[Federal Register Volume 83, Number 222 (Friday, November 16, 2018)]
[Proposed Rules]
[Pages 58168-58172]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23929]
[[Page 58167]]
Vol. 83
Friday,
No. 222
November 16, 2018
Part XXVIII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 83 , No. 222 / Friday, November 16, 2018 /
Unified Agenda
[[Page 58168]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-10527, 34-83787, IA-4978, IC-33194, File No. S7-20-18]
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
Chairman'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 2018
reflect only the priorities of the Chairman 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 August 3, 2018, 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 December 17, 2018.
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 S7-20-18 on the subject line.
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. S7-20-18. 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 website (http://www.sec.gov/rules/other.shtml). Comments are
also available for website 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. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Mykaila DeLesDernier, Office of the
General Counsel, 202-551-5129.
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
``FAST Act''--Fixing America's Surface Transportation Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: August 7, 2018.
Brent J. Fields,
Secretary.
Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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512....................... Disclosure of Hedging by 3235-AL49
Employees, Officers and
Directors.
513....................... Modernization of Property 3235-AL81
Disclosures for Mining
Registrants.
514....................... Disclosure Update and 3235-AL82
Simplification.
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Division of Corporation Finance--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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515....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
516....................... Pay Versus Performance.... 3235-AL00
517....................... Universal Proxy........... 3235-AL84
518....................... Form 10-K Summary......... 3235-AL89
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[[Page 58169]]
Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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519....................... Amendments to Interactive 3235-AL59
Data (XBRL) Program.
520....................... Amendments to Smaller 3235-AL90
Reporting Company
Definition.
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Division of Investment Management--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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521....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
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Division of Investment Management--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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522....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
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Division of Investment Management--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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523....................... Investment Company 3235-AL42
Reporting Modernization;
Option for Website
Transmission of
Shareholder Reports.
524....................... Investment Company 3235-AM30
Liquidity Disclosure.
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Division of Trading and Markets--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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525....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
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SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
512. Disclosure of Hedging by Employees, Officers and Directors
E.O. 13771 Designation: Independent agency.
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
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NPRM................................ 02/17/15 80 FR 8486
NPRM Comment Period End............. 04/20/15 .......................
Final Action........................ 04/00/19 .......................
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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, Email: [email protected].
RIN: 3235-AL49
513. Modernization of Property Disclosures for Mining Registrants
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d)
Abstract: The Commission proposed rules to modernize and clarify
the disclosure requirements for companies engaged in mining operations.
Timetable:
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Action Date FR Cite
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NPRM................................ 06/27/16 81 FR 41652
NPRM Comment Period End............. 08/26/16 .......................
NPRM Comment Period Extended........ 08/26/16 81 FR 58877
NPRM Comment Period Extended End.... 09/26/16 .......................
Final Action........................ 10/00/18 .......................
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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, Email: [email protected].
RIN: 3235-AL81
514. Disclosure Update and Simplification
E.O. 13771 Designation: Independent agency.
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
[[Page 58170]]
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:
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Action Date FR Cite
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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........................ 10/00/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Lindsay McCord, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, Phone: 202 551-3255, Email:
[email protected].
RIN: 3235-AL82
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
515. Listing Standards for Recovery of Erroneously Awarded Compensation
E.O. 13771 Designation: Independent agency.
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:
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Action Date FR Cite
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NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15 .......................
Next Action Undetermined............
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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
516. Pay Versus Performance
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 953(a); 15 U.S.C. 78c(b); 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
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:
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Action Date FR Cite
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NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15 .......................
Next Action Undetermined............
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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, Email: [email protected].
RIN: 3235-AL00
517. Universal Proxy
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
Abstract: The Commission proposed to amend the proxy rules to
expand shareholders' ability to vote by proxy to select among duly-
nominated candidates in a contested election of directors.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17 .......................
Next Action Undetermined............
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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, Email: [email protected].
RIN: 3235-AL84
518. Form 10-K Summary
E.O. 13771 Designation: Independent agency.
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
Abstract: The Commission adopted an interim final amendment to
implement Section 72001 of the FAST Act by permitting an issuer to
include a summary in its Form 10-K and also requested comment on the
interim final amendment.
Timetable:
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Action Date FR Cite
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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.
Next Action Undetermined............
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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, Email:
[email protected].
RIN: 3235-AL89
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
519. Amendments to Interactive Data (XBRL) Program
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78w(a); 15 U.S.C. 80a-37
Abstract: The Commission adopted amendments to the XBRL rules to
provide for companies to use Inline XBRL to file a single combined
document.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/17/17 82 FR 14282
NPRM Comment Period End............. 05/16/17 .......................
Final Action........................ 08/16/18 83 FR 40846
Final Action Effective.............. 09/17/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
[[Page 58171]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3430, Fax: 202 772-9207.
RIN: 3235-AL59
520. Amendments to Smaller Reporting Company Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f to77h; 15 U.S.C. 77j; 15 U.S.C. 77s;
15 U.S.C. 77z-2 and 77z-3; 15 U.S.C. 77aa(25) and 77aa(26); 15 U.S.C.
77nn(25) and 77nn(26); 15 U.S.C. 78c; 15 U.S.C. 78j-1; 15 U.S.C. 78l to
78o(d); 15 U.S.C. 78q; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78ll;
15 U.S.C. 78mm; 15 U.S.C. 80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 80a-29 to
80a-31; 15 U.S.C. 80a-37(a); 15 U.S.C. 80-b3 and 80b-11; 15 U.S.C. 7202
and 7262; sec. 102(c), Pub. L. 112-106, 126 Stat. 310 (2012), unless
otherwise noted
Abstract: The Commission proposed revisions to the ``smaller
reporting company'' definitions and related provisions.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/01/16 81 FR 43130
NPRM Comment Period End............. 08/30/16 .......................
Final Action........................ 07/10/18 83 FR 31992
Final Action Effective.............. 09/10/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amy Reischauer, Securities and Exchange Commission,
110 F Street NE, Washington, DC 20549, Phone: 202 551-3460, Email:
[email protected].
RIN: 3235-AL90
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
521. Use of Derivatives by Registered Investment Companies and Business
Development Companies
E.O. 13771 Designation: Independent agency.
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 Division is considering recommending that the
Commission re-propose 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.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/28/15 80 FR 80884
NPRM Comment Period End............. 03/28/16 .......................
NPRM................................ 09/00/19 .......................
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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
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
522. Reporting of Proxy Votes on Executive Compensation and Other
Matters
E.O. 13771 Designation: Independent agency.
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 re-propose 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:
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Action Date FR Cite
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NPRM................................ 10/28/10 75 FR 66622
NPRM Comment Period End............. 11/18/10 .......................
Next Action Undetermined............
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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
Completed Actions
523. Investment Company Reporting Modernization; Option for Website
Transmission of Shareholder Reports
E.O. 13771 Designation: Independent agency.
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 rule 30e-3, which would permit
but not require registered investment companies to transmit periodic
reports to their shareholders by making the reports accessible on a
website and satisfying certain other conditions. The Commission
previously 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:
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Action Date FR Cite
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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........................ 11/18/16 81 FR 81870
Final Action Effective.............. 01/17/17 .......................
Final Action........................ 06/22/18 83 FR 29158
Final Action Effective.............. 01/01/19 .......................
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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-AL42
524. Investment Company Liquidity Disclosure
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15
U.S.C. 80a et seq.
Abstract: The Commission adopted amendments to its forms designed
to
[[Page 58172]]
improve the reporting and disclosure of liquidity information by
registered investment companies.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/19/18 83 FR 11905
NPRM Comment Period End............. 05/18/18 .......................
Final Action........................ 07/10/18 83 FR 31859
Final Action Effective.............. 09/10/18 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Thoreau Adrian Bartmann, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6745, Email: [email protected].
RIN: 3235-AM30
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
525. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934
E.O. 13771 Designation: Independent agency.
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
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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............
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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. 2018-23929 Filed 11-15-18; 8:45 am]
BILLING CODE 8011-01-P