Regulatory Flexibility Agenda, 40452-40457 [2017-17017]
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[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)] [Unknown Section] [Pages 40452-40457] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2017-17017] [[Page 40451]] Vol. 82 Thursday, No. 163 August 24, 2017 Part XXVIII Securities and Exchange Commission ----------------------------------------------------------------------- Semiannual Regulatory Agenda Federal Register / Vol. 82 , No. 163 / Thursday, August 24, 2017 / Unified Agenda [[Page 40452]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33-10333, 34-80357, IA-4677, IC-32588, File No. S7-04-17] Regulatory Flexibility Agenda AGENCY: Securities and Exchange Commission. ACTION: Semiannual regulatory agenda. ----------------------------------------------------------------------- SUMMARY: The Securities and Exchange Commission is publishing the Chairman's agenda of rulemaking actions pursuant to the Regulatory Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980). The items listed in the Regulatory Flexibility Agenda for spring 2017 reflect only the priorities of the Acting Chairman of the U.S. Securities and Exchange Commission, and do not necessarily reflect the view and priorities of any individual Commissioner. Information in the agenda was accurate on March 29, 2017, the date 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 an RFA 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 September 25, 2017. ADDRESSES: Comments may be submitted by any of the following methods: Electronic CommentsUse 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 S7-04-17 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 J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. S7-04-17. 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 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 10:00 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: Mykaila DeLesDernier, Office of the General Counsel, 202-551-5129. SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, twice 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 gency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). The Commission may consider or act on any matter earlier or later than the estimated date provided on the agenda. While the agenda reflects the current intent to complete a number of rulemakings in the next year, the precise dates for each rulemaking at this point are uncertain. 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 ``JOBS Act''--Jumpstart Our Business Startups Act The Commission invites public comment on the agenda and on the individual agenda entries. By the Commission. Dated: March 31, 2017. Brent J. Fields, Secretary. Division of Corporation Finance--Proposed Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 380....................... Amendments to Interactive 3235-AL59 Data (XBRL) Program. ------------------------------------------------------------------------ Division of Corporation Finance--Final Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 381....................... Amendments to Smaller 3235-AL90 Reporting Company Definition. 382....................... Modernization of Property 3235-AL81 Disclosures for Mining Registrants. 383....................... Disclosure Update and 3235-AL82 Simplification. 384....................... Form 10-K Summary......... 3235-AL89 ------------------------------------------------------------------------ [[Page 40453]] Division of Corporation Finance--Long-Term Actions ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 385....................... Amendments to Regulation 3235-AL46 D, Form D and Rule 156 Under the Securities Act. 386....................... Disclosure of Hedging by 3235-AL49 Employees, Officers and Directors. 387....................... Listing Standards for 3235-AK99 Recovery of Erroneously Awarded Compensation. 388....................... Pay Versus Performance.... 3235-AL00 389....................... Universal Proxy........... 3235-AL84 ------------------------------------------------------------------------ Division of Corporation Finance--Completed Actions ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 390....................... Exhibit Hyperlinks and 3235-AL95 HTML Format. 391....................... Exemptions To Facilitate 3235-AL80 Intrastate and Regional Securities Offerings. ------------------------------------------------------------------------ Division of Investment Management--Proposed Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 392....................... Reporting of Proxy Votes 3235-AK67 on Executive Compensation and Other Matters. ------------------------------------------------------------------------ Division of Investment Management--Final Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 393....................... Adviser Business 3235-AL62 Continuity and Transition Plans. 394....................... Investment Company 3235-AL42 Reporting Modernization; Option for Website Transmission of Shareholder Reports. 395....................... Use of Derivatives by 3235-AL60 Registered Investment Companies and Business Development Companies. ------------------------------------------------------------------------ Division of Investment Management--Completed Actions ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 396....................... Investment Company 3235-AL61 Liquidity Risk Management Programs; Investment Company Swing Pricing. ------------------------------------------------------------------------ Division of Trading and Markets--Long-Term Actions ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 397....................... Removal of Certain 3235-AL14 References to Credit Ratings Under the Securities Exchange Act of 1934. ------------------------------------------------------------------------ Division of Trading and Markets--Completed Actions ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 398....................... Amendment to Securities 3235-AL86 Transaction Settlement Cycle. ------------------------------------------------------------------------ SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Proposed Rule Stage 380. Amendments to Interactive Data (XBRL) Program Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78w(a); 15 U.S.C. 80a-37 Abstract: The Commission proposed amendments to the XBRL rules to provide for companies to use Inline XBRL to file a single combined document. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 03/17/17 82 FR 14282 NPRM Comment Period End............. 05/16/17 Final Action........................ 04/00/18 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Mark W. Green, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-0301, Phone: 202 551-3430, Fax: 202 772-9207. RIN: 3235-AL59 [[Page 40454]] SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Final Rule Stage 381. Amendments to Smaller Reporting Company Definition Legal Authority: Not Yet Determined Abstract: The Commission proposed revisions to the ``smaller reporting company'' definitions and related provisions. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 07/01/16 81 FR 43130 NPRM Comment Period End............. 08/30/16 Final Action........................ 04/00/18 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Amy Reischauer, Securities and Exchange Commission, 110 F Street NE., Washington, DC 20549, Phone: 202 551-3460, Email: reischauerp@sec.gov. RIN: 3235-AL90 382. Modernization of Property Disclosures for Mining Registrants Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 78c(b); 15 U.S.C. 77l; 15 U.S.C. 78m; 15 U.S.C. 780(d) Abstract: The Commission proposed rules to modernize and clarify the disclosure requirements for companies engaged in mining operations. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 06/27/16 81 FR 41652 NPRM Comment Period End............. 08/26/16 ....................... NPRM Comment Period Extended........ 08/26/16 81 FR 58877 NPRM Comment Period Extended End.... 09/26/16 ....................... Final Action........................ 04/00/18 ....................... ------------------------------------------------------------------------ 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: 202 551-3450, Email: staffine@sec.gov. RIN: 3235-AL81 383. Disclosure Update and Simplification Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15 U.S.C. 80a-1 et seq.; Pub. L. 114-94 Abstract: The Commission proposed rules to update certain disclosure requirements in Regulations S-X and S-K that may have become redundant, duplicative, overlapping, outdated or superseded in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles, International Financial Reporting Standards, or changes in the information environment. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 08/04/16 81 FR 51607 NPRM Comment Period Extended........ 09/29/16 81 FR 66898 NPRM Comment Period End............. 10/03/16 ....................... NPRM Comment Period Extended End.... 11/02/16 ....................... Final Action........................ 04/00/18 ....................... ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Nili Shah, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-3255, Email: shahn@sec.gov. RIN: 3235-AL82 384. Form 10-K Summary Legal Authority: Pub. L. 114-94; 15 U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w Abstract: The Commission adopted an interim final amendment to implement Section 72001 of the FAST Act by permitting an issuer to include a summary in its Form l0-K and also requested comment on the interim final amendment. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ Interim Final Rule.................. 06/09/16 81 FR 37132 Interim Final Rule Effective........ 06/09/16 ....................... Interim Final Rule Comment Period 07/11/16 ....................... End. Final Action........................ 04/00/18 ....................... ------------------------------------------------------------------------ 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, Fax: 202 772-9207, Email: harrisons@sec.gov. RIN: 3235-AL89 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Long-Term Actions 385. Amendments to Regulation D, Form D and Rule 156 Under the Securities Act Legal Authority: 15 U.S.C. 77a et seq. Abstract: The Commission proposed rule and form amendments to enhance the Commission's ability to evaluate the development of market practices in offerings under Rule 506 of Regulation D and address concerns that may arise in connection with permitting issuers to engage in general solicitation and general advertising under new paragraph (c) of Rule 506. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 07/24/13 78 FR 44806 NPRM Comment Period End............. 09/23/13 ....................... NPRM Comment Period Reopened........ 10/03/13 78 FR 61222 NPRM Comment Period Reopened End.... 11/04/13 ....................... ----------------------------------- Final Action........................ To Be Determined ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Mark Vilardo, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-3500, Email: vilardom@sec.gov. RIN: 3235-AL46 386. Disclosure of Hedging by Employees, Officers and Directors Legal Authority: Pub. L. 111-203 Abstract: The Commission proposed rules to implement section 955 of the Dodd-Frank Act, which added section 14(j) to the Exchange Act to require annual meeting proxy statement disclosure of whether employees or members of the board of directors are permitted to engage in transactions to hedge or offset any decrease in the market value of equity securities granted to the employee or board member as compensation, or held directly or indirectly by the employee or board member. Timetable: [[Page 40455]] ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 02/17/15 80 FR 8486 NPRM Comment Period End............. 04/20/15 ....................... ----------------------------------- Final Action........................ To Be Determined ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Carolyn Sherman, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-3500, Email: shermanc@sec.gov. RIN: 3235-AL49 387. Listing Standards for Recovery of Erroneously Awarded Compensation Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4 Abstract: The Commission proposed rules to implement section 954 of the Dodd-Frank Act, which requires the Commission to adopt rules to direct national securities exchanges to prohibit the listing of securities of issuers that have not developed and implemented a policy providing for disclosure of the issuer's policy on incentive-based compensation and mandating the clawback of such compensation in certain circumstances. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 07/14/15 80 FR 41144 NPRM Comment Period End............. 09/14/15 ....................... ----------------------------------- Final Action........................ To Be Determined ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Anne M. Krauskopf, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-3500. RIN: 3235-AK99 388. Pay Versus Performance Legal Authority: Pub. L. 111-203, sec.953(a); 15 U.S.C. 78c(b); 15 U.S.C. 78cn; 15 U.S.C. 78w(a); 15 U.S.C. 78mm Abstract: The Commission proposed rules to implement section 953(a) of the Dodd-Frank Act, which added section 14(i) to the Exchange Act to require issuers to disclose information that shows the relationship between executive compensation actually paid and the financial performance of the issuer. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 05/07/15 80 FR 26329 NPRM Comment Period End............. 07/06/15 ....................... ----------------------------------- Final Action........................ To Be Determined ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Steven G. Hearne, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-3430, Email: hearnes@sec.gov. RIN: 3235-AL00 389. Universal Proxy Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a) Abstract: The Commission proposed to amend the proxy rules to expand shareholders' ability to vote by proxy to select among duly- nominated candidates in a contested election of directors. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 11/10/16 81 FR 79122 NPRM Comment Period End............. 01/09/17 ....................... ----------------------------------- Final Action........................ To Be Determined ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Steven G. Hearne, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-3430, Email: hearnes@sec.gov. RIN: 3235-AL84 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Completed Actions 390. Exhibit Hyperlinks and HTML Format Legal Authority: 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15 U.S.C. 78w(a); 15 U.S.C. 78ll Abstract: The Commission adopted rules to facilitate access to exhibits identified in the exhibit index of certain filings through the use of hyperlinks. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 09/12/16 81 FR 62689 NPRM Comment Period End............. 10/27/16 Final Action........................ 03/17/17 82 FR 14130 Final Action Effective.............. 09/01/17 ------------------------------------------------------------------------ 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-AL95 391. Exemptions To Facilitate Intrastate and Regional Securities Offerings Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77s; 15 U.S.C. 77z-3; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15 U.S.C. 78mm; 15 U.S.C. 80a-37; 15 U.S.C. 80b-11 Abstract: The Commission adopted rules to modernize Rules 147 and 504 under the Securities Act to facilitate intrastate and regional securities offerings. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 11/10/15 80 FR 69786 NPRM Comment Period End............. 01/11/16 Final Action........................ 11/21/16 81 FR 83494 Final Action Effective--(Rule 504) 01/20/17 and (Rule 30-1). Final Action Effective--(Rule 147) 04/20/17 and (Rule 147A). Final Action Effective--(Rule 505) 05/22/17 and all Other Amendments. ------------------------------------------------------------------------ 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, Email: baronea@sec.gov. RIN: 3235-AL80 [[Page 40456]] SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Investment Management Proposed Rule Stage 392. Reporting of Proxy Votes on Executive Compensation and Other Matters Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec 951 Abstract: The Division is considering recommending that the Commission repropose rule amendments to implement section 951 of the Dodd-Frank Act. The Commission previously proposed amendments to rules and Form N-PX that would require institutional investment managers subject to section 13(f) of the Exchange Act to report how they voted on any shareholder vote on executive compensation or golden parachutes pursuant to sections 14A(a) and (b) of the Exchange Act. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 10/28/10 75 FR 66622 NPRM Comment Period End............. 11/18/10 Second NPRM......................... 04/00/18 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Matthew DeLesDernier, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-6792, Email: delesdernierj@sec.gov. RIN: 3235-AK67 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Investment Management Final Rule Stage 393. Adviser Business Continuity and Transition Plans Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C. 80b-11(a) Abstract: The Commission proposed a new rule that would require investment advisers registered with the Commission to adopt and implement written business continuity and transition plans. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 07/05/16 81 FR 43530 NPRM Comment Period End............. 09/06/16 Final Action........................ 04/00/18 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Alpa Patel, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-6797, Email: patelalp@sec.gov. RIN: 3235-AL62 394. Investment Company Reporting Modernization; Option for Website Transmission of Shareholder Reports Legal Authority: 15 U.S.C. 77 et seq.; 15 U.S.C. 77aaa et seq.; 15 U.S.C. 78a et seq.; 15 U.S.C. 80a et seq.; 44 U.S.C. 3506; 44 U.S.C. 3507 Abstract: The Commission adopted new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission proposed new rule 30e-3, which would permit, but not require registered investment companies to transmit periodic reports to their shareholders by making the reports accessible on a Web site and satisfying certain other conditions. The Commission has not finalized proposed rule 30e-3. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 06/12/15 80 FR 33590 NPRM Comment Period End............. 08/11/15 NPRM Comment Period Reopened........ 10/12/15 80 FR 62274 NPRM Comment Period Reopened End.... 01/13/16 Final Action........................ 11/18/16 81 FR 81870 Final Action Effective.............. 01/17/17 Final Action........................ 04/00/18 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Sara Cortes, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-5137, Email: cortess@sec.gov. RIN: 3235-AL42 395. Use of Derivatives by Registered Investment Companies and Business Development Companies Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-31(a); 15 U.S.C. 80a-12(a); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-8; 15 U.S.C. 80a-30; 15 U.S.C. 80a-38 Abstract: The Commission proposed a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds, closed-end funds and business development companies. The proposed rule would regulate registered investment companies' use of derivatives and require enhanced risk management measures. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 12/28/15 80 FR 80884 NPRM Comment Period End............. 03/28/16 Final Action........................ 04/00/18 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Brian Johnson, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-6740, Email: johnsonbm@sec.gov. RIN: 3235-AL60 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Investment Management Completed Actions 396. Investment Company Liquidity Risk Management Programs; Investment Company Swing Pricing Legal Authority: 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-22(c); 15 U.S.C. 80a-31(a); 15 U.S.C. 77a et seq.; 15 U.S.C. 77aaa et seq.; 15 U.S.C. 78a et seq.; 15 U.S.C. 80a et seq. Abstract: The Commission adopted a new rule requiring open-end funds to adopt and implement liquidity management programs. The Commission also adopted rule amendments that permit open-end funds to use ``swing pricing'' and form amendments that enhance disclosure regarding fund liquidity and redemption practices. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 10/15/15 80 FR 62274 NPRM Comment Period End............. 01/13/16 Final Action........................ 11/18/16 81 FR 82142 Final Action Effective.............. 01/17/17 Final Action Effective--Amendments 06/01/18 to Form N-CEN. ------------------------------------------------------------------------ [[Page 40457]] 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-AL61 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Trading and Markets Long-Term Actions 397. 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 certain references to credit ratings from its regulations and to substitute such standards of creditworthiness as the Commission determines to be appropriate. The Commission amended certain rules and one form under the Exchange Act applicable to broker-dealer financial responsibility, and confirmation of transactions. The Commission has not yet finalized amendments to certain rules regarding the distribution of securities. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 05/06/11 76 FR 26550 NPRM Comment Period End............. 07/05/11 Final Action........................ 01/08/14 79 FR 1522 Final Action Effective.............. 07/07/14 ----------------------------------- Next Action Undetermined............ To Be Determined ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: John Guidroz, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 551-6439, Email: guidrozj@sec.gov. RIN: 3235-AL14 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Trading and Markets Completed Actions 398. Amendment to Securities Transaction Settlement Cycle Legal Authority: 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-1; 15 U.S.C. 78w(a) Abstract: The Commission proposed to amend Exchange Act Rule 15c6-1 to shorten the standard settlement period from three days to two days. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 10/05/16 81 FR 69240 NPRM Comment Period End............. 12/05/16 Final Action........................ 03/29/17 82 FR 15564 Final Action Effective.............. 05/30/17 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Jeffrey S. Mooney, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 942-4174, Email: mooneyj@sec.gov. RIN: 3235-AL86 [FR Doc. 2017-17017 Filed 8-23-17; 8:45 am] BILLING CODE 8011-01-P
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