[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Proposed Rules]
[Pages 40208-40214]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-15505]





[[Page 40207]]



Vol. 76



Thursday,



No. 130



July 7, 2011



Part XXIII











Securities and Exchange Commission











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Semiannual Regulatory Agenda



  Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / 

Unified Agenda  



[[Page 40208]]





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SECURITIES AND EXCHANGE COMMISSION



17 CFR Ch. II



[Release Nos. 33-9194, 34-64021, IA-3168, IC-29593, File No. S7-09-11]




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 March 3, 2011, 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 

http://www.reginfo.gov.



DATES: Comments should be received on or before June 30, 2011.



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 S7-09-11 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. S7-09-11. This file number 

should be included on the subject line if email 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 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 a.m. and 3 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

``Dodd-Frank Act''--Dodd-Frank Wall Street Reform and Consumer 

Protection Act

    The Commission invites public comment on the agenda and on the 

individual agenda entries.



    By the Commission.



    Dated: March 3, 2011.

Elizabeth M. Murphy,

Secretary.



          Division of Corporation Finance--Proposed Rule Stage

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

451.......................  Voluntary Filers..........         3235-AK59

452.......................  Disqualification of Felons         3235-AK97

                             and Other ``Bad Actors''

                             From Rule 506 Offerings.

453.......................  Risk Disclosures..........         3235-AK58

------------------------------------------------------------------------





            Division of Corporation Finance--Final Rule Stage

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

454.......................  Proxy Solicitation                 3235-AK28

                             Enhancements.

455.......................  Short-term Borrowings.....         3235-AK72

456.......................  Conflict Minerals.........         3235-AK84

457.......................  Disclosure of Payments By          3235-AK85

                             Resource Extraction

                             Issuers.

458.......................  Listing Standards for              3235-AK95

                             Compensation Committees.

459.......................  Net Worth Standard for             3235-AK90

                             Accredited Investors.

------------------------------------------------------------------------





[[Page 40209]]





           Division of Corporation Finance--Completed Actions

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

460.......................  Shareholder Approval of            3235-AK68

                             Executive Compensation

                             and Golden Parachute

                             Compensation.

------------------------------------------------------------------------





           Division of Investment Management--Final Rule Stage

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

461.......................  References to Credit               3235-AL02

                             Ratings in Certain

                             Investment Company Act

                             Rules and Forms.

------------------------------------------------------------------------





          Division of Investment Management--Completed Actions

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

462.......................  Temporary Rule Regarding           3235-AJ96

                             Principal Trades With

                             Certain Advisory Clients.

------------------------------------------------------------------------





          Division of Trading and Markets--Proposed Rule Stage

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

463.......................  Amendments to Rule 17a-5..         3235-AK56

464.......................  Publication or Submission          3235-AH40

                             of Quotations Without

                             Specified Information.

------------------------------------------------------------------------





            Division of Trading and Markets--Final Rule Stage

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

465.......................  Transitional Registration          3235-AK69

                             as a Municipal Advisor.

466.......................  Consolidated Audit Trail..         3235-AK51

467.......................  Proposed Rules for                 3235-AK14

                             Nationally Recognized

                             Statistical Rating

                             Organizations.

------------------------------------------------------------------------





           Division of Trading and Markets--Long-Term Actions

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

468.......................  Confirmation of                    3235-AJ11

                             Transactions in Open-End

                             Management Investment

                             Company Shares, Unit

                             Investment Trust

                             Interests, and Municipal

                             Fund Securities Used for

                             Education Savings.

469.......................  Point-of-Sale Disclosure           3235-AJ12

                             of Purchases in Open-End

                             Management Investment

                             Company Shares, Unit

                             Investment Trust

                             Interests, and Municipal

                             Fund Securities Used for

                             Education Savings.

470.......................  Rule 15c-100: Schedule 15C         3235-AJ13

471.......................  Rule 15c-101: Schedule 15D         3235-AJ14

472.......................  Processing of                      3235-AH53

                             Reorganization Events,

                             Tender Offers, and

                             Exchange Offers.

------------------------------------------------------------------------





           Division of Trading and Markets--Completed Actions

------------------------------------------------------------------------

                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

473.......................  Risk Management Controls           3235-AK53

                             for Brokers or Dealers

                             With Market Access.

------------------------------------------------------------------------





SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Corporation Finance



Proposed Rule Stage



451. 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................................   03/00/12  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Sean Harrison, Division of Corporation Finance,



[[Page 40210]]



Securities and Exchange Commission, 100 F Street NE, Washington, DC 

20549, Phone: 202 551-3430.

    RIN: 3235-AK59



452.  Disqualification of Felons and Other ``Bad Actors'' From 

Rule 506 Offerings



    Legal Authority: 15 U.S.C. 77c(a); 15 U.S.C. 77d; 15 U.S.C. 77s; 15 

U.S.C. 77z-3

    Abstract: The Commission has acted to implement section 926 of the 

Dodd-Frank Act by proposing rules to disqualify securities offerings 

involving certain ``bad actors'' from eligibility for the exemptions 

under Rule 506 of Regulation D.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   06/01/11  76 FR 31518

NPRM Comment Period End.............   07/14/11  .......................

Final Action........................   07/00/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Johanna Vega Losert, Division of Corporation 

Finance, Securities and Exchange Commission, 100 F Street NE, 

Washington, DC 20845, Phone: 202 551-3460, E-mail: [email protected].

    RIN: 3235-AK97



453. 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................................   03/00/12  .......................

------------------------------------------------------------------------



    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)



Division of Corporation Finance



Final Rule Stage



454. Proxy Solicitation Enhancements



    Legal Authority: 15 U.S.C. 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 Rule..........................   12/23/09  74 FR 68334

Final Rule Effective................   02/28/10  .......................

Final Action........................   12/00/11  .......................

------------------------------------------------------------------------



    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, E-mail: [email protected].

    RIN: 3235-AK28



455.  Short-Term Borrowings



    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.

    Abstract: The Commission proposed revisions to rules to enhance the 

disclosure that registrants provide about short-term borrowings.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   09/28/10  75 FR 59866

NPRM Comment Period End.............   11/29/10  .......................

Final Action........................   06/00/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Christina Padden, Division of Corporation Finance, 

Securities and Exchange Commission, 100 F Street NE, Washington, DC 

20549, Phone: 202 551-3435, E-mail: [email protected].

    RIN: 3235-AK72



456.  Conflict Minerals



    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15 

U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; PL. 111-203 

sec 1502

    Abstract: The Commission proposed amendments to forms and rules to 

implement the requirements of section 1502 of the Dodd-Frank Act. The 

proposed amendments would require any reporting issuer for which 

conflict minerals are necessary to the functionality or production of a 

product manufactured or contracted to be manufactured by that issuer to 

disclose in its annual report whether its conflict minerals originated 

in the Democratic Republic of the Congo or an adjoining country. If so, 

the issuer would be required to furnish a separate report as an exhibit 

to the annual report that includes, among other matters, a description 

of the measures taken by the issuer to exercise due diligence on the 

source and chain of custody of its conflict minerals.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   12/23/10  75 FR 80948

NPRM Comment Period End.............   01/31/11  .......................

NPRM Comment Period Extended........   02/03/11  76 FR 6110

NPRM Comment Period Extended End....   03/02/11  .......................

Final Action........................   07/00/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: John Fieldsend, Division of Corporation Finance, 

Securities and Exchange Commission, 100 F Street NE, Washington, DC 

20549, Phone: 202 551-3430, E-mail: [email protected].

    RIN: 3235-AK84



457.  Disclosure of Payments by Resource Extraction Issuers



    Legal Authority: 15 U.S.C. 78q; Pub. L. 203-111 sec 1504

    Abstract: The Commission proposed rules pursuant to section 1504 of 

the Dodd-Frank Act, which added section 13(q) to the Exchange Act. 

Section 13(q) requires the Commission to adopt rules requiring resource 

extraction issuers to disclose in their annual reports filed with the 

Commission payments made to foreign governments or the U.S. federal 

government for the purpose of the commercial development of oil, 

natural gas, or minerals.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   12/23/10  75 FR 80978

NPRM Comment Period End.............   01/31/11  .......................

NPRM Comment Period Extended........   02/03/11  76 FR 6111

NPRM Comment Period Extended End....   03/02/11  .......................

Final Action........................   07/00/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.



[[Page 40211]]



    Agency Contact: Elliot Staffin, Division of Corporation Finance, 

Securities and Exchange Commission, 100 F Street, NE, Washington, DC 

20549, Phone: 202 551-3243, E-mail: [email protected].

    RIN: 3235-AK85



458.  Listing Standards for Compensation Committees



    Legal Authority: Pub. L. 111-203 sec 952; 15 U.S.C. 78j-3

    Abstract: The Commission proposed a new rule and rule amendments to 

implement the provisions of section 10C of the Exchange Act, which was 

added by section 952 of the Dodd-Frank Act. Section 10C requires the 

Commission to adopt rules directing the national securities exchanges 

and national securities associations to adopt certain listing standards 

with respect to compensation committees and compensation advisors. 

Section 10C of the Exchange Act requires the Commission to adopt new 

disclosure rules concerning the use of compensation consultants and 

conflicts of interest.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   04/06/11  76 FR 18966

NPRM Comment Period End.............   04/29/11  .......................

Final Action........................   07/00/11  .......................

------------------------------------------------------------------------



    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, E-mail: [email protected].

    RIN: 3235-AK95



459.  Net Worth Standard for Accredited Investors



    Legal Authority: Pub. L. 111-203 sec 413(a); 15 U.S.C. 77c(b); 15 

U.S.C. 77d(2)

    Abstract: The Commission proposed amendments to the accredited 

investor standards in its rules under the Securities Act to reflect the 

requirements of section 413(a) of the Dodd-Frank Act. Section 413(a) 

requires the definitions of ``accredited investor'' in Securities Act 

rules to exclude the value of a person's primary residence for purposes 

of determining whether the person qualifies as an ``accredited 

investor'' on the basis of having a net worth in excess of $1 million. 

The Commission also proposed technical amendments to Form D and a 

number of its rules to conform them to the language of section 413(a) 

and to correct cross-references to former section 4(6) of the 

Securities Act, which was renumbered section 4(5) by section 944 of the 

Dodd-Frank Act.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   01/31/11  76 FR 5307

NPRM Comment Period End.............   03/11/11  .......................

Final Action........................   06/00/11  .......................

------------------------------------------------------------------------



    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-AK90



SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Corporation Finance



Completed Actions



460. Shareholder Approval of Executive Compensation and Golden 

Parachute Compensation



    Legal Authority: Pub. L. 111-203 sec 951; 15 U.S.C. 78c(b); 15 

U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm

    Abstract: The Commission adopted revisions to the proxy rules to 

implement section 951 of the Dodd-Frank 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 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........................   02/02/11  76 FR 6010

Final Action Effective..............   04/04/11  .......................

------------------------------------------------------------------------



    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)



Division of Investment Management



Final Rule Stage



461.  References to Credit Ratings in Certain Investment 

Company Act Rules and Forms



    Legal Authority: Not Yet Determined

    Abstract: The Commission proposed to amend two rules (Rules 2a-1 

and 5b-3) and four forms (Forms N-2A, N-2, N-3, and N-MFP) under the 

Investment Company Act that reference credit ratings and propose a new 

rule under the Act that would set forth a credit quality standard in 

place of a credit rating removed by the Dodd-Frank Act from section 

6(a)(5)(A)(iv)(1) of the Investment Company Act. These proposals would 

give effect to provisions of the Dodd-Frank Act that require removing 

credit ratings from Commission regulations and adopting a credit 

quality standard to replace the statutory credit rating references 

eliminated by the Dodd-Frank Act.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   03/09/11  76 FR 12896

NPRM Comment Period End.............   04/25/11  .......................

Final Action........................   07/00/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Anu Dubey, Division of Investment Management, 

Securities and Exchange Commission, 100 F Street NE, Washington, DC 

20549, Phone: 202 551-6792.

    RIN: 3235-AL02



SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Investment Management



Completed Actions



462. Temporary Rule Regarding Principal Trades With Certain Advisory 

Clients



    Legal Authority: 15 U.S.C. 80b-6a; 15 U.S.C. 80b-11(a)

    Abstract: The Commission adopted 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:



[[Page 40212]]







------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

Interim Final Temporary Rule........   09/28/07  72 FR 55022

Interim Final Rule Effective........   09/30/07  .......................

Interim Final Rule Comment Period      11/30/07  .......................

 End.

Final Rule..........................   12/30/09  74 FR 69009

Final Rule Effective................   12/30/09  .......................

NPRM................................   12/06/10  75 FR 75650

NPRM Comment Period End.............   12/20/10  .......................

Temporary Final Rule................   12/30/10  75 FR 82236

Temporary Final Rule Effective......   12/30/10  .......................

------------------------------------------------------------------------



    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, E-mail: [email protected].

    RIN: 3235-AJ96



SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Trading and Markets



Proposed Rule Stage



463. Amendments to Rule 17A-5



    Legal Authority: 15 U.S.C. 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................................   06/00/11  .......................

------------------------------------------------------------------------



    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, E-mail: 

[email protected].

    RIN: 3235-AK56



464. Publication or Submission of Quotations Without Specified 

Information



    Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C. 78o(c); 

15 U.S.C. 78o(g); 15 U.S.C. 78q(a); 15 U.S.C. 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  .......................

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, E-mail: [email protected].

    RIN: 3235-AH40



SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Trading and Markets



Final Rule Stage



465. Transitional Registration as a Municipal Advisor



    Legal Authority: Pub. L. 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 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      10/08/10  .......................

 End.

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, E-mail: [email protected].

    RIN: 3235-AK69



466. Consolidated Audit Trail



    Legal Authority: 15 U.S.C. 78k-1(a); 15 U.S.C. 78q(a)

    Abstract: The Commission proposed a rule that would require 

national securities exchanges and national securities associations to 

act jointly in developing 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........................   06/00/11  .......................

------------------------------------------------------------------------



    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, E-mail: [email protected].

    RIN: 3235-AK51



467. Proposed Rules for Nationally Recognized Statistical Rating 

Organizations



    Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 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



[[Page 40213]]



 

Final Rule Effective................   02/01/10  .......................

Third NPRM..........................   12/04/09  74 FR 63866

Third NPRM Comment Period End.......   02/02/10  .......................

Final Action........................   03/00/12  .......................

------------------------------------------------------------------------



    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, E-mail: [email protected].

    RIN: 3235-AK14



SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Trading and Markets



Long-Term Actions



468. 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 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 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, E-mail: [email protected].

    RIN: 3235-AJ11



469. 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 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 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, E-mail: [email protected].

    RIN: 3235-AJ12



470. Rule 15C-100: Schedule 15C



    Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 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, E-mail: [email protected].

    RIN: 3235-AJ13



471. Rule 15C-101: Schedule 15D



    Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15 

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 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 40214]]



Securities and Exchange Commission, 100 F Street NE, Washington, DC 

20549, Phone: 202 551-5618, Fax: 202 772-9270, E-mail: [email protected].

    RIN: 3235-AJ14



472. Processing of Reorganization Events, Tender Offers, and Exchange 

Offers



    Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78k-1(a)(1)(B); 15 U.S.C. 

78n(d)(4); 15 U.S.C. 78o(c)(3); 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-

1(a); 15 U.S.C. 78q-1(d)(1); 15 U.S.C. 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, E-mail: 

[email protected].

    RIN: 3235-AH53



SECURITIES AND EXCHANGE COMMISSION (SEC)



Division of Trading and Markets



Completed Actions



473. Risk Management Controls for Brokers or Dealers With Market Access



    Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78c(b); 15 U.S.C. 78k-1; 

15 U.S.C. 78o; 15 U.S.C. 78q(a) and (b); 15 U.S.C. 78w(a)

    Abstract: The Commission adopted a new rule requiring brokers or 

dealers with access to trading directly on an exchange or alternative 

trading system, including those providing sponsored or direct market 

access to customers or other persons, to implement risk management 

controls and supervisory procedures reasonably designed to manage the 

financial, regulatory, and other risks of this business activity.

    Timetable:



------------------------------------------------------------------------

               Action                    Date            FR Cite

------------------------------------------------------------------------

NPRM................................   01/26/10  75 FR 4007

NPRM Comment Period End.............   03/29/10  .......................

Final Action........................   11/15/10  75 FR 69792

Final Action Effective..............   01/14/11  .......................

------------------------------------------------------------------------



    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Theodore Venuti, Division of Trading and Markets, 

Securities and Exchange Commission, 100 F Street NE, Washington, DC 

20549, Phone: 202 551-5658, Fax: 202 772-9274, E-mail: [email protected].

    RIN: 3235-AK53



[FR Doc. 2011-15505 Filed 7-6-11; 8:45 am]

BILLING CODE 8011-01-P