[Federal Register Volume 64, Number 218 (Friday, November 12, 1999)]
[Rules and Regulations]
[Pages 61497-61498]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-29530]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 230

[Release No. 33-7645A]
RIN 3235-AH21


Rule 701--Exempt Offerings Pursuant to Compensatory Arrangements; 
Correction

AGENCY: Securities and Exchange Commission.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final rules adopted in 
Release No. 33-7645 (February 25, 1999), which were published in the 
Federal Register on Monday, March 8, 1999 (64 FR 11095). The rules 
relate to the manner of calculating the amount of the exempt offerings 
pursuant to Rule 701.

EFFECTIVE DATE: November 5, 1999.

FOR FURTHER INFORMATION CONTACT:
Richard K. Wulff, Office of Small Business, Division of Corporation 
Finance at (202) 942-2950.

SUPPLEMENTARY INFORMATION: In connection with the adoption of rules 
relating to the Rule 701 exemption for compensatory benefit plans, on 
February 25, 1999 the Commission adopted provisions to determine the 
available amount of securities subject to the exemption. Because of 
inaccuracy in the language within the adopting release, a different way 
of making such calculations appears in the Code of Federal Regulations 
than that approved by the Commission. The correction removes a 
typographical error and also deletes the reference to the necessity of 
only making calculations based upon an annual balance sheet. The 
original intention was to permit calculations to be made on the basis 
of interim balance sheets as long as they were no older than the 
issuer's most recent fiscal year end.

List of Subjects in 17 CFR Part 230

    Reporting and recordkeeping requirements, Securities.

PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

    Accordingly, 17 CFR part 230 is corrected by making the following 
correcting amendments:
    1. The authority citation for part 230 continues to read in part as 
follows:

    Authority: 15 U.S.C. 77b, 77f, 77g, 77h, 77j, 77r, 77s, 77sss, 
78c, 78d, 78l, 78m, 78n, 78o, 78w, 78ll(d), 79t, 80a-8, 80a-24, 80a-
28,

[[Page 61498]]

80a-29, 80a-30, and 80a-37, unless otherwise noted.
* * * * *


Sec. 230.701  [Amended]

    2. In Sec. 230.701, revise the phrase `` are or derive'' to read 
``or derive'' in the last sentence of the introductory text of 
paragraph (c).
    3. In Sec. 230.701, revise the phrase ``most recent annual balance 
sheet date'' to read ``most recent balance sheet date'' in paragraphs 
(d)(2)(ii) and (d)(2)(iii).

    Dated: November 5, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-29530 Filed 11-10-99; 8:45 am]
BILLING CODE 8010-01-M