[Federal Register Volume 78, Number 141 (Tuesday, July 23, 2013)]
[Proposed Rules]
[Pages 44408-44413]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-17092]



[[Page 44407]]

Vol. 78

Tuesday,

No. 141

July 23, 2013

Part XXVII





Securities and Exchange Commission





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





Semiannual Regulatory Agenda

  Federal Register / Vol. 78 , No. 141 / Tuesday, July 23, 2013 / 
Unified Agenda  

[[Page 44408]]


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

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9409, 34-69800, IA-3617, IC-30563, File No. S7-04-13]


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 June 19, 2013, 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 August 22, 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/other.shtml); or
     Send an email to [email protected]. Please include 
File Number S7-04-13 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. S7-04-13. 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 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, twice 
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.


    Dated: June 19, 2013.
    By the Commission.

Elizabeth M. Murphy,
Secretary.

                         3 OOD--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
412.......................  Transitional Registration          3235-AK69
                             as a Municipal Advisor.
413.......................  Registration of Municipal          3235-AK86
                             Advisers.
------------------------------------------------------------------------


          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
414.......................  Rules Governing the Offer          3235-AL37
                             and Sale of Securities
                             Through Crowdfunding
                             Under Section 4(6) of the
                             Securities Act of 1933.
415.......................  Implementation of Titles V         3235-AL40
                             and VI of the JOBS Act.
416.......................  Treatment of Certain               3235-AL41
                             Communications Involving
                             Security-Based Swaps That
                             May be Purchased Only by
                             Eligible Contract
                             Participants.
------------------------------------------------------------------------


[[Page 44409]]


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


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
419.......................  Short-Term Borrowings.....         3235-AK72
420.......................  Exemptions for Security-           3235-AL17
                             Based Swaps.
------------------------------------------------------------------------


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


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
422.......................  Temporary Rule for                 3235-AL28
                             Principal Trades With
                             Certain Advisory Clients.
423.......................  Identity Theft Red Flags           3235-AL26
                             Rules.
------------------------------------------------------------------------


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


            Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
425.......................  Broker-Dealer Reports.....         3235-AK56
426.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
427.......................  Rules for Nationally               3235-AL15
                             Recognized Statistical
                             Rating Organizations.
------------------------------------------------------------------------


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
428.......................  Lost Securityholders and           3235-AL11
                             Unresponsive Payees.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

3 OOD

Final Rule Stage

412. Transitional Registration as a Municipal Advisor

    Legal Authority: Pub. L. 111-203, sec 975
    Abstract: The Commission adopted an interim final temporary rule to 
establish a means for municipal advisors to satisfy temporarily the 
requirement that they register with the Commission 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

[[Page 44410]]

 
Interim Final Rule Effective Through   09/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Ira Brandriss, Office of Municipal Securities, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5681, Email: [email protected].
    RIN: 3235-AK69

413. Registration of Municipal Advisers

    Legal Authority: 15 U.S.C. 78o-4; 15 U.S.C. 78q; 15 U.S.C. 78mm
    Abstract: The Commission proposed new Rules 15Ba1-1 through 15Ba1-7 
and new Forms MA, MA-I, MA-W, and MA-NR under the Exchange Act. The 
proposed rules and forms are designed to give effect to provisions of 
title IX of the Dodd Frank Act that, among other things, would 
establish a permanent registration regime with the Commission for 
municipal advisors and would impose certain recordkeeping requirements 
on such advisors.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/06/11  76 FR 824
NPRM Comment Period End.............   02/22/11
Final Action........................   07/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Dodd, Office of Municipal Securities, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5653, Email: [email protected].
    RIN: 3235-AK86

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

414. 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 propose rules to implement 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................................   07/00/13
------------------------------------------------------------------------

    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].
    Leila Bham, Division of Trading and Markets, Securities and 
Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 
551-5532, Email: [email protected].
    RIN: 3235-AL37

415. 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................................   09/00/13
------------------------------------------------------------------------

    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.
    RIN: 3235-AL40

416.  Treatment of Certain Communications Involving Security-
Based Swaps That May Be Purchased Only by Eligible Contract 
Participants

    Legal Authority: Not Yet Determined
    Abstract: The Division is considering recommending that the 
Commission propose a rule under the Securities Act to address the 
treatment of certain communications involving security-based swaps that 
may be purchased only by eligible contract participants.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Andrew Schoeffler, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3860.
    RIN: 3235-AL41

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

417. 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........................   07/00/13
------------------------------------------------------------------------

    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

418. 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 201(a) of the JOBS Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/06/12  77 FR 54469
NPRM Comment Period End.............   10/05/12
Final Action........................   07/00/13
------------------------------------------------------------------------

    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

[[Page 44411]]

Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 
551-3500.
    RIN: 3235-AL34

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

419. Short-Term Borrowings

    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.
    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................................   09/28/10  75 FR 59866
NPRM Comment Period End.............   11/29/10
Withdrawn...........................   07/01/13
------------------------------------------------------------------------

    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

420. 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 
interim final rules currently expire on February 11, 2014.
    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.
Interim Final Rule Extended.........   02/04/13  78 FR 7654
Interim Final Rule Effective........   02/04/13
------------------------------------------------------------------------

    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 Investment Management

Final Rule Stage

421. Purchase of Certain 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 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 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 that Act. These proposals would give effect to 
section 939A of 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........................   11/23/12  77 FR 70117
Final Action Effective..............   12/24/12
Final Action........................   12/00/13
------------------------------------------------------------------------

    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 Investment Management

Completed Actions

422. Temporary Rule for 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 Rule 206(3)-3(T) 
under the Investment Advisers Act, which 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. The amendment extends the sunset date of 
the rule for two years to December 31, 2014.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/12/12  77 FR 62185
NPRM Comment Period End.............   11/13/12
Final Action........................   12/31/12  77 FR 76854
Final Action Effective..............   12/28/12
Final Action Effective Until........   12/31/14
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sarah Buescher, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5192, Email: [email protected].
    RIN: 3235-AL28

423. Identity Theft Red Flags Rules

    Legal Authority: 15 U.S.C. 78q; 15 U.S.C. 78q-1; 15 U.S.C. 78o-4; 
15 U.S.C. 78o-5; 15 U.S.C. 78w; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 
U.S.C. 80b-4; 15 U.S.C. 1681m(e); 15 U.S.C. 1681s(b); * * *
    Abstract: The SEC and the Commodity Futures Trading Commission 
jointly adopted rules and guidelines to implement certain provisions of 
the Dodd Frank Act. These provisions amend the Fair Credit Reporting 
Act and direct the Commissions to adopt programs to address identity 
theft.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/06/12  77 FR 13450
NPRM Comment Period End.............   05/07/12
Final Action........................   04/19/13  78 FR 23638
Final Action Effective..............   05/20/13
------------------------------------------------------------------------


[[Page 44412]]

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Thoreau Adrian Bartmann, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-5745, Email: [email protected].
    RIN: 3235-AL26

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Proposed Rule Stage

424. 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..........................   07/00/13
------------------------------------------------------------------------

    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

425. 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........................   07/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kimberly Chehardy, Division of Trading and Markets, 
Securities and Exchange Commission, 10 F Street NE., Washington, DC 
20549, Phone: 202 551-5791, Email: [email protected].
    RIN: 3235-AK56

426. 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 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........................   08/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Carrie O'Brien, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5640, Email: [email protected].
    RIN: 3235-AL14

427. 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........................   09/00/13
------------------------------------------------------------------------

    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-AL15

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

428. Lost Securityholders and Unresponsive Payees

    Legal Authority: 15 U.S.C. 78q(g); Pub. L. 11-203, sec 939A
    Abstract: The Commission adopted amendments to Rule 17Ad-17 to 
implement the mandates of section 929W of the Dodd Frank Act. That 
section requires (1) adding brokers and dealers to entities that must 
conduct database searches for lost security holders; and (2) requiring 
that ``paying agents,'' which consist of persons that accept payments 
from the issuer of a security for distribution to a security holder, 
send written notification to a security holder who has been sent a 
check that has not been negotiated and that they do so no later than 7 
months after the check was sent.
    Timetable:

[[Page 44413]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/25/11  76 FR 16707
NPRM Comment Period End.............   05/09/11
Final Action........................   01/23/13  78 FR 4678
Final Action Effective..............   03/25/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Thomas C. Etter Jr., Division of Trading and 
Markets, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-5713, Email: [email protected].
    RIN: 3235-AL11

[FR Doc. 2013-17092 Filed 7-22-13; 8:45 am]
BILLING CODE 8011-01-P