[Federal Register Volume 79, Number 245 (Monday, December 22, 2014)]
[Proposed Rules]
[Pages 76860-76863]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-28993]



[[Page 76859]]

Vol. 79

Monday,

No. 245

December 22, 2014

Part XXV





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 79 , No. 245 / Monday, December 22, 2014 / 
Unified Agenda  

[[Page 76860]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9663, 34-73341, IA-3945, IC-31283, File No. S7-10-14]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

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SUMMARY: The Securities and Exchange Commission is publishing the 
Chair's agenda of rulemaking actions pursuant to the Regulatory 
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980). 
The items listed in the Regulatory Flexibility Agenda for Fall 2014 
reflect only the priorities of the Chair of the U.S. Securities and 
Exchange Commission, and do not necessarily reflect the view and 
priorities of any individual Commissioner.
    Information in the agenda was accurate on October 10, 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 January 21, 2015.

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 S7-10-14 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 Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File No. S7-10-14. 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: October 10, 2014.
Kevin M. O'Neill,
Deputy Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
557.......................  Implementation of Titles V         3235-AL40
                             and VI of the JOBS Act.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
558.......................  Rules Governing the Offer          3235-AL37
                             and Sale of Securities
                             Through Crowdfunding
                             Under Section 4(a)(6) of
                             the Securities Act.
559.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             Under the Securities Act.
560.......................  Treatment of Certain               3235-AL41
                             Communications Involving
                             Security-Based Swaps That
                             May be Purchased Only by
                             Eligible Contract
                             Participants.
------------------------------------------------------------------------


[[Page 76861]]


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
561.......................  Temporary Rule Regarding           3235-AL56
                             Principal Trades With
                             Certain Advisory Clients.
------------------------------------------------------------------------


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


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
563.......................  Rules for Nationally               3235-AL15
                             Recognized Statistical
                             Rating Organizations.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

557. 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................................   10/00/15  .......................
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

558. 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........................   10/00/15  .......................
------------------------------------------------------------------------

    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

559. 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:

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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........................   10/00/15  .......................
------------------------------------------------------------------------

    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

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

    Legal Authority: 15 U.S.C. 77e; 15 U.S.C. 77s; 15 U.S.C. 77z-3
    Abstract: The Commission proposed 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:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/11/14  79 FR 54224
NPRM Comment Period End.............   11/10/14  .......................
Final Action........................   10/00/15  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Andrew Schoeffler, Division of Corporation Finance,

[[Page 76862]]

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 Investment Management

Final Rule Stage

561. Temporary Rule Regarding 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. The 
Commission proposed a temporary rule to extend that date to December 
31, 2016.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/18/14  79 FR 48709
NPRM Comment Period End.............   09/17/14  .......................
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 Trading and Markets

Long-Term Actions

562. 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.
    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, Email: [email protected].
    RIN: 3235-AL14

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

563. 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 adopted 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........................   09/15/14  79 FR 55078
Final Action Effective..............   11/14/14  .......................
------------------------------------------------------------------------

    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

[FR Doc. 2014-28993 Filed 12-19-14; 8:45 am]
BILLING CODE 8011-01-P