[Federal Register Volume 59, Number 158 (Wednesday, August 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20123]


[[Page Unknown]]

[Federal Register: August 17, 1994]


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Part VII





Securities and Exchange Commission





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17 CFR Parts 228, 229, 240 and 249




Employee Benefit Plan Exemptive Rules Under Section 16 of the 
Securities Exchange Act of 1934; Final Rule and Ownership Reports and 
Trading by Officers, Directors and Principal Security Holders; Proposed 
Rule
SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release Nos. 34-34513; 35-26099; IC-20466]
RIN 3235-AB14

 
Employee Benefit Plan Exemptive Rules Under Section 16 of the 
Securities Exchange Act of 1934

AGENCY: Securities and Exchange Commission.

ACTION: Extension of Phase-In Period for Sec. 240.16b-3.

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SUMMARY: The Commission today is extending the phase-in period for 
compliance with the substantive conditions of new Rule 16b-3 regarding 
employee benefit plan transactions under the Securities Exchange Act of 
1934 pending further notice and rulemaking under the provision.

DATES: Effective August 17, 1994. The phase-in period for compliance 
with new Sec. 240.16b-3, which previously has been extended to 
September 1, 1994, is extended until September 1, 1995, or such 
different date as set in further rulemaking under Section 16.

FOR FURTHER INFORMATION CONTACT: Anne M. Krauskopf, Office of the Chief 
Counsel, Division of Corporation Finance, at (202) 942-2900.

SUPPLEMENTARY INFORMATION: On February 8, 1991, the Commission adopted 
comprehensive revisions to the rules under Section 161 of the 
Securities Exchange Act of 1934 (``Exchange Act'').2 The new 
regulatory scheme generally became effective on May 1, 1991, but a 16 
month phase-in period was provided with respect to specified rules 
affecting employee benefit plans, in order to give registrants ample 
time to review the rule changes and amend their plans 
accordingly.3 The Adopting Release provided that registrants could 
continue to rely on the exemptions from Section 16(b) of the Exchange 
Act4 afforded by former Rules 16a-8(b),5 16a-8(g)(3),6 
and 16b-37 after May 1, 1991, but would be required to adopt the 
substantive conditions of new Rule 16b-38 by September 1, 
1992.9
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    \1\15 U.S.C. 78p (1988).
    \2\15 U.S.C. 78a et seq. (1988).
    \3\Exchange Act Release No. 28869 (February 8, 1991) [56 FR 
7242] (``Adopting Release''). See Section VII of the Adopting 
Release for transition provisions generally and Section VII.C for 
transition provisions relating to employee benefit plans.
    \4\15 U.S.C. 78p(b).
    \5\17 CFR 240.16a-8(b).
    \6\17 CFR 16a-8(g)(3).
    \7\17 CFR 240.16b-3 (1990).
    \8\17 CFR 240.16b-3 (1991).
    \9\The phase-in period applies only to the exemption from 
Section 16(b), not to the revised reporting requirements under 
Section 16(a) that became effective on May 1, 1991.
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    The Rule 16b-3 phase-in period was extended until September 1, 
1994, in contemplation of further rulemaking under Section 16 with 
regard to employee benefit plans.10 Because the Commission 
currently is engaging in such rulemaking,11 the Commission is 
extending the phase-in period for new Rule 16b-3 until September 1, 
1995, or such different date as is set by the Commission.

    \1\0See Exchange Act Release No. 32574 (July 2, 1993) [58 FR 
36866].
    \1\1See Exchange Act Release No. 34514 (August 10, 1994).
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    Dated: August 10, 1994.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-20123 Filed 8-16-94; 8:45 am]
BILLING CODE 8010-01-P