[Federal Register Volume 81, Number 247 (Friday, December 23, 2016)]
[Proposed Rules]
[Pages 94897-94903]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-29931]



[[Page 94897]]

Vol. 81

Friday,

No. 247

December 23, 2016

Part XXVIII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 81 , No. 247 / Friday, December 23, 2016 / 
Unified Agenda  

[[Page 94898]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10203, 34-78769, IA-4521, IC-32251, File No. S7-20-16]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

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

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 autumn 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 September 2, 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 January 23, 2017.

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 S7-20-16 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. S7-20-16. 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: September 2, 2016.
Brent J. Fields,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
562.......................  Disclosure Update and              3235-AL82
                             Simplification.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
563.......................  Pay Versus Performance....         3235-AL00
564.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             Under the Securities Act.
565.......................  Disclosure of Hedging by           3235-AL49
                             Employees, Officers and
                             Directors.
566.......................  Exhibit Hyperlinks and             3235-AL95
                             HTML Format.
567.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
568.......................  Modernization of Property          3235-AL81
                             Disclosures for Mining
                             Registrants.
569.......................  Form 10-K Summary.........         3235-AL89

[[Page 94899]]

 
570.......................  Amendments to Smaller              3235-AL90
                             Reporting Company
                             Definition.
571.......................  Proposed Rule Amendments           3235-AL80
                             To Facilitate Intrastate
                             and Regional Securities
                             Offerings.
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
572.......................  Disclosure of Payments by          3235-AL53
                             Resource Extraction
                             Issuers.
573.......................  Changes to Exchange Act            3235-AL40
                             Registration Requirements
                             To Implement Title V and
                             Title VI of the JOBS Act.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
574.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
575.......................  Adviser Business                   3235-AL62
                             Continuity and Transition
                             Plans.
576.......................  Investment Company                 3235-AL42
                             Reporting Modernization.
577.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
578.......................  Investment Company                 3235-AL61
                             Liquidity Risk Management
                             Programs; Investment
                             Company Swing Pricing.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
579.......................  Form ADV and Investment            3235-AL75
                             Advisers Act Rules.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
580.......................  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

562. Disclosure Update and Simplification

    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15 
U.S.C. 80a-1 et seq.; Pub. L. 114-94
    Abstract: The Commission proposed rules to update certain 
disclosure requirements in Regulations S-X and S-K that may have become 
redundant, duplicative, overlapping, outdated or superseded in light of 
other Commission disclosure requirements, U.S. Generally Accepted 
Accounting Principles, International Financial Reporting Standards, or 
changes in the information environment.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/04/16  81 FR 51607
NPRM Comment Period Extended........   09/29/16  81 FR 66898
NPRM Comment Period End.............   10/03/16  .......................
NPRM Comment Period Extended End....   11/02/16  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Nili Shah, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3255.
    RIN: 3235-AL82

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

563. 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

[[Page 94900]]

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........................   10/00/17  .......................
------------------------------------------------------------------------

    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

564. 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 Reopened End....   11/04/13  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    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

565. 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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/17/15  80 FR 8486
NPRM Comment Period End.............   04/20/15  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    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

566.  Exhibit Hyperlinks and HTML Format

    Legal Authority: 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 
U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 
78m; 15 U.S.C. 78o(d); 15 U.S.C. 78w(a); 15 U.S.C. 78ll
    Abstract: The Commission proposed rules to facilitate access to 
exhibits identified in the exhibit index of certain filings through the 
use of hyperlinks.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/12/16  81 FR 62689
NPRM Comment Period End.............   10/22/16  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    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.
    RIN: 3235-AL95

567. 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........................   10/00/17  .......................
------------------------------------------------------------------------

    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

568. Modernization of Property Disclosures for Mining Registrants

    Legal Authority: Not Yet Determined
    Abstract: The Commission proposed rules to modernize and clarify 
the disclosure requirements for companies engaged in mining operations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/27/16  81 FR 41652
NPRM Comment Period End.............   08/22/16  .......................
NPRM Comment Period Extended End....   08/26/16  81 FR 58877
NPRM Comment Period Extended End....   09/26/16  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elliot Staffin, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3450.
    RIN: 3235-AL81

569. Form 10-K Summary

    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 Commission adopted an interim final amendment to 
implement section 72001 of the FAST Act by permitting issuers to submit 
a summary page on Form 10-K and also requested comment on an interim 
final rule.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Interim Final Rule..................   06/09/16  81 FR 37132
Interim Final Rule Effective........   06/09/16  .......................
Interim Final Rule Comment Period      07/11/16  .......................
 End.
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.

[[Page 94901]]

    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

570. Amendments to Smaller Reporting Company Definition

    Legal Authority: Not Yet Determined
    Abstract: The Commission proposed revisions to the ``smaller 
reporting company'' definitions and related provisions.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/01/16  81 FR 43130
NPRM Comment Period End.............   08/03/16  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    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

571. Proposed Rule Amendments To Facilitate Intrastate and Regional 
Securities Offerings

    Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77s; 15 U.S.C. 77z-3; 15 
U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15 U.S.C. 
78mm; 15 U.S.C. 80a-37; 15 U.S.C. 80b-11
    Abstract: The Commission adopted rules to modernize Rules 147 and 
504 under the Securities Act to facilitate intrastate and regional 
securities offerings.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/10/15  80 FR 69786
NPRM Comment Period End.............   01/11/16  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Anthony G. Barone, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3460.
    RIN: 3235-AL80

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

572. Disclosure of Payments by Resource Extraction Issuers

    Legal Authority: Pub. L. 111-203, 124 Stat 1376 (July 21, 2010); 15 
U.S.C. 78c(b); 15 U.S.C. 78m; 15 U.S.C. 78w(a)
    Abstract: The Commission adopted rules to implement section 1504 of 
the Dodd-Frank Act, which added section 13(q) to the Exchange Act. 
Section 13(q) requires the Commission to adopt rules requiring resource 
extraction issuers to disclose in an annual report of the resource 
extraction issuer payments made to foreign governments or the Federal 
Government for the purpose of commercial development of oil, natural 
gas or minerals. The Commission had previously adopted a rule 
implementing section 1504 of the Dodd-Frank Act that was vacated and 
remanded to the Commission by the District Court for the District of 
Columbia in July 2013.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/23/15  80 FR 80058
NPRM Comment Period End.............   01/25/16  .......................
Final Action........................   07/27/16  81 FR 49360
Final Action Effective..............   09/26/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Shehzad Niazi, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3430.
    RIN: 3235-AL53

573. 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 adopted 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................................   12/30/14  79 FR 78343
NPRM Comment Period End.............   03/03/15  .......................
Final Action........................   05/10/16  81 FR 28689
Final Action Effective..............   06/09/16  .......................
------------------------------------------------------------------------

    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 Investment Management

Proposed Rule Stage

574. 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 Division is considering recommending that the 
Commission repropose rule amendments to implement section 951 of the 
Dodd-Frank Act. The Commission previously proposed amendments to rules 
and Form N-PX that 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  .......................
Second NPRM.........................   10/00/17  .......................
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

575. Adviser Business Continuity and Transition Plans

    Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C. 
80b-11(a)
    Abstract: The Commission proposed a new rule that would require 
investment

[[Page 94902]]

advisers registered with the Commission to adopt and implement written 
business continuity and transition plans.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/05/16  81 FR 43530
NPRM Comment Period End.............   09/06/16  .......................
Final Action........................   10/00/17  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Alpa Patel, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6797, Email: [email protected].
    RIN: 3235-AL62

576. 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 adopted 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........................   11/00/16  .......................
------------------------------------------------------------------------

    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: 202 551-5137, Email: [email protected].
    RIN: 3235-AL42

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

    Legal Authority: 15 U.S.C. 80a-6(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. 80a-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........................   10/00/17  .......................
------------------------------------------------------------------------

    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

578. Investment Company Liquidity Risk Management Programs; Investment 
Company 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 adopted a new rule requiring open-end 
funds to adopt and implement liquidity management programs. The 
Commission also adopted 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........................   11/00/16  .......................
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

579. 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 adopted 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 adopted 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........................   09/01/16  81 FR 60418
Final Action Effective..............   10/31/16  .......................
------------------------------------------------------------------------

    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: 202 551-5137, Email: [email protected].
    RIN: 3235-AL75

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

580. 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

[[Page 94903]]

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. 2016-29931 Filed 12-22-16; 8:45 am]
BILLING CODE 8011-01-P