[The Regulatory Plan and Unified Agenda of Federal Regulations]
[Securities and Exchange Commission Semiannual Regulatory Agenda
]
[From the U.S. Government Printing Office, www.gpo.gov]


_______________________________________________________________________

Part LXIV





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda


=======================================================================

SECURITIES AND EXCHANGE COMMISSION (SEC)                               
  
  
_______________________________________________________________________
  

 
SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7089, 34-34627, 35-26115, 39-2322, IC-20526, IA-1439; 
File No. S7-25-94]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Publication of regulatory flexibility agenda.

_______________________________________________________________________

SUMMARY: The Securities and Exchange Commission is publishing an agenda 
of its rulemaking actions pursuant to the Regulatory Flexibility Act. 
Information in the agenda is believed to be accurate as of August 12, 
1994, the date on which the Commission's staff completed compilation of 
the data. To the extent possible, however, 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.

DATES: Public comments are due by December 30, 1994.

ADDRESSES: Persons wishing to submit written comments should file three 
copies of their comments with Jonathan G. Katz, Secretary, Securities 
and Exchange Commission, 450 5th Street NW., Room 6184, Stop 6-9, 
Washington, DC 20549. All submissions should refer to File No. S7-25-94 
and will be available for public inspection and copying at the 
Commission's Public Reference Room, Room 1026, at the same address.

FOR FURTHER INFORMATION CONTACT: Kevin M. Kirchoff, Office of the 
General Counsel, (202) 942-0882.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub. 
L. No. 96-354, 94 Stat. 1164 (September 19, 1980)) requires each 
Federal agency, during April and October of each year, to publish in 
the Federal Register an agenda identifying rules which the agency 
expects to propose or adopt 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 which is included in the agenda (5 U.S.C. 
602(d)). The agenda includes new entries, entries carried over from 
previous publications, and rulemaking actions which have been completed 
(or withdrawn) since publication of the last agenda.

    The following abbreviations for the acts administered by the 
Commission are used throughout the agenda:

    ``Securities Act'' - Securities Act of 1933

    ``Exchange Act'' - Securities Exchange Act of 1934

    ``PUHCA'' - Public Utility Holding Company Act of 1935

    ``Investment Company Act'' - Investment Company Act of 1940

    ``Investment Advisers Act'' - Investment Advisers Act of 1940

    The Commission's regulatory flexibility agenda is set forth 
below. The Commission invites public comment on the agenda and on 
the individual agenda entries.

Dated: September 1, 1994.

    By the Commission.

Jonathan G. Katz,

Secretary.

                                 DIVISION OF CORPORATION FINANCE--Prerule Stage                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5252        American Depositary Receipts..........................................................    3235-AE57 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5253        Asset-Backed Securities Disclosure....................................................    3235-AF74 
5254        Disclosure of Security Ratings........................................................    3235-AG20 
5255        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AF66 
5256        Disclosure of Investment Advice Paid for by Interested Parties........................    3235-AG08 
5257        Limited Partnership Roll-up Transactions..............................................    3235-AG09 
5258        Reconciliation of the Accounting by Foreign Private Issuers for Business Combinations.    3235-AG16 
5259        Financial Statements of Significant Foreign Equity Investees and Acquired Foreign                   
            Businesses of Domestic Issuers and Financial Schedules................................    3235-AG17 
5260        Debt Tender Offers....................................................................    3235-AD69 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5261        Reporting Currency Selection and Reconciliation to U.S. GAAP for Certain Foreign                    
            Private Issuers.......................................................................    3235-AD70 
5262        Summary Prospectus Requirements and Information.......................................    3235-AD90 
5263        EDGAR Implementation..................................................................    3235-AG10 
5264        Exemptive Relief and Filing Requirements for Debt Securities Listed on a National                   
            Securities Exchange...................................................................    3235-AG11 
5265        Small Issue Exemptive Rule and Registration Forms for Certain Rights Offerings........    3235-AD44 
5266        Forms for Information Filed by Exempt Foreign Private Issuers.........................    3235-AD72 
5267        Reports by Certain Owners of Equity Securities: Regulation 13D-G......................    3235-AD09 
5268        International Tender and Exchange Offers..............................................    3235-AD97 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5269        Simplification of Registration Procedures for Securities Offerings by Foreign Private               
            Issuers...............................................................................    3235-AF83 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF INVESTMENT MANAGEMENT--Prerule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5270        Investment Company Act Securities Registration: Rules 24f-1 and 24f-2.................    3235-AC25 
5271        Certain Investment Company Registration Forms.........................................    3235-AE46 
5272        Exemption from Certain Filing Requirements for Certain Affiliated Persons of                        
            Investment Advisers...................................................................    3235-AF81 
5273        Staff Interpretive Statement on Wrap Fee Programs.....................................    3235-AG07 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5274        Investment Advisers: Registration and Annual Supplement Forms.........................    3235-AD21 
5275        Unit Investment Trusts: Simplification of Registration Statements and Advertising                   
            Rules.................................................................................    3235-AA47 
5276        Accounting Treatment of Investment Company Expenses Paid Through Brokerage Commission.    3235-AF94 
5277        Registration Form Amendments Pertaining to Money Market Funds and Separate Accounts...    3235-AF95 
5278        Certain Two-Tier Real Estate Limited Partnerships.....................................    3235-AC84 
5279        Exemption for Finance Subsidiaries of Certain Banks and Insurance Companies...........    3235-AE95 
5280        Eligible Foreign Custodians: Investment Company Act Rule 17f-5........................    3235-AE98 
5281        Assignments of Advisory Contracts: Temporary Exemptions...............................    3235-AF57 
5282        Investment Company Distribution Plans: Rules 12b-1 and 17d-3..........................    3235-AF62 
5283        Custody of Securities and Investments by Investment Company...........................    3235-AF70 
5284        Exemption From Disqualification for Certain Affiliated Persons........................    3235-AF89 
5285        Investment Company Books and Records Requirements.....................................    3235-AE94 
5286        Amendments to Form-N-SAR, Semi-Annual Report of Registered Investment Companies.......    3235-AF93 
5287        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies................    3235-AF78 
5288        PUHCA: Dividend Declarations and Payments on Certain Indebtedness.....................    3235-AG04 
5289        PUHCA: Annual Report of Mutual and Subsidiary Service Companies.......................    3235-AG05 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5290        Suitability of Investment Adviser Advice; Quarterly Account Statements................    3235-AG06 
5291        Investment Company Proxy Rules........................................................    3235-AA69 
5292        Tax Exempt Money Market Fund Rule Proposals...........................................    3235-AE17 
5293        Effective Date of Certain Post-Effective Amendments...................................    3235-AF96 
5294        Exemptions for Certain Investment Companies to Impose Deferred Sales Loads............    3235-AE97 
5295        Exemption for Multiple Classes of Shares; Disclosure by Multiple Class and Master-                  
            Feeder Funds..........................................................................    3235-AF00 
5296        Expedited Procedure for Exemptive Orders and Expanded Delegated Authority.............    3235-AF56 
5297        Off-the-Page Prospectuses for Open-End Management Investment Companies................    3235-AF58 
5298        Certain Research and Development Companies............................................    3235-AF69 
5299        Continuous or Delayed Offerings by Certain Investment Companies; Automatic                          
            Effectiveness of Certain Registration Statements......................................    3235-AF86 
5300        Custody of Investment Company Assets With Futures Commission Merchants and Commodity                
            Clearing Organizations................................................................    3235-AF97 
5301        Redemptions by Open-End Management Investment Companies at Periodic Intervals or With               
            Extended Payment......................................................................    3235-AF98 
5302        PUHCA: Revision of Financing Rules....................................................    3235-AF49 
5303        PUHCA: Exemption for Subsidiary Companies Formed to Hold Interests in Foreign                       
            Companies.............................................................................    3235-AF79 
5304        PUHCA: Subsidiaries Performing Services or Construction or Selling Goods..............    3235-AF87 
5305        PUHCA: Exemption for Transactions With Foreign Associates.............................    3235-AG19 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5306        Disclosure by Investment Advisers Regarding Wrap Fee Programs.........................    3235-AG02 
5307        Investment Company Books and Records..................................................    3235-AD66 
5308        PUHCA: Revision of Rules and Forms....................................................    3235-AF68 
----------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage                                  
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5309        Distributions of Securities: Limitations on Trading and Stabilizing...................    3235-AF54 
5310        Market Risk Haircuts for Instruments Subject to Interest Rate Risk....................    3235-AG18 
5311        Notice by SROs Regarding Statutory Disqualifications..................................    3235-AE39 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5312        Customer Protection Reserves and Custody of Securities................................    3235-AD60 
5313        Net Capital Requirements for Brokers or Dealers.......................................    3235-AD79 
5314        Initiation or Resumption of Quotations Without Specific Information...................    3235-AD94 
5315        Stabilizing To Facilitate a Distribution..............................................    3235-AE11 
5316        Definitions Principally Relating to International Transactions........................    3235-AE15 
5317        Definition of ``Short Sale''..........................................................    3235-AE41 
5318        Amendments to Confirmation Requirements of Rule 10b-10................................    3235-AF84 
5319        Recordkeeping and Reporting Requirements for Trading Systems Operated by Brokers and                
            Dealers...............................................................................    3235-AG03 
5320        Disclosure of Mark-ups: New Rule 15c2-13..............................................    3235-AG12 
5321        Municipal Securities Disclosure.......................................................    3235-AG13 
5322        Theoretical Pricing To Determine Haircuts on Options..................................    3235-AG14 
5323        Notice of Assumption or Termination of Transfer Agent Services........................    3235-AE20 
5324        Securities Transactions Exempt From Transaction Fees..................................    3235-AE52 
5325        Debt Obligations Issued by the Kingdom of Spain.......................................    3235-AF88 
5326        Disclosure of Payment for Order Flow..................................................    3235-AG00 
5327        Large Trader Reporting System.........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5328        Rule Changes of SROs; Amendments to Registration Statements of Exchanges, Securities                
            Associations, and Reports of the MSRB.................................................    3235-AG15 
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage                                  
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5329        Rules of Practice.....................................................................    3235-AF91 
----------------------------------------------------------------------------------------------------------------

      
  
          

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                  Prerule Stage
 
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
5252. AMERICAN DEPOSITARY RECEIPTS

Legal Authority:  15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 
USC 77j; 15 USC 77s; 15 USC 78c; 15 USC 78i; 15 USC 78j; 15 USC 78l; 15 
USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78q

CFR Citation:  17 CFR 230; 17 CFR 239; 17 CFR 240

Legal Deadline: None

Abstract: The Commission issued a release requesting information and 
comment with regard to the functioning and characteristics of the 
American depositary receipt marketplace and various regulatory issues 
under the Federal securities laws, including whether any changes to the 
registration process are necessary or appropriate. The Commission 
received a large number of comment letters in response to the release.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           05/23/91                    56 FR 24420
ANPRM Comment Period End        09/30/91


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance- Division of Corporation Finance, Securities and Exchange 
Commission, 202 942-2990

RIN: 3235-AE57
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
5253. ASSET-BACKED SECURITIES DISCLOSURE

Legal Authority:  15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 
USC 77j; 15 USC 77s; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78w

CFR Citation:  17 CFR 229; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR 
249

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission amendments to revise rules and forms which 
would specify disclosure requirements for asset-backed securities 
transactions.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Michael H. Mitchell, Office of Chief Counsel- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2900

RIN: 3235-AF74
_______________________________________________________________________

5254.  DISCLOSURE OF SECURITY RATINGS

Legal Authority:  15 USC 77e to 77g; 15 USC 77j to 77k; 15 USC 77q; 15 
USC 77s(a); 15 USC 78m; 15 USC 78w(a)

CFR Citation:  17 CFR 228.10; 17 CFR 228.202; 17 CFR 229.10; 17 CFR 
229.202; 17 CFR 230.134; 17 CFR 230.430A; 17 CFR 230.436; 17 CFR 
249.308

Legal Deadline: None

Abstract: The Commission issued a release proposing new rules regarding 
disclosure with respect to security ratings in prospectuses under the 
Securities Act and material changes in security ratings on Form 8-K 
under the Exchange Act. The proposals would require disclosure of 
ratings obtained by or on behalf of an issuer from a Nationally 
Recognized Statistical Rating Organization (``NRSRO'') for registered 
securities or any rating (whether or not assigned by an NRSRO) that is 
used by a participant in an offering of securities.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/07/94                    59 FR 46304
NPRM Comment Period End         12/06/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Brian Miller, Office of Chief Counsel- Division of 
Corporation Finance, Securities and Exchange Commission, 202 942-1997

RIN: 3235-AG20
_______________________________________________________________________

5255. OWNERSHIP REPORTS AND TRADING BY OFFICERS, DIRECTORS, AND PRINCIPAL 
SECURITY HOLDERS

Legal Authority:  15 USC 78n(d); 15 USC 78p(a); 15 USC 78p(b); 15 USC 
78p(c); 15 USC 78w(a)

CFR Citation:  17 CFR 240.16a-1 to 240.16a-11; 17 CFR 240.16b-1 to 
240.16b-11

Legal Deadline: None

Abstract: The Commission has proposed amendments to rules under section 
16 of the Exchange Act designed to streamline reporting by a public 
company's officers, directors and significant shareholders of 
transactions in the company's securities.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            08/17/94                    59 FR 42449
NPRM Comment Period End         10/17/94                    59 FR 42449

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth M. Murphy, Office of Disclosure Policy- 
Division of Corporation Finance, Securities and Exchange Commission, 
202 942-2848

RIN: 3235-AF66
_______________________________________________________________________

5256. DISCLOSURE OF INVESTMENT ADVICE PAID FOR BY INTERESTED PARTIES

Legal Authority:  15 USC 77; 15 USC 77b; 15 USC 77h; 15 USC 77j; 15 USC 
77s; 15 USC 77sss; 15 USC 78c; 15 USC 78l to 78o; 15 USC 78w; 15 USC 
79t; 15 USC 80a-37

CFR Citation:  17 CFR 230.178

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering 
recommending that the Commission propose rules intended to ensure that 
investors who read news articles, research reports, and other 
investment advice regarding specific securities will receive adequate 
disclosure when issuers, underwriters and dealers have paid for the 
published investment advice. The rule would require that disclosure 
required by section 17(b) of the Securities Act be placed in a 
prominent position on the first page of a report or article that 
describes a security for consideration received or to be received from 
an issuer, underwriter, or dealer. The rule is intended to ensure that 
investors are informed in the article that it has been paid for by an 
issuer, underwriter or dealer which may have an interest in the 
information.

Timetable: Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Joseph P. Babits, Office of Disclosure Policy- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2910

RIN: 3235-AG08
_______________________________________________________________________

5257. LIMITED PARTNERSHIP ROLL-UP TRANSACTIONS

Legal Authority:  15 USC 78n(h); 15 USC 78w(a); 15 USC 77s

CFR Citation:  17 CFR 229.901; 17 CFR 229.911; 17 CFR 239.25; 17 CFR 
240

Legal Deadline:  Final, Statutory, December 17, 1994.
The statutory deadline is imposed by the Limited Partnership Roll-up 
Act of 1993.

Abstract: The Commission has proposed rules in connection with limited 
partnership roll-up transactions pursuant to the Limited Partnership 
Roll-up Act of 1993.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/08/94                    59 FR 46365
NPRM Comment Period End         11/01/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Robert Toomey, Office of Disclosure Policy- Division of 
Corporation Finance, Securities and Exchange Commission, 202 942-2910

RIN: 3235-AG09
_______________________________________________________________________

5258.  RECONCILIATION OF THE ACCOUNTING BY FOREIGN PRIVATE 
ISSUERS FOR BUSINESS COMBINATIONS

Legal Authority:  15 USC 78a et seq

CFR Citation:  17 CFR 249.220f

Legal Deadline: None

Abstract: The Commission has proposed to amend Form 20-F to streamline 
the financial statement reconciliation requirements for foreign private 
issuers that have entered into business combinations. The proposed 
amendments would eliminate the requirement to reconcile certain 
differences attributable to the method of accounting for a business 
combination and the amortization period of goodwill and negative 
goodwill, provided the financial statements comply with International 
Accounting Standards No. 22 ``Business Combinations'' as amended, 
regarding these items.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/26/94                    59 FR 21821
NPRM Comment Period End         07/25/94                    59 FR 21821


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Wayne E. Carnall, Office of Chief Accountant- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2960

RIN: 3235-AG16
_______________________________________________________________________

5259.  FINANCIAL STATEMENTS OF SIGNIFICANT FOREIGN EQUITY 
INVESTEES AND ACQUIRED FOREIGN BUSINESSES OF DOMESTIC ISSUERS AND 
FINANCIAL SCHEDULES

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 
USC 77s; 15 USC 77(aa)25; 15 USC 77(aa)26; 15 USC 78i; 15 USC 78m; 15 
USC 78n; 15 USC 78o(d); 15 USC 78a(a); 15 USC 78ll(d); 15 USC 79e(b); 
15 USC 79j(a)

CFR Citation:  17 CFR 210.1-02; 17 CFR 210.3-05; 17 CFR 210.3-09; 17 
CFR 210.3-12; 17 CFR 210.4-08; 17 CFR 210.5-07; 17 CFR 210.6-07; 17 CFR 
210.6-10; 17 CFR 210.7-05; 17 CFR 210.9-07; 17 CFR 210.12-01; 17 CFR 
229.404; 17 CFR 229.601; 17 CFR 229.; 17 CFR 229.220f

Legal Deadline: None

Abstract: The Commission has proposed amendments to Regulation S-X. The 
proposed amendments would extend recently adopted accommodations for 
foreign issuers to domestic issuers that are required to provide 
financial statements for significant equity investees or acquired 
foreign businesses. These accommodations address the age of financial 
statements, nature of the reconciling information and thresholds for 
providing such reconciliation. The proposed amendments also would 
eliminate certain financial schedules that both domestic and foreign 
issuers include in annual reports and registration statements filed 
with the Commission.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/26/94                    59 FR 21814
NPRM Comment Period End         07/25/94                    59 FR 21814


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Wayne E. Carnall, Office of Chief Accountant- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2960

RIN: 3235-AG17
_______________________________________________________________________

5260. DEBT TENDER OFFERS

Legal Authority:  15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 77aa(12); 
15 USC 781; 15 USC 78o(d); 15 USC 78w; 15 USC 78(e)

CFR Citation:  17 CFR 240.14e-5

Legal Deadline: None

Abstract: The Divisions of Corporation Finance and Market Regulation 
are jointly considering whether to recommend that the Commission issue 
proposals to amend its rule applicable to debt tender offers. The 
agency contact for the Division of Market Regulation is Nancy J. Sanow, 
202 942-0772.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Gregg Corso, Office of Tender Offers- Division of 
Corporation Finance, Securities and Exchange Commission, 202 942-2920

RIN: 3235-AD69
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
5261. REPORTING CURRENCY SELECTION AND RECONCILIATION TO U.S. GAAP FOR 
CERTAIN FOREIGN PRIVATE ISSUERS

Legal Authority:  15 USC 77f to 77h; 15 USC 77j; 15 USC 77s; 15 USC 
77aa(25) to (26); 15 USC 781; 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 
15 USC 79e; 15 USC 79n; 15 USC 79k(a); 15 USC 80a-8

CFR Citation:  17 CFR 210.3-20; 17 CFR 249.220f

Legal Deadline: None

Abstract: The Commission has proposed to facilitate registration and 
reporting by foreign private issuers by allowing flexibility in the 
selection of the reporting currency used in filings with the Commission 
and by streamlining financial statement reconciliation requirements for 
foreign private issuers with operations in hyperinflationary economies. 
As proposed, a foreign private issuer could state amounts in its 
financial statements in any currency which it deemed appropriate as 
long as its reports to a majority of its nonaffiliated securityholders 
use that currency. In addition, a foreign private issuer that accounts 
for its operations in hyperinflationary environments in accordance with 
International Accounting Standards No. 21 ``The Effects of Changes in 
Foreign Exchange Rate'', as amended in 1993, would not need to 
reconcile the differences that would have resulted from application of 
the U.S. standard, Statement of Financial Accounting Standards No. 52 
``Foreign Currency Translation.''

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/26/94                    59 FR 21810
NPRM Comment Period End         07/25/94                    59 FR 21810


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Additional Information: 15 USC 80a-29

Agency Contact: Wayne E. Carnall, Office of Chief Accountant- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2960

RIN: 3235-AD70
_______________________________________________________________________

5262. SUMMARY PROSPECTUS REQUIREMENTS AND INFORMATION

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s

CFR Citation:  17 CFR 230; 17 CFR 239

Legal Deadline: None

Abstract: The Commission has proposed amendments to Rule 431 under the 
Securities Act which would revise the issuer criteria and pre-filing 
requirements for use of summary prospectuses. Further, the information 
requirements applicable to summary prospectuses are proposed to be 
amended to include a summary of management's discussion and analysis of 
the issuer's financial condition and results of operations and 
disclosure regarding the risks associated with investment in the 
securities being offered.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/27/90                    55 FR 26212
NPRM Comment Period End         09/15/90


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Martin Dunn, Office of Chief Counsel- Division of 
Corporation Finance, Securities and Exchange Commission, 202 942-2900

RIN: 3235-AD90
_______________________________________________________________________

5263. EDGAR IMPLEMENTATION

Legal Authority:  15 USC 77a et seq; 15 USC 78a et seq; 15 USC 77aaa et 
seq

CFR Citation:  17 CFR 228; 17 CFR 229; 17 CFR 230; 17 CFR 232; 17 CFR 
239; 17 CFR 240; 17 CFR 260; 17 CFR 260

Legal Deadline: None

Abstract: The Division of Corporation Finance will recommend that the 
Commission adopt final rules to fully implement the phase-in to 
electronic filing on the Electronic Data Gathering, Analysis and 
Retrieval (EDGAR) system for all filers whose documents are subject to 
review by the Division. Interim rules were adopted on February 23, 
1993, in Release No. 33-6977, initiating the operational phase of 
EDGAR.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Proposed Changes to Interim 
Rules                           07/15/94                    59 FR 36264
Comment Period End              08/15/94                    59 FR 36264


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Office of Disclosure Policy- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2910

RIN: 3235-AG10
_______________________________________________________________________

5264. EXEMPTIVE RELIEF AND FILING REQUIREMENTS FOR DEBT SECURITIES LISTED 
ON A NATIONAL SECURITIES EXCHANGE

Legal Authority:  15 USC 77d; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 
USC 77eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 77ttt; 15 
USC 78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78l

CFR Citation:  17 CFR 249.3A12-11 New; 17 CFR 240.3A12-12 New; 17 CFR 
240.12b-7; 17 CFR 240.12d1-2; 17 CFR 249.208a

Legal Deadline: None

Abstract: On June 1, 1994, the Commission published for comment 
proposed Rule 3a12-11 and amendments to certain existing rules to 
provide exemptive relief with respect to the listing of debt securities 
on a national securities exchange. Such relief has been proposed in 
order to address a regulatory disparity between companies that register 
their debt under section 12(b) of the Securities Act and companies that 
permit their debt to be traded in the over-the-counter market. The 
proposed rules and amendments to existing rules would exempt debt 
securities listed on a national exchange from the proxy rules and 
restrictions on borrowing provided by Section 8(a) of the Exchange Act. 
Additionally the proposed amendments would provide for the automatic 
effectiveness of the Form 8-A under certain conditions for debt listed 
on a national exchange.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/07/94                    59 FR 29398
NPRM Comment Period End         08/08/94


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Joseph P. Babits, Office of Disclosure Policy- Division 
of Corporation Finance, Securities and Exchange Commission, 202 942-
2910

RIN: 3235-AG11
_______________________________________________________________________

5265. SMALL ISSUE EXEMPTIVE RULE AND REGISTRATION FORMS FOR CERTAIN 
RIGHTS OFFERINGS

Legal Authority:  15 USC 77c(b); 15 USC 77s

CFR Citation:  17 CFR 230.801(New)

Legal Deadline: None

Abstract: The Commission has proposed a small issue exemptive rule that 
would provide an exemption from the registration requirements of the 
Securities Act for certain rights offerings and a Securities Act 
registration form for certain non-exempt rights offerings. The 
Commission also proposed amendments to Form F-3 to permit certain 
foreign private issuers reporting under the Exchange Act to register 
certain offerings, including rights offerings, without meeting the 
reporting history and public float eligibility requirements of that 
form.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/14/91                    56 FR 27564
NPRM Comment Period End         09/09/91


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance- Division of Corporation Finance, Securities and Exchange 
Commission, 202 942-2990

RIN: 3235-AD44
_______________________________________________________________________

5266. FORMS FOR INFORMATION FILED BY EXEMPT FOREIGN PRIVATE ISSUERS

Legal Authority:  15 USC 78l; 15 USC 78w

CFR Citation:  17 CFR 240.12g3-2(b); 17 CFR 249

Legal Deadline: None

Abstract: The Commission has proposed forms for use by persons 
furnishing information under Exchange Act Rule 12g3-2(b).

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/06/91                    56 FR 27612
NPRM Comment Period End         09/09/91


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance- Division of Corporation Finance, Securities and Exchange 
Commission, 202 942-2990

RIN: 3235-AD72
_______________________________________________________________________

5267. REPORTS BY CERTAIN OWNERS OF EQUITY SECURITIES: REGULATION 13D-G

Legal Authority:  15 USC 78m(d); 15 USC 78m(g); 15 USC 78m(a)

CFR Citation:  17 CFR 240.13d-1; 17 CFR 240.13d-2; 17 CFR 240.13d-7; 17 
CFR 240.13d-101; 17 CFR 240.13d-102

Legal Deadline: None

Abstract: The Commission has proposed revisions to Regulation 13D to 
change the disclosure to investors of filings on Schedule 13D, while at 
the same time reducing the reporting obligations of noninstitutional 
investors that have a passive investment purpose.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/14/89                    54 FR 10552
NPRM Comment Period End         05/15/89


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Gregg Corso, Office of Tender Offers- Division of 
Corporation Finance, Securities and Exchange Commission, 202 942-2920

RIN: 3235-AD09
_______________________________________________________________________

5268. INTERNATIONAL TENDER AND EXCHANGE OFFERS

Legal Authority:  15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 
USC 77j; 15 USC 77s; 15 USC 77sss; 15 USC 78c; 15 USC 78l; 15 USC 78m; 
15 USC 78n; 15 USC 78o; 15 USC 78w; 15 USC 79t; 15 USC 80a-37

CFR Citation:  17 CFR 200; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR 
260

Legal Deadline: None

Abstract: The Commission issued for comment rule proposals to 
facilitate the extension of international tender offers to U.S. 
holders. The proposed rules would provide exemptions from the tender 
offer rules, securities registration and reporting requirements, and 
trust indenture provisions, as well as allow the registration of 
foreign exchange offers on the basis of foreign disclosure.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           06/12/90                    55 FR 23751
ANPRM Comment Period End        09/21/90
NPRM                            06/14/91                    56 FR 27582
NPRM Comment Period End         09/09/91


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: Undetermined

Agency Contact: Gregg Corso, Office of Tender Offers- Division of 
Corporation Finance, Securities and Exchange Commission, 202 942-2920

RIN: 3235-AD97
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
5269. SIMPLIFICATION OF REGISTRATION PROCEDURES FOR SECURITIES OFFERINGS 
BY FOREIGN PRIVATE ISSUERS

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 
USC 77s

CFR Citation:  17 CFR 230; 17 CFR 239

Legal Deadline: None

Abstract: The Commission has adopted rules to streamline registration 
and reporting requirements for foreign companies by: (1) expanding the 
universe of foreign issuers eligible to use short-form and full shelf 
registration under the Securities Act; (2) streamlining financial 
statement reconciliation and financial schedules requirements; (3) 
providing a new safe harbor for company announcements regarding exempt 
offerings or unregistered offshore offerings; and (4) expanding safe 
harbor protection for analyst reports with respect to sizeable foreign 
companies publicly traded offshore.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/15/93                    58 FR 60307
NPRM Comment Period End         01/31/94
Final Action                    04/26/94                    59 FR 21644
Final Action Effective          04/26/94

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance- Division of Corporation Finance, Securities and Exchange 
Commission, 202 942-2990

RIN: 3235-AF83

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                  Prerule Stage
 
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
5270. INVESTMENT COMPANY ACT SECURITIES REGISTRATION: RULES 24F-1 AND 
24F-2

Legal Authority:  15 USC 80a-8; 15 USC 80a-58; 15 USC 80a-24

CFR Citation:  17 CFR 274.11A; 17 CFR 270.24f-1; 17 CFR 270.24f-2

Legal Deadline: None

Abstract: The Division of Investment Management is considering changes 
in Investment Company Act rules 24f-1 and 24f-2, the rules that permit 
certain investment companies to register securities sold in excess of 
the number of shares included in a registration statement, to clarify 
the rules' operation with respect to the measurement of time periods 
and filing requirements in the context of investment company 
reorganizations.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kenneth J. Berman, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AC25
_______________________________________________________________________

5271. CERTAIN INVESTMENT COMPANY REGISTRATION FORMS

Legal Authority:  15 USC 77a et seq; 15 USC 80a-1 et seq

CFR Citation:  17 CFR 230.482; 17 CFR 239.15; 17 CFR 274.11; 17 CFR 
239.23; 17 CFR 239.15A; 17 CFR 274.11A; 17 CFR 239.17a; 17 CFR 274.11b; 
17 CFR 239.17b; 17 CFR 274.11c

Legal Deadline: None

Abstract: The Division of Investment Management is reviewing the 
requirements of Form N-1A, the registration form for all open-end 
management investment companies registering under the Securities Act 
and the Investment Company Act. The review will focus on ways to update 
and improve the disclosure requirements of the form, particularly for 
money market funds. The Division will also be addressing the 
incorporation by reference rules in the investment company registration 
forms.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Kenneth J. Berman, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AE46
_______________________________________________________________________

5272. EXEMPTION FROM CERTAIN FILING REQUIREMENTS FOR CERTAIN AFFILIATED 
PERSONS OF INVESTMENT ADVISERS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37; 15 USC 80a-29(f)

CFR Citation:  17 CFR 270.30f-1

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission issue a release requesting public 
comment on a proposed amendment to Rule 30f-1 under the Investment 
Company Act which would relieve certain affiliated persons of an 
investment adviser to a registered closed-end investment company from 
the filing requirements under Section 16 of the Exchange Act made 
applicable by Section 30(f) of the Investment Company Act. The proposed 
amendment is intended to exempt certain affiliated persons of an 
investment adviser that are not in a position to obtain confidential 
information about the registered closed-end investment company or to 
influence or effect a change in the company's policies, consistent with 
the purposes of Section 30(f) and Section 16 of the Exchange Act.

Timetable: Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Julia S. Ulstrup, Office of the Chief Counsel- Division 
of Investment Management, Securities and Exchange Commission, 202 942-
0660

RIN: 3235-AF81
_______________________________________________________________________

5273. STAFF INTERPRETIVE STATEMENT ON WRAP FEE PROGRAMS

Legal Authority:  15 USC 80b-1 to 80b-21

CFR Citation:  17 CFR 271 to 276

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission publish the views of the Division 
regarding the application of the Investment Company Act to wrap fee 
programs, and the application of certain provisions of the Investment 
Advisers Act to investment advisers who sponsor or participate in those 
programs. The interpretive statement would provide general guidance for 
sponsors and portfolio managers so they may avoid creating and 
operating an unregistered investment company. The interpretive 
statement also would discuss wrap fee program advisers' 
responsibilities regarding suitability, best execution, principal 
transactions, and the disclosure of compensation arrangements.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Monica L. Parry, Office of the Chief Counsel- Division 
of Investment Management, Securities and Exchange Commission, 202 942-
0660

RIN: 3235-AG07
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
5274. INVESTMENT ADVISERS: REGISTRATION AND ANNUAL SUPPLEMENT FORMS

Legal Authority:  15 USC 78o(b)(1); 15 USC 78w(a); 15 USC 80b-3; 15 USC 
80b-4; 15 USC 80b-6A; 15 USC 80b-11

CFR Citation:  17 CFR 275; 17 CFR 279

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission revise Form ADV, the investment 
adviser registration form, and related rules to: (1) request 
information related to the Commission's enforcement authority, (2) 
enhance disclosure of information about the advisory relationship 
provided to clients and prospective clients, and (3) require annual 
amendment of the form. The enhanced disclosure would include additional 
requirements regarding ``soft-dollar'' allocations.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Eric Freed, Office of Disclosure and Investment Adviser 
Regulation-Division of Investment Management, Securities and Exchange 
Commission, 202 942-0721

RIN: 3235-AD21
_______________________________________________________________________

5275. UNIT INVESTMENT TRUSTS: SIMPLIFICATION OF REGISTRATION STATEMENTS 
AND ADVERTISING RULES

Legal Authority:  15 USC 80a-8; 15 USC 77g; 15 USC 77j

CFR Citation:  17 CFR 239.16; 17 CFR 274.12

Legal Deadline: None

Abstract: The Commission has reproposed for public comment Form N-7, a 
new form for registering unit investment trusts (UITs) and their 
securities under the Investment Company Act and the Securities Act. 
Adoption of Form N-7 would: (1) codify the disclosure requirements for 
UITs into one form; (2) codify the disclosure standards that have been 
developed for UITs; and (3) shorten and simplify the prospectus used in 
connection with the sale of units in both the initial offering and in 
the secondary market maintained by the sponsor. The requirement for 
audited financial statements would be eliminated under certain 
circumstances. Under the reproposal, the requirement that registrants 
include certain third-party financial statements in the registration 
statement would be extended to insurers as well as guarantors of 
portfolio securities of the trust. The Division of Investment 
Management is also undertaking to develop for recommendation to the 
Commission a rule proposal setting forth a uniform method of computing 
UIT yields.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            05/23/85                    50 FR 21282
ANPRM Comment Period End        07/31/85
Reproposing Release             03/17/87                     52 FR 8268
NPRM Comment Period End         05/18/87


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Eric Freed, Office of Disclosure and Investment Adviser 
Regulation-Division of Investment Management, Securities and Exchange 
Commission, 202 942-0721

RIN: 3235-AA47
_______________________________________________________________________

5276. ACCOUNTING TREATMENT OF INVESTMENT COMPANY EXPENSES PAID THROUGH 
BROKERAGE COMMISSION

Legal Authority:  15 USC 80a-8; 15 USC 77g; 15 USC 77j

CFR Citation:  17 CFR 210; 17 CFR 274

Legal Deadline: None

Abstract: The proposal would require investment companies to reflect as 
expenses the cost of services provided to the company that are paid for 
by a broker-dealer in exchange for the allocation of transactions to 
that broker-dealer. The amendments would address whether such costs 
should be reflected in expenses in fund financial statements and in 
fund performance and expense data.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            08/17/94                    59 FR 42187
NPRM Comment Period End         10/17/94                    59 FR 42187

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Eric Freed, Office of Disclosure and Investment Adviser 
Regulation-Division of Investment Management, Securities and Exchange 
Commission, 202 942-0721

RIN: 3235-AF94
_______________________________________________________________________

5277. REGISTRATION FORM AMENDMENTS PERTAINING TO MONEY MARKET FUNDS AND 
SEPARATE ACCOUNTS

Legal Authority:  15 USC 77a et seq; 15 USC 80a-1 et seq

CFR Citation:  17 CFR 230.482; 17 CFR 299.15A; 17 CFR 274.11A

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending to the Commission amendments to Form N-1A and 
Form N-3, the registration forms used by mutual funds and insurance 
company separate accounts under the Investment Company Act and the 
Securities Act, that would significantly shorten and simplify 
prospectuses for those registrants that hold themselves out as money 
market funds or separate accounts. The changes the staff is considering 
would provide investors with more easily understandable information 
about money market funds in prospectuses, while continuing to make more 
detailed information available through the Statement of Additional 
Information. Such amendments are also intended to reduce the cost to 
funds of preparing, printing, and distributing prospectuses. The 
proposals would also make conforming rule and form amendments and 
revisions to staff guides to Form N-1A and Form N-3.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Martha H. Platt, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AF95
_______________________________________________________________________

5278. CERTAIN TWO-TIER REAL ESTATE LIMITED PARTNERSHIPS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.6c-12(New)

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose a rule that would codify many 
exemptions from provisions of the Investment Company Act granted to 
two-tier real estate limited partnerships. Exemptions pursuant to 
section 6(c) of the Act have generally been granted where: (1) The two-
tier partnership invests in limited partnerships engaged in the 
development and building of housing for low and moderate income 
persons; (2) the limited partnership interests are sold only to 
suitable investors; and (3) requirements for fair dealing by the 
general partner of the issuer with the limited partners of the issuer 
are included in the basic organizational documents of the partnership.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Diane C. Blizzard, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AC84
_______________________________________________________________________

5279. EXEMPTION FOR FINANCE SUBSIDIARIES OF CERTAIN BANKS AND INSURANCE 
COMPANIES

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.3a-5

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose amendments to Investment 
Company Act rule 3a-5 to permit finance subsidiaries of United States 
banks and insurance companies to rely on the rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Diane C. Blizzard, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AE95
_______________________________________________________________________

5280. ELIGIBLE FOREIGN CUSTODIANS: INVESTMENT COMPANY ACT RULE 17F-5

Legal Authority:  15 USC 80a-17(f); 15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.17f-5

Legal Deadline: None

Abstract: Rule 17f-5 permits U.S.-registered investment companies to 
maintain certain securities and other assets in the custody of an 
``eligible foreign custodian,'' as that term is defined in the rule. In 
response to comments that the present definition of eligible foreign 
custodian and other provisions of the rule are too restrictive, the 
staff is considering whether to recommend that the Commission propose 
amendments to the rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            10/00/94

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth R. Krentzman, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0687

RIN: 3235-AE98
_______________________________________________________________________

5281. ASSIGNMENTS OF ADVISORY CONTRACTS: TEMPORARY EXEMPTIONS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.15a-4

Legal Deadline: None

Abstract: The Division is considering whether to amend rule 15a-4 to 
permit an adviser conditionally to serve at the prior contract's fee 
during a short interim period, prior to shareholder approval of the new 
contract and following an ``unforeseeable'' or ``uncontrollable'' 
assignment of the advisory contract, e.g., triggered by an acquisition 
of the parent company of the adviser where the fund and adviser are not 
informed sufficiently in advance to obtain shareholder approval.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Diane C. Blizzard, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AF57
_______________________________________________________________________

5282. INVESTMENT COMPANY DISTRIBUTION PLANS: RULES 12B-1 AND 17D-3

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-12(b); 15 USC 80a-17(d); 
15 USC 80a-22(c); 15 USC 80a-37(a); 15 USC 80a-39

CFR Citation:  17 CFR 270.12b-1; 17 CFR 270.17d-3

Legal Deadline: None

Abstract: The Commission has proposed, and received comments on, 
amendments to rules 12b-1 and 17d-3 under the Investment Company Act. 
The proposed amendments to rule 12b-1 would clarify and enhance 
standards for the approval or continuation of Rule 12b-1 distribution 
plans, place limits on certain practices that have developed under the 
rule, and prohibit funds using these plans from holding themselves out 
as no-load funds. The proposed amendments to rule 17d-3 would allow a 
mutual fund, under certain conditions, to enter into joint distribution 
agreements with affiliated funds, other affiliated persons, and the 
fund's principal underwriter. The Division of Investment Management 
withdrew the proposal from the Unified Agenda to consider it in the 
context of a comprehensive study of the Act. The Division now is 
reconsidering the proposal, in light of recommendations in a 
comprehensive study of the Investment Company Act completed in 1992, as 
a separate rulemaking proposal.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/13/88                    53 FR 23258
NPRM Comment Period End         12/14/88                    53 FR 35830


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Diane C. Blizzard, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AF62
_______________________________________________________________________

5283. CUSTODY OF SECURITIES AND INVESTMENTS BY INVESTMENT COMPANY

Legal Authority:  15 USC 80a-17(f); 15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.17f-2

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose amendments to rule 17f-2 under 
the Investment Company Act, which governs the circumstances under which 
the securities and similar investments of a registered management 
investment company may be maintained in the custody of such company.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Thomas M. J. Kerwin, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0692

RIN: 3235-AF70
_______________________________________________________________________

5284. EXEMPTION FROM DISQUALIFICATION FOR CERTAIN AFFILIATED PERSONS

Legal Authority:  15 USC 80a-9(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.9a-1

Legal Deadline: None

Abstract: Section 9(a)(3) of the Investment Company Act prohibits any 
company from serving as employee, officer, director, member of an 
advisory board, investment adviser, or depositor of any registered 
investment company or principal underwriter for any registered, open-
end company, registered unit investment trust, or registered face 
amount certificate company, if section 9(a)(1) or 9(a)(2) prohibits any 
affiliated person of that company from serving in any such capacity. 
The Commission has exempted several companies from section 9(a)(3) 
where the disqualified affiliated person does not perform or have any 
ability to affect the work the company does for the investment company, 
registered unit investment trust, or registered face amount certificate 
company. The Division of Investment Management is considering whether 
to recommend that the Commission propose a rule providing such an 
exemption.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Roseanne Harford, Office of Regulatory Policy- Division 
of Investment Management, Securities and Exchange Commission, 202 942-
0689

RIN: 3235-AF89
_______________________________________________________________________

5285. INVESTMENT COMPANY BOOKS AND RECORDS REQUIREMENTS

Legal Authority:  15 USC 80a-31(a); 15 USC 80a-37(a); 15 USC 80a-39

CFR Citation:  17 CFR 270.31a-1; 17 CFR 270.31a-2

Legal Deadline: None

Abstract: The staff has commenced a comprehensive review of the books 
and records requirements under the Investment Company Act to update 
certain requirements relating to the portfolio transaction records of 
investment companies. In particular, current requirements under rules 
31a-1 and 31a-2 may be revised to enhance identification of securities 
in investment company portfolios. The primary objective of the 
proposals would be to improve the staff's abilities to conduct 
meaningful and efficient examinations of investment companies.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Peter L. Smith, Office of Inspections- Division of 
Investment Management, Securities and Exchange Commission, 202 942-0523

RIN: 3235-AE94
_______________________________________________________________________

5286. AMENDMENTS TO FORM-N-SAR, SEMI-ANNUAL REPORT OF REGISTERED 
INVESTMENT COMPANIES

Legal Authority:  15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 80a-
8; 15 USC 80a-29; 15 USC 80a-37

CFR Citation:  17 CFR 249.330; 17 CFR 274.101

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission amend Form-N-SAR, the semi-annual 
report for registered investment companies, to update the items of the 
form.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            10/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Carolyn Miller, Office of Financial Analysis- Division 
of Investment Management, Securities and Exchange Commission, 202 942-
0510

RIN: 3235-AF93
_______________________________________________________________________

5287. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES

Legal Authority:  15 USC 79(t); 15 USC 79(n)

CFR Citation:  17 CFR 250.55; 17 CFR 259.5s(Revision)

Legal Deadline: None

Abstract: The proposed rule is intended to provide a safe harbor for 
the acquisition of one or more foreign utility companies by a 
registered holding company.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/08/93                    58 FR 13719
NPRM Comment Period End         04/14/93


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David LaRoche, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0559

RIN: 3235-AF78
_______________________________________________________________________

5288. PUHCA: DIVIDEND DECLARATIONS AND PAYMENTS ON CERTAIN INDEBTEDNESS

Legal Authority:  15 USC 79(t); 15 USC 79(n)

CFR Citation:  17 CFR 250.46

Legal Deadline: None

Abstract: This amendment will govern the amount of dividends a 
subsidiary of a registered holding company can declare or pay.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Markian Melnyk, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0592

RIN: 3235-AG04
_______________________________________________________________________

5289. PUHCA: ANNUAL REPORT OF MUTUAL AND SUBSIDIARY SERVICE COMPANIES

Legal Authority:  15 USC 79(m); 15 USC 79(n); 15 USC 79(o); 15 USC 
79(t)(a)

CFR Citation:  17 CFR 259.313

Legal Deadline: None

Abstract: The amendment to the annual report of mutual and subsidiary 
service companies will simplify the accounting system maintained by the 
service companies and would more clearly disclose financial accounting 
and operational information required by the Commission.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            10/00/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Brian Spires, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0557

RIN: 3235-AG05
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
5290. SUITABILITY OF INVESTMENT ADVISER ADVICE; QUARTERLY ACCOUNT 
STATEMENTS

Legal Authority:  15 USC 80b-6; 15 USC 80b-4

CFR Citation:  17 CFR 275.204-2

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission make explicit the duty that investment 
advisers make only suitable recommendations to their clients. The 
Division is also considering whether to recommend that the Commission 
require certain investment advisers that exercise investment discretion 
with respect to client accounts to have a reasonable belief that the 
custodians of these accounts are sending quarterly account statements 
to the clients.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/16/94                    59 FR 13464


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Karen Garnett, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AG06
_______________________________________________________________________

5291. INVESTMENT COMPANY PROXY RULES

Legal Authority:  15 USC 78n; 15 USC 78w; 15 USC 80a-20; 15 USC 80a-37

CFR Citation:  17 CFR 240.14a-1 to 240.14a-102; 17 CFR 240.14b-1; 17 
CFR 240.14c-1 to 240.14c-101; 17 CFR 270.20a-1 to 270.20a-3

Legal Deadline: None

Abstract: Most solicitations of a proxy, authorization or consent with 
respect to registered investment company securities are subject to 
rules adopted pursuant to the Exchange Act and the Investment Company 
Act concerning solicitations of proxies. To the extent that a proxy 
statement contains repetitive materials or is overly complicated and 
difficult to read, it may not provide meaningful information to 
security holders in order that they may make informed voting decisions. 
The Commission has proposed amendments to the proxy rules to update the 
rules to improve the readability of proxy statements and eliminate 
unnecessary disclosure costs.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/21/93                    58 FR 67729
NPRM Comment Period End         03/18/94
Final Action                    10/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kathleen Clarke, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AA69
_______________________________________________________________________

5292. TAX EXEMPT MONEY MARKET FUND RULE PROPOSALS

Legal Authority:  15 USC 80a-2(a)(41); 15 USC 80a-6(c); 15 USC 80a-
33(b)(1); 15 USC 80a-34(b); 15 USC 80a-38(a); 15 USC 77f; 15 USC 77g; 
15 USC 77h; 15 USC 77s; 15 USC 78m; 15 USC 78n; 15 USC 78w; 15 USC 80a-
37

CFR Citation:  17 CFR 230.482; 17 CFR 239.15A; 17 CFR 270.34b-1; 17 CFR 
274.11A; 17 CFR 274.11c; 17 CFR 270.2a-7; 17 CFR 210.12-12; 17 CFR 
230.134; 17 CFR 274.101

Legal Deadline: None

Abstract: The proposals address issues raised by developments in the 
money markets. The Division of Investment Management reviewed the 
conditions of rule 2a-7 applicable to tax exempt funds and made 
recommendations to the Commission to modify those conditions, which the 
Commission then proposed for public comment.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/29/93                    58 FR 68585
NPRM Comment Period End         04/06/94
Final Action                    10/00/94

Small Entities Affected: Businesses

Government Levels Affected: State, Local, Federal

Agency Contact: Marjorie Riegel, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AE17
_______________________________________________________________________

5293. EFFECTIVE DATE OF CERTAIN POST-EFFECTIVE AMENDMENTS

Legal Authority:  15 USC 77a et seq; 15 USC 80a-1 et seq; 15 USC 80b-11

CFR Citation:  17 CFR 200.30-5; 17 CFR 230.485; 17 CFR 230.486; 17 CFR 
230.487; 17 CFR 270.6e-3(T); 17 CFR 274.101; 17 CFR 239.15A; 17 CFR 
239.14; 17 CFR 239.16; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR 274.11A; 
17 CFR 274.11a-1; 17 CFR 274.aab; 17 CFR 274.11c

Legal Deadline: None

Abstract: The Commission has proposed amendments to Rule 485 and 
related rules and forms to clarify the rule and to expand the ability 
of open-end and certain closed-end management investment companies and 
separate accounts of insurance companies to file post-effective 
amendments that become effective upon filing.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/27/93                    58 FR 50291
NPRM Comment Period End         11/26/93
Final Action                    10/00/94

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Kenneth J. Berman, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AF96
_______________________________________________________________________

5294. EXEMPTIONS FOR CERTAIN INVESTMENT COMPANIES TO IMPOSE DEFERRED 
SALES LOADS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-22; 15 USC 80a-37(a); 15 
USC 80a-39; 15 USC 77a et seq

CFR Citation:  17 CFR 270.6c-10; 17 CFR 239.15A

Legal Deadline: None

Abstract: The Commission proposed for public comment rule 6c-10 under 
the Investment Company Act and related amendments to the Form N-1A 
registration statement. Rule 6c-10 would provide an exemption from the 
Investment Company Act to registered open-end management investment 
companies (other than registered insurance company separate accounts) 
and certain related persons to the extent necessary to permit their use 
of sales loads payable on a deferred basis. The amendments to Form N-1A 
would require disclosure of such deferred sales loads in the fee table 
located near the front of the prospectus of a registered open-end 
management investment company.
The Division of Investment Management earlier had withdrawn the 
proposal from the Unified Agenda to consider it in the context of a 
comprehensive study of the Investment Company Act completed in 1992. 
The Division now is considering the proposal again as a rulemaking 
proposal.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/02/88                    53 FR 45275
NPRM Comment Period End         01/09/89
Final Action                    10/00/94

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Nadya B. Roytblat, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0693

RIN: 3235-AE97
_______________________________________________________________________

5295. EXEMPTION FOR MULTIPLE CLASSES OF SHARES; DISCLOSURE BY MULTIPLE 
CLASS AND MASTER-FEEDER FUNDS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-8(b); 15 USC 80a-12(b); 
15 USC 80a-18(i); 15 USC 80a-24(a); 15 USC 80a-29; 15 USC 80a-37(a); 15 
USC 80a-37(b); 15 USC 77g(a); 15 USC 77j; 15 USC 77s(a)

CFR Citation:  17 CFR 270.18f-3 (New); 17 CFR 270.12b-1; 17 CFR 
270.34b-1; 17 CFR 230.134; 17 CFR 230.482; 17 CFR 239.15A; 17 CFR 
275.11A; 17 CFR 239.23; 17 CFR 274.101

Legal Deadline: None

Abstract: Proposed Investment Company Act Rule 18f-3 would allow open-
end management investment companies (``mutual funds'') to issue 
multiple classes of voting stock representing interests in the same 
portfolio, subject to conditions intended to prevent investor 
confusion, assure fair expense allocations and voting rights, and 
prevent conflicts of interest among classes. The rule would eliminate 
the need for funds issuing multiple classes to apply for exemptions. 
The proposed amendment to rule 12b-1 would clarify how the requirements 
for approval of certain distribution arrangements would apply to funds 
with multiple classes of shares. The Commission also has proposed for 
public comment amendments to rules under the Investment Company Act and 
the Securities Act, amendments to the form for registration statements 
of open-end investment companies, and amendments to related forms. 
These amendments would establish disclosure requirements for 
prospectuses, advertisements, and sales literature of multiple class 
funds, as well as ``master-feeder'' funds.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/15/93                    58 FR 68074
NPRM Comment Period End         02/22/94
Final Action                    10/00/94

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Karrie McMillan, Office of Regulatory Policy- Division 
of Investment Management, Securities and Exchange Commission, 202 942-
0695

RIN: 3235-AF00
_______________________________________________________________________

5296. EXPEDITED PROCEDURE FOR EXEMPTIVE ORDERS AND EXPANDED DELEGATED 
AUTHORITY

Legal Authority:  15 USC 6(c); 15 USC 37(a); 15 USC 78d-1

CFR Citation:  17 CFR 200.30-5; 17 CFR 270.0-5

Legal Deadline: None

Abstract: The Commission proposed for public comment amendments to rule 
0-5 under the Investment Company Act and rule 30-5, Delegation of 
Authority to the Director of the Division of Investment Management, 
under the Exchange Act. The amendments to rule 0-5 would establish an 
expedited review procedure for certain exemptive applications and would 
allow the Commission to declare certain inactive applications to be 
abandoned. The amendments to rule 30-5 would expand the delegated 
authority of the Director of the Division of Investment Management to 
approve exemptive applications.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/31/93                    58 FR 16799
Correction to NPRM              04/09/93                    58 FR 18352
NPRM Comment Period End         06/29/93
Final Action                    03/00/95

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Nadya B. Roytblat, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0693

RIN: 3235-AF56
_______________________________________________________________________

5297. OFF-THE-PAGE PROSPECTUSES FOR OPEN-END MANAGEMENT INVESTMENT 
COMPANIES

Legal Authority:  15 USC 77j(b); 15 USC 77s(a)

CFR Citation:  17 CFR 230.482

Legal Deadline: None

Abstract: The Commission has proposed for public comment amendments to 
rule 482 under the Securities Act containing requirements for the use 
of an advertisement that would allow investors the option of purchasing 
shares directly from an open-end investment company by completing an 
application form included with the advertisement. The advertisement 
would be a prospectus for purposes of liability under section 12(2) of 
the Securities Act, and would be required to contain core information 
about the investment company.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/19/93                    58 FR 16141
NPRM Comment Period End         06/23/93
Final Action                    11/00/94

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Rochelle Kauffman Plesset, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0688

RIN: 3235-AF58
_______________________________________________________________________

5298. CERTAIN RESEARCH AND DEVELOPMENT COMPANIES

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.3a-8

Legal Deadline: None

Abstract: On July 9, 1993, the Commission proposed for public comment 
rule 3a-8 under the Investment Company Act which would provide a safe 
harbor from investment company status for a company engaged in research 
and development, under appropriate conditions. The rule would apply to 
certain companies, such as biotechnology companies, that are not 
primarily engaged in the investment company business.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/15/93                    58 FR 38095
NPRM Comment Period End         10/13/93
Final Action                    03/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Diane C. Blizzard, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AF69
_______________________________________________________________________

5299. CONTINUOUS OR DELAYED OFFERINGS BY CERTAIN INVESTMENT COMPANIES; 
AUTOMATIC EFFECTIVENESS OF CERTAIN REGISTRATION STATEMENTS

Legal Authority:  15 USC 77g; 15 USC 77h; 15 USC 77s(a); 15 USC 77f; 15 
USC 77j; 15 USC 80a-8(b); 15 USC 80a-24(a); 15 USC 80a-37(a)

CFR Citation:  17 CFR 230.415; 17 CFR 230.486

Legal Deadline: None

Abstract: The Commission proposed for public comment an amendment to 
rule 415 under the Securities Act and new rule 485a under the 
Securities Act. The amendment to rule 415 would permit closed-end 
management investment companies or business development companies that 
make periodic repurchase offers under Investment Company Act rule 23c-3 
to offer securities on a continuous or delayed basis. New rule 485a 
would provide for the automatic effectiveness of post-effective 
amendments to registration statements, or new registration statements 
for the purpose of registering additional securities, filed by such 
investment companies. The Commission also proposed certain related 
changes to Form N-2, the registration form for closed-end investment 
companies. Proposed rule 485a has been reproposed to conform to 
proposed changes in rule 485 under the Securities Act, and has been 
redesignated rule 486.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/14/93                    58 FR 19361
NPRM Comment Period End         06/14/93
NPRM                            09/27/93                    58 FR 50291
NPRM Comment Period End         11/26/93
Final Action                    10/00/94

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Robert G. Bagnall, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0686

RIN: 3235-AF86
_______________________________________________________________________

5300. CUSTODY OF INVESTMENT COMPANY ASSETS WITH FUTURES COMMISSION 
MERCHANTS AND COMMODITY CLEARING ORGANIZATIONS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.17f-6

Legal Deadline: None

Abstract: The Commission has proposed a rule that would permit 
registered management investment companies to use certain futures 
commission merchants and commodity clearing organizations as custodians 
of their assets in connection with investment company commodity 
transactions.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/01/94                    59 FR 28286
NPRM Comment Period End         08/01/94
Final Action                    11/00/94

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth R. Krentzman, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0687

RIN: 3235-AF97
_______________________________________________________________________

5301. REDEMPTIONS BY OPEN-END MANAGEMENT INVESTMENT COMPANIES AT PERIODIC 
INTERVALS OR WITH EXTENDED PAYMENT

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-22(c); 15 USC 80a-33(b); 
15 USC 80a-37(a)

CFR Citation:  17 CFR 270.0-1; 17 CFR 270.22C-1; 17 CFR 270.27C-2; 17 
CFR 274.11a; 17 CFR 274.11B; 17 CFR 274.11C

Legal Deadline: None

Abstract: The Commission proposed new rules and rule amendments under 
the Investment Company Act to provide that open-end investment 
companies and registered separate accounts may take up to 31 days to 
pay redemption proceeds and/or may redeem only at periodic intervals. 
The proposal would permit greater investment in less liquid securities 
than is permitted for open-end companies and would permit insurance 
companies to use investment vehicles that are more consistent with the 
long-term nature of variable insurance contracts.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/28/92                    57 FR 34701
NPRM Comment Period End         11/04/92


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Robert G. Bagnall, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0686

RIN: 3235-AF98
_______________________________________________________________________

5302. PUHCA: REVISION OF FINANCING RULES

Legal Authority:  15 USC 79c; 15 USC 79f(b); 15 USC 79i(c)(3); 15 USC 
79t; 15 USC 79l

CFR Citation:  17 CFR 250.45; 17 CFR 250.52

Legal Deadline: None

Abstract: The proposed amendments are intended to ease the regulatory 
and paperwork burden associated with Commission approval for routine 
financings by registered holding companies and their subsidiary 
companies.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/07/92                    57 FR 31156
NPRM Comment Period End         10/13/92


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Brian Spires, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0557

RIN: 3235-AF49
_______________________________________________________________________

5303. PUHCA: EXEMPTION FOR SUBSIDIARY COMPANIES FORMED TO HOLD INTERESTS 
IN FOREIGN COMPANIES

Legal Authority:  15 USC 79(t)

CFR Citation:  17 CFR 250.56

Legal Deadline: None

Abstract: The proposed rule clarifies that a subsidiary of a registered 
holding company which is engaged exclusively in the business of owning 
an interest in one or more foreign utility companies will be exempt 
from PUHCA. Registered holding companies may acquire these entities 
without the approval of the Commission.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/08/93                    58 FR 13719
NPRM Comment Period End         04/14/93


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David LaRoche, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0559

RIN: 3235-AF79
_______________________________________________________________________

5304. PUHCA: SUBSIDIARIES PERFORMING SERVICES OR CONSTRUCTION OR SELLING 
GOODS

Legal Authority:  15 USC 79t

CFR Citation:  17 CFR 250.87

Legal Deadline: None

Abstract: The amendment to rule 87 will require Commission approval 
before a registered holding company or its subsidiaries may render 
services to an associate exempt wholesale generator or a foreign 
utility company. Additionally, registered holding associate companies 
and their subsidiaries may not accept services from exempt wholesale 
generators or foreign utility companies without Commission approval.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/23/93                    58 FR 51508
NPRM Comment Period End         11/30/93


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Brian Spires, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0557

RIN: 3235-AF87
_______________________________________________________________________

5305.  PUHCA: EXEMPTION FOR TRANSACTIONS WITH FOREIGN ASSOCIATES

Legal Authority:  15 USC 79m(b)

CFR Citation:  17 CFR 250.83(d)

Legal Deadline: None

Abstract: The proposal would extend an existing exemption from the 
standards of section 13(b) to transactions involving services, sales 
and construction contracts, with foreign associate companies. The 
proposal would also consider whether the rule would protect against a 
diversion of management and expertise away from the needs of the 
system's core utility operations in a companion rulemaking involving a 
proposed amendment to rule 87. This rulemaking was previously included 
in RIN No. 3235-AF68.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/16/92                    57 FR 54025
NPRM Comment Period End         01/15/93                    57 FR 54025
Final Action                    11/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Brian Spires, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0557

RIN: 3235-AG19
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
5306. DISCLOSURE BY INVESTMENT ADVISERS REGARDING WRAP FEE PROGRAMS

Legal Authority:  15 USC 80b-3; 15 USC 80b-4; 15 USC 80b-11

CFR Citation:  17 CFR 275; 17 CFR 279

Legal Deadline: None

Abstract: The rule and form amendments specify the information that 
registered investment advisers that are sponsors of wrap fee programs 
are required to provide to prospective clients in those programs. The 
information is required to be presented in a separate, narrative wrap 
fee brochure. The amendments were previously included in the Unified 
Agenda under RIN 3235-AD21.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/20/94                     59 FR 3033
NPRM Comment Period End         03/07/94
Final Action                    04/26/94                    59 FR 21657

Small Entities Affected: Businesses

Government Levels Affected: State, Federal

Agency Contact: Eric C. Freed, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0721

RIN: 3235-AG02
_______________________________________________________________________

5307. INVESTMENT COMPANY BOOKS AND RECORDS

Legal Authority:  15 USC 80a-31(a); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.31a-2

Legal Deadline: None

Abstract: Investment Company Act Rule 31a-2 specifies where and how 
long books and records, required to be maintained by U.S.-registered 
investment companies and other persons, must be preserved. The 
Commission proposed for public comment an amendment to the rule that is 
intended to remove uncertainty regarding the location and language 
aspects of the recordkeeping requirements for U.S.-registered 
investment companies, particularly those investment companies investing 
in foreign securities. The Commission is not currently considering this 
proposal.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            10/09/90                    55 FR 41100
NPRM Comment Period End         12/10/90
Withdrawn                       08/10/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Rochelle Kauffman Plesset, Office of Regulatory Policy- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0688

RIN: 3235-AD66
_______________________________________________________________________

5308. PUHCA: REVISION OF RULES AND FORMS

Legal Authority:  15 USC 79b(a)(3) to 79b(a)(4); 15 USC 79t; 15 USC 79n 
to 79o; 15 USC 79c(d); 15 USC 79e(c); 15 USC 79i(c)(3); 15 USC 79l(c); 
15 USC 79f(b); 15 USC 79l(d); 15 USC 79l(f); 15 USC 79aa(a); 15 USC 
79l(e); 15 USC 79l(i)

CFR Citation:  17 CFR 250.7; 17 CFR 250.26 to 250.27; 17 CFR 250.29; 17 
CFR 250.40(a)(5); 17 CFR 250.14(c); 17 CFR 250.42(b); 17 CFR 250.43(b); 
17 CFR 250.44(b); 17 CFR 250.49; 17 CFR 250.62 to 250.63; 17 CFR 
250.65(b)(2); 17 CFR 250.71(b); 17 CFR 250.83(d)

Legal Deadline: None

Abstract: The rule amendments are intended generally to modernize the 
rules under the Act and, in particular, to reduce undue regulatory 
burdens on companies in a registered holding company system. The 
amendments also broaden the exemption from regulation for companies 
that are primarily engaged in nonutility businesses. The Commission 
deferred action on a proposed amendment to rule 83(d) and is 
considering issues related to the rule amendment in a companion 
rulemaking included in RIN No. 3235-AG19.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/16/92                    57 FR 54025
NPRM Comment Period End         01/15/93                    57 FR 54025
Final Action                    04/28/94                    59 FR 21922

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: CFR CITATION CONT: 17 CFR 259.55; 17 CFR 
259.212a; 17 CFR 259.212b; 17 CFR 259.313
LEGAL AUTHORITY CONT: 15 USC 79m(b)

Agency Contact: Brian Spires, Office of Public Utility Regulation- 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0557

RIN: 3235-AF68

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                  Prerule Stage
 
DIVISION OF MARKET REGULATION
  
_______________________________________________________________________
  
5309. DISTRIBUTIONS OF SECURITIES: LIMITATIONS ON TRADING AND STABILIZING

Legal Authority:  15 USC 78b; 15 USC 78c; 15 USC 78i(a); 15 USC 78j(b); 
15 USC 78m(e); 15 USC 78o(c)

CFR Citation:  17 CFR 240.10b-6; 17 CFR 240.10b-7; 17 CFR 240.10b-8

Legal Deadline: None

Abstract: The Commission has issued a concept release regarding a 
review of Rules 10b-6, 10b-7, and 10b-8. Rule 10b-6 prohibits persons 
engaged in a distribution of securities from bidding for or purchasing, 
or inducing others to purchase, such securities, any security of the 
same class and series as those securities, or any right to purchase any 
such security, until they have completed their participation in the 
distribution. Rule 10b-7 governs stabilizing activities to facilitate 
distributions of securities and Rule 10b-8 governs certain activities 
during distributions of securities through rights. This review examines 
both the domestic application of those rules as well as the 
extraterritorial effect of their application on multinational 
securities distributions. This review also addresses such issues as 
distribution and stabilization practices in the U.S. and abroad, and 
the impact of the rules on activities in foreign jurisdictions.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           04/26/94                    59 FR 21681
ANPRM Comment Period End        08/12/94                    59 FR 21681


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Nancy J. Sanow, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-4892

RIN: 3235-AF54
_______________________________________________________________________

5310.  MARKET RISK HAIRCUTS FOR INSTRUMENTS SUBJECT TO INTEREST 
RATE RISK

Legal Authority:  15 USC 78o(c)(3); 15 USC 78q; 15 USC 78w

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Commission is proposing for comment amendments to 
Exchange Act Rule 15c3-1, the net capital rule, concerning the rule's 
market risk percentage deductions for certain interest rate related 
instruments. Under the proposal, haircuts on investment grade 
nonconvertible debt securities, certain mortgage-backed securities, 
interest rate swaps, and certain other interest rate-related derivative 
instruments would be determined by inclusion in an integrated grid, 
where offsetting would be permitted between the different types of 
instruments.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Timothy Thompson, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0137

RIN: 3235-AG18
_______________________________________________________________________

5311. NOTICE BY SROS REGARDING STATUTORY DISQUALIFICATIONS

Legal Authority:  15 USC 78f; 15 USC 78o; 15 USC 78o-3; 15 USC 78o-4; 
15 USC 78q; 15 USC 78q-1; 15 USC 78g; 15 USC 78w

CFR Citation:  17 CFR 240.19h-1

Legal Deadline: None

Abstract: The Division of Market Regulation anticipates recommending to 
the Commission amendments to Exchange Act Rule 19h-1, which requires 
self-regulatory organizations (``SROs'') to submit to the Commission 
filings whenever a person subject to a statutory disqualification, as 
defined in Section 3(a)(39) of the Exchange Act, seeks to become 
associated with or to continue an association with a broker-dealer, 
transfer agent or other SRO member. The proposed amendments will 
address changes that have expanded the types of misconduct that cause 
an individual to be subject to a statutory disqualification.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Richard E. Pullano, Office of Oversight- Division of 
Market Regulation, Securities and Exchange Commission, 202 942-0752

RIN: 3235-AE39
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
DIVISION OF MARKET REGULATION
  
_______________________________________________________________________
  
5312. CUSTOMER PROTECTION RESERVES AND CUSTODY OF SECURITIES

Legal Authority:  15 USC 78o(c)(3); 15 USC 78w

CFR Citation:  17 CFR 240.15c3-3

Legal Deadline: None

Abstract: The Commission has proposed an amendment to Exchange Act Rule 
15c3-3, the customer protection rule, that would allow broker-dealers 
to provide, in addition to the instruments currently listed in the 
rule, certain other securities as the collateral in securities 
borrowings.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/15/89                    54 FR 10680
NPRM Comment Period End         05/01/89


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Timothy Thompson, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0137

RIN: 3235-AD60
_______________________________________________________________________

5313. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS

Legal Authority:  15 USC 78o(c)(3); 15 USC 78q; 15 USC 78w

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Commission proposed amendments to Exchange Act Rule 15c3-
1, the net capital rule, that could raise the minimum net capital 
requirement for certain introducing broker-dealers, for other classes 
of broker-dealers that never receive customer securities, and for 
broker-dealers that make markets in securities. These proposed 
increases to the minimum net capital requirements are in addition to 
final amendments to the net capital rule adopted December 2, 1992 that, 
among other things, raised the minimum net capital required of clearing 
broker-dealers, broker-dealers exempt from rule 15c-3 under paragraph 
(k)(2)(i) of that rule and certain introducing broker-dealers. In 
addition, the two methods of computing deductions for equity securities 
positions, or haircuts, were standardized. Certain changes also were 
made to the computation as part of the Division of Market Regulation's 
comprehensive market break study, which examined the appropriate levels 
of minimum net capital required of registered broker-dealers.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Interim Final Rule              11/24/92                    57 FR 59693
NPRM                            12/02/92                    57 FR 57027
NPRM Comment Period End         02/05/93


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Roger G. Coffin, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0136

RIN: 3235-AD79
_______________________________________________________________________

5314. INITIATION OR RESUMPTION OF QUOTATIONS WITHOUT SPECIFIC INFORMATION

Legal Authority:  15 USC 78w; 15 USC 78c; 15 USC 78j(b); 15 USC 78o(c); 
15 USC 78q(a); 15 USC 78w(a)

CFR Citation:  17 CFR 240.15c2-11

Legal Deadline: None

Abstract: Exchange Act Rule 15c2-11 governs the submission or 
publication of quotations by brokers or dealers for certain over-the-
counter securities. Currently, the rule applies principally to the 
initiation or resumption of quotations in the National Daily Quotation 
Service, also known as the ``pink sheets.'' The Commission has proposed 
amendments to the rule that would substantially narrow the piggyback 
exception so that self-piggybacking would be excepted under defined 
conditions and every broker-dealer generally would be required to 
obtain and review the specified information before submitting a 
quotation for a covered security. An additional amendment would 
encourage the creation of one or more central information repositories 
by permitting broker-dealers, under certain conditions, to rely on the 
presence of required issuer information in such a repository instead of 
maintaining those files internally.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/25/91                    56 FR 19158
NPRM Comment Period End         01/01/92


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-4892

RIN: 3235-AD94
_______________________________________________________________________

5315. STABILIZING TO FACILITATE A DISTRIBUTION

Legal Authority:  15 USC 78i(a)(6); 15 USC 78j(b); 15 USC 78q(a); 15 
USC 78w(a); 15 USC 78dd(a)

CFR Citation:  17 CFR 240.10b-7

Legal Deadline: None

Abstract: The Commission has proposed amendments to Exchange Act Rule 
10b-7, which regulates stabilizing activities to facilitate 
distribution. The proposed amendments would permit the stabilizing 
price in a distribution of a foreign security to reflect the price of 
the security in the foreign market that is the principal market for 
such security, if the stabilizing activity otherwise complies with the 
rule. Adjustments of stabilizing bids based on exchange rate 
fluctuations between the currencies of the markets on which the 
security is being stabilized would also be permitted. The amendments 
would also deem foreign stabilizing transactions during a distribution 
of a foreign security in the United States made in compliance with 
comparable foreign regulations not to be in violation of Rule 10b-7.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/09/91                      56 FR 814
NPRM Comment Period End         02/25/91


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-4892

RIN: 3235-AE11
_______________________________________________________________________

5316. DEFINITIONS PRINCIPALLY RELATING TO INTERNATIONAL TRANSACTIONS

Legal Authority:  15 USC 78b; 15 USC 78c(b); 15 USC 78w(a)

CFR Citation:  17 CFR 240.3b-10

Legal Deadline: None

Abstract: The Commission published for public comment Exchange Act Rule 
3b-10, which would define certain terms relevant to the increasing 
internationalization of world securities markets. The Commission 
believes that it would be advisable and appropriate to adopt general 
definitions of terms rather than adopting identical definitions in the 
context of individual rulemaking proposals.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/09/91                      56 FR 820
NPRM Comment Period End         02/25/91


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-4892

RIN: 3235-AE15
_______________________________________________________________________

5317. DEFINITION OF ``SHORT SALE''

Legal Authority:  15 USC 78b; 15 USC 78j(a); 15 USC 78dd(a)

CFR Citation:  17 CFR 240.3b-3; 17 CFR 240.10a-1

Legal Deadline: None

Abstract: The Division of Market Regulation recommended that the 
Commission amend Exchange Act Rule 10a-1, which prohibits short sales 
under certain circumstances. The proposals would provide an exception 
to permit specialists to equalize the opening price of a foreign 
security on a U.S. exchange with its price in the principal foreign 
market, to exclude from application of the rule transactions in 
nonconvertible corporate bonds effected on an exchange, and to codify a 
no-action position relating to certain liquidations of index arbitrage 
positions. The proposed amendments redesignate certain current 
provisions of Rule 10a-1. The amendments, if adopted, also would 
clarify the definition of ownership of a security provided by Exchange 
Act Rule 3b-3.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/09/92                    57 FR 24415
NPRM Comment Period End         08/10/92


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: M. Blair Corkran, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-4892

RIN: 3235-AE41
_______________________________________________________________________

5318. AMENDMENTS TO CONFIRMATION REQUIREMENTS OF RULE 10B-10

Legal Authority:  15 USC 78c; 15 USC 78i; 15 USC 78j; 15 USC 78k; 15 
USC 78o; 15 USC 78g; 15 USC 78w

CFR Citation:  17 CFR 240.10b-10

Legal Deadline: None

Abstract: The Commission is proposing to amend Rule 10b-10, the 
Commission's confirmation rule. The proposed amendments to Rule 10b-10 
would: (1) add a preliminary note to the rule indicating that the 
rule's disclosure requirements do not limit disclosure necessary under 
the antifraud provisions; (2) require disclosure of mark-ups and mark-
down for riskless principal transactions in debt securities other than 
U.S. Savings Bonds or municipal securities; (3) require disclosure when 
a debt security other than certain government securities is not rated 
by a nationally recognized statistical rating organization; (4) require 
disclosure of mark-ups and mark-down in small capitalization NASDAQ 
exchange-listed securities; (5) require disclosure whether customer 
accounts are not carried by broker-dealers that are members of the 
Securities Investor Protection Corporation; and (6) clarify yield 
disclosure requirements for transactions in mortgage-backed securities.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/28/94                    59 FR 33236
NPRM Comment Period End         07/15/94


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: C. Dirk Peterson, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0073

RIN: 3235-AF84
_______________________________________________________________________

5319. RECORDKEEPING AND REPORTING REQUIREMENTS FOR TRADING SYSTEMS 
OPERATED BY BROKERS AND DEALERS

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 77s; 15 USC 77eee; 15 USC 77ggg; 15 USC 77sss; 15 USC 77ttt; 15 USC 
78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78m

CFR Citation:  17 CFR 240.17a-23

Legal Deadline: None

Abstract: Proposed Exchange Act rule 17a-23 would establish 
recordkeeping and reporting requirements for brokers and dealers that 
operate automated trading systems. Registered broker-dealers that 
sponsor these systems would be required to maintain participant, volume 
and transaction records, and to report periodically to the Commission.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/18/94                     59 FR 8368
NPRM Comment Period End         05/19/94


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Gordon K. Fuller, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0792

RIN: 3235-AG03
_______________________________________________________________________

5320. DISCLOSURE OF MARK-UPS: NEW RULE 15C2-13

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 77s; 15 USC 77eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 
77ttt; 15 USC 78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78l

CFR Citation:  17 CFR 240.15c2-13

Legal Deadline: None

Abstract: Exchange Act Rule 15c2-13 would require brokers, dealers, and 
municipal securities dealers to: (1) disclose their mark-ups and mark-
downs in connection with riskless principal transactions in municipal 
securities; and (2) disclose that a particular municipal security is 
not rated by a nationally recognized statistical rating organization, 
if such is the case.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/17/94                    59 FR 12767
Comment Period Extended         06/28/94                    59 FR 33236
NPRM Comment Period End         07/15/94


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: C. Dirk Peterson, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0073

RIN: 3235-AG12
_______________________________________________________________________

5321. MUNICIPAL SECURITIES DISCLOSURE

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 77s; 15 USC 77eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 
77ttt; 15 USC 78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78l

CFR Citation:  17 CFR 240.15c2-12

Legal Deadline: None

Abstract: Proposed amendments to Exchange Act rule 15c2-12 are intended 
to deter fraud and manipulation in the municipal securities market by 
prohibiting brokers, dealers, and municipal securities dealers from 
underwriting municipal securities unless the broker, dealer, or 
municipal securities dealer has reasonably determined that the issuer 
has undertaken to provide continuing disclosure to a repository. The 
rule would prohibit brokers, dealers, and municipal securities dealers 
from recommending the purchase or sale of a municipal security unless 
they had reviewed the information the issuer has undertaken to provide.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/17/94                    59 FR 12759
NPRM Comment Period End         07/15/94


Next Action Undetermined

Small Entities Affected: Businesses, Governmental Jurisdictions

Government Levels Affected: State, Local, Federal

Agency Contact: Janet W. Russell-Hunter, Office of Broker-Dealer 
Regulation- Division of Market Regulation, Securities and Exchange 
Commission, 202 942-0073

RIN: 3235-AG13
_______________________________________________________________________

5322.  THEORETICAL PRICING TO DETERMINE HAIRCUTS ON OPTIONS

Legal Authority:  15 USC 78o(c)(3); 15 USC 78q; 15 USC 78w

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Commission is proposing for comment amendments to 
Exchange Act Rule 15c3-1 that would allow broker-dealers to use a 
theoretical pricing model when calculating capital charges for listed 
options and related positions. Haircuts for options and related 
positions, when computed using this model, would more accurately 
reflect the risk inherent in broker-dealers' option positions. The 
proposed amendments are intended to provide capital charges that better 
protect broker-dealers against market risk.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/21/94                    59 FR 13275
NPRM Comment Period End         06/16/94                    59 FR 13275


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Timothy Thompson, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0137

RIN: 3235-AG14
_______________________________________________________________________

5323. NOTICE OF ASSUMPTION OR TERMINATION OF TRANSFER AGENT SERVICES

Legal Authority:  15 USC 78c; 15 USC 78q; 15 USC 78q-1; 15 USC 78w(a)

CFR Citation:  17 CFR 240.17Ad-16

Legal Deadline: None

Abstract: The Commission proposed for comment Rule 17Ad-16 under the 
Exchange Act. Rule 17Ad-16, if adopted, would require a transfer agent 
to provide written notice to securities depositories when terminating 
or assuming transfer agent services on behalf of an issuer or when 
changing its name or address. The proposed rule would increase the 
efficiency of the national system for the clearance and settlement of 
securities transactions as set forth in Section 17A of the Act. 
Transfer agents with no name or address changes and with no change in 
the issues for which they provide services would not be affected by 
this rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/06/92                     57 FR 1128
NPRM Comment Period End         02/09/92


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Ester Saverson, Office Of Market Supervision- Division 
of Market Regulation, Securities and Exchange Commission, 202 942-0165

RIN: 3235-AE20
_______________________________________________________________________

5324. SECURITIES TRANSACTIONS EXEMPT FROM TRANSACTION FEES

Legal Authority:  15 USC 78a et seq; 15 USC 77c et seq

CFR Citation:  17 CFR 240.31-1; 17 CFR 240.31-1(g)

Legal Deadline: None

Abstract: The proposal provides an exemption from the payment of fees 
for certain securities transactions. Many transactions occurring after 
regular trading hours involve portfolio trades. When executed overseas, 
these transactions currently may be exempt from Exchange Act Section 31 
transaction fees pursuant to Rule 31-a(e). The amendment to Rule 31-1, 
as proposed, would provide a limited exemption from the payment of 
section 31 fees for sales involving 15 securities or more at one 
aggregate price occurring on or off an exchange in listed securities 
after regular trading hours. By aligning the exemption for after-hours 
portfolio trading to match the treatment for overseas trading, the 
proposal will remove an incentive for executing these trades overseas.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/03/91                    56 FR 25056
NPRM Comment Period End         07/03/91


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Sandy Sciole, Office of Market Supervision- Division of 
Market Regulation, Securities and Exchange Commission, 202 942-0183

RIN: 3235-AE52
_______________________________________________________________________

5325. DEBT OBLIGATIONS ISSUED BY THE KINGDOM OF SPAIN

Legal Authority:  15 USC 78(a) to 78(w)

CFR Citation:  17 CFR 240.3a12-8

Legal Deadline: None

Abstract: The proposed rule would designate debt obligations issued by 
the Kingdom of Spain as exempted securities for purposes of marketing 
and trading of futures contracts on these securities in the United 
States. The amendment is intended to permit futures on Spanish 
government debt to be traded in the U.S. This change is not intended to 
have any substantive effect on the operation of the rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            05/04/93                    58 FR 27684
NPRM Comment Period End         06/10/93


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Michael A. Walinskas, Office of Market Supervision- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0187

RIN: 3235-AF88
_______________________________________________________________________

5326. DISCLOSURE OF PAYMENT FOR ORDER FLOW

Legal Authority:  15 USC 78a; 15 USC 78k-1; 15 USC 78o; 15 USC 78j

CFR Citation:  17 CFR 240.10b-10(a)(7)(iii); 17 CFR 240.11Ac1-3; 17 CFR 
240.10b-10(e)(9)

Legal Deadline: None

Abstract: The Commission proposed for comment amendments to rules 10b-
10(a)(7)(iii) and 10b-10(e)(9), and proposed rule 11Ac1-3 under the 
Exchange Act. Amended rule 10b-10(a)(7)(iii), if adopted, would require 
a broker-dealer to include on the confirmation of each transaction 
whether payment for order flow was received, and, if so, the amount of 
any monetary payment, discount, rebate or reduction in fee received in 
connection with the transaction. Rule 10b-10(e)(9), if amended, would 
define payment for order flow to include all forms or arrangements 
compensating for diverting order flow.
New rule 11Ac1-3, if adopted, would require disclosure on each new 
account statement and on a yearly basis thereafter on the annual 
account statement, the firm's policies regarding payment for order flow 
practices in exchange-listed and NASDAQ national market system 
securities; and information regarding the firm's aggregate amount of 
monetary-based payment for order flow compensation.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            10/13/93                    58 FR 52934
NPRM Comment Period End         12/03/93


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jill Ostergaard, Office of Market Supervision- Division 
of Market Regulation, Securities and Exchange Commission, 202 942-0169

RIN: 3235-AG00
_______________________________________________________________________

5327. LARGE TRADER REPORTING SYSTEM

Legal Authority:  15 USC 77c to 77d; 15 USC 77s; 15 USC 77ttt; 15 USC 
78c to 78d; 15 USC 78i to 78j; 15 USC 78l to 78p; 15 USC 78s; 15 USC 
78w

CFR Citation:  17 CFR 240.13h-1

Legal Deadline: None

Abstract: The Commission has published for comment reproposed Exchange 
Act Rule 13h-1, which would require large traders to disclose accounts 
to the Commission, and would require broker-dealers to maintain and 
report large trader transaction records to the Commission.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/17/94                     59 FR 7917
NPRM Comment Period End         04/18/94


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: Undetermined

Additional Information: LEGAL AUTHORITY CONT: 15 USC 78x; 15 USC 79q; 
15 USC 79t; 15 USC 80a-29; 15 USC 80a-37

Agency Contact: Nicholas T. Chapekis, Office of Oversight- Division of 
Market Regulation, Securities and Exchange Commission, 202 942-0757

RIN: 3235-AE42
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
DIVISION OF MARKET REGULATION
  
_______________________________________________________________________
  
5328.  RULE CHANGES OF SROS; AMENDMENTS TO REGISTRATION 
STATEMENTS OF EXCHANGES, SECURITIES ASSOCIATIONS, AND REPORTS OF THE MSRB

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 77s; 15 USC 77eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 
77ttt; 15 USC 78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78l

CFR Citation:  17 CFR 240; 17 CFR 249

Legal Deadline: None

Abstract: The Commission has proposed amendments to Exchange Act Rule 
19b-4 and Form 19b-4, the rule and form that set forth the procedures 
for the filing by self-regulatory organizations of proposed rule 
changes. The amendments would expand the scope of those proposed rule 
changes that may become effective under Section 19(b)(3)(A) of the Act, 
and are intended to expedite and streamline the process through which 
proposed rule changes are filed and become effective. The Commission 
also proposed amendments to the rules and forms applicable to the 
annual filing of amendments to registration statements of national 
securities exchanges, securities associations, and reports of the 
Municipal Securities Rulemaking Board, to streamline those 
requirements.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/07/94                    59 FR 29393
NPRM Comment Period End         08/08/94


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Andrew S. Margolin, Office of Broker-Dealer Regulation- 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0073

RIN: 3235-AG15

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
 
OFFICES AND OTHER PROGRAMS
  
_______________________________________________________________________
  
5329. RULES OF PRACTICE

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77h-1; 15 
USC 77j; 15 USC 77s; 15 USC 77s; 15 USC 77u; 15 USC 78c(b); 15 USC 78d-
1; 15 USC 78d-2; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o

CFR Citation:  17 CFR 201; 17 CFR 202; 17 CFR 203; 17 CFR 240

Legal Deadline:  Final, Statutory, October 15, 1991.
A statutory deadline applies to the rules regarding temporary cease and 
desist and disgorgement. No deadline applies to any of the other rules.

Abstract: The Commission has proposed comprehensive revisions to its 
Rules of Practice. This proposal stems from the work of the Task Force 
on Administrative Proceedings, which examined the rules and procedures 
governing Commission administrative proceedings. Following passage of 
the Securities Enforcement Remedies and Penny Stock Reform Act, the 
Task Force expanded its work to include developing recommendations to 
implement the Commission's new powers under the Act. Among the major 
elements of the proposed Rules of Practice are: new procedures for 
temporary cease-and-desist order proceedings; new rules governing the 
collection and distribution of disgorgement required by Commission 
order; a streamlined discovery process; an expanded role for prehearing 
conferences; an expanded availability of summary disposition of matters 
of law; and production of documents, pursuant to subpoena, prior to the 
start of a hearing.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/22/93                    58 FR 61752
NPRM Comment Period End         01/06/94
NPRM Comment Period Extended to 
02/04/94                        01/11/94                     59 FR 1509
Final Action                    10/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Andrew Z. Glickman, Office of Counseling and Regulatory 
Policy- Office of the General Counsel, Securities and Exchange 
Commission, 202 942-0870

RIN: 3235-AF91
[FR Doc. 94-22307 Filed 11-10-94; 8:45 am]
BILLING CODE 8010-01-F