[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Proposed Rules]
[Pages 1708-1711]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31518]



[[Page 1707]]

Vol. 78

Tuesday,

No. 5

January 8, 2013

Part XXV





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 78 , No. 5 / Tuesday, January 8, 2013 / 
Unified Agenda  

[[Page 1708]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9367, 34-68140, IA-3498, IC-30256, File No. S7-11-12]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

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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) (Sept. 19, 1980). Information in 
the agenda was accurate on November 2, 2012, 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 February 7, 2013.

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/proposed.shtml); or
     Send an email to [email protected]. Please include 
File Number S7-11-12 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. S7-11-12. 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/proposed.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 10:00 a.m. and 
3:00 p.m. All comments received will be posted without change; we do 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General 
Counsel, 202-551-5019.

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

``Securities Act''--Securities Act of 1933
``Exchange Act''--Securities Exchange Act of 1934
``Investment Company Act''--Investment Company Act of 1940
``Investment Advisers Act''--Investment Advisers Act of 1940
``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: November 2, 2012.
 Elizabeth M. Murphy,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
533.......................  Rules Governing the Offer          3235-AL37
                             and Sale of Securities
                             Through Crowdfunding
                             Under Section 4(6) of the
                             Securities Act of 1933.
534.......................  Implementation of Titles V         3235-AL40
                             and VI of the JOBS Act.
535.......................  Exemptions for Security-           3235-AL17
                             Based Swaps.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
536.......................  Disqualification of Felons         3235-AK97
                             and Other ``Bad Actors''
                             From Rule 506 Offerings.
537.......................  Elimination of Prohibition         3235-AL34
                             on General Solicitation
                             in Rule 506 and Rule 144A
                             Offerings.
538.......................  Short-Term Borrowings.....         3235-AK72
------------------------------------------------------------------------


[[Page 1709]]


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
539.......................  Conflict Minerals.........         3235-AK84
540.......................  Disclosure of Payments By          3235-AK85
                             Resource Extraction
                             Issuers.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
541.......................  Purchase of Debt                   3235-AL02
                             Securities by Business
                             and Industrial
                             Development Companies
                             Relying on an Investment
                             Company Act Exemption.
------------------------------------------------------------------------


            Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
542.......................  Broker-Dealer Reports.....         3235-AK56
543.......................  Transitional Registration          3235-AK69
                             as a Municipal Advisor.
544.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
545.......................  Rules for Nationally               3235-AL15
                             Recognized Statistical
                             Rating Organizations.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

533.  Rules Governing the Offer and Sale of Securities Through 
Crowdfunding Under Section 4(6) of the Securities Act of 1933

    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; Pub. 
L. 112-108, secs 301 to 305
    Abstract: The Division is considering recommending that the 
Commission implement the requirements of title II of the JOBS Act by 
prescribing rules governing the offer and sale of securities through 
crowdfunding under new section 4(6) of the Securities Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/00/12
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sebastian Gomez Abero, Division of Corporation 
Finance, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-3500, Email: [email protected].
    RIN: 3235-AL37

534.  Implementation of Titles V and VI of the Jobs Act

    Legal Authority: Pub. L. 112-106
    Abstract: The Division is considering recommending that the 
Commission propose rules or amendments to rules to implement titles V 
(Private Company Flexibility and Growth) and VI (Capital Expansion) of 
the JOBS Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Steven G. Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AL40

535. 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 of 1939, for those security-based swaps that under previous law 
were security-based swap agreements and have been 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.
    The Division is considering recommending that the Commission 
propose rules that would enable transactions in security-based swaps to 
rely on existing exemptions under the Securities Act.

    Timetable:

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               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.
NPRM................................   12/00/12
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

536. 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.

[[Page 1710]]

    Timetable:

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

    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

537.  Elimination of Prohibition on General Solicitation in 
Rule 506 and Rule 144a Offerings

    Legal Authority: 15 U.S.C. 77a et seq.
    Abstract: The Commission proposed rules to eliminate the 
prohibition against general solicitation and general advertising in 
securities offerings made pursuant to Rule 506 of Regulation D under 
the Securities Act and Rule 144A under the Securities Act, as mandated 
by section 210(a) of the Jumpstart Our Business Startups Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/06/12  77 FR 54469
NPRM Comment Period End.............   10/05/12
Final Action........................   12/00/12
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Ted Yu, Division of Corporation Finance, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 
202 551-3500.
    Charles Kwon, Division of Corporation Finance, Securities and 
Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 
551-3500.
    RIN: 3235-AL34

538. 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:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/28/10  75 FR 59866
NPRM Comment Period End.............   11/29/10
Final Action........................   03/00/13
------------------------------------------------------------------------

    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: 202 551-3430.
    RIN: 3235-AK72

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

539. 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 adopted a new rule pursuant to section 
1502 of the Dodd-Frank Act, which added section 13(p) to the Exchange 
Act. The new rule requires 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 a new form whether its conflict minerals originated in the 
Democratic Republic of the Congo or an adjoining country. If so, the 
issuer is required to file as an exhibit to this form a separate 
conflict minerals report.
    Timetable:

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               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........................   09/12/12  77 FR 56272
Final Action Effective..............   11/13/12
------------------------------------------------------------------------

    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.
    RIN: 3235-AK84

540. Disclosure of Payments by Resource Extraction Issuers

    Legal Authority: 15 U.S.C. 78q; Pub. L. 203-111 sec 1504
    Abstract: The Commission adopted 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........................   09/12/12  77 FR 56365
Final Action Effective..............   11/13/12
------------------------------------------------------------------------

    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.
    RIN: 3235-AK85

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

541. Purchase of Debt Securities by Business and Industrial Development 
Companies Relying on an Investment Company Act Exemption

    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 section 939A of the Dodd-Frank Act.
    The Commission adopted Rule 6a-5 which sets forth a credit quality 
standard to replace the one removed from section 6(a)(5)(A)(iv)(1) by 
the Dodd-Frank Act.

[[Page 1711]]

    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/09/11  76 FR 12896
NPRM Comment Period End.............   04/25/11
Final Action........................   11/23/12  77 FR 70117
Final Action Effective..............   12/24/12  .......................
Final Action........................   03/00/13  .......................
------------------------------------------------------------------------

    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 Trading and Markets

Final Rule Stage

542. 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........................   12/00/12
------------------------------------------------------------------------

    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

543. 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 has been amended and is 
effective through September 30, 2013.
    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 Extended.........   12/27/11  76 FR 80733
Interim Final Rule Effective Through   12/31/11
Interim Final Rule Extended.........   09/26/12  77 FR 62185
Interim Final Rule Effective Through   09/00/13
------------------------------------------------------------------------

    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

544. 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 
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........................   12/00/12
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Rachel Yura, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5729, Email: [email protected].
    RIN: 3235-AL14

545. 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, secs 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........................   12/00/12
------------------------------------------------------------------------

    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

[FR Doc. 2012-31518 Filed 1-7-13; 8:45 am]
BILLING CODE 8011-01-P