
of Portfolio Holdings.
Citation: 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR
239.17c; 17 CFR 274.11A; 17 CFR 274.11b; 17 CFR 274.11c; and 17 CFR
274.11d.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77ss(a), 80a-3, 80a-22,
80a-24(a), 80a-29, and 80a-37.
Description: The amendments require improved disclosure in fund
prospectuses of a mutual fund's risks, policies, and procedures. In
addition, the amendments clarify instructions to registration forms to
require all mutual funds (other than money market funds) and insurance
company managed separate accounts that offer variable annuities to
explain in their prospectuses both the circumstances under which they
will use fair value pricing and the effects of using fair value
pricing. The amendments also require mutual funds and insurance company
managed separate accounts that offer variable annuities to disclose
their policies with respect to disclosure of portfolio holdings
information.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No.
33-8408 (Apr. 19, 2004). The Commission considered comments received on
the proposing release and the Initial Regulatory Flexibility Analysis
prepared in Release No. IC-26287 (Dec. 11, 2003) at that time.
* * * * *
Title: Mandated Electronic Filing for Form ID.
Citation: 17 CFR 232.10; 17 CFR 239.63; 17 CFR 249.446, 17 CFR
259.602; 17 CFR 269.7; 17 CFR 274.402.
Authority: 15 U.S.C. 77s, 77sss, 78c(b), 78m(a), 78w(a),
78ll(d),79t, 80a-29 and 80a-37.
Description: The Commission adopted rule and form amendments to
mandate the electronic filing of Form ID on a new on-line system.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 33-8410
April 21, 2004). The Commission solicited comments concerning the
proposing release and the Initial Regulatory Flexibility Analysis
prepared in Release No. 33-8399 (March 15, 2004) but received no
comment letters on the analysis.
* * * * *
Title: Foreign Bank Exemption from the Insider Lending Prohibition
of Exchange Act Section 13(k).
Citation: 17 CFR 240.13k-1.
Authority: 15 U.S.C. 77f, 77g, 77h, 77j,77s, 78c, 78l, 78m, 78w,
and 78mm.
Description: The Commission adopted a rule that grants qualified
foreign banks an exemption from the insider lending prohibition under
Section 13(k) of the Securities Exchange Act of 1934.
Prior Commission Determination under 5 U.S.C. 610: Pursuant to
Section 605(b) of the Regulatory Flexibility Act, the Commission
certified that the rule would not have a significant economic impact on
a substantial number of small entities. This certification was
incorporated into the proposing release, Release No. 34-48481
(September 11, 2003). As stated in the adopting release, Release No.
34-49616 (April 26, 2004), the Commission received no comments
concerning the impact on small entities or the Regulatory Flexibility
Act Certification.
* * * * *
Title: Disclosure of Breakpoint Discounts by Mutual Funds.
Citation: 17 CFR 239.15A; 17 CFR 274.11A.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77s(a), 80a-8, 80a-24(a),
80a-29 and 80a-37.
Description: The form amendments require an open-end management
investment company to provide enhanced disclosure regarding breakpoint
discounts on front-end sales loads. Under the amendments, an open-end
management investment company is required to describe in its prospectus
any arrangements that result in breakpoints in sales loads and to
provide a brief summary of shareholder eligibility requirements.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory
[[Page 65975]]
Flexibility Analysis was prepared in accordance with 5 U.S.C. 604 in
conjunction with the Commission's adoption of Release No. 33-8427 (June
7, 2004). The Commission considered comments received on the proposing
release and the Initial Regulatory Flexibility Analysis prepared in
Release No. 33-8347 (Dec. 17, 2003) at that time.
* * * * *
Title: Alternative Net Capital Requirements for Broker-Dealers That
Are Part of Consolidated Supervised Entities.
Citation: 17 CFR 200.30-3, 17 CFR 240.15c3-1, 17 CFR 240.17a-4, 17
CFR 240.17a-5, 17 CFR 240.17a-11, 17 CFR 240.17h-1T, and 17 CFR
240.17h-2T.
Authority: 15 U.S.C. 78o(c), 78q(a), 78w, 78x(b) and 78mm.
Description: The Commission adopted rule amendments that
established a voluntary, alternative method of computing deductions to
net capital for certain broker-dealers. This alternative method permits
a broker-dealer to use mathematical models to calculate net capital
requirements for market and derivatives-related credit risk. A broker-
dealer using the alternative method of computing net capital is subject
to enhanced net capital, early warning, recordkeeping, reporting, and
certain other requirements, and must implement and document an internal
risk management system.
Prior Commission Determination Under 5 U.S.C. 610: Pursuant to
section 605(b) of the Regulatory Flexibility Act, the Commission
certified that the amendments would not have a significant economic
impact on a substantial number of small entities. This certification
was incorporated into the proposing release, Release No. 34-48690 (Oct.
24, 2003). As stated in the adopting release, Release No. 34-49830
(June 8, 2004), the Commission received no comments concerning the
impact on small entities or the Regulatory Flexibility Act
certification.
* * * * *
Title: Disclosure Regarding Approval of Investment Advisory
Contracts by Directors of Investment Companies.
Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR
274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b; 17 CFR 240.14a-101.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77s(a), 78n, 78w(a)(1),
80a-8, 80a-15, 80a-20, 80a-24(a), 80a-29 and 80a-37.
Description: The rule and form amendments require a registered
management investment company to provide disclosure in its reports to
shareholders regarding the material factors and the conclusions with
respect to those factors that formed the basis for the board's approval
of advisory contracts during the most recent fiscal half-year. The
amendments are also designed to encourage improved disclosure in proxy
statements regarding the basis for the board's recommendation that
shareholders approve an advisory contract.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No.
34-49928 (June 23, 2004). The Commission considered comments received
on the proposing release and the Initial Regulatory Flexibility
Analysis prepared in Release No. 34-49014 (Feb. 11, 2004) at that time.
* * * * *
Title: Collection Practices under Section 31 of the Exchange Act.
Citation: 17 CFR 200.30-3, 17 CFR 240.31.
Authority: 15 U.S.C. 78f, 78o-3, 78q-1, 78s, 78w(a) and 78ee.
Description: The rule established new procedures to govern the
calculation, payment, and collection of fees and assessments on
securities transactions owed by national securities exchanges and
national securities associations to the Commission pursuant to Section
31 of the Securities Exchange Act of 1934. Under these new procedures,
each exchange or association must provide the Commission with data on
its securities transactions. The Commission calculates the amount of
fees and assessments due based on the volume of these transactions and
bills the exchange or association that amount.
Prior Commission Determination Under 5 U.S.C. 610: Pursuant to
Section 605(b) of the Regulatory Flexibility Act, the Commission
certified that Rule 31 and Form R31 would not have a significant
economic impact on a substantial number of small businesses. This
certification was set forth in the Proposing Release No. 34-49014
(January 20, 2004). As stated in the adopting release, Release No. 34-
49928 (June 28, 2004), the Commission received no comments concerning
the impact on small entities or the Regulatory Flexibility Act
Certification.
* * * * *
Title: Investment Adviser Codes of Ethics.
Citation: 17 CFR 275.204A-1; 17 CFR 275.204-2; 17 CFR 279.1; 17 CFR
270.17j-1.
Authority: 15 U.S.C. 77s(a), 77sss(a), 78a-37(a), 78w(a),
78bb(e)(2),79w(a), 80a-17(j), 80a-37(a), 80b-2(a)(17), 80b-3(c)(1),
80b-4, 80b-4(a), 80b-6(4) and 80b-11(a).
Description: The rule and rule amendments require registered
advisers to adopt codes of ethics. The codes of ethics must set forth
standards of conduct expected of advisory personnel and address
conflicts that arise from personal trading by advisory personnel. Among
other things, the rule and rule amendments require advisers' supervised
persons to report their personal securities transactions, including
transactions in any mutual fund managed by the adviser. The rule and
rule amendments are designed to promote compliance with fiduciary
standards by advisers and their personnel.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No.
IA-2256 (July 2, 2004). The Commission considered comments received on
the proposing release and the Initial Regulatory Flexibility Analysis
prepared in Release No. IA-2209 (Jan. 20, 2004) at that time.
* * * * *
Title: Covered Securities Pursuant to Section 18 of the Securities
Act of 1933.
Citation: 17 CFR 230.146.
Authority: 15 U.S.C. 77r(b)(1)(B) and 77s(a).
Description: The Commission amended a rule under Section 18 of the
Securities Act of 1933 to designate options listed on the International
Securities Exchange, Inc. as covered securities. Covered securities
under Section 18 of the Securities Act are exempt from state law
registration requirements.
Prior Commission Determination Under 5 U.S.C. 601: Pursuant to
Section 605(b) of the Regulatory Flexibility Act, the Commission
certified that amending Rule 146(b) would not have a significant
economic impact on a substantial number of small entities. The
certification was incorporated in the proposing release, Release No.
33-8404 (March 22, 2004). As stated in the adopting release, Release
No. 33-8442 (July 14, 2004), the Commission received no comments
concerning the impact on small entities or the Regulatory Flexibility
Act Certification.
* * * * *
Title: Investment Company Governance.
Citation: 17 CFR 270.0-1(a); 17 CFR 270.10f-3; 17 CFR 270.12b-1(c);
17 CFR 270.15a-4(b)(2); 17 CFR 270.17a-7(f); 17 CFR 270.17a-8(a)(4); 17
CFR 270.17d-1(d)(7); 17 CFR 270.17e-1(c); 17 CFR
[[Page 65976]]
270.17g-1(j)(3); 17 CFR 270.18f-3(e); 17 CFR 270.23c-3(b)(8); 17 CFR
270.31a-2.
Authority: 15 U.S.C., 80a-6(c), 80a-10(f), 80a-12(b), 80a-17(d),
80a-17(g), 80a-23(c), 80a-30(a), and 80a-37(a).
Description: A Federal appeals court vacated certain amendments
adopted by the Commission to rules under the Investment Company Act.
The amendments, first proposed on January 15, 2004, would have imposed
two conditions on investment companies (``funds'') relying on certain
exemptive rules. First, fund boards would have to have been comprised
of at least 75 percent independent directors. Second, the boards would
have to have been chaired by an independent director. In June 2006 and
December 2006, the Commission requested additional comment regarding
the fund governance provisions.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 relating to the amendments to the exemptive rules and the
Commission's rules on investment company governance in conjunction with
the Commission's adoption of Release No. IC-26520 on July 27, 2004.
Comments to the proposing release (Release No. IC-26323 (Jan. 24,
2004)) and any comments to the Initial Regulatory Flexibility Analysis
were considered in connection with the Commission's adoption of Release
No. IC-26520.
* * * * *
Title: Short Sales.
Citation: 17 CFR 242.200, 17 CFR 242.202T, 17 CFR 242.203.
Authority: 15 U.S.C. 78b, 78c(b), 78i(h), 78j, 78k-1, 78o, 78q(a),
78q-1, 78w(a), and 78mm.
Description: The Commission adopted new Regulation SHO, which
defined ownership of securities, specified aggregation of long and
short positions, and required broker-dealers to mark sales in all
equity securities ``long,'' ``short,'' or ``short exempt.'' Regulation
SHO also included a temporary rule that established procedures for the
Commission to suspend temporarily the operation of the ``tick'' test
and any short sale price test of any exchange or national securities
association for specified securities. Regulation SHO also required
short sellers in all equity securities to locate securities to borrow
before selling, and also imposed additional delivery requirements on
broker-dealers for securities in which a substantial number of failures
to deliver had occurred. The Commission also adopted amendments that
removed the shelf offering exception and issued interpretive guidance
addressing sham transactions designed to evade Regulation M.
Prior Commission Determination Under 5 U.S.C. 610: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 34 -50103
(July 28, 2004). The Commission solicited comment on the Initial
Regulatory Flexibility Analysis prepared in the proposing release,
Release No. 34-48709 (October 28, 2003), but received no comment on
that analysis. The Commission did receive comments related to small
business, and considered those comments in the adopting release.
* * * * *
Title: Disclosure Regarding Portfolio Managers of Registered
Management Investment Companies.
Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR
249.331; 17 CFR 270.30a-2; 17 CFR 274.11a-1; 17 CFR 274.11A; 17 CFR
274.11b; 17 CFR 274.128.
Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77s(a), 78(j(b), 78m, 78n,
78o(d), 78w(a), 78mm,, 80a-8, 80a-24(a), 80a-29, 80a-37, 80a-39.
Description: The forms and rule amendments improve the disclosure
provided by registered investment companies regarding their portfolio
managers. The amendments extend the existing requirement that a
registered management investment company provide basic information in
its prospectus regarding its portfolio managers to include the members
of management teams. The amendments also require a registered
management investment company to disclose additional information about
its portfolio managers, including other accounts that they manage,
compensation structure, and ownership of securities in the investment
company.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No
33-8458 (Aug. 23, 2004). The Commission considered comments received on
the proposing release and the Initial Regulatory Flexibility Analysis
prepared in Release No. 33-8396 (Mar. 11, 2004) at that time.
* * * * *
Title: Rule 15c3-3 Reserve Requirements for Margin Related to
Security Futures Products.
Citation: 17 CFR 200.30-3 and 17 CFR 240.15c3-3a.
Authority: 15 U.S.C. 78o, 78q, 78w(a), and 78mm.
Description: The Commission adopted amendments to the formula for
determination of customer reserve requirements of broker-dealers under
the Exchange Act to address issues related to customer margin for
security futures products. The amendments permit a broker-dealer to
include margin related to security futures products written, purchased,
or sold in customer securities accounts and on deposit with a
registered clearing agency or a derivatives clearing organization as a
debit item in calculating its customer reserve requirement under
specified conditions. The amendments were intended to help ensure that
a broker-dealer is not required to fund its customer reserve
requirements with proprietary assets.
Prior Commission Determination Under 5 U.S.C. 610: Pursuant to
section 605(b) of the Regulatory Flexibility Act, the Commission
certified that the amendments to Rule 15c3-3a would not have a
significant impact on a substantial number of small entities. This
certification was incorporated into the proposing release, Release No.
46492 (Sept. 12, 2002). As stated in the adopting release, Release No.
33-50295, the Commission received no comments concerning the impact on
small entities or the Regulatory Flexibility Act certification.
* * * * *
Title: Prohibition on the Use of Brokerage Commissions to Finance
Distribution.
Citation: 17 CFR 270.12b-1.
Authority: 15 U.S.C. 80a-12(b) and 80a-37(a).
Description: The amendments amend the rule that governs the use of
assets of open-end management investment companies (funds) to
distribute their shares. The amended rule prohibits funds from paying
for the distribution of their shares with brokerage commissions. The
amendments are designed to end a practice that poses significant
conflicts of interest and may be harmful to funds and fund
shareholders.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No.
IC-26591 (September 2, 2004). The Commission considered comments
received on the proposing release and the Initial Regulatory
Flexibility Analysis prepared in Release No. IC-26356 (Feb.24, 2004) at
that time.
* * * * *
[[Page 65977]]
Title: Proposed Rule Changes of Self-Regulatory Organizations.
Citation: 17 CFR 240.11Aa3-2 and 17 CFR 240.19b-4.
Authority: 15 U.S.C. 78c, 78f, 78k-1, 78o-3, 78o-4, 78q-1, 78s(b),
78w(a), 78mm.
Description: The Commission adopted rule amendments that require
self-regulatory organizations (SROs) to file proposed rule changes
electronically with the Commission, rather than in paper form. In
addition, the Commission required SROs to post all proposed rule
changes, as well as current and complete sets of their rules, on their
Web sites. The Commission also required all participants in National
Market System Plans (NMS Plans) to arrange for posting on a designated
Web site a current and complete version of the NMS Plan.
Prior Commission Determination Under 5 U.S.C. 610: Pursuant to
Section 605(b) of the Regulatory Flexibility Act, the Commission
certified that amending Rule 19b-4 and Form 19b-4 would not have a
significant economic impact on a substantial number of small
businesses. This certification was incorporated in the proposing
release, Release No. 49505 (March 30, 2004). As stated in the adopting
release, Release No. 34-50486 (Oct.4, 2004), the Commission received no
comments concerning the impact on small entities or the Regulatory
Flexibility Act certification.
* * * * *
Title: Disposal of Consumer Report Information.
Citation: 17 CFR 248.1; 17 CFR 248.2; 17 CFR 248.30.
Authority: 15 U.S.C. 6801(b), 15 U.S.C. 1681w, 15 U.S.C. 78q, 78w,
78mm, 80a-30(a), 80a-37, 80b-4 and 80b-11.
Description: The amendments to the rule under Regulation S-P
require financial institutions to adopt policies and procedures to
safeguard customer information. The amended rule implements the
provision in section 216 of the Fair and Accurate Credit Transactions
Act of 2003 requiring proper disposal of consumer report information
and records. Section 216 directs the Commission and other federal
agencies to adopt regulations requiring that any person who maintains
or possesses consumer report information or any compilation of consumer
report information derived from a consumer report for a business
purpose must properly dispose of the information. The amendments also
require the policies and procedures adopted under the safeguard rule to
be in writing.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the Commission's adoption of Release No.
34-50781 (Dec. 2, 2004). The Commission considered comments received on
the proposing release and the Initial Regulatory Flexibility Analysis
prepared in Release No. 34-50361 (Sept. 14, 2004) at that time.
* * * * *
Title: Issuer Restrictions or Prohibitions on Ownership by
Securities Intermediaries.
Citation: 17 CFR 240.17Ad-20.
Authority: 15 U.S.C. 78q-1(a)(1), 78q-1(a)(2), 78q-1(d), and
78w(a).
Description: The Commission adopted a new rule to prohibit
registered transfer agents from effecting any transfer of any equity
security registered under Section 12 or any equity security that
subjects an issuer to reporting under Section 15(d) of the Exchange Act
if such security is subject to any restriction or prohibition on
transfer to or from a securities intermediary, such as clearing
agencies, banks, or broker-dealers.
Prior Commission Determination Under 5 U.S.C. 610: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 34-50758A
(December 7, 2004). The Commission solicited comment on the Initial
Regulatory Flexibility Analysis prepared in the proposing release,
Release No. 49809 (June 4, 2004), but received no comment on that
analysis.
* * * * *
Title: Asset-Backed Securities.
Citation: 17 CFR 210.1-02, 17 CFR 210-2.01, 17 CFR 210.2-02, 17 CFR
210.2-07, 17 CFR 229.10, 17 CFR 229.202, 17 CFR 229.308, 17 CFR
229.401, 17 CFR 229.406, 17 CFR 229.501, 17 CFR 229.503, 17 CFR
229.512, 17 CFR 229.601, 17 CFR 229.701, 17 CFR 229.1100 through 1123,
17 CFR 230.411, 17 CFR 230.434, 17 CFR 230.139a, 17 CFR 230.167, 17 CFR
230.190, 17 CFR 230.191, 17 CFR 230.426, 17 CFR 232.311, 17 CFR
232.312, 17 CFR 239.11, 17 CFR 239.12, 17 CFR 239.13, 17 CFR 239.18, 17
CFR 239.31, 17 CFR 239.32, 17 CFR 239.33, 17 CFR 240.10A-3, 17 CFR
240.12b-2, 17 CFR 240.12b-15, 17 CFR 240.12b-25, 17 CFR 240.13a-10, 17
CFR 240.13a-11, 17 CFR 240.13a-13, 17 CFR 240.13a-14, 17 CFR 240.13a-
15, 17 CFR 240.13a-16, 17 CFR 240.15c2-8, 17 CFR 240.15d-10, 17 CFR
240.15d-11, 17 CFR 240.15d-13, 17 CFR 240.15d-14, 17 CFR 240.15d-15, 17
CFR 240.15d-16, 17 CFR 240.3a12-12, 17 CFR 240.3b-19, 17 CFR 240.13a-
17, 17 CFR 240.13a-18, 17 CFR 240.15d-17, 17 CFR 240.15d-18, 17 CFR
240.15d-22, 17 CFR 240.15d-23, 17 CFR 242.100, 17 CFR 245.101, 17 CFR
249.220f, 17 CFR 249.240f, 17 CFR 249.308, 17 CFR 249.310, 17 CFR
249.312, and 17 CFR 249.322.
Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77q(a), 77s,
77s(a), 77sss(a), 77z-2, 77z-3, 77aa(25), 77aa(26), 77ddd, 77eee,
77ggg, 77hhh, 77jjj, 7nnn, 77sss, 78(b), 78c, 78c(b), 78g(c)(2),
78i(a), 78j, 78j-1, 78k-1(c), 78l, 78m, 78n, 78o, 78o(b), 78o(c),
78o(d), 78q, 78q(a), 78q(b), 78q(h), 78u-5, 78(w), 78w(a), 78dd-1,
78ll, 78ll(d), 78mm, 79e, 79e(b), 79f, 79f, 79j, 79j(a), 79l, 79m, 79n,
79q, 79t, 79t(a), 80a-8, 80a-20, 80a-23, 80a-24, 80a-26, 80a-29, 80a-
30, 80a-31, 80a-37, 80a-37(a), 80b-3, 80b-11, 7201 et seq., 7202, 7262,
and 18 U.S.C. 1350.
Description: The Commission adopted new and amended rules and forms
to address comprehensively the registration, disclosure and reporting
requirements for asset-backed securities under the Securities Act of
1933 and the Securities Exchange Act of 1934. The final rules and forms
accomplish the following: update and clarify the Securities Act
registration requirements for asset-backed securities offerings,
including expanding the types of asset-backed securities that may be
offered in delayed primary offerings on Form S-3; consolidate and
codify existing interpretive positions that allow modified Exchange Act
reporting that is more tailored and relevant to asset-backed
securities; provide tailored disclosure guidance and requirements for
Securities Act and Exchange Act filings involving asset-backed
securities; and streamline and codify existing interpretive positions
that permit the use of written communications in a registered offering
of asset-backed securities in addition to the statutory registration
statement prospectus.
Prior Commission Determination under 5 U.S.C. 610: Pursuant to
Section 605(b) of the Regulatory Flexibility Act, the Commission
certified that the new and amended rules and forms would not have a
significant economic impact on a substantial number of small entities.
This certification was incorporated into the proposing release, Release
No. 33-8419 (May 3, 2004). As stated in the adopting release, Release
No. 33-8518 (December 22, 2004) the Commission received no comments
concerning the impact on small entities or the Regulatory Flexibility
Act Certification.
By the Commission.
[[Page 65978]]
Dated: October 22, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-27385 Filed 10-27-15; 8:45 am]
BILLING CODE 8011-01-P
