Regulatory Flexibility Agenda, 58167-58172 [2018-23929]
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Vol. 83
Friday,
No. 222
November 16, 2018
Part XXVIII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
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Federal Register / Vol. 83, No. 222 / Friday, November 16, 2018 / Unified Agenda
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–10527, 34–83787, IA–4978,
IC–33194, File No. S7–20–18]
Regulatory Flexibility Agenda
Securities and Exchange
Commission.
ACTION: Semiannual regulatory agenda.
AGENCY:
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 fall 2018 reflect only the
priorities of the 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 August 3, 2018, 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 December 17, 2018.
ADDRESSES: Comments may be
submitted by any of the following
methods:
SUMMARY:
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–
20–18 on the subject line.
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.
S7–20–18. 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 website (https://
www.sec.gov/rules/other.shtml).
Comments are also available for website
viewing and printing in the
Commission’s Public Reference Room,
100 F Street NE, Washington, DC 20549,
on official business days between the
hours of 10:00 a.m. and 3:00 p.m. All
comments received will be posted
without change. Persons submitting
comments are cautioned that we do not
redact or 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
agency 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
‘‘FAST Act’’—Fixing America’s Surface
Transportation Act
The Commission invites public
comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: August 7, 2018.
Brent J. Fields,
Secretary.
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DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
512 ....................
513 ....................
514 ....................
Disclosure of Hedging by Employees, Officers and Directors ........................................................................
Modernization of Property Disclosures for Mining Registrants .......................................................................
Disclosure Update and Simplification ..............................................................................................................
3235–AL49
3235–AL81
3235–AL82
DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS
Sequence No.
515
516
517
518
....................
....................
....................
....................
VerDate Sep<11>2014
Regulation
Identifier No.
Title
Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................
Pay Versus Performance .................................................................................................................................
Universal Proxy ................................................................................................................................................
Form 10–K Summary .......................................................................................................................................
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3235–AL00
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3235–AL89
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58169
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
519 ....................
520 ....................
Amendments to Interactive Data (XBRL) Program .........................................................................................
Amendments to Smaller Reporting Company Definition .................................................................................
3235–AL59
3235–AL90
DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
521 ....................
Use of Derivatives by Registered Investment Companies and Business Development Companies .............
3235–AL60
DIVISION OF INVESTMENT MANAGEMENT—LONG-TERM ACTIONS
Regulation
Identifier No.
Sequence No.
Title
522 ....................
Reporting of Proxy Votes on Executive Compensation and Other Matters ....................................................
3235–AK67
DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
523 ....................
524 ....................
Investment Company Reporting Modernization; Option for Website Transmission of Shareholder Reports
Investment Company Liquidity Disclosure .......................................................................................................
3235–AL42
3235–AM30
DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS
Title
525 ....................
Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ...................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Action
Division of Corporation Finance
NPRM Comment
Period End.
Final Action .........
Final Rule Stage
512. Disclosure of Hedging by
Employees, Officers and Directors
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Regulation
Identifier No.
Sequence No.
E.O. 13771 Designation: Independent
agency.
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:
Action
Date
NPRM ..................
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FR Cite
80 FR 8486
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Date
FR Cite
04/20/15
04/00/19
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
513. Modernization of Property
Disclosures for Mining Registrants
E.O. 13771 Designation: Independent
agency.
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. 78l; 15 U.S.C. 78m; 15
U.S.C. 78o(d)
Abstract: The Commission proposed
rules to modernize and clarify the
disclosure requirements for companies
engaged in mining operations.
Timetable:
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Action
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Extended.
NPRM Comment
Period Extended End.
Final Action .........
Date
3235–AL14
FR Cite
06/27/16
08/26/16
81 FR 41652
08/26/16
81 FR 58877
09/26/16
10/00/18
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
514. Disclosure Update and
Simplification
E.O. 13771 Designation: Independent
agency.
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
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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
NPRM ..................
NPRM Comment
Period Extended.
NPRM Comment
Period End.
NPRM Comment
Period Extended End.
Final Action .........
08/04/16
09/29/16
FR Cite
81 FR 51607
81 FR 66898
10/03/16
11/02/16
10/00/18
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Lindsay McCord,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3255, Email: mccordl@
sec.gov.
RIN: 3235–AL82
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
515. Listing Standards for Recovery of
Erroneously Awarded Compensation
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E.O. 13771 Designation: Independent
agency.
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
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
07/14/15
09/14/15
FR Cite
80 FR 41144
Regulatory Flexibility Analysis
Required: Yes.
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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
516. Pay Versus Performance
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 111–203, sec.
953(a); 15 U.S.C. 78c(b); 15 U.S.C. 78n;
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
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
05/07/15
07/06/15
FR Cite
80 FR 26329
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
517. Universal Proxy
E.O. 13771 Designation: Independent
agency.
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
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
11/10/16
01/09/17
FR Cite
81 FR 79122
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518. Form 10–K Summary
E.O. 13771 Designation: Independent
agency.
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 10–K and also
requested comment on the interim final
amendment.
Timetable:
Action
Interim Final Rule
Interim Final Rule
Effective.
Interim Final Rule
Comment Period End.
Next Action Undetermined.
Date
06/09/16
06/09/16
FR Cite
81 FR 37132
07/11/16
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
Completed Actions
519. Amendments to Interactive Data
(XBRL) Program
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 78w(a); 15 U.S.C. 80a–37
Abstract: The Commission adopted
amendments to the XBRL rules to
provide for companies to use Inline
XBRL to file a single combined
document.
Timetable:
Action
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.
PO 00000
RIN: 3235–AL84
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
03/17/17
05/16/17
82 FR 14282
08/16/18
09/17/18
83 FR 40846
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark W. Green,
Division of Corporation Finance,
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Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–0301, Phone: 202 551–3430, Fax:
202 772–9207.
RIN: 3235–AL59
by registered investment companies,
including mutual funds, exchangetraded funds, closed-end funds and
business development companies.
Timetable:
520. Amendments to Smaller Reporting
Company Definition
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77f to77h;
15 U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C.
77z–2 and 77z–3; 15 U.S.C. 77aa(25)
and 77aa(26); 15 U.S.C. 77nn(25) and
77nn(26); 15 U.S.C. 78c; 15 U.S.C. 78j–
1; 15 U.S.C. 78l to 78o(d); 15 U.S.C. 78q;
15 U.S.C. 78u–5; 15 U.S.C. 78w; 15
U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C.
80a–8; 15 U.S.C. 80a–20; 15 U.S.C. 80a–
29 to 80a–31; 15 U.S.C. 80a–37(a); 15
U.S.C. 80–b3 and 80b–11; 15 U.S.C.
7202 and 7262; sec. 102(c), Pub. L. 112–
106, 126 Stat. 310 (2012), unless
otherwise noted
Abstract: The Commission proposed
revisions to the ‘‘smaller reporting
company’’ definitions and related
provisions.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
07/01/16
08/30/16
81 FR 43130
07/10/18
09/10/18
83 FR 31992
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:
reischauera@sec.gov.
RIN: 3235–AL90
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
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521. Use of Derivatives by Registered
Investment Companies and Business
Development Companies
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Date
NPRM ..................
NPRM Comment
Period End.
NPRM ..................
12/28/15
03/28/16
FR Cite
80 FR 80884
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
Long-Term Actions
522. Reporting of Proxy Votes on
Executive Compensation and Other
Matters
E.O. 13771 Designation: Independent
agency.
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:
Date
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
10/28/10
11/18/10
FR Cite
75 FR 66622
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Matthew
DeLesDernier, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
PO 00000
Frm 00005
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Completed Actions
09/00/19
Action
E.O. 13771 Designation: Independent
agency.
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 Division is considering
recommending that the Commission repropose a new rule designed to enhance
the regulation of the use of derivatives
VerDate Sep<11>2014
Action
Washington, DC 20549, Phone: 202 551–
6792, Email: delesdernierj@sec.gov.
RIN: 3235–AK67
Fmt 4701
Sfmt 4702
523. Investment Company Reporting
Modernization; Option for Website
Transmission of Shareholder Reports
E.O. 13771 Designation: Independent
agency.
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 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 website and
satisfying certain other conditions. The
Commission previously 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.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period Reopened End.
Final Action .........
Final Action Effective.
Final Action .........
Final Action Effective.
Date
FR Cite
06/12/15
08/11/15
80 FR 33590
10/12/15
80 FR 62274
01/13/16
11/18/16
01/17/17
81 FR 81870
06/22/18
01/01/19
83 FR 29158
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–AL42
524. Investment Company Liquidity
Disclosure
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77a et seq.;
15 U.S.C. 78a et seq.; 15 U.S.C. 80a et
seq.
Abstract: The Commission adopted
amendments to its forms designed to
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improve the reporting and disclosure of
liquidity information by registered
investment companies.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
03/19/18
05/18/18
83 FR 11905
07/10/18
09/10/18
83 FR 31859
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Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Thoreau Adrian
Bartmann, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6745, Email: bartmannt@sec.gov.
RIN: 3235–AM30
VerDate Sep<11>2014
21:47 Nov 15, 2018
Jkt 247001
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
Action
525. Removal of Certain References to
Credit Ratings Under the Securities
Exchange Act of 1934
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 111–203, sec.
939A
Abstract: Section 939A of the DoddFrank 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
PO 00000
Frm 00006
Fmt 4701
rules regarding the distribution of
securities.
Timetable:
Sfmt 9990
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Next Action Undetermined.
Date
FR Cite
05/06/11
07/05/11
76 FR 26550
01/08/14
07/07/14
79 FR 1522
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
[FR Doc. 2018–23929 Filed 11–15–18; 8:45 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 83, Number 222 (Friday, November 16, 2018)]
[Unknown Section]
[Pages 58167-58172]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23929]
[[Page 58167]]
Vol. 83
Friday,
No. 222
November 16, 2018
Part XXVIII
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 83 , No. 222 / Friday, November 16, 2018 /
Unified Agenda
[[Page 58168]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-10527, 34-83787, IA-4978, IC-33194, File No. S7-20-18]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
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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 fall 2018
reflect only the priorities of the 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 August 3, 2018, 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 December 17, 2018.
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 [email protected]. Please include
File Number S7-20-18 on the subject line.
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. S7-20-18. 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 website (https://www.sec.gov/rules/other.shtml). Comments are
also available for website viewing and printing in the Commission's
Public Reference Room, 100 F Street NE, Washington, DC 20549, on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
All comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or 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 agency 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
``FAST Act''--Fixing America's Surface Transportation Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: August 7, 2018.
Brent J. Fields,
Secretary.
Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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512....................... Disclosure of Hedging by 3235-AL49
Employees, Officers and
Directors.
513....................... Modernization of Property 3235-AL81
Disclosures for Mining
Registrants.
514....................... Disclosure Update and 3235-AL82
Simplification.
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Division of Corporation Finance--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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515....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
516....................... Pay Versus Performance.... 3235-AL00
517....................... Universal Proxy........... 3235-AL84
518....................... Form 10-K Summary......... 3235-AL89
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[[Page 58169]]
Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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519....................... Amendments to Interactive 3235-AL59
Data (XBRL) Program.
520....................... Amendments to Smaller 3235-AL90
Reporting Company
Definition.
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Division of Investment Management--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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521....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
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Division of Investment Management--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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522....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
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Division of Investment Management--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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523....................... Investment Company 3235-AL42
Reporting Modernization;
Option for Website
Transmission of
Shareholder Reports.
524....................... Investment Company 3235-AM30
Liquidity Disclosure.
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Division of Trading and Markets--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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525....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
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SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
512. Disclosure of Hedging by Employees, Officers and Directors
E.O. 13771 Designation: Independent agency.
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:
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Action Date FR Cite
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NPRM................................ 02/17/15 80 FR 8486
NPRM Comment Period End............. 04/20/15 .......................
Final Action........................ 04/00/19 .......................
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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: [email protected].
RIN: 3235-AL49
513. Modernization of Property Disclosures for Mining Registrants
E.O. 13771 Designation: Independent agency.
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. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d)
Abstract: The Commission proposed rules to modernize and clarify
the disclosure requirements for companies engaged in mining operations.
Timetable:
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Action Date FR Cite
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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........................ 10/00/18 .......................
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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: [email protected].
RIN: 3235-AL81
514. Disclosure Update and Simplification
E.O. 13771 Designation: Independent agency.
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
[[Page 58170]]
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:
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Action Date FR Cite
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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........................ 10/00/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Lindsay McCord, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, Phone: 202 551-3255, Email:
[email protected].
RIN: 3235-AL82
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
515. Listing Standards for Recovery of Erroneously Awarded Compensation
E.O. 13771 Designation: Independent agency.
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:
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Action Date FR Cite
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NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15 .......................
Next Action Undetermined............
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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
516. Pay Versus Performance
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 953(a); 15 U.S.C. 78c(b); 15
U.S.C. 78n; 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:
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Action Date FR Cite
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NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15 .......................
Next Action Undetermined............
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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: [email protected].
RIN: 3235-AL00
517. Universal Proxy
E.O. 13771 Designation: Independent agency.
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:
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Action Date FR Cite
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NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17 .......................
Next Action Undetermined............
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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: [email protected].
RIN: 3235-AL84
518. Form 10-K Summary
E.O. 13771 Designation: Independent agency.
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 10-K and also requested comment on the
interim final amendment.
Timetable:
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Action Date FR Cite
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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.
Next Action Undetermined............
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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:
[email protected].
RIN: 3235-AL89
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
519. Amendments to Interactive Data (XBRL) Program
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78w(a); 15 U.S.C. 80a-37
Abstract: The Commission adopted amendments to the XBRL rules to
provide for companies to use Inline XBRL to file a single combined
document.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/17/17 82 FR 14282
NPRM Comment Period End............. 05/16/17 .......................
Final Action........................ 08/16/18 83 FR 40846
Final Action Effective.............. 09/17/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
[[Page 58171]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3430, Fax: 202 772-9207.
RIN: 3235-AL59
520. Amendments to Smaller Reporting Company Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f to77h; 15 U.S.C. 77j; 15 U.S.C. 77s;
15 U.S.C. 77z-2 and 77z-3; 15 U.S.C. 77aa(25) and 77aa(26); 15 U.S.C.
77nn(25) and 77nn(26); 15 U.S.C. 78c; 15 U.S.C. 78j-1; 15 U.S.C. 78l to
78o(d); 15 U.S.C. 78q; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78ll;
15 U.S.C. 78mm; 15 U.S.C. 80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 80a-29 to
80a-31; 15 U.S.C. 80a-37(a); 15 U.S.C. 80-b3 and 80b-11; 15 U.S.C. 7202
and 7262; sec. 102(c), Pub. L. 112-106, 126 Stat. 310 (2012), unless
otherwise noted
Abstract: The Commission proposed revisions to the ``smaller
reporting company'' definitions and related provisions.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/01/16 81 FR 43130
NPRM Comment Period End............. 08/30/16 .......................
Final Action........................ 07/10/18 83 FR 31992
Final Action Effective.............. 09/10/18 .......................
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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:
[email protected].
RIN: 3235-AL90
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
521. Use of Derivatives by Registered Investment Companies and Business
Development Companies
E.O. 13771 Designation: Independent agency.
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 Division is considering recommending that the
Commission re-propose 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.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/28/15 80 FR 80884
NPRM Comment Period End............. 03/28/16 .......................
NPRM................................ 09/00/19 .......................
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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: [email protected].
RIN: 3235-AL60
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
522. Reporting of Proxy Votes on Executive Compensation and Other
Matters
E.O. 13771 Designation: Independent agency.
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 re-propose 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:
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Action Date FR Cite
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NPRM................................ 10/28/10 75 FR 66622
NPRM Comment Period End............. 11/18/10 .......................
Next Action Undetermined............
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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:
[email protected].
RIN: 3235-AK67
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
523. Investment Company Reporting Modernization; Option for Website
Transmission of Shareholder Reports
E.O. 13771 Designation: Independent agency.
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 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
website and satisfying certain other conditions. The Commission
previously 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.
Timetable:
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Action Date FR Cite
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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........................ 06/22/18 83 FR 29158
Final Action Effective.............. 01/01/19 .......................
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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: [email protected].
RIN: 3235-AL42
524. Investment Company Liquidity Disclosure
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15
U.S.C. 80a et seq.
Abstract: The Commission adopted amendments to its forms designed
to
[[Page 58172]]
improve the reporting and disclosure of liquidity information by
registered investment companies.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/19/18 83 FR 11905
NPRM Comment Period End............. 05/18/18 .......................
Final Action........................ 07/10/18 83 FR 31859
Final Action Effective.............. 09/10/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Thoreau Adrian Bartmann, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6745, Email: [email protected].
RIN: 3235-AM30
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
525. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934
E.O. 13771 Designation: Independent agency.
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:
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Action Date FR Cite
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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............
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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: [email protected].
RIN: 3235-AL14
[FR Doc. 2018-23929 Filed 11-15-18; 8:45 am]
BILLING CODE 8011-01-P
