Securities and Exchange Commission March 2011 – Federal Register Recent Federal Regulation Documents
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Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940
Each applicant seeks an order declaring that it has ceased to be an investment company. On June 1, 2010, each applicant transferred its assets to a corresponding series of AIM Counselor Series Trust, based on net asset value. Expenses of approximately $1,244,560, $93,704, $73,457, $566,552, $151,484, $434,071, and $92,108, respectively, incurred in connection with the reorganizations were paid by Morgan Stanley Investment Advisors Inc., applicants' investment adviser, and Invesco Advisers, Inc. Filing Date: The applications were filed on March 4, 2011. Applicants' Address: c/o Morgan Stanley Investment Advisors Inc., 522 Fifth Ave., New York, NY 10036.
Staff Accounting Bulletin No. 114
This Staff Accounting Bulletin (SAB) revises or rescinds portions of the interpretive guidance included in the codification of the Staff Accounting Bulletin Series. This update is intended to make the relevant interpretive guidance consistent with current authoritative accounting guidance issued as part of the Financial Accounting Standards Board's Accounting Standards Codification. The principal changes involve revision or removal of accounting guidance references and other conforming changes to ensure consistency of referencing throughout the SAB Series.
Rule 17Ad-17; Transfer Agents', Brokers', and Dealers' Obligation To Search for Lost Securityholders; Paying Agents' Obligation To Search for Missing Securityholders
The Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') amended the Securities Exchange Act of 1934 (``Exchange Act'') by adding a subsection entitled, ``Due Diligence for the Delivery of Dividends, Interest, and Other Valuable Property Rights.'' The amendment directs the Securities and Exchange Commission (``Commission'') to revise Exchange Act Rule 17Ad-17, ``Transfer Agents' Obligation to Search for Lost Securityholders'' to: extend to brokers and dealers the requirement of Rule 17Ad-17 to search for lost securityholders; add to Rule 17Ad-17 a requirement that ``paying agents'' notify ``missing security holders'' in writing that the paying agent has sent the missing security holder a check that has not yet been negotiated; add to Rule 17Ad-17 an exclusion for paying agents from the notification requirements when the value of the not yet negotiated check is less than $25; and add to Rule 17Ad-17 a provision clarifying that the written notification requirements shall have no effect on State escheatment laws. The amendment also requires the Commission to ``adopt such rules, regulations, and orders necessary to implement this subsection no later than 1 year after the date of enactment of this subsection.'' The Commission is publishing for comment proposed amendments to Rule 17Ad-17 to implement the statutory requirements.
Beneficial Ownership Reporting Requirements and Security-Based Swaps
To preserve the application of our existing beneficial ownership rules to persons who purchase or sell security-based swaps after the effective date of new Section 13(o) of the Securities Exchange Act of 1934, we are proposing to readopt without change the relevant portions of Rules 13d-3 and 16a-1. The proposals are intended to clarify that following the July 16, 2011 statutory effective date of Section 13(o), which was added by Section 766 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), persons who purchase or sell security-based swaps will remain within the scope of these rules to the same extent as they are now.
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