[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)]
[Proposed Rules]
[Pages 37470-37473]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12968]



[[Page 37469]]

Vol. 81

Thursday,

No. 111

June 9, 2016

Part XXVIII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 81 , No. 111 / Thursday, June 9, 2016 / 
Unified Agenda  

[[Page 37470]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10056, 34-77408, IA-4353, IC-32031, File No. S7-04-16]


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 Spring 2016 
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 March 18, 2016, 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 11, 2016.

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 S7-04-16 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 to Brent J. Fields, Secretary, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549-1090.

All submissions should refer to File No. S7-04-16. 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
``JOBS Act''--Jumpstart Our Business Startups Act

    The Commission invites public comment on the agenda and on the 
individual agenda entries.

    By the Commission.

    Dated: March 18, 2016.
Brent J. Fields,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
408.......................  10-K Summary Page.........         3235-AL89
409.......................  Revisions to Smaller               3235-AL90
                             Reporting Company
                             Definition.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
410.......................  Pay Versus Performance....         3235-AL00
411.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             Under the Securities Act.
412.......................  Disclosure of Hedging by           3235-AL49
                             Employees, Officers and
                             Directors.
413.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
414.......................  Changes to Exchange Act            3235-AL40
                             Registration Requirements
                             to Implement Title V and
                             Title VI of the JOBS Act.
------------------------------------------------------------------------


[[Page 37471]]


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
415.......................  Crowdfunding..............         3235-AL37
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
416.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
417.......................  Investment Company                 3235-AL42
                             Reporting Modernization.
418.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
419.......................  Open-End Liquidity Risk            3235-AL61
                             Management Programs;
                             Swing Pricing.
420.......................  Amendments to Form ADV and         3235-AL75
                             Investment Advisers Act
                             Rules.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
421.......................  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

408.  10-K Summary Page

    Legal Authority: Pub. L. 114-94; 15 U.S.C. 78c; 15 U.S.C. 78l; 15 
U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15 U.S.C. 78ll
    Abstract: The Division is considering recommending that the 
Commission propose rules to implement section 72001 of the FAST Act by 
permitting issuers to submit a summary page on Form 10-K.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/17
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sean Harrison, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3430, Fax: 202 772-9207.
    RIN: 3235-AL89

409.  Revisions to Smaller Reporting Company Definition

    Legal Authority: Not Yet Determined
    Abstract: The Division is considering recommending that the 
Commission propose revisions to the smaller reporting company 
definitions and related provisions.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/17
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Michael Seaman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3460.
    RIN: 3235-AL90

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

410. Pay Versus Performance

    Legal Authority: Pub. L. 111-203, sec 955; 15 U.S.C. 78n
    Abstract: The Commission proposed rules to implement section 953(a) 
of the Dodd Frank Act, which added section 14(i) to the Exchange Act to 
require issuers to disclose information that shows the relationship 
between executive compensation actually paid and the financial 
performance of the issuer.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/07/15  80 FR 26330
NPRM Comment Period End.............   07/06/15
Final Action........................   04/00/17
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Eduardo Aleman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3430, Fax: 202 772-9207.
    RIN: 3235-AL00

411. 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 Reopened End....   11/04/13
Final Action........................   04/00/17
------------------------------------------------------------------------

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

[[Page 37472]]

412. Disclosure of Hedging by Employees, Officers and Directors

    Legal Authority: Pub. L. 111-203
    Abstract: The Commission proposed rules to implement section 955 of 
the Dodd Frank Act, which added section 14(j) to the Exchange Act to 
require annual meeting proxy statement disclosure of whether employees 
or members of the board of directors are permitted to engage in 
transactions to hedge or offset any decrease in the market value of 
equity securities granted to the employee or board member as 
compensation, or held directly or indirectly by the employee or board 
member.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/17/15  80 FR 8486
NPRM Comment Period End.............   04/20/15
Final Action........................   04/00/17
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Carolyn Sherman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500.
    RIN: 3235-AL49

413. Listing Standards for Recovery of Erroneously Awarded Compensation

    Legal Authority: Pub. L. 111-203, sec 954; 15 U.S.C. 78j-4
    Abstract: The Commission proposed rules to implement section 954 of 
the Dodd Frank Act, which requires the Commission to adopt rules to 
direct national securities exchanges to prohibit the listing of 
securities of issuers that have not developed and implemented a policy 
providing for disclosure of the issuer's policy on incentive-based 
compensation and mandating the clawback of such compensation in certain 
circumstances.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/14/15  80 FR 41144
NPRM Comment Period End.............   09/14/15
Final Action........................   04/00/17
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Anne M. Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500.
    RIN: 3235-AK99

414. Changes to Exchange Act Registration Requirements To Implement 
Title V and Title VI of the Jobs Act

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

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/30/14  79 FR 78343
NPRM Comment Period End.............   03/03/15
Final Action........................   04/00/17
------------------------------------------------------------------------

    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

Completed Actions

415. Crowdfunding

    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 adopted 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........................   11/16/15  80 FR 71388
Final Action Effective..............   05/16/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Timothy White, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-7232.
    Sebastian Gomez Abero, Division of Corporation Finance, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 
202 551-3460.
    RIN: 3235-AL37

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

416. Reporting of Proxy Votes on Executive Compensation and Other 
Matters

    Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec 951
    Abstract: The Commission proposed rule amendments to implement 
section 951 of the Dodd Frank Act. The proposed amendments to rules and 
Form N-PX would require institutional investment managers subject to 
section 13(f) of the Exchange Act to report how they voted on any 
shareholder vote on executive compensation or golden parachutes 
pursuant to sections 14A(a) and (b) of the Exchange Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/28/10  75 FR 66622
NPRM Comment Period End.............   11/18/10  .......................
Final Action........................   04/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Matthew DeLesDernier, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6792, Email: 
[email protected].
    RIN: 3235-AK67

417. Investment Company Reporting Modernization

    Legal Authority: 15 U.S.C. 77 et seq.; 15 U.S.C. 77aaa et seq.; 15 
U.S.C. 78a et seq.; 15 U.S.C. 80a et seq.; 44 U.S.C. 3506; 44 U.S.C. 
3507
    Abstract: The Commission proposed new rules and forms as well as 
amendments to its rules and forms to modernize the reporting and 
disclosure of information by registered investment companies.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/12/15  80 FR 33590
NPRM Comment Period End.............   08/11/15  .......................
NPRM Comment Period Reopened........   10/12/15  80 FR 62274
NPRM Comment Period Reopened End....   01/13/16  .......................
Final Action........................   04/00/17  .......................
------------------------------------------------------------------------


[[Page 37473]]

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sara Cortes, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6781, Email: [email protected].
    RIN: 3235-AL42

418. Use of Derivatives by Registered Investment Companies and Business 
Development Companies

    Legal Authority: 15 U.S.C. 80a-c(c); 15 U.S.C. 80a-31(a); 15 U.S.C. 
80a-12(a); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-8; 15 U.S.C. 80a-30; 15 
U.S.C. 80-38
    Abstract: The Commission proposed a new rule designed to enhance 
the regulation of the use of derivatives by registered investment 
companies, including mutual funds, exchange-traded funds, closed-end 
funds and business development companies. The proposed rule would 
regulate registered investment companies' use of derivatives and 
require enhanced risk management measures.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/28/15  80 FR 80884
NPRM Comment Period End.............   03/28/16  .......................
Final Action........................   04/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Brian Johnson, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6740, Email: [email protected].
    RIN: 3235-AL60

419. Open-End Liquidity Risk Management Programs; Swing Pricing

    Legal Authority: 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-22(c); 15 
U.S.C. 80a-31(a); 15 U.S.C. 77a et seq.; 15 U.S.C. 77aaa et seq.; 15 
U.S.C. 78a et seq.; 15 U.S.C 80a et seq.
    Abstract: The Commission proposed a new rule requiring open-end 
funds to adopt and implement liquidity management programs. The 
Commission also proposed rule amendments that permit open-end funds to 
use ``swing pricing'' and form amendments that enhance disclosure 
regarding fund liquidity and redemption practices.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/15/15  80 FR 62274
NPRM Comment Period End.............   01/13/16  .......................
Final Action........................   04/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sarah ten Siethoff, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6729, Email: [email protected].
    RIN: 3235-AL61

420. Amendments to Form ADV and Investment Advisers Act Rules

    Legal Authority: 15 U.S.C. 77s(a); 15 U.S.C. 77sss(a); 15 U.S.C. 
78bb(e)(2); 15 U.S.C. 78w(a); 15 U.S.C. 80a-37(a); 15 U.S.C. 80b-
3(c)(1)
    Abstract: The Commission proposed amendments to Form ADV that are 
designed to provide additional information regarding advisers, 
including information about their separately managed account business; 
incorporate a method for private fund adviser entities operating a 
single advisory business to register using a single Form ADV; and make 
clarifying, technical and other amendments to certain Form ADV items 
and instructions. The Commission also proposed amendments to the 
Investment Advisers Act books and records rule and technical amendments 
to several Investment Advisers Act rules to remove transition 
provisions that are no longer necessary.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/12/15  80 FR 33718
NPRM Comment Period End.............   08/11/15  .......................
Final Action........................   04/00/17  .......................
------------------------------------------------------------------------

    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-AL75

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

421. 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:

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

[FR Doc. 2016-12968 Filed 6-8-16; 8:45 am]
 BILLING CODE 8011-01-P