Securities and Exchange Commission September 8, 2006 – Federal Register Recent Federal Regulation Documents

On April 15, 2002, the Commission issued an order on an application filed by Delaware Investments Dividend and Income Fund, Inc. and Delaware Investments Global Dividend and Income Fund (together, the ``Applicants'') under section 6(c) of the Act granting an exemption from section 19(b) of the Act and rule 19b-1 under the Act (the ``Application'').\1\ On August 31, 2006, the Commission issued an order finding, among other things, that Delaware Service Company, Inc. (``DSC'') caused and aided and abetted the Applicants' violations of section 19(a) of the Act and rule 19a-1 under the Act and violated section 34(b) of the Act by making a material misrepresentation to the Commission in the Application (``Order Finding Violations'').\2\ The Commission is issuing this notice of the Commission's intention to rescind the Exemptive Order on the basis of the Order Finding Violations.

The Securities and Exchange Commission is adopting amendments to the disclosure requirements for executive and director compensation, related person transactions, director independence and other corporate governance matters and security ownership of officers and directors. These amendments apply to disclosure in proxy and information statements, periodic reports, current reports and other filings under the Securities Exchange Act of 1934 and to registration statements under the Exchange Act and the Securities Act of 1933. We are also adopting a requirement that disclosure under the amended items generally be provided in plain English. The amendments are intended to make proxy and information statements, reports and registration statements easier to understand. They are also intended to provide investors with a clearer and more complete picture of the compensation earned by a company's principal executive officer, principal financial officer and highest paid executive officers and members of its board of directors. In addition, they are intended to provide better information about key financial relationships among companies and their executive officers, directors, significant shareholders and their respective immediate family members. In Release No. 33-8735, published elsewhere in the proposed rules section of this issue of the Federal Register, we also request additional comments regarding the proposal to require compensation disclosure for three additional highly compensated employees.