Securities and Exchange Commission July 11, 2008 – Federal Register Recent Federal Regulation Documents

Commission Guidance and Amendment to the Rules Relating to Organization and Program Management Concerning Proposed Rule Changes Filed by Self-Regulatory Organizations
Document Number: E8-15574
Type: Rule
Date: 2008-07-11
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission (``Commission'') is providing guidance regarding a rule under the Securities Exchange Act of 1934 (``Exchange Act'') concerning filings with respect to proposed rule changes of self-regulatory organizations (``SROs'') that the Commission expects will streamline the process by which SROs file proposed rule changes with the Commission and result in a broader range of rule changes qualifying for immediate effectiveness. Further, the Commission is amending its rules to delegate authority to the Director of the Division of Trading and Markets. These actions are intended to facilitate more expeditious handling of proposed rule changes submitted by SROs pursuant to Exchange Act section 19(b).
References to Ratings of Nationally Recognized Statistical Rating Organizations
Document Number: E8-15282
Type: Proposed Rule
Date: 2008-07-11
Agency: Securities and Exchange Commission, Agencies and Commissions
This is one of three releases that the Securities and Exchange Commission (``Commission'') is publishing simultaneously relating to the use in its rules and forms of credit ratings issued by nationally recognized statistical rating organizations (``NRSROs''). In this release, the Commission proposes to amend five rules under the Investment Company Act of 1940 and the Investment Advisers Act of 1940 that rely on NRSRO ratings. The proposed amendments are designed to address concerns that the reference to NRSRO ratings in Commission rules may have contributed to an undue reliance on NRSRO ratings by market participants.
Security Ratings
Document Number: E8-15281
Type: Proposed Rule
Date: 2008-07-11
Agency: Securities and Exchange Commission, Agencies and Commissions
This is one of three releases that the Commission is publishing simultaneously relating to the use of security ratings by nationally recognized statistical rating organizations in its rules and forms. In this release, the Commission proposes to replace rule and form requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934 that rely on security ratings (for example, Forms S-3 and F-3 eligibility criteria) with alternative requirements. In addition, the Commission requests comment on its rules relating to the disclosure of security ratings.
References to Ratings of Nationally Recognized Statistical Rating Organizations
Document Number: E8-15280
Type: Proposed Rule
Date: 2008-07-11
Agency: Securities and Exchange Commission, Agencies and Commissions
This is one of three releases that the Securities and Exchange Commission (``Commission'') is publishing simultaneously relating to the use in its rules and forms of credit ratings issued by nationally recognized statistical rating organizations (``NRSROs''). In this release, the Commission proposes to amend various rules and forms under the Securities Exchange Act of 1934 (``Exchange Act'') that rely on NRSRO ratings. The proposed amendments are designed to address concerns that the reference to NRSRO ratings in Commission rules and forms may have contributed to an undue reliance on NRSRO ratings by market participants.