[Federal Register Volume 61, Number 186 (Tuesday, September 24, 1996)]
[Rules and Regulations]
[Pages 49957-49962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24368]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 202, 230, 239, 240, 249, 250, 259, 270, 274, and 275
[Release Nos. 33-7331; 34-37692; 35-26575; IC-22224; IA-1578; File No.
S7-14-96]
RIN 3235-AG79
Changes Selected Rules In Order To Eliminate Fees Previously
Adopted by the Commission Pursuant to the Independent Offices
Appropriations Act of 1952
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
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SUMMARY: The Securities and Exchange Commission (Commission), in order
to eliminate user fees currently adopted under the Independent Offices
Appropriations Act of 1952 is changing various rules pertaining to the
Securities Act of 1933 (Securities Act), the Securities Exchange Act of
1934 (Exchange Act), the Public Utility Holding Company Act of 1935
(Public Utility Holding Company Act), the Investment Company Act of
1940 (Investment Company Act), and the Investment Advisers Act of 1940
(Investment Advisers Act). The fees being eliminated were first adopted
in 1972 to contribute towards the cost of agency operations. Since that
time, however, the amount of fees collected by the Commission has
increased dramatically. In 1995, the Commission collected nearly double
the amount of fees required to fund the agency's operations. The fees
being eliminated represented just two percent of the Commission's total
fiscal 1995 fee revenue, but more than one-half of the total number of
fee payments processed.
EFFECTIVE DATE: October 7, 1996.
FOR FURTHER INFORMATION CONTACT: Henry I. Hoffman, Office of the
Comptroller, at (202) 942-0343.
SUPPLEMENTARY INFORMATION: In 1972, to offset the cost to the
government of Commission operations, the Securities and Exchange
Commission established through rulemaking a fee schedule for numerous
types of applications, statements and reports.1 These regulatory
fees, authorized under Title V of the Independent Offices
Appropriations Act of 1952 (31 U.S.C. 9701), are commonly referred to
as IOAA fees.2
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\1\ Securities Act, Release No. 5229, January 25, 1972.
\2\ The Independent Offices Appropriations Act of 1952,
specifically 31 U.S.C. 9701, authorizes independent agencies of the
federal government to prescribe fees and charges for activities that
provide benefits to individuals and businesses. This statute states
that ``[i]t is the sense of Congress that each service * * *
provided by an agency * * * to a person * * * is to be self-
sustaining to the extent possible.'' The statute also authorizes the
head of each agency to prescribe regulations establishing the charge
for a service. Notably, a separate provision of the Exchange Act
specifically authorizes the Commission to impose fees authorized by
this Act. 15 U.S.C. 78n(g)(4).
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On May 22, 1996, a proposed rule titled Proposal To Eliminate Fees
Previously Adopted by the Commission Pursuant to the Independent
Offices Appropriations Act of 1952 was published in the Federal
Register. (Vol. 61, No. 100, pages 25601-25604). The proposed rule
invited interested parties to submit comments on or before July 8,
1996. Three comment letters were received, one each from two mutual
fund complexes and one trade association.3 Each response supported
[[Page 49958]]
the proposal to eliminate the Commission's IOAA fees. One respondent
noted that their experience with the IOAA fees was similar to the
Commission's experience, i.e. ``* * * while the aggregate dollar
amounts of these fees are relatively insignificant * * * the
recordkeeping and processing costs associated with them are
disproportionately high * * *.'' 4 Further, the respondent stated
that the ``* * * adoption of the proposal would simplify and enhance
the efficiency of (its) servicing operations.'' 5 Effective
October 7, 1996, the Commission is eliminating each of its current IOAA
fees.6 The collection of these fees is no longer appropriate since
the amount of revenue currently generated by statutory fees imposed
under the securities laws far exceeds the annual cost of Commission
operations, and the additional revenue added by the IOAA fees is an
insignificant portion of the total revenue received.
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\3\ The three respondents to the Commission's elimination of
IOAA fees were T. Rowe Price Associates, Inc. in a June 7, 1996,
letter signed by Henry H. Hopkins, Managing Director and Legal
Counsel, Federated Investors in a June 27, 1996, letter signed by
Jay S. Neuman, Corporate Counsel, and the Investment Company
Institute in a June 25, 1996, letter signed by Alexander C. Gavis,
Assistant Counsel. These letters are available for public inspection
under File S7-14-96 in the Public Reference Room, U.S. Securities
and Exchange Commission, 450 Fifth Street, NW., Washington, DC.
20549.
\4\ Federated Investors.
\5\ Id.
\6\ The Commission's action only eliminates the collection of
regulatory fees imposed under the IOAA; it does not affect other
fees imposed by statute which are also collected by the Commission.
These statutory fees include registration fees collected pursuant to
section 6(b) of the Securities Act and section 307(b) of the Trust
Indenture Act of 1939, going private fees collected pursuant to
section 13 of the Exchange Act, proxy and tender offer fees
collected pursuant to section 14 of the Exchange Act, and
transaction fees collected pursuant to section 31 of the Exchange
Act.
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In fiscal 1972, the Commission collected $19 million in fees and
cost $27 million to operate. IOAA fees represented 12 percent of the
total 1972 revenue. In fiscal 1995, the Commission collected $559
million in fees and was appropriated $297 million for operating costs.
IOAA fees represented just 2 percent of the total 1995 revenue.7
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\7\ The vast increase in Commission fee revenue between 1972 and
1995 has developed from two basic sources. First is a significant
increase in the underlying value of the securities on which the
statutory fees are based. The underlying value of securities
registered with the Commission under section 6(b) of the Securities
Act increased from $62 billion to $1.2 trillion from 1972 to 1995.
Further, during the same period, the value of shares transacted on
the U.S. securities exchanges and subject to a fee under Section 31
of the Exchange Act increased from $196 billion to $3 trillion.
Second is the increased use of offsetting collections under section
6(b) of the Securities Act to fund agency operations since 1990. The
amount of offsetting revenue collected under section 6(b) in 1991,
the first year fee revenue was used to directly offset Commission
funding, was $37 million at a fee rate of \1/40\ of one percent, and
in 1995 was $157 million at an increased fee rate of \1/29\ of one
percent.
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This significant difference between the amount of fee revenue
collected by the Commission and the amount of its annual funding level
has been of continuing concern to Congress. In 1988, the Securities
Subcommittee of the Senate Committee on Banking, Housing and Urban
Affairs directed the Commission to study its fee structure and funding
status (Commission Fee Study).8
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\8\ Senate Report 100-105, 100th Cong., 1st Session. In
response, the Commission issued findings in a U.S. Securities and
Exchange Commission ``Self Funding Study'' (January 1989) and
accompanying ``Legislative Proposals and Fee Options'' (January
1989).
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As a result of the Commission Fee Study and continuing
Congressional concerns about the level of the Commission's annual fee
collections, in 1993 the House passed H.R. 2239, the Securities and
Exchange Commission Authorization Act of 1993. One of the stated
purposes of this bill was to ``establish a system for the annual
adjustment of fees collected by the Commission so that the total amount
appropriated to the Commission for any fiscal year will be offset by
the amount collected during such fiscal year * * *.'' 9
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\9\ H.R. 2239, section 31A.(a).
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Although Congress did not enact H.R. 2239, in 1995, members of the
Commission's authorization committee in the Senate stated that the
total amount of fees collected annually by the agency far exceed the
cost of its regulation and, therefore, should be reduced.10
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\10\ Letter dated April 6, 1995, from Senator D'Amato, Chairman
of the Senate Banking Committee, to Senators Domenici and Exon,
respectively Chairman and Ranking Member of the Senate Committee on
the Budget.
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On March 12, 1996, the House passed H.R. 2972, the Securities and
Exchange Commission Authorization Act of 1996. One of this bill's major
purposes is ``to reduce over time the rates of fees charged under the
Federal securities laws.'' 11 Notably, H.R. 2972 contains a sense
of the Congress resolution that the Commission should eliminate its
fees imposed under the IOAA.12 The Securities and Exchange
Commission Authorization Act of 1996, H.R. 2972, has since been
repassed as Title 3 of H.R. 3005, the securities bill that was passed
by the House on June 19, 1996. The Senate counterpart to H.R. 3005, S.
1815, does not contain the SEC reauthorization bill.
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\11\ H.R. 2972, section 2(2).
\12\ Ibid, section 7(1) states that ``the fees authorized by the
amendments made by this Act are in lieu of, and not in addition to,
any fees that the Securities and Exchange Commission is authorized
to impose or collect pursuant to section 9701 of title 31, United
States Code* * *.''
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The Commission is eliminating its IOAA fees for two additional
reasons. First, the Commission is committed, consistent with its
mission of protecting investors, to eliminating unnecessary regulations
imposed on the capital formation process. The Commission has determined
that this elimination of its IOAA fees will reduce such burdens but
will not harm investors nor the Commission's mission to protect them.
Second, the collection of these IOAA fees imposes a disproportionate
cost on the Commission. In 1995, IOAA fees represented less than 2% of
the total fee revenue collected by the Commission, but more than one-
half of the total number of fee payments processed by Commission staff,
making recordkeeping for these fees disproportionately costly.
Cost/Benefit Analysis
This elimination of IOAA fees will provide an obvious benefit to
persons obligated to pay such fees, i.e., they will no longer have to
pay the fees. In addition, the Commission will avoid the costs
associated with processing and auditing the collection of such fees;
Commission resources spent on those tasks will be reallocated to other
mandated tasks. Other costs and benefits are expected to be de minimis.
Regulatory Flexibility Act
The Commission has prepared a Final Regulatory Flexibility Analysis
in accordance with 5 U.S.C. 604 regarding the proposed rule changes.
The analysis reiterates the reasons and objectives for the proposed
rule changes discussed above in this release. The analysis also
describes the legal basis for the proposal and discusses its effect on
small entities as defined by the Securities Act, the Exchange Act, the
Public Utility Holding Company Act of 1935, the Investment Company Act
of 1940, and the Investment Advisers Act of 1940. The rules impose no
additional reporting, recordkeeping or other compliance requirements on
small businesses, and the Commission believes that there are no
overlapping or conflicting federal rules. In addition, the Commission
does not believe that any significant alternative to the proposal would
both accomplish the stated objectives and minimize any significant
impact on small companies. In fact, the alternatives to eliminating the
fee would be to maintain or increase the current fees. Neither
alternative provides any increased benefit nor is appropriate in the
public interest. An Initial Regulatory Flexibility Analysis was
prepared in connection with the proposed rule changes which were
published in the Federal Register on May 22, 1996. No comments were
received regarding the analysis. A copy of the Final Regulatory
[[Page 49959]]
Flexibility Analysis may be obtained by contacting Henry I. Hoffman,
Securities and Exchange Commission, Office of the Comptroller, Room
2080, Washington, D.C. 20549.
Effective Date
The final amendments to the Commission's rules shall be effective
on October 7, 1996, in accordance with the Administrative Procedure
Act, which allows effectiveness in less than 30 days after publication
for, inter alia,, ``a substantive rule which grants or recognizes an
exemption or relieves a restriction'' and ``as otherwise provided by
the agency for good cause found and published with the rule.'' 5 U.S.C.
553(d)(1) and (d)(3). The Commission finds good cause for the rules to
be effective on October 7, 1996, in order to coordinate the elimination
of the user fees with the beginning of the fiscal year.
Statutory Basis
The Commission's authority for this action is 31 U.S.C. 9701 and 15
U.S.C. 78n(g)(4).
The amendments to the Commission's rules, forms and schedules under
the Securities Act and amendments to the Commission's rules under the
Exchange Act are being adopted pursuant to sections 6, 7, 8, 10 and
19(a) of the Securities Act and sections 3, 4, 10, 12, 13, 14, 15, 16
and 23 of the Exchange Act. The revisions to the Commission's rules and
forms under the Public Utility Holding Company Act of 1935 are being
adopted pursuant to section 20 of the Public Utility Holding Company
Act. The revisions to the Commission's rules and forms under the
Investment Company Act are being adopted pursuant to sections 8(b) and
38(a) under the Investment Company Act, as amended. And the revisions
to the Commission's rules and forms under the Investment Advisers Act
of 1940 are being adopted pursuant to sections 203(c) and 211(a) of the
Investment Advisers Act.
List of Subjects
17 CFR Part 202
Administrative practice and procedure, Securities.
17 CFR Parts 230, 270 and 274
Investment companies, Reporting and recordkeeping requirements,
Securities.
17 CFR Parts 239, 240, 249, 250, 259 and 275
Reporting and recordkeeping requirements, Securities.
Text of Amendments
For the reasons set out in the preamble, Chapter II, Title 17 of
the Code of Federal Regulations is amended as follows:
PART 202--INFORMAL AND OTHER PROCEDURES
1. The authority citation for part 202 continues to read in part as
follows:
Authority: 15 U.S.C 77s, 77t, 78d-1, 78u, 78w, 78ll(d), 79r,
79t, 77sss, 77uuu, 80a-37, 80a-41, 80b-9, and 80b-11, unless
otherwise noted.
* * * * *
2. The first sentence of the introductory text of Sec. 202.3a is
revised to read as follows:
Sec. 202.3a Instructions for filing fees.
Payment of filing fees specified by the following rules shall be
made according to the directions listed in this part: Sec. 230.111 (17
CFR 230.111), Sec. 240.0-9 (17 CFR 240-0.9), Sec. 260.7a-10 (17 CFR
260.7a-10), and Sec. 270.0-8 (17 CFR 270.0-8).
* * * * *
3. The fourth sentence of the introductory text of Sec. 202.3a is
revised to read as follows:
Sec. 202.3a Instructions for filing fees.
* * * Personal checks cannot be accepted for payment of fees. * * *
PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933
4. The authority citation for part 230 continues to read in part as
follows:
Authority: 15 U.S.C. 77b, 77f, 77g, 77h, 77j, 77s, 77sss, 78c,
78d, 78l, 78m, 78n, 78o, 78w, 78ll(d), 79t, 80a-8, 80a-29, 80a-30,
and 80a-37, unless otherwise noted.
* * * * *
Sec. 230.111 [Amended]
5. By amending Sec. 230.111 by removing the last sentence of
paragraph (a).
Sec. 230.236 [Amended]
6. By amending Sec. 230.236 by removing the second sentence of
paragraph (a) and the last sentence of paragraph (c)(4).
Sec. 230.252 [Amended]
7. By amending Sec. 230.252 by removing and reserving paragraph
(f).
Sec. 230.604 [Amended]
8. Paragraph (a) of Sec. 230.604 is amended by removing the last
sentence.
PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934
9. The authority citation for Part 240 continues to read in part as
follows:
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77eee, 77ggg,
77nnn, 77sss, 77ttt, 78c, 78d, 78i, 78j, 78l, 78m, 78n, 78o, 78p,
78q, 78s, 78w, 78x, 78ll(d), 79q, 79t, 80a-20, 80a-23, 80a-29, 80a-
37, 80b-3, 80b-4 and 80b-11, unless otherwise noted.
* * * * *
10. By revising Sec. 240.0-9 to read as follows:
Sec. 240.0-9 Payment of fees.
All payment of fees shall be made in cash, certified check or by
United States postal money order, bank cashier's check or bank money
order payable to the Securities and Exchange Commission, omitting the
name or title of any official of the Commission. Payment of fees
required by this section shall be made in accordance with the
directions set forth in Sec. 202.3a of this chapter.
11. By amending Sec. 240.0-11 by revising paragraph (c)(1)(ii) to
read as follows:
Sec. 240.0-11 Filing fees for certain acquisitions, dispositions and
similar transactions.
* * * * *
(c) * * *
(1) * * *
(ii) Notwithstanding the above, where the acquisition, merger or
consolidation is for the sole purpose of changing the registrant's
domicile, no filing fee is required to be paid.
* * * * *
Sec. 240.12b-7 [Removed]
12. Section 240.12b-7 is removed.
Sec. 240.13a-1 [Amended]
13. By amending Sec. 240.13a-1 by removing the last sentence.
Sec. 240.13d-7 [Removed]
14. Section 240.13d-7 is removed.
Sec. 240.13d-101 [Amended]
15. By amending Sec. 240.13d-101 by removing the second paragraph
on the cover page that appears after the first check box and
immediately before the ``Note:''.
Sec. 240.13d-102 [Amended]
16. By amending Sec. 240.13d-102 by removing the first paragraph on
the cover page that appears after the ``(CUSIP Number)''.
17. By amending Sec. 240.14a-6 by revising paragraph (i) to read as
follows:
[[Page 49960]]
Sec. 240.14a-6 Filing requirements.
* * * * *
(i) Fees. At the time of filing the proxy solicitation material,
the persons upon whose behalf the solicitation is made, other than
investment companies registered under the Investment Company Act of
1940, shall pay to the Commission the following applicable fee:
(1) For preliminary proxy material involving acquisitions, mergers,
spinoffs, consolidations or proposed sales or other dispositions of
substantially all the assets of the company, a fee established in
accordance with Rule 0-11 (Sec. 240.0-11 of this chapter) shall be
paid. No refund shall be given.
(2) For all other proxy submissions and submissions made pursuant
to Sec. 240.14a-6(g), no fee shall be required.
* * * * *
18. By amending Sec. 240.14a-101 by revising the cover page to read
as follows:
Sec. 240.14a-101 Schedule 14A. Information required in proxy
statement.
Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
(Amendment No. )
Filed by the Registrant [ ]
Filed by a party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or
Sec. 240.14a-12
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
Payment of Filing Fee (Check the appropriate box):
[ ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11
(1) Title of each class of securities to which transaction
applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing by
registration statement number, or the Form or Schedule and the date
of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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Notes. * * *
* * * * *
Sec. 240.14a-101 [Amended]
19. Item 22 of Sec. 240.14a-101 is amended by removing and
reserving paragraph (a)(2).
20. By amending Sec. 240.14c-5 by revising paragraph (g) to read as
follows:
Sec. 240.14c-5 Filing Requirements.
* * * * *
(g) Fees. At the time of filing a preliminary information statement
regarding an acquisition, merger, spinoff, consolidation or proposed
sale or other disposition of substantially all the assets of the
company, the registrant shall pay the Commission a fee, no part of
which shall be refunded, established in accordance with Sec. 240.0-11.
* * * * *
21. By amending Sec. 240.14c-101 by revising the cover page to read
as follows:
Sec. 240.14c-101 Schedule 14C. Information required in information
statement.
Schedule 14C Information
Information Statement Pursuant to Section 14(c) of the Securities
Exchange Act of 1934
(Amendment No. )
Check the appropriate box:
[ ] Preliminary Information Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14c-5(d)(2))
[ ] Definitive Information Statement
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(Name of Registrant As Specified In Its Charter)
Payment of Filing Fee (Check the appropriate box):
[ ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14c-5(g)
and 0-11
(1) Title of each class of securities to which transaction
applies:
----------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
----------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):
----------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing by
registration statement number, or the Form or Schedule and the date
of its filing.
(1) Amount Previously Paid:
----------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
----------------------------------------------------------------------
(4) Date Filed:
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Note * * *
* * * * *
Sec. 240.15d-11 [Amended]
22. By amending Sec. 240.15d-1 by removing the last sentence.
PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934
23. The authority citation for Part 249 continues to read in part
as follows:
Authority: 15 U.S.C. 78, et seq., unless otherwise noted;
* * * * *
Sec. 249.240 [Amended]
24. By amending Form 40-F (referenced in Sec. 249.240f) by removing
paragraph D.(5) of General Instructions and redesignating paragraphs
D.(6), D.(7), D.(8), D.(9) and D.(10) as paragraphs D.(5), D.(6),
D.(7), D.(8) and D.(9).
Note: The text of Form 40-F does not appear and this amendment
will not appear in the Code of Federal Regulations.
[[Page 49961]]
PART 250--GENERAL RULES AND REGULATIONS, PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935
25. The authority citation for Part 250 continues to read as
follows:
Authority: 15 U.S.C. 79c, 79f(b), 79i(c)(3), 79t, unless
otherwise noted.
Sec. 250.1 [Amended]
26. Section 250.1 is amended by removing paragraph (d).
Sec. 250.94 [Amended]
27. Section 250.94 is amended by removing paragraph (b).
Sec. 250.106 [Removed]
28. Section 250.106 is removed and reserved.
Sec. 250.107 [Removed]
29. Section 250.107 is removed and reserved.
PART 259--FORMS PRESCRIBED UNDER THE PUBLIC UTILITY HOLDING COMPANY
ACT OF 1935
30. The authority citation for Part 259 continues to read as
follows:
Authority: 15 U.S.C. 79e, 79f, 79g, 79j, 79l, 79m, 79n, 79q,
79t.
Sec. 259.404 [Amended]
31. The preamble to the Instructions for Form U-7D (referenced in
Sec. 259.404) is revised to read as follows:
Note: The text of Form U-7D does not and this amendment will not
appear in the Code of Federal Regulations.
Form U-7D
* * * * *
Instructions
This form must be filed in triplicate within 30 days after
execution of any lease of a utility facility to an operating public-
utility company. Rules 21 and 22 under the Act govern the
specifications. Official Form U-7D and these instructions specify the
contents.
* * * * *
PART 270--RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940
32. The authority citation for Part 270 continues to read in part
as follows:
Authority: 15 U.S.C. 80a-1 et seq., 80a-37, 80a-39 unless
otherwise noted;
* * * * *
Sec. 270.0-5 [Amended]
33. Section 270.0-5 is amended by removing paragraph (d).
34. By revising Sec. 270.0-8 to read as follows:
Sec. 270.0-8 Payment of fees.
All payment of fees shall be made in cash, certified check or by
United States postal money order, bank cashier's check or bank money
order payable to the Securities and Exchange Commission, omitting the
name or title of any official of the Commission. Payment of fees
required by this section shall be made in accordance with the
directions set forth in Sec. 202.3a of this chapter.
* * * * *
Sec. 270.8b-6 [Removed]
35. Section 270.8b-6 is removed and reserved.
36. Sec. 270.24f-2 is amended by removing paragraph (a)(3),
redesignating paragraph (a)(4) as paragraph (a)(3), and revising newly
designated paragraph (a)(3) to read as follows:
Sec. 270.24f-2 Registration under the Securities Act of 1933 of an
indefinite number of certain investment company securities.
* * * * *
(a) * * *
(3) If such registration statement also registers a definite number
or amount of securities, there shall be paid to the Commission with
respect to such definite amount of securities a registration fee
calculated in the manner specified in section 6(b) of the Securities
Act of 1933, (15 U.S.C. 77f(b)) and the rules and regulations
thereunder.
* * * * *
Sec. 270.30a-1 [Amended]
37. Section 270.30a-1 is amended by removing the third sentence.
Sec. 270.30b1-1 [Amended]
38. Section 270.30b1-1 is amended by removing the second sentence.
Sec. 270.30b1-3 [Amended]
39. Section 270.30b1-3 is amended by removing the last sentence.
PART 239--FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933
40. The authority citation for Part 239 continues to read in part
as follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77sss, 78c, 78l,
78m, 78n, 78o(d), 78w(a), 78ll(d), 79e, 79f, 79g, 79j, 79l, 79m,
79n, 79q, 79t, 80a-8, 80a-29, 80a-30 and 80a-37, unless otherwise
noted.
* * * * *
PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940
41. The authority citation for Part 274 continues to read as
follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78o(d), 80a-8, 80a-24, and 80a-29, unless otherwise noted.
Sec. 239.15A [Amended]
Sec. 274.11A [Amended]
42. General Instruction B of Form N-1A (referenced in Secs. 239.15A
and 274.11A) is amended by removing the second and third sentences.
Note: The text of Form N-1A does not and these amendments will
not appear in the Code of Federal Regulations.
Sec. 239.14 [Amended]
Sec. 274.11a-1 [Amended]
43. General Instruction B of Form N-2 (referenced in Secs. 239.14
and 274.11a-1) is amended by removing the second and third sentences.
Note: The text of Form N-2 does not and these amendments will
not appear in the Code of Federal Regulations.
Sec. 239.17a [Amended]
Sec. 274.11b [Amended]
44. General Instruction B of Form N-3 (referenced in Secs. 239.17a
and 274.11b) is amended by removing the second and third sentences.
Note: The text of Form N-3 does not and these amendments will
not appear in the Code of Federal Regulations.
Sec. 239.17b [Amended]
Sec. 274.11c [Amended]
45. General Instruction B of Form N-4 (referenced in Secs. 239.17b
and 274.11c) is amended by removing the second and third sentences.
Note: The text of Form N-4 does not and these amendments will
not appear in the Code of Federal Regulations.
Sec. 249.330 [Amended]
Sec. 274.101 [Amended]
46. General Instruction C of Form N-SAR (referenced in
Secs. 249.330 and 274.101) is amended by removing the third
undesignated paragraph.
Sec. 249.330 [Amended]
Sec. 274.101 [Amended]
47. General Instruction G of Form N-SAR (referenced in
Secs. 249.330 and 274.101) is amended by removing paragraph (5).
Note: The text of Form N-SAR does not and these amendments will
not appear in the Code of Federal Regulations.
PART 275--RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
48. The authority citation for Part 275 continues to read in part
as follows:
[[Page 49962]]
Authority: 15 U.S.C. 80b-3, 80b-4, 80b-6A, 80b-11, unless
otherwise noted.
* * * * *
Sec. 275.0-5 [Amended]
49. Section 275.0-5 is amended by removing paragraph (d) and
redesignating paragraph (e) as paragraph (d).
Sec. 275.203-3 [Removed]
50. Section 275.203-3 is removed.
Dated: September 17, 1996.
By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-24368 Filed 9-23-96; 8:45 am]
BILLING CODE 8010-01-P