[Federal Register Volume 79, Number 4 (Tuesday, January 7, 2014)]
[Proposed Rules]
[Pages 1298-1302]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29708]



[[Page 1297]]

Vol. 79

Tuesday,

No. 4

January 7, 2014

Part XXVI





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 79 , No. 4 / Tuesday, January 7, 2014 / 
Unified Agenda  

[[Page 1298]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9475, 34-70819, IA-3711, IC-30775, File No. S7-10-13]


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. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information 
in the agenda was accurate on November 5, 2013, the date 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 an RFA 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 6, 2014.

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 S7-10-13 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. S7-10-13. 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)). The Commission may consider 
or act on any matter earlier or later than the estimated date provided 
on the agenda. While the agenda reflects the current intent to complete 
a number of rulemakings in the next year, the precise dates for each 
rulemaking at this point are uncertain. 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 6, 2013.
Elizabeth M. Murphy,
Secretary.

                        3 OOD--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
552.......................  Transitional Registration          3235-AK69
                             as a Municipal Advisor.
553.......................  Registration of Municipal          3235-AK86
                             Advisers.
------------------------------------------------------------------------


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


[[Page 1299]]


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
557.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             under the Securities Act.
------------------------------------------------------------------------


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


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
560.......................  References to Credit               3235-AL02
                             Ratings in Certain
                             Investment Company Act
                             Rules and Forms.
------------------------------------------------------------------------


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


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
563.......................  Broker-Dealer Reports.....         3235-AK56
564.......................  Publication or Submission          3235-AH40
                             of Quotations Without
                             Specified Information.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

3 OOD

Completed Actions

552. 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 December 31, 2014.
    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 Extended.........   09/26/12  77 FR 62185
Interim Final Rule Extended.........   09/30/13  78 FR 59814
Interim Final Rule Effective Through   12/31/14  .......................
------------------------------------------------------------------------

    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

553. 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 adopted new Rules 15Ba1-1 through 15Ba1-8 
and new Forms MA, MA-1, MA-W, and MA-NR under the Exchange Act. The 
rules and forms are designed to give effect to provisions of Title IX 
of the Dodd Frank Act that, among other things, establish a permanent 
registration regime with the Commission for municipal advisors and 
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........................   11/12/13  78 FR 67468
Final Rule Effective................   01/13/14  .......................
------------------------------------------------------------------------

    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


[[Page 1300]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

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

    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 Commission proposed rules to implement title III of 
the JOBS Act by prescribing rules governing the offer and sale of 
securities through crowdfunding under new section 4(a)(6) of the 
Securities Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/05/13  78 FR 66428
NPRM Comment Period End.............   02/03/14  .......................
Final Action........................   10/00/14  .......................
------------------------------------------------------------------------

    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

555. 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................................   12/00/13  .......................
------------------------------------------------------------------------

    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

556. 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................................   10/00/14  .......................
------------------------------------------------------------------------

    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

557.  Amendments to Regulation D, Form D and Rule 156 Under the 
Securities Act

    Legal Authority: 15 U.S.C. 77a et seq.
    Abstract: The Commission proposed rule and form amendments to 
enhance the Commission's ability to evaluate the development of market 
practices in offerings under Rule 506 of Regulation D and address 
concerns that may arise in connection with permitting issuers to engage 
in general solicitation and general advertising under new paragraph (c) 
of Rule 506.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/24/13  78 FR 44806
NPRM Comment Period End.............   09/23/13  .......................
NPRM Comment Period Reopened........   10/03/13  78 FR 61222
NPRM Comment Period End.............   11/04/13  .......................
Final Action........................   10/00/14  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Karen Wiedemann, 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.
    Ted Yu, Division of Corporation Finance, Securities and Exchange 
Commission, 100 F Street NE., Washington, DC 20549,Phone: 202 551-3500.
    RIN: 3235-AL46

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

558. 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 adopted 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........................   07/24/13  78 FR 44730
Final Action Effective..............   09/23/13  .......................
------------------------------------------------------------------------

    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

559. 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 adopted rules to eliminate the prohibition 
against general solicitation and general advertising in securities 
offerings conducted 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

[[Page 1301]]

 
NPRM Comment Period End.............   10/05/12  .......................
Final Action........................   07/24/13  78 FR 44771
Final Action Effective..............   09/23/13  .......................
------------------------------------------------------------------------

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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

560. 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 939A
    Abstract: The Commission proposed amendments to 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. These 
proposals would give effect to section 939A of the Dodd Frank Act. The 
Commission adopted a new rule under the Act that sets 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.
    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: Adam Bolter, 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

561. 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 certain 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.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/06/11  76 FR 26550
NPRM Comment Period End.............   07/05/11
Final Action........................   12/00/13
------------------------------------------------------------------------

    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

562. 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........................   10/00/14
------------------------------------------------------------------------

    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

563. Broker-Dealer Reports

    Legal Authority: 15 U.S.C. 78q
    Abstract: The Commission adopted 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........................   08/21/13  78 FR 51910
Final Action Effective..............   07/01/14
------------------------------------------------------------------------

    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

564. 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: The Commission is withdrawing this item from the Unified 
Agenda, which currently covers the period from November 2013 through 
October 2014, 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................................   02/25/98  63 FR 9661
NPRM Comment Period End.............   04/27/98
Second NPRM.........................   03/08/99  64 FR 11124
Second NPRM Comment Period End......   04/07/99

[[Page 1302]]

 
Second NPRM Comment Period Extended.   04/14/99  64 FR 18393
Comment Period End..................   05/08/99
Withdrawn...........................   11/01/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Carla Carriveau, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5775.
    RIN: 3235-AH40

[FR Doc. 2013-29708 Filed 1-6-14; 8:45 am]
BILLING CODE 8011-01-P[FEDREG][VOL]*[/VOL][NO]*[/NO][DATE]*[/
DATE][NOTICES]