[Federal Register Volume 79, Number 114 (Friday, June 13, 2014)]
[Proposed Rules]
[Pages 34208-34211]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-13146]



[[Page 34207]]

Vol. 79

Friday,

No. 114

June 13, 2014

Part XXVII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 79 , No. 114 / Friday, June 13, 2014 / 
Unified Agenda  

[[Page 34208]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9563, 34-71771, IA-3803, IC-30989, File No. S7-04-14]


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 March 21, 2014, 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 July 14, 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 S7-04-14 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 Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. S7-04-14. 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: March 21, 2014.
 Kevin O'Neill,
Deputy Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
401.......................  Implementation of Titles V         3235-AL40
                             and VI of the JOBS Act.
402.......................  Treatment of Certain               3235-AL41
                             Communications Involving
                             Security-Based Swaps That
                             May be Purchased Only by
                             Eligible Contract
                             Participants.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
403.......................  Rules Governing the Offer          3235-AL37
                             and Sale of Securities
                             Through Crowdfunding
                             Under Section 4(a)(6) of
                             the Securities Act.
404.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             Under the Securities Act.
------------------------------------------------------------------------


[[Page 34209]]


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
405.......................  Rule for Principal Trades          3235-AL56
                             With Certain Advisory
                             Clients.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
406.......................  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.
------------------------------------------------------------------------
407.......................  Rules for Nationally               3235-AL15
                             Recognized Statistical
                             Rating Organizations.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
408.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

401. 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................................   10/00/14  .......................
------------------------------------------------------------------------

    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

402. 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................................   05/00/14  .......................
------------------------------------------------------------------------

    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

403. 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.
    Leila Bham, Division of Trading and Markets, Securities and 
Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 202 
551-5532.
    RIN: 3235-AL37

404. 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.

[[Page 34210]]

    Timetable:

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               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: 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 Investment Management

Proposed Rule Stage

405.  Rule for Principal Trades With Certain Advisory Clients

    Legal Authority: 15 U.S.C. 80b-6a; 15 U.S.C. 80b-11(a)
    Abstract: Rule 206(3)-3T, a rule that provides investment advisers 
who are also registered broker-dealers an alternative means of 
compliance with the principal trading restrictions in section 206(3) of 
the Investment Advisers Act, will expire on December 31, 2014.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Next Action.........................   12/00/14  .......................
------------------------------------------------------------------------

    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-AL56

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

406. 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 amendments to Rule 5b-3 and Forms N-1A, N-2, and N-
3. Further action will need to be taken with respect to Rule 2a-7 and 
Form N-MFP.
    Timetable:

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               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........................   01/08/14  79 FR 1316
Final Action Effective..............   07/07/14  .......................
Final Action........................   10/00/14  .......................
------------------------------------------------------------------------

    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

407. 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........................   05/00/14  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Raymond Lombardo, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5755, Email: [email protected].
    RIN: 3235-AL15

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

408. 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 amended certain 
rules and one form under the Exchange Act applicable to broker-dealer 
financial responsibility, and confirmation of transactions. The 
Commission has not yet finalized amendments to certain rules regarding 
the distribution of securities.

[[Page 34211]]

    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/06/11  76 FR 26550
NPRM Comment Period End.............   07/05/11  .......................
Final Action........................   01/08/14  79 FR 1522
Final Action Effective..............   07/07/14  .......................
                                     -----------------------------------
Next Action Undetermined............           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: John Guidroz, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6439.
    RIN: 3235-AL14

[FR Doc. 2014-13146 Filed 6-12-14; 8:45 am]
BILLING CODE 8011-01-P