[Federal Register Volume 60, Number 155 (Friday, August 11, 1995)]
[Rules and Regulations]
[Pages 40994-40995]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-19932]



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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release Nos. 34-36063; 35-26352; IC-21270]
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 on August 11, 1995. The phase-in period for compliance 
with new Sec. 240.16b-3, which previously has been extended to 
September 1, 1995, is extended until September 1, 1996, 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 16 \1\ of the 
Securities Exchange Act of 1934 (``Exchange Act'').\2\ The new 
regulatory 

[[Page 40995]]
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 Act \4\ afforded by 
former Rules 16a-8(b),\5\ 16a-8(g)(3),\6\ and 16b-3 \7\ after May 1, 
1991, but would be required to adopt the substantive conditions of new 
Rule 16b-3 \8\ by September 1, 1992.\9\

    \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 16a-8(b).
    \6\ 17 CFR 16a-8(g)(3).
    \7\ 17 CFR 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, 
1995, in contemplation of further rulemaking under Section 16 with 
regard to employee benefit plans.\10\ Because the Commission currently 
is engaged in such rulemaking,\11\ the Commission is extending the 
phase-in period for new Rule 16b-3 until September 1, 1996, or such 
different date as is set by the Commission.

    \10\ See Exchange Act Release No. 34513 (August 10, 1994) [59 FR 
42448].
    \11\ See Exchange Act Releases Nos. 34514 (August 10, 1994) [59 
FR 42449] and 34-34681 (September 16, 1994) [59 FR 48579].
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    By the Commission.

    Dated: August 7, 1995.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-19932 Filed 8-10-95; 8:45 am]
BILLING CODE 8010-01-M