[Federal Register Volume 75, Number 243 (Monday, December 20, 2010)]
[Proposed Rules]
[Pages 79937-79945]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-30469]


[[Page 79937]]

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Part XXIV





Securities and Exchange Commission





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###Semiannual Regulatory Agenda###

[[Page 79938]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9141, 34-62881, IA-3081, IC-29414, File No. S7-21-10]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Securities and Exchange Commission is publishing an agenda 
of its rulemaking actions pursuant to the Regulatory Flexibility Act 
(RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information 
in the agenda was accurate on September 10, 2010, the day on which the 
Commission's staff completed compilation of the data. To the extent 
possible, rulemaking actions by the Commission since that date have 
been reflected in the agenda. The Commission invites questions and 
public comment on the agenda and on the individual agenda entries.

    The Commission is now printing in the Federal Register, along 
with our preamble, only those agenda entries for which we have 
indicated that preparation of a Regulatory Flexibility Act analysis 
is required.

    The Commission's complete RFA agenda will be available online 
at www.reginfo.gov.

DATES: Comments should be received on or before December 30, 2010.

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 S7-21-10 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 Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

    All submissions should refer to File No. S7-21-10. 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 website (http://www.sec.gov/rules/
other.shtml). Comments are also available for website viewing and 
printing in the Commission's Public Reference Room, 100 F Street 
NE., Washington, DC 20549, on official business days between the 
hours of 10:00 a.m. and 3:00 p.m. 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 Sullivan, Office of the General 
Counsel, 202-551-5019.

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during 
April and October of each year, to publish in the Federal Register an 
agenda identifying rules that the agency expects to consider in the 
next 12 months that are likely to have a significant economic impact on 
a substantial number of small entities (5 U.S.C. 602(a)). The RFA 
specifically provides that publication of the agenda does not preclude 
an agency from considering or acting on any matter not included in the 
agenda and that an agency is not required to consider or act on any 
matter that is included in the agenda (5 U.S.C. 602(d)). Actions that 
do not have an estimated date are placed in the long-term category; the 
Commission may nevertheless act on items in that category within the 
next 12 months. The agenda includes new entries, entries carried over 
from prior publications, and rulemaking actions that have been 
completed (or withdrawn) since publication of the last agenda.

    The following abbreviations for the acts administered by the 
Commission are used in the agenda:

    ``Securities Act''--Securities Act of 1933

    ``Exchange Act''--Securities Exchange Act of 1934

    ``Investment Company Act''--Investment Company Act of 1940

    ``Investment Advisers Act''--Investment Advisers Act of 1940

     The Commission invites public comment on the agenda and on the 
individual agenda entries.

By the Commission.

Dated: September 10, 2010.

 Elizabeth M. Murphy,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
611         Voluntary Filers......................................................................    3235-AK59
612         Risk Disclosures......................................................................    3235-AK58
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
613         Proxy Solicitation Enhancements.......................................................    3235-AK28

[[Page 79939]]

 
614         Shareholder Approval of Executive Compensation and Golden Parachute Compensation......    3235-AK68
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
615         Facilitating Shareholder Director Nominations.........................................    3235-AK27
616         Revisions to Regulation D.............................................................    3235-AK52
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
617         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
618         Amendments to Form ADV................................................................    3235-AI17
619         Political Contributions by Certain Investment Advisers................................    3235-AK39
620         Indexed Annuities and Certain Other Insurance Contracts...............................    3235-AK49
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
621         Amendments to Rule 17a-5..............................................................    3235-AK56
622         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
623         Transitional Registration as a Municipal Advisor......................................    3235-AK69
624         Consolidated Audit Trail..............................................................    3235-AK51
625         Proposed Rules for Nationally Recognized Statistical Rating Organizations.............    3235-AK14
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF TRADING AND MARKETS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
626         Confirmation of Transactions in Open-End Management Investment Company Shares, Unit       3235-AJ11
            Investment Trust Interests, and Municipal Fund Securities Used for Education Savings..
627         Point-of-Sale Disclosure of Purchases in Open-End Management Investment Company           3235-AJ12
            Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for
            Education Savings.....................................................................
628         Rule 15c-100: Schedule 15C............................................................    3235-AJ13

[[Page 79940]]

 
629         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
630         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF TRADING AND MARKETS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
631         Amendment to Municipal Securities Disclosure..........................................    3235-AJ66
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________


<###DOC>

611. VOLUNTARY FILERS

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission 
propose amendments to require registrants who do not have a filing 
obligation under the Exchange Act to file any reports with the 
Commission in compliance with Commission rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sean Harrison, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AK59
_______________________________________________________________________


<###DOC>

612. RISK DISCLOSURES

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission 
propose amendments to its rules and forms to consolidate and enhance 
the risk disclosures provided by registrants.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jennifer Zepralka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AK58
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________


<###DOC>

613. PROXY SOLICITATION ENHANCEMENTS

Legal Authority: 15 USC 78n

Abstract: The Commission adopted amendments in December 2009 to enhance 
proxy disclosures. In the proposing release for those rules, the 
Commission also proposed further amendments to its proxy rules to 
clarify the manner in which they operate and address issues that have 
arisen in the proxy solicitation process. The Division is considering 
recommending that the Commission adopt amendments relating to the 
outstanding proposals.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/17/09                    74 FR 35076
NPRM Comment Period End         09/15/09
Final Action                    12/23/09                    74 FR 68334
Final Action Effective          02/28/10
Final Action                    11/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Mark W. Green, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-0301
Phone: 202 551-3440
Email: [email protected]

RIN: 3235-AK28
_______________________________________________________________________


<###DOC>

614.  SHAREHOLDER APPROVAL OF EXECUTIVE COMPENSATION 
AND GOLDEN PARACHUTE COMPENSATION

Legal Authority: PL 111-203 sec 951; 15 USC 78c(b); 15 USC 78m; 15 USC 
78n; 15 USC 78w(a); 15 USC 78mm

Abstract: The Commission proposed revisions to the proxy rules to 
implement section 951 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, which requires issuers to conduct a separate 
shareholder advisory vote: (1) To approve the compensation of 
executives; (2) to determine how often they will conduct such votes; 
and (3) to approve golden parachute compensation arrangements when

[[Page 79941]]

issuers are soliciting votes to approve merger or acquisition 
transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/28/10                    75 FR 66590
NPRM Comment Period End         11/18/10
Final Action                    01/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Scott Hodgdon, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AK68
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________


<###DOC>

615. FACILITATING SHAREHOLDER DIRECTOR NOMINATIONS

Legal Authority: 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78w(a); 15 USC 78mm; 15 USC 80a-10; 15 USC 80a-20(a); 15 USC 80a-37

Abstract: The Commission adopted amendments to the proxy and related 
rules to enable long-term shareholders with significant holdings to 
include nominees to the board of directors in company proxy materials.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/18/09                    74 FR 29024
NPRM Comment Period End         08/17/09
Comment Period Extended         12/18/09                    74 FR 67145
Comment Period End              02/16/10
Final Action                    09/16/10                    75 FR 56668
Final Action Effective          11/15/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Lillian C. Brown, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AK27
_______________________________________________________________________


<###DOC>

616. REVISIONS TO REGULATION D

Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77d; 15 USC 
77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z-3

Abstract: The Commission is withdrawing this rulemaking because the 
Dodd-Frank Wall Street Reform and Consumer Protection Act requires 
rulemaking in this area. The Division is considering recommending 
action to the Commission that complies with the statutory requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Anthony G. Barone, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AK52
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________


<###DOC>

617. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY 
CLIENTS

Legal Authority: 15 USC 80b-6a; 15 USC 80b-11(a)

Abstract: The Division is considering recommending that the Commission 
propose an amendment to extend the sunset date of Rule 206(3)-3T, a 
rule that provides investment advisers who are also registered broker-
dealers an alternative means of compliance with the principal trading 
restrictions in Section 206(3) of the Investment Advisers Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/28/07                    72 FR 55022
Interim Final Rule Effective    09/30/07
Interim Final Rule Comment 
Period End                      11/30/07
Interim Final Rule Extension    12/30/09                   74 FR 690009
Interim Final Rule Effective    12/30/09
Interim Final Rule Extension    12/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Goldin, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6726
Fax: 202 772-9284
Email: [email protected]

RIN: 3235-AJ96
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________


<###DOC>

618. AMENDMENTS TO FORM ADV

Legal Authority: 15 USC 80b-4, 80b-6(4), 80b-ll(a), 80b-3(c)(1); 15 USC 
77s(a); 15 USC 78(wa), 78bb(e)(2); 15 USC 77sss(a); 15 USC 78a-37(a)

Abstract: The Commission adopted amendments to Form ADV part 2 to 
require registered investment advisers to deliver to clients and 
prospective

[[Page 79942]]

clients a brochure written in plain English.
The amendments are designed to require advisers to provide clients and 
prospective clients with clear, current, and more meaningful disclosure 
of the business practices, conflicts of interest, and background of 
investment advisers and their advisory personnel. Advisers will file 
their brochures with the Commission electronically, and the brochures 
will be available to the public through the Commission's Web site.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/17/00                    65 FR 20524
NPRM Comment Period End         06/03/00
Second NPRM                     03/14/08                    73 FR 13958
Second NPRM Comment Period End  05/16/08
Final Action                    08/12/10                    75 FR 49234
Final Action Effective          10/12/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Vivien Liu, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6728
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________


<###DOC>

619. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

Legal Authority: 15 USC 80b-6(4); 15 USC 80b-11; 15 USC 80b-4

Abstract: The Commission adopted a new rule under the Investment 
Advisers Act that prohibits an investment adviser from providing 
advisory services for compensation to a government client for two years 
after the adviser or certain of its executives or employees make a 
contribution to certain elected officials or candidates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/07/09                    74 FR 39840
NPRM Comment Period End         10/06/09
Final Action                    07/14/10                    75 FR 41018
Final Action Effective          09/13/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Melissa Roverts, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6722
Fax: 202 772-2934
Email: [email protected]

RIN: 3235-AK39
_______________________________________________________________________


<###DOC>

620. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS

Legal Authority: 15 USC 77c(a)(8); 15 USC 77s(a); 15 USC 78l(h); 15 USC 
78o; 15 USC 78w(a); 15 USC 78mm

Abstract: On January 8, 2009, the Commission issued a release adopting 
Rule 151A under the Securities Act. Rule 151A defines the terms 
``annuity contract'' and ``optional annuity contract'' under the 
Securities Act. The rule was intended to clarify the status under the 
federal securities laws of indexed annuities, under which payments to 
the purchaser are dependent on the performance of a securities index. 
On July 12, 2010, a Federal appeals court issued an order vacating rule 
151A. The Commission issued a release withdrawing Rule 151A.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Michael Kosoff, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6754
Fax: 202 772-9285
Email: [email protected]

RIN: 3235-AK49
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Trading and Markets



_______________________________________________________________________


<###DOC>

621. AMENDMENTS TO RULE 17A-5

Legal Authority: 15 USC 78q

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 17a-5 dealing with, among other things, 
broker-dealer custody of assets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Rebekah Goshorn, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5514
Fax: 202 772-9333
Email: [email protected]

RIN: 3235-AK56
_______________________________________________________________________


<###DOC>

622. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

Legal Authority: 15 USC 78c; 15 USC 78j(b); 15 USC 78o(c); 15 USC 
78o(g); 15 USC 78q(a); 15 USC 78w(a)

Abstract: As part of its efforts to respond to fraud and manipulation 
in the microcap securities market, the Commission proposed amendments 
to Rule 15c2-11. These amendments would limit the rule's piggyback 
provision and increase public availability of issuer information. The 
amendments would expand the information review requirements for non-
reporting issuers and the documentation required for significant 
relationships between the broker-dealer and the issuer of the security 
to be quoted. Finally, the amendments would exclude from the rule 
securities of larger, more liquid issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Second NPRM                     03/08/99                    64 FR 11124
Second NPRM Comment Period End  04/07/99

[[Page 79943]]

Second NPRM Comment Period 
Extended                        04/14/99                    64 FR 18393
Comment Period End              05/08/99
Third NPRM                      09/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5744
Fax: 202 772-9355
Email: [email protected]

RIN: 3235-AH40
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Trading and Markets



_______________________________________________________________________


<###DOC>

623.  TRANSITIONAL REGISTRATION AS A MUNICIPAL ADVISOR

Legal Authority: PL 111-203, sec 975

Abstract: The Commission adopted an interim final temporary rule to 
require all municipal advisors to register with it by October 1, 2010, 
consistent with the Dodd-Frank Wall Street Reform and Consumer 
Protection Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/08/10                    75 FR 54465
Interim Final Rule Effective    10/01/10
Interim Final Rule Comment 
Period End                      10/08/10
Interim Final Rule Effective 
Through                         12/31/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Ira Brandriss, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5681
Email: [email protected]

RIN: 3235-AK69
_______________________________________________________________________


<###DOC>

624. CONSOLIDATED AUDIT TRAIL

Legal Authority: 15 USC 78k-1(a); 15 USC 78q(a)

Abstract: The Commission proposed a rule that would require national 
securities exchanges and national securities associations to act 
jointly in developed a national market system (``NMS'') plan to 
develop, implement, and maintain a consolidated order tracking system, 
or consolidated audit trail, with respect to the trading of NMS 
securities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/08/10                    75 FR 32556
NPRM Comment Period End         08/09/10
Final Action                    03/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jennifer L. Colihan, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5642
Email: [email protected]

RIN: 3235-AK51
_______________________________________________________________________


<###DOC>

625. PROPOSED RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATIONS

Legal Authority: 15 USC 78o-7; 15 USC 89q

Abstract: The Commission proposed rule amendments and a new rule that 
would require nationally recognized statistical rating organizations 
(``NRSROs'') to furnish a new annual report by the firm's designated 
compliance officers, to disclose additional information about firm 
sources of revenue, and to make publicly available a consolidated 
report about revenues attributable to persons paying the NRSRO for the 
issuance or maintenance of a credit rating.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/25/08                    73 FR 36212
NPRM Comment Period End         07/25/08
Final Rule                      02/09/09                     74 FR 6465
Second NPRM                     02/09/09                     74 FR 6485
Second NPRM Comment Period End  03/26/09
Final Rule                      12/04/09                    74 FR 63832
Final Rule Effective            02/01/10
Third NPRM                      12/04/09                    74 FR 63866
Third NPRM Comment Period End   02/02/10
Final Action                    07/00/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sheila Swartz, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5545
Fax: 202 772-9273
Email: [email protected]

RIN: 3235-AK14

[[Page 79944]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Trading and Markets



_______________________________________________________________________


<###DOC>

626. CONFIRMATION OF TRANSACTIONS IN OPEN-END MANAGEMENT INVESTMENT 
COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND MUNICIPAL FUND 
SECURITIES USED FOR EDUCATION SAVINGS

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-2 under the Exchange 
Act, together with accompanying Schedule 15C. The Commission also 
proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2 and 
Schedule 15C would provide for improved confirmation disclosure of 
distribution costs and conflicts of interest associated with 
transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rule and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ11
_______________________________________________________________________


<###DOC>

627. POINT-OF-SALE DISCLOSURE OF PURCHASES IN OPEN-END MANAGEMENT 
INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND 
MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule 15D. Proposed Rule 15c2-3 and 
Schedule 15D would provide for pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ12
_______________________________________________________________________


<###DOC>

628. RULE 15C-100: SCHEDULE 15C

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Schedule 15C and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 15D. 
The Commission also proposed related amendments to Rule 10b-10. 
Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would 
provide for improved confirmation and pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rules and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ13
_______________________________________________________________________


<###DOC>

629. RULE 15C-101: SCHEDULE 15D

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule 15D. Proposed Rule 15c2-3 and 
Schedule 15D would provide for pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets,

[[Page 79945]]

Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ14
_______________________________________________________________________


<###DOC>

630. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE 
OFFERS

Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4); 
15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-
1(d)(1); 15 USC 78w(a)

Abstract: The Commission proposed amendments to Rule 17Ad-14 under the 
Exchange Act. The amendments would require the establishment of book-
entry accounts in connection with reorganization events and would give 
securities depositories up to 3 business days after the expiration of a 
tender offer, exchange offer, or reorganization event to deliver 
physical securities certificates to the agents.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/04/98                    63 FR 47209
NPRM Comment Period End         11/03/98


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jerry Carpenter, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5710
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Trading and Markets



_______________________________________________________________________


<###DOC>

631. AMENDMENT TO MUNICIPAL SECURITIES DISCLOSURE

Legal Authority: 15 USC 78b; 15 USC 78c(b); 15 USC 78j; 15 USC 78o(c); 
15 USC 78o-4; 15 USC 78q; 15 USC 78w(a)(1)

Abstract: The Commission amended Rule 15c2-12 under section 15 of the 
Exchange Act to improve the system of provided interpretive guidance 
for the municipal securities markets that would reflect changes in that 
market.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/24/09                    74 FR 36832
NPRM Comment Period End         09/08/09
Final Action                    06/01/10                    75 FR 33100
Final Action Effective          08/09/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Martha Mahan Haines, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5681
Fax: 703 772-9274
Email: [email protected]

RIN: 3235-AJ66
[FR Doc. 2010-30469 Filed 12-17-10; 8:45 am]
BILLING CODE 8010-01-S