[Federal Register Volume 77, Number 29 (Monday, February 13, 2012)]
[Proposed Rules]
[Pages 8082-8088]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1669]



[[Page 8081]]

Vol. 77

Monday,

No. 29

February 13, 2012

Part XXVI





Securities and Exchange Commission





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





Semiannual Regulatory Agenda

  Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / 
Unified Agenda  

[[Page 8082]]


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

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9260, 34-65350, IA-3280, IC-29792, File No. S7-37-11]


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. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information in 
the agenda was accurate on September 16, 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 
www.reginfo.gov.

DATES: Comments should be received on or before December 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 email to [email protected]. Please include 
File Number S7-37-11 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. S7-37-11. 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 Web site 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: September 16, 2011.
Elizabeth M. Murphy,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
591.......................  Proxy Solicitation                 3235-AK28
                             Enhancements.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
592.......................  Disqualification of Felons         3235-AK97
                             and Other ``Bad Actors''
                             From Rule 506 Offerings.
593.......................  Short-Term Borrowings.....         3235-AK72
594.......................  Conflict Minerals.........         3235-AK84
595.......................  Disclosure of Payments By          3235-AK85
                             Resource Extraction
                             Issuers.
596.......................  Listing Standards for              3235-AK95
                             Compensation Committees.
597.......................  Exemptions for Security-           3235-AL17
                             Based Swaps.
598.......................  Net Worth Standard for             3235-AK90
                             Accredited Investors.
------------------------------------------------------------------------


[[Page 8083]]


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
599.......................  Voluntary Filers..........         3235-AK59
600.......................  Risk Disclosures..........         3235-AK58
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
601.......................  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.
------------------------------------------------------------------------
602.......................  Rules Implementing                 3235-AK82
                             Amendments to the
                             Investment Advisers Act.
603.......................  Family Offices............         3235-AK66
------------------------------------------------------------------------


          Division of Trading and Markets--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
604.......................  Publication or Submission          3235-AH40
                             of Quotations Without
                             Specified Information.
------------------------------------------------------------------------


            Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
605.......................  Broker-Dealer Reports.....         3235-AK56
606.......................  Transitional Registration          3235-AK69
                             as a Municipal Advisor.
607.......................  Consolidated Audit Trail..         3235-AK51
608.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
609.......................  Rules for Nationally               3235-AL15
                             Recognized Statistical
                             Rating Organizations.
------------------------------------------------------------------------


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
610.......................  Confirmation of                    3235-AJ11
                             Transactions in Open-End
                             Management Investment
                             Company Shares, Unit
                             Investment Trust
                             Interests, and Municipal
                             Fund Securities Used for
                             Education Savings.
611.......................  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.
612.......................  Rule 15c-100: Schedule 15C         3235-AJ13
613.......................  Rule 15c-101: Schedule 15D         3235-AJ14
614.......................  Processing of                      3235-AH53
                             Reorganization Events,
                             Tender Offers, and
                             Exchange Offers.
615.......................  Proposed Rules for                 3235-AK14
                             Nationally Recognized
                             Statistical Rating
                             Organizations.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

591. 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 repropose amendments in this area.
    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  .......................
Second NPRM.........................   06/00/12  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark W. Green, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC

[[Page 8084]]

20549-0301, Phone: 202 551-3440, Email: [email protected].
    RIN: 3235-AK28

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

592. 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 proposed rules to disqualify securities 
offerings involving certain ``bad actors'' from eligibility for the 
exemptions under Rule 506 of Regulation D, in accordance with section 
926 of the Dodd-Frank Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/01/11  76 FR 31518
NPRM Comment Period End.............   07/14/11  .......................
Final Action........................   12/00/11  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Johanna Vega Losert, Division of Corporation 
Finance, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-3460, Email: [email protected].
    RIN: 3235-AK97

593. 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........................   12/00/11  .......................
------------------------------------------------------------------------

    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, Email: [email protected].
    RIN: 3235-AK72

594. 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; Pub. L. 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 which is 
audited by an independent private sector auditor, 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........................   12/00/11  .......................
------------------------------------------------------------------------

    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, Email: [email protected].
    RIN: 3235-AK84

595. 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 section1504 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........................   12/00/11  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elliot Staffin, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3243, Email: [email protected].
    RIN: 3235-AK85

596. 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 952 of the Dodd-Frank Act, which 
adds section 10C to the Exchange Act. Section 10C requires the 
Commission to adopt rules directing the national securities exchanges 
and national securities associations to prohibit the listing of any 
equity security of an issuer that is not in compliance with section 
10C's compensation committee and compensation adviser requirements. In 
accordance with the statute, the proposed rule would direct the 
exchanges to establish listing standards that, among other things, 
require each member of a listed issuer's compensation committee to be a 
member of the board of directors and to be ``independent,'' as defined 
in the listing standards of the exchanges adopted in accordance with 
the proposed rule. In addition, section 10C(c)(2) of the Exchange Act 
requires the Commission to adopt new disclosure rules concerning the 
use of compensation consultants and any related conflicts of interest.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/06/11  76 FR 18966
NPRM Comment Period End.............   04/29/11  .......................
Final Action........................   12/00/11  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sean Harrison, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC

[[Page 8085]]

20549, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AK95

597.  Exemptions for Security-Based Swaps

    Legal Authority: 15 U.S.C. 77s; 15 U.S.C. 77aa; 15 U.S.C. 78l(h); 
15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 78ddd(d)
    Abstract: The Commission adopted interim final rules, providing 
exemptions under the Securities Act, Exchange Act, and Trust Indenture 
Act for those security-based swaps that under current law are security-
based swap agreements and will be defined as ``securities'' under the 
Securities Act and the Exchange Act as of July 16, 2011, due solely to 
the provisions of title VII of the Dodd-Frank Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Interim Final Rule..................   07/11/11  76 FR 40605
Interim Final Rule Effective........   07/11/11  .......................
Interim Final Rule Comment Period      08/15/11  .......................
 End.
Final Action........................   12/00/11  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Amy Starr, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3860.
    RIN: 3235-AL17

598. 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........................   12/00/11  .......................
------------------------------------------------------------------------

    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

599. Voluntary Filers

    Legal Authority: Not Yet Determined
    Abstract: The Commission is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   10/01/11  .......................
------------------------------------------------------------------------

    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

600. Risk Disclosures

    Legal Authority: Not Yet Determined
    Abstract: The Commission is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   10/01/11  .......................
------------------------------------------------------------------------

    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)

Division of Investment Management

Final Rule Stage

601. References to Credit Ratings in Certain Investment Company Act 
Rules and Forms

    Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 
80a-14(a); 15 U.S.C. 80a-29; 15 U.S.C. 80a-30(a); 15 U.S.C. 80a-37; 15 
U.S.C. 77e; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 
77s(a); Pub. L. 111-203 sec 939; Pub. L. 111-203 sec 939A
    Abstract: The Commission proposed (i) to amend two rules (Rules 2a-
7 and 5b-3) and four forms (Forms N-1A, N-2, N-3, and N-MFP) under the 
Investment Company Act that reference credit ratings and (ii) a new 
rule under that 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 that Act. These proposals would give effect to 
provisions of the Dodd-Frank Act that require removing credit ratings 
references from certain Commission regulations and adopting credit 
quality standards to replace such references in the rules as well as to 
replace a statutory credit rating reference 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........................   12/00/11  .......................
------------------------------------------------------------------------

    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

602. Rules Implementing Amendments to the Investment Advisers Act

    Legal Authority: 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-
3A(a)(2)(B)(ii); 15 U.S.C. 80b-3A(C); 15 U.S.C. 80b-4; 15 U.S.C. 80b-
6(4); 15 U.S.C. 80b-6A; 15 USAC 77s(a); 15 U.S.C. 77sss(a); 15 U.S.C. 
78a-37(a); 15 U.S.C. 78w(a); 15 U.S.C. 78bb(e)(2); Pub. L. 111-203 sec 
404;

[[Page 8086]]

Pub. L. 111-203 sec 406 to 408; Pub. L. 111-203 sec 410
    Abstract: The Commission adopted new rules and amendments to 
existing rules and forms under the Advisers Act to implement provisions 
of the Dodd-Frank Act that eliminate the ``private adviser'' exemption, 
extend the Commission's authority to require reporting by certain 
investment advisers that are exempt from registration, and reallocate 
regulatory responsibilities for certain investment advisers to the 
states. The Commission also adopted amendments to the registration form 
(Form ADV) for investment advisers to obtain additional information 
that will enhance the Commission's risk-assessment capabilities. 
Finally, the Commission adopted amendments to its pay to play rule and 
other rules to address a number of other changes to the Investment 
Advisers Act made by the Dodd-Frank Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/10/10  75 FR 77052
NPRM Comment Period End.............   01/24/11  .......................
Final Action........................   07/19/11  76 FR 42950
Final Action Effective..............   09/19/11  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Porter, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6739, Email: [email protected].
    RIN: 3235-AK82

603. Family Offices

    Legal Authority: 15 U.S.C. 80b-2(a)(11)(G)
    Abstract: The Commission adopted a rule, consistent with section 
409 of the Dodd-Frank Act, regarding family offices.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/18/10  75 FR 63753
NPRM Comment Period End.............   11/18/10  .......................
Final Action........................   06/29/11  76 FR 37983
Final Action Effective..............   08/29/11  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sarah ten Siethoff, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6729, Email: [email protected].
    RIN: 3235-AK66

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Proposed Rule Stage

604. 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..........................   09/00/12
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Barry O'Connell, Securities and Exchange 
Commission, Division of Trading and Markets, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-5787.
    RIN: 3235-AH40

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Final Rule Stage

605. Broker-Dealer Reports

    Legal Authority: 15 U.S.C. 78q
    Abstract: The Commission proposed amendments to Rule 17a-5 dealing 
with, among other things, broker-dealer custody of assets.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/27/11  76 FR 37572
NPRM Comment Period End.............   08/26/11
Final Action........................   12/00/11
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Attar, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5889, Email: [email protected].
    RIN: 3235-AK56

606. 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. The rule is effective through 
December 31, 2011.
    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, Email: [email protected].
    RIN: 3235-AK69

607. 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:

[[Page 8087]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/08/10  75 FR 32556
NPRM Comment Period End.............   08/09/10
Final Action........................   12/00/11
------------------------------------------------------------------------

    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

608.  Removal of Certain References to Credit Ratings Under the 
Securities Exchange Act of 1934

    Legal Authority: Pub. L. 111-203 sec 939A
    Abstract: Section 939A of the Dodd-Frank Act requires the 
Commission to remove any references to credit ratings from its 
regulations and to substitute such standards of creditworthiness as the 
Commission determines to be appropriate. The Commission proposed to 
amend certain rules and one form under the Securities Exchange Act of 
1934 (the Exchange Act) applicable to broker-dealer financial 
responsibility, distributions of securities, and confirmations of 
transactions. The Commission also requested comment on potential 
standards of creditworthiness for purposes of Exchange Act sections 
3(a)(41) and 3(a)(53), which define the terms ``mortgage related 
security'' and ``small business related security,'' respectively, as 
the Commission considers how to implement section 939(e) of the Dodd-
Frank Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/06/11  76 FR 26550
NPRM Comment Period End.............   07/05/11
Final Action........................   09/00/12
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Leigh Bothe, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5511, Email: [email protected].
    RIN: 3235-AL14

609.  Rules for Nationally Recognized Statistical Rating 
Organizations

    Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 78q; 15 U.S.C. 78mm; 
Pub. L. 111-203 sections 936, 938, and 943
    Abstract: The Commission proposed rules and rule amendments to 
implement certain provisions of the Dodd-Frank Act concerning 
nationally recognized statistical rating organizations, providers of 
third-party due diligence services for asset-backed securities, and 
issuers and underwriters of asset-backed securities.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/08/11  76 FR 33420
NPRM Comment Period End.............   08/08/11
Final Action........................   12/00/11
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Timothy Fox, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5687, Email: [email protected].
    RIN: 3235-AL15

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

610. 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 is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    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
Withdrawn...........................   10/01/11
------------------------------------------------------------------------

    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

611. 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 is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    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
Withdrawn...........................   10/01/11
------------------------------------------------------------------------

    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

612. 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 is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    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
Withdrawn...........................   10/01/11
------------------------------------------------------------------------

    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].

[[Page 8088]]

    RIN: 3235-AJ13

613. 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 is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    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
Withdrawn...........................   10/01/11
------------------------------------------------------------------------

    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-AJ14

614. 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 is withdrawing this item from the Unified 
Agenda because it does not expect to consider this item within the next 
12 months, but the Commission may consider the item at a future date.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/04/98  63 FR 47209
NPRM Comment Period End.............   11/03/98
Withdrawn...........................   10/01/11
------------------------------------------------------------------------

    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

615. 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.
    The Commission is withdrawing this item from the Unified Agenda 
because it does not expect to consider this item within the next 12 
months, but the Commission may consider the item at a future date, 
pending the outcome of additional NRSRO rules proposed in May 2011 (RIN 
3235-AL15) to implement certain provisions of the Dodd-Frank Act.
    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
Withdrawn...........................   10/01/11
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sheila Swartzs, 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

[FR Doc. 2012-1669 Filed 2-10-12; 8:45 am]
BILLING CODE 8011-01-P