[Federal Register Volume 69, Number 147 (Monday, August 2, 2004)]
[Proposed Rules]
[Pages 46117-46119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-17459]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-8451, 34-50094, 35-27877, 39-2422, IA-2268, IC-26521; 
File No. S7-31-04]


List of Rules To Be Reviewed Pursuant to the Regulatory 
Flexibility Act

AGENCY: Securities and Exchange Commission.

ACTION: Publication of list of rules being reviewed.

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SUMMARY: The Securities and Exchange Commission is today publishing a 
list of rules it is reviewing pursuant to Section 610 of the Regulatory 
Flexibility Act. The list is published to provide the public with 
notice that these rules are being reviewed by the agency and to invite 
public comment on them.

DATES: Comments should be received on or before September 1, 2004.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number S7-31-04 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.
    All submissions should refer to File Number S7-31-04. This file 
number should be included on the subject line if e-mail is used. To 
help us process and review your comments more efficiently, please use 
only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/other.shtml). 
Comments are also available for public inspection and copying in the 
Commission's Public Reference Room, 450 Fifth Street, NW., Washington, 
DC 20549. All comments received will be posted without change; we do 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne H. Sullivan, Office of the 
General Counsel, at 202-942-0954, Securities and Exchange Commission, 
450 Fifth Street, NW., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (``RFA''), 
codified at 5 U.S.C. 600-611, requires agencies every year to review 
those rules it adopted ten years ago that have a significant economic 
impact upon a substantial number of small entities. The purpose of the 
review is ``to determine whether such rules should be continued without 
change, or should be amended or rescinded * * * to minimize any 
significant economic impact of the rules upon a substantial number of 
such small entities'' (5 U.S.C. 610(a)). The RFA sets forth specific 
considerations that must be addressed in the review of each rule:
     The continued need for the rule;

[[Page 46118]]

     The nature of complaints or comments received concerning 
the rule from the public;
     The complexity of the rule;
     The extent to which the rule overlaps, duplicates or 
conflicts with other Federal rules, and, to the extent feasible, with 
State and local governmental rules; and
     The length of time since the rule has been evaluated or 
the degree to which technology, economic conditions, or other factors 
have changed in the area affected by the rule (5 U.S.C. 610(c)).
    The Commission, as a matter of policy, reviews all rules which it 
publishes for notice and comment to assess not only their continued 
compliance with the RFA, but also to assess generally their continued 
utility. When the Commission implemented the Act in 1980, it stated 
that it ``intend[ed] to conduct a broader review [than that required by 
the RFA], with a view to identifying those rules in need of 
modification or even rescission.'' Securities Act Release No. 6302 
(Mar. 20, 1980), 46 FR 19251. The list below is therefore broader than 
that required by the RFA (and may include rules that do not have a 
substantial impact on a significant number of small entities). Where 
the Commission has previously made a determination of a rule's impact 
on small businesses, the determination is noted on the list.
    Pursuant to the RFA, the rules and forms listed below are being 
reviewed by the staff of the Commission during 2004. The rules are 
grouped according to which Division or Office of the Commission will 
review each rule:

Rules and Forms To Be Reviewed by the Division of Corporation Finance

1. Safe Harbor for Public Announcement of Unregistered Offerings

    Citation: 17 CFR 230.135c.
    Authority: 15 U.S.C. 77a et seq.
    Description: The rule created a safe harbor for certain company 
announcements regarding exempt offerings or unregistered offshore 
offerings.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 33-7053, 
which was approved by the Commission on April 19, 1994. Any comments to 
the proposing release were considered at that time. The amendments were 
designed to minimize costs to small business issuers, without 
sacrificing important concerns of investors.

Rules and Forms To Be Reviewed by the Divisions of Corporation Finance 
and Market Regulation

2. Exemptive Relief and Simplification of Filing Requirements for Debt 
Securities To Be Listed on a National Securities Exchange

    Citation: 17 CFR 240.3a12-11, 240.12d1-2
    Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq.
    Description: These rules were adopted to reduce regulatory 
distinctions between debt securities listed on a national securities 
exchange and those traded in the over-the-counter market by exempting 
listed debt securities from restrictions on borrowing and from most of 
the proxy and information statement rules.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 34-34922, 
which was approved by the Commission on November 1, 1994. Any comments 
to the proposing release were considered at that time. The rules were 
designed to decrease costs and compliance burdens on small entities.

3. Municipal Securities Disclosure

    Citation: 17 CFR 240.15c2-12
    Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq., 15 U.S.C. 
79q, 15 U.S.C. 79t, 15 U.S.C. 80a et seq.
    Description: These rules prohibit the underwriting and subsequent 
recommendation of securities for which adequate information is not 
available.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 34-34961, 
which was approved by the Commission on November 10, 1994. Any comments 
to the proposing release were considered at that time. The rules were 
drafted to decrease costs and compliance burdens on small entities.

4. Limited Partnership Roll-up Transactions

    Citation: 17 CFR 240.3b-11, 240.14a-15, 240.14e-7
    Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq.
    Description: These rules were adopted to implement provisions of 
the Limited Partnership Rollup Reform Act of 1993.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 33-7113, 
which was approved by the Commission on December 1, 1994. Any comments 
to the proposing release were considered at that time. The rules were 
drafted to decrease costs and compliance burdens on small entities.

Rule To Be Reviewed by the Division of Investment Management

5. Rule 486

    Citation: 17 CFR 230.486
    Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq., 15 U.S.C. 
79t, 15 U.S.C. 80a et seq.
    Description: Rule 486 under the Securities Act of 1933 establishes 
procedures for post-effective amendments to registration statements 
filed by closed-end interval funds.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 33-7083, 
which was approved by the Commission on August 17, 1994. The Commission 
stated that proposed Rule 486 would have no significant economic impact 
on any small entity.

Rules and Forms To Be Reviewed by the Division of Market Regulation

6. Customer Account Statements

    Citation: 17 CFR 240.11Ac1-3
    Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq., 15 U.S.C. 
79q, 79t, 15 U.S.C. 80a et seq.
    Description: The rule requires enhanced disclosure of payment for 
order flow practices on customer confirmations, and account statements, 
as well as upon opening new accounts.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 34-34902, 
which the Commission approved on October 27, 1994. Any comments to the 
proposing release were considered at that time.

7. Notice of Assumption or Termination of Transfer Agent Services

    Citation: 17 CFR 17Ad-16
    Authority: 15 U.S.C. 78a et seq.
    Description: The rule requires a registered transfer agent to 
provide written notice to a registered securities depository when 
terminating or assuming transfer agent services on behalf of an issuer 
or when changing its name or address.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory

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Flexibility Analysis was prepared in accordance with 5 U.S.C. 604 in 
conjunction with the adoption of Release No. 34-35039, which the 
Commission approved on December 1, 1994. No comments concerning 
regulatory flexibility matters were received.
    The Commission invites public comment on both the list and on the 
rules to be reviewed. The Commission particularly solicits public 
comment on whether the listed rules affect small businesses in new or 
different ways than when they were first adopted.

    Dated: July 27, 2004.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-17459 Filed 7-30-04; 8:45 am]
BILLING CODE 8010-01-P