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


[[Page 24401]]


_______________________________________________________________________

Part LXV





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / 
Unified Agenda


Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / 
Unified Agenda
[[Page 24402]]

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

______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                              
  
______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7146, 34-35419, 35-26238, 39-2329, IC-20921, IA-1474; 
File No. S7-9-95]

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 February 22, 
1995, 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 June 30, 1995.

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. S7-9-95 
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: Anne H. Sullivan, Office of the 
General Counsel, 202-942-0954.

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: February 27, 1995.

    By the Commission.

Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5034        Disclosure of Market and Credit Risk Exposures Including Derivatives, Structured                    
            Notes, Commodity Contracts, and Other Similar Instruments.............................    3235-AG42 
5035        Asset-Backed Securities Disclosure....................................................    3235-AF74 
5036        Safe Harbor for Forward-Looking Statements............................................    3235-AG35 
5037        Form S-4: Elimination of General Instruction G........................................    3235-AG22 
5038        Extension of Reporting Requirements for Certain Issuers of Debt Securities............    3235-AG33 
5039        Regulation S and Streamlining of Financial Statement Requirements for Registered                    
            Offerings During the Pendency of Material Acquisitions................................    3235-AG34 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5040        Disclosure of Security Ratings........................................................    3235-AG20 
5041        Prospectus Delivery; Securities Transactions Settlement...............................    3235-AG40 
5042        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AF66 
5043        Disclosure of Legal Proceedings Involving Management, Promoters, Control Persons and                
            Others................................................................................    3235-AG32 
5044        Small Issue Exemptive Rule and Registration Forms for Certain Rights Offerings........    3235-AD44 
5045        Forms for Information Filed by Exempt Foreign Private Issuers.........................    3235-AD72 
5046        International Tender and Exchange Offers..............................................    3235-AD97 
----------------------------------------------------------------------------------------------------------------


                                                                                                                
                             [[Page 24403]]
                           DIVISION OF CORPORATION FINANCE--Completed/Longterm Actions                          
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation  
 Sequence                                          Title                                            Identifier  
  Number                                                                                              Number    
----------------------------------------------------------------------------------------------------------------
5047        Reporting Currency Selection and Reconciliation to U.S. GAAP for Certain Foreign                    
            Private Issuers.....................................................................     3235-AD70  
5048        Summary Prospectus Requirements and Information.....................................     3235-AD90  
5049        Disclosure of Investment Advice Paid for by Interested Parties......................     3235-AG08  
5050        Limited Partnership Roll-up Transactions............................................     3235-AG09  
5051        EDGAR Implementation................................................................     3235-AG10  
5052        Exemptive Relief and Filing Requirements for Debt Securities Listed on a National                   
            Securities Exchange.................................................................     3235-AG11  
5053        American Depositary Receipts........................................................     3235-AE57  
5054        Reconciliation of the Accounting by Foreign Private Issuers for Business                            
            Combinations........................................................................     3235-AG16  
5055        Financial Statements of Significant Foreign Equity Investees and Acquired Foreign                   
            Businesses of Domestic Issuers and Financial Schedules..............................     3235-AG17  
5056        Clarification of Safe Harbors for Broker-Dealer Research Reports....................     3235-AG26  
5057        Reports by Certain Owners of Equity Securities: Regulation 13D-G....................     3235-AD09  
5058        Debt Tender Offers..................................................................     3235-AD69  
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF INVESTMENT MANAGEMENT--Prerule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5059        Certain Investment Company Registration Forms.........................................    3235-AE46 
5060        Investment Company Risk Disclosure....................................................    3235-AG30 
5061        Mergers of Certain Affiliated Investment Companies....................................    3235-AG31 
5062        Exemption from Certain Filing Requirements for Certain Affiliated Persons of                        
            Investment Advisers...................................................................    3235-AF81 
5063        Insurance Products: New Form N-6 for Registration of Separate Accounts Offering                     
            Variable Life Insurance Contracts.....................................................    3235-AG37 
5064        Insurance Products: Rule Regarding Mortality and Expense Risk Charges.................    3235-AG38 
5065        Insurance Products: Rule for Deductions of Amounts Reflecting an Insurance Company's                
            Increase in Federal Tax Liability for Premium Payments on Variable Life Insurance                   
            Contracts.............................................................................    3235-AG39 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5066        Investment Advisers: Registration and Annual Supplement Forms.........................    3235-AD21 
5067        Disclosure by Investment Advisers Regarding Soft Dollar Practices.....................    3235-AG36 
5068        Unit Investment Trusts: Simplification of Registration Statements and Advertising                   
            Rules.................................................................................    3235-AA47 
5069        Registration Form Amendments Pertaining to Money Market Funds and Separate Accounts...    3235-AF95 
5070        Exemption for Finance Subsidiaries of Certain Banks and Insurance Companies...........    3235-AE95 
5071        Custody of Investment Company Assets Outside the United States........................    3235-AE98 
5072        Assignments of Advisory Contracts: Temporary Exemptions...............................    3235-AF57 
5073        Custody of Securities and Investments by Investment Company...........................    3235-AF70 
5074        Exemption From Disqualification for Certain Affiliated Persons........................    3235-AF89 
5075        Requirements Relating to Codes of Ethics With Respect to Registered Investment                      
            Companies.............................................................................    3235-AG27 
5076        Investment Company Books and Records Requirements.....................................    3235-AE94 
5077        Amendments to Form N-SAR, Semi-Annual Report of Registered Investment Companies.......    3235-AF93 
5078        Individualized Investment Management Service..........................................    3235-AG07 
5079        Deregistration Form Amendments........................................................    3235-AG29 
5080        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies................    3235-AF78 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5081        Suitability of Investment Adviser Advice; Quarterly Account Statements................   3235-AG06  
                           [[Page 24404]]
                                                                                                                
5082        Registration Fees for Certain Investment Companies....................................    3235-AC25 
5083        Tax-Exempt Money Market Fund Rule Proposals...........................................    3235-AE17 
5084        Accounting Treatment of Investment Company Expenses Paid Through Brokerage Commission.    3235-AF94 
5085        Exemptions for Certain Investment Companies to Impose Deferred Sales Loads............    3235-AE97 
5086        Expedited Procedure for Exemptive Orders..............................................    3235-AF56 
5087        Off-the-Page Prospectuses for Open-End Management Investment Companies................    3235-AF58 
5088        Certain Research and Development Companies............................................    3235-AF69 
5089        Custody of Investment Company Assets With Futures Commission Merchants and Commodity                
            Clearing Organizations................................................................    3235-AF97 
5090        PUHCA: Revision of Financing Rules....................................................    3235-AF49 
5091        Status of Subsidiary Companies Formed to Hold Interests in Foreign Utility Companies..    3235-AF79 
5092        PUHCA: Subsidiaries Performing Services or Construction or Selling Goods..............    3235-AF87 
5093        PUHCA: Annual Report of Mutual and Subsidiary Service Companies.......................    3235-AG05 
5094        PUHCA: Exemption for Transactions With Foreign Associates.............................    3235-AG19 
5095        Rule 90: Pricing of Intrasystem Sales of Goods, Services, and Construction............    3235-AG23 
----------------------------------------------------------------------------------------------------------------


                          DIVISION OF INVESTMENT MANAGEMENT--Completed/Longterm Actions                         
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5096        Investment Company Proxy Rules........................................................    3235-AA69 
5097        Effective Date of Certain Post-Effective Amendments...................................    3235-AF96 
5098        Certain Two-Tier Real Estate Limited Partnerships.....................................    3235-AC84 
5099        Exemption for Multiple Classes of Shares; Disclosure by Multiple Class and Master-                  
            Feeder Funds..........................................................................    3235-AF00 
5100        Investment Company Distribution Plans: Rules 12b-1 and 17d-3..........................    3235-AF62 
5101        Continuous or Delayed Offerings by Certain Investment Companies; Automatic                          
            Effectiveness of Certain Registration Statements......................................    3235-AF86 
5102        Redemptions by Open-End Management Investment Companies at Periodic Intervals or With               
            Extended Payment......................................................................    3235-AF98 
5103        PUHCA: Dividend Declarations and Payments on Certain Indebtedness.....................    3235-AG04 
----------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage                                  
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5104        Market Risk Haircuts for Instruments Subject to Interest Rate Risk....................    3235-AG18 
5105        Notice by SROs Regarding Statutory Disqualifications..................................    3235-AE39 
5106        Nationally Recognized Statistical Rating Organizations................................    3235-AG41 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5107        Customer Protection Reserves and Custody of Securities................................    3235-AD60 
5108        Net Capital Requirements for Brokers or Dealers.......................................    3235-AD79 
5109        Initiation or Resumption of Quotations Without Specific Information...................    3235-AD94 
5110        Stabilizing To Facilitate a Distribution..............................................    3235-AE11 
5111        Definitions Principally Relating to International Transactions........................    3235-AE15 
5112        Definition of ``Short Sale''..........................................................    3235-AE41 
5113        Distributions of Securities: Limitations on Trading and Stabilizing...................    3235-AF54 
5114        Disclosure of Mark-ups: New Rule 15c2-13..............................................    3235-AG12 
5115        Theoretical Pricing To Determine Haircuts on Options..................................    3235-AG14 
5116        Form BD Amendments....................................................................    3235-AG25 
5117        Securities Transactions Exempt From Transaction Fees..................................   3235-AE52  
                           [[Page 24405]]
                                                                                                                
5118        Prohibition on Market-Makers Trading Ahead of Customer Limit Orders...................    3235-AG21 
5119        Proposed Amendments to Transfer Agent Rules...........................................    3235-AG24 
5120        Proposed Rule 12f-2, ``Extending Unlisted Trading Privileges''........................    3235-AG28 
5121        Large Trader Reporting System.........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------


                            DIVISION OF MARKET REGULATION--Completed/Longterm Actions                           
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5122        Amendments to Confirmation Requirements of Rule 10b-10................................    3235-AF84 
5123        Recordkeeping and Reporting Requirements for Trading Systems Operated by Brokers and                
            Dealers...............................................................................    3235-AG03 
5124        Municipal Securities Disclosure.......................................................    3235-AG13 
5125        Rule Changes of SROs; Amendments to Registration Statements of Exchanges, Securities                
            Associations, and Reports of the MSRB.................................................    3235-AG15 
5126        Notice of Assumption or Termination of Transfer Agent Services........................    3235-AE20 
5127        Debt Obligations Issued by the Kingdom of Spain.......................................    3235-AF88 
5128        Disclosure of Payment for Order Flow..................................................    3235-AG00 
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage                                  
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
5129        Rules of Practice.....................................................................    3235-AF91 
----------------------------------------------------------------------------------------------------------------




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5034.  DISCLOSURE OF MARKET AND CREDIT RISK EXPOSURES 
INCLUDING DERIVATIVES, STRUCTURED NOTES, COMMODITY CONTRACTS, AND OTHER 
SIMILAR INSTRUMENTS

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

CFR Citation:  17 CFR 229; 17 CFR 210

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules to require registrants to provide disclosures about 
derivative activities and exposures to market and credit risk.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Teresa E. Iannaconi, Associate Director, Accounting 
Operations, Division of Corporation Finance, Securities and Exchange 
Commission, 202 942-2760

RIN: 3235-AG42
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5035. 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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5036.  SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

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

CFR Citation:  17 CFR 230.175

Legal Deadline: None

Abstract: The Commission issued a concept release in October 1994 
regarding disclosure of forward-looking information and the 
effectiveness of the safe harbor provisions for that type of 
disclosure. The concept release requested public comments and 
[[Page 24406]] announced that public hearings would be held. After the 
hearings and review of the comment letters, the Division will evaluate 
the safe harbor provisions and recommend to the Commission, if 
appropriate and consistent with the protection of investors, proposed 
amendments to these provisions in order to more effectively encourage 
the dissemination of forward-looking information.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           10/19/94                    59 FR 52723


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Amy Bowerman Freed, Office of the Chief Counsel, 
Division of Corporation Finance, Securities and Exchange Commission, 
202 942-2900

RIN: 3235-AG35
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5037.  FORM S-4: ELIMINATION OF GENERAL INSTRUCTION G

Legal Authority:  15 USC 77c; 15 USC 77e; 15 USC 77f; 15 USC 77h; 15 
USC 77j; 15 USC 77q; 15 USC 77s

CFR Citation:  17 CFR 230.406; 17 CFR 230.464; 17 CFR 230.473; 17 CFR 
230.475a; 17 CFR 230.477; 17 CFR 239.25

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose eliminating General Instruction G from Form S-4 in view of the 
exemption from registration for securities issued in bank holding 
company formations recently enacted as part of the Riegle Community 
Development and Regulatory Improvement Act.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Peggy Fisher, Division of Corporation Finance, 
Securities and Exchange Commission, 202 942-1762

RIN: 3235-AG22
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5038.  EXTENSION OF REPORTING REQUIREMENTS FOR CERTAIN 
ISSUERS OF DEBT SECURITIES

Legal Authority:  15 USC 77nnn

CFR Citation:  17 CFR 260

Legal Deadline: None

Abstract: In June 1994, the Commission published a release soliciting 
comment as to whether it is advisable to expand reporting requirements 
to issuers of debt securities that are traded in the over-the-counter 
market under certain circumstances where the issuer is not otherwise 
subject to periodic reporting requirements. The Division is considering 
whether to recommend that the Commission issue proposals to require 
certain obligors on debt securities to file reports with the Commission 
containing current information regarding their obligations.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           06/07/94                    59 FR 29398


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG33
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________


5039.  REGULATION S AND STREAMLINING OF FINANCIAL STATEMENT 
REQUIREMENTS FOR REGISTERED OFFERINGS DURING THE PENDENCY OF MATERIAL 
ACQUISITIONS

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 210.3-05; 17 CFR 230.901 et seq

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Regulation S to clarify the types of offerings 
that may rely on the safe harbors provided thereunder through 
additional conditions to the safe harbors. In connection with the 
Regulation S proposals, and in order to facilitate registered 
offerings, the Division is developing amendments to Regulation S-X to 
streamline Securities Act financial statement disclosure requirements 
by permitting issuers to register offerings without providing financial 
statements for probable acquisitions that do not exceed specified 
significance thresholds.

Timetable: 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-AG34



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5040. 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. [[Page 24407]] 

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG20
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5041.  PROSPECTUS DELIVERY; SECURITIES TRANSACTIONS 
SETTLEMENT

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

CFR Citation:  17 CFR 228.503; 17 CFR 228.601; 17 CFR 229.502; 17 CFR 
229.503; 17 CFR 229.601; 17 CFR 229.801; 17 CFR 230.402; 17 CFR 
230.424; 17 CFR 230.430A; 17 CFR 230.434; 17 CFR 230.439; 17 CFR 
230.457; 17 CFR 230.461; 17 CFR 230.462; 17 CFR 239.9; ...

Legal Deadline: None

Abstract: The Commission has proposed amendments to its rules and forms 
and a new rule under the Securities Act of 1933 in order to implement 
two solutions to prospectus delivery issues arising in connection with 
the change to T+3 securities transaction settlement. The proposals are 
based on recommendations submitted by representatives of financial 
intermediaries. In addition, the Commission proposed to amend an 
exemption from T+3 clearance and settlement for purchases and sales of 
securities pursuant to a firm commitment offering. Such exemption is 
proposed to be limited to offerings of asset-backed securities and 
structured securities and would provide an extended settlement time 
frame to firm commitment offerings under certain conditions.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            02/17/95                    60 FR 10724


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: CFR CITATIONS CONT: 17 CFR 239.10; 17 CFR 
239.11; 17 CFR 239.12; 17 CFR 239.13; 17 CFR 239.18; 17 CFR 239.31; 17 
CFR 239.32; 17 CFR 239.33; 17 CFR 240.15c2-8; 17 CFR 240.15c6-1

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

RIN: 3235-AG40
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5042. 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
Additional NPRM Comment Period 
for All Proposals Extended to 
11/01/94                        09/22/94                    59 FR 48579
NPRM Comment Period End         10/17/94                    59 FR 42449


Next Action Undetermined

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5043.  DISCLOSURE OF LEGAL PROCEEDINGS INVOLVING 
MANAGEMENT, PROMOTERS, CONTROL PERSONS AND OTHERS

Legal Authority:  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 228.401; 17 CFR 229.401; 17 CFR 239.90; 17 CFR 
240.13d-101; 17 CFR 240.13e-100; 17 CFR 240.14d-100

Legal Deadline: None

Abstract: The Commission has proposed amendments that would expand 
disclosure requirements relating to legal proceedings involving 
management, promoters, control persons and others by enlarging the 
classes of legal proceedings that are subject to disclosure and by 
extending the period during which disclosure is required from the 
current five to ten years.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            11/07/94                    59 FR 55385
NPRM Comment Period End         01/06/95                    59 FR 55385


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-AG32
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5044. 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.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance, Division of Corporation [[Page 24408]] Finance, Securities and 
Exchange Commission, 202 942-2990

RIN: 3235-AD44
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5045. 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                    56 FR 27612


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF CORPORATION FINANCE
______________________________________________________________________


5046. 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                    55 FR 23751
NPRM                            06/14/91                    56 FR 27582
NPRM Comment Period End         09/09/91                    56 FR 27582


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/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5047. 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 adopted amendments 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 adopted, the rule permits a foreign 
private issuer to state amounts in its financial statements in any 
currency which it deems appropriate. In addition, a foreign private 
issuer that accounts for its operations in hyperinflationary 
environments in accordance with International Accounting Standard No. 
21, ``The Effects of Changes in Foreign Exchange Rate'', as amended in 
1993, does 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
Final Action                    12/20/94                    59 FR 65628
Final Action Effective          12/20/94                    59 FR 65628

Small Entities Affected: Businesses

Government Levels Affected: None

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5048. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            06/27/90                    55 FR 26212
NPRM Comment Period End         09/15/90                    55 FR 26212
Withdrawn                       04/01/95

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


______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

[[Page 24409]]
5049. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Withdrawn                       04/01/95

Small Entities Affected: None

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5050. 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 adopted 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                            08/31/94                    59 FR 46365
NPRM Comment Period End         10/31/94                    59 FR 46365
Final Action                    12/08/94                    59 FR 63676
Final Action Effective          12/17/94                    59 FR 63676

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG09
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5051. 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 Commission has adopted final rules to fully implement the 
phase-in to electronic filing on the Electronic Data Gathering, 
Analysis and Retrieval (EDGAR) system.

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
Final Action                    12/30/94                    59 FR 67752
Final Action Effective          01/30/95                    59 FR 67752

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5052. 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: The Commission adopted 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 adopted 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 new rule and amendments to previously 
existing rules exempt debt securities listed on a national exchange 
from some of the proxy rules and restrictions on borrowing provided by 
Section 8(a) of the Exchange Act. Additionally the amendments provide 
for the automatic effectiveness of 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                    59 FR 29398
Final Action                    11/07/94                    59 FR 55342
Final Action Effective          12/07/94                    59 FR 55342

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-AG11
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5053. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           05/23/91                    56 FR 24420
ANPRM Comment Period End        09/30/91                    56 FR 24420
Withdrawn                       04/01/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance, Division of Corporation [[Page 24410]] Finance, Securities and 
Exchange Commission, 202 942-2990

RIN: 3235-AE57
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5054. 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 amended Form 20-F to streamline the 
financial statement reconciliation requirements for foreign private 
issuers that have entered into business combinations. The amendments 
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 that 
the financial statements comply with International Accounting Standard 
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
Final Action                    12/20/94                    59 FR 65637
Final Action Effective          12/20/94                    59 FR 65637

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG16
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5055. 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 adopted amendments to Regulation S-X to 
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 amendments also 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
Final Action                    12/20/94                    59 FR 65632
Final Action Effective          12/20/94                    59 FR 65632

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG17
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5056.  CLARIFICATION OF SAFE HARBORS FOR BROKER-DEALER 
RESEARCH REPORTS

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 78l; 15 USC 78m; 15 USC 78n; 
15 USC 78o; 15 USC 78w; 15 USC 78ll(d); 15 USC 79t; 15 USC 80a08; ...

CFR Citation:  17 CFR 230.138; 17 CFR 230.139

Legal Deadline: None

Abstract: The Commission has adopted amendments to its broker-dealer 
safe harbor rules. The amendments clarify the availability of the safe 
harbor provisions of Rule 138, relating to broker-dealer research 
reports on individual companies, and the availability of the safe 
harbor provisions of Rule 139, for broker-dealer industry reports which 
include sizable, first-time foreign registrants.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/20/94                    59 FR 65641
NPRM Comment Period End         01/19/95                    59 FR 65641
Final Action                    02/06/95                     60 FR 6965
Final Action Effective          02/06/95                     60 FR 6965

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Annemarie Tierney, Office of International Corporate 
Finance, Division of Corporation Finance, Securities and Exchange 
Commission, 202 942-2990

RIN: 3235-AG26
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________

5057. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            03/14/89                    54 FR 10552
NPRM Comment Period End         05/15/89                    54 FR 10552
Withdrawn                       04/01/95

Small Entities Affected: None

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF CORPORATION FINANCE
______________________________________________________________________


5058. 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 Commission is withdrawing this item from the Unified 
[[Page 24411]] Agenda because the Commission does not expect to 
consider the item within the next 12 months, but the Commission may 
consider the item further at some subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Withdrawn                       04/01/95

Small Entities Affected: None

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-AD69



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5059. 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: Martha Platt, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0725

RIN: 3235-AE46
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5060.  INVESTMENT COMPANY RISK DISCLOSURE

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

CFR Citation:  17 CFR 230.482; 17 CFR 239.15A; 17 CFR 274.11A; 17 CFR 
239.14; 17 CFR 274.11a-1

Legal Deadline: None

Abstract: The Division of Investment Management is preparing for 
consideration by the Commission a concept release regarding the ways in 
which investment company risk disclosure can be improved. Currently, 
open-end and closed-end management investment companies are required to 
provide narrative risk disclosure in their prospectuses. The concept 
release will request comment on both narrative and quantitative methods 
for providing information to investors regarding the risks presented by 
funds.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Martha Platt, Office of Disclosure and Investment 
Adviser, Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0725

RIN: 3235-AG30
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5061.  MERGERS OF CERTAIN AFFILIATED INVESTMENT COMPANIES

Legal Authority:  15 USC 80a-17(a)

CFR Citation:  17 CFR 270.17a-8

Legal Deadline: None

Abstract: Rule 17a-8 presently allows a merger, consolidation, or 
purchase or sale of substantially all of the assets involving 
registered investment companies which may be affiliated persons, or 
affiliated persons of an affiliated person, solely by reason of having 
a common investment adviser, common directors, and/or common officers. 
The Division of Investment Management is considering whether to 
recommend to the Commission that it expand the applicability of the 
rule to other affiliate relationships.

Timetable: Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

RIN: 3235-AG31
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5062. 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: Undetermined

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


______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

[[Page 24412]]
5063.  INSURANCE PRODUCTS: NEW FORM N-6 FOR REGISTRATION OF 
SEPARATE ACCOUNTS OFFERING VARIABLE LIFE INSURANCE CONTRACTS

Legal Authority:  15 USC 77a et seq; 15 USC 80a-1 et seq; 15 USC 77g; 
15 USC 77j; 15 USC 77s; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-37

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The staff of the Office of Insurance Products is planning to 
recommend that the Commission propose a new Form N-6 to be used for 
separate accounts offering variable life insurance contracts to 
register under both the Investment Company Act and the Securities Act. 
Currently, most insurance company separate accounts are organized as 
unit investment trusts (``UITs'') and register their interests on Form 
S-6. Form S-6 was developed for UITs generally, and not specifically 
for insurance company separate accounts that offer interests in 
variable life insurance contracts.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kevin M. Kirchoff, Office of Insurance Products, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0672

RIN: 3235-AG37
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5064.  INSURANCE PRODUCTS: RULE REGARDING MORTALITY AND 
EXPENSE RISK CHARGES

Legal Authority:  15 USC 80a-1 et seq; 15 USC 80a-6(c); 15 USC 80a-37

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The staff of the Office of Insurance Products is planning to 
recommend that the Commission repropose for public comment a rule under 
the Investment Company Act for variable annuity separate accounts that 
would codify standards the staff has developed in processing 
applications seeking exemptions to deduct certain risk charges from 
account assets. If adopted, the proposed rule would eliminate the need 
for individual exemptive orders in connection with these matters.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kevin M. Kirchoff, Office of Insurance Products, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0672

RIN: 3235-AG38
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________


5065.  INSURANCE PRODUCTS: RULE FOR DEDUCTIONS OF AMOUNTS 
REFLECTING AN INSURANCE COMPANY'S INCREASE IN FEDERAL TAX LIABILITY FOR 
PREMIUM PAYMENTS ON VARIABLE LIFE INSURANCE CONTRACTS

Legal Authority:  15 USC 80a-1 et seq; 15 USC 80a-6(c); 15 USC 80a-37

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The staff of the Office of Insurance Products is planning to 
recommend that the Commission propose for public comment a rule under 
the Investment Company Act for insurance company separate accounts that 
fund variable life insurance contracts. The rule would codify standards 
the staff has developed in processing applications from insurance 
companies and their separate accounts seeking exemptions to deduct from 
premium payments an amount approximately equal to the increase in the 
federal tax liability of the insurance company resulting from the 
receipt of those premium payments. If adopted, the proposed rule would 
eliminate the need for individual exemptive orders in connection with 
these matters.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Kevin M. Kirchoff, Office of Insurance Products, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0672

RIN: 3235-AG39



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5066. 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.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Karen J. Garnett, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0728

RIN: 3235-AD21
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5067.  DISCLOSURE BY INVESTMENT ADVISERS REGARDING SOFT 
DOLLAR PRACTICES

Legal Authority:  15 USC 80b-4; 15 USC 80b-6(4); 15 USC 80b-11(a); 15 
USC 78bb(e)(2) [[Page 24413]] 

CFR Citation:  17 CFR 275; 17 CFR 279

Legal Deadline: None

Abstract: The Commission has proposed to require investment advisers to 
provide an annual report to clients regarding their ``soft dollar'' 
practices. This action was previously included as part of 3235-AD21.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            02/14/95                     60 FR 9750
NPRM Comment Period End         05/19/95                     60 FR 9750
Final Action                    09/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG36
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5068. 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                    50 FR 21282
Reproposing Release             03/17/87                     52 FR 8268
NPRM Comment Period End         05/18/87                     52 FR 8268


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Martha Platt, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0725

RIN: 3235-AA47
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5069. 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, 202 942-0725

RIN: 3235-AF95
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5070. 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                            09/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Robert G. Bagnall, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AE95
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5071. CUSTODY OF INVESTMENT COMPANY ASSETS OUTSIDE THE UNITED 
STATES

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 management investment companies to 
maintain their assets with certain foreign custodians, subject to 
certain findings by the company's board of directors. Commenters have 
indicated that the rule places inappropriate burdens on investment 
company directors, and that other provisions of the rule are too 
restrictive. The staff is considering recommending that the Commission 
propose amendments to the rule to address these comments. 
[[Page 24414]] 

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5072. 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                            08/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: David M. Goldenberg, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-4525

RIN: 3235-AF57
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5073. 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                            08/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5074. 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                            09/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5075.  REQUIREMENTS RELATING TO CODES OF ETHICS WITH 
RESPECT TO REGISTERED INVESTMENT COMPANIES

Legal Authority:  15 USC 80a-17(j); 15 USC 80a-37(a); 15 USC 80a-37(b)

CFR Citation:  17 CFR 270.17j-1

Legal Deadline: None

Abstract: The Commission is reviewing whether to amend Rule 17j-1 under 
the Investment Company Act and forms under the Investment Company Act 
and the Securities Act of 1933, as recommended by the Division of 
Investment Management in its report entitled ``Personal Investment 
Activities of Investment Company Personnel.'' The amendments to Rule 
17j-1 would require boards of directors of investment companies to 
review codes of ethics annually and require certain persons to make 
reports to their employers listing all securities owned by them. The 
amendments to Form N-1A would require investment companies to provide 
disclosure in their registration statements relating to codes of 
ethics.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            07/00/95

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: David M. Goldenberg, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-4525

RIN: 3235-AG27
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5076. 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 
[[Page 24415]] certain requirements relating to the portfolio 
transaction records of investment companies. In particular, the staff 
may recommend to the Commission that current requirements under rules 
31a-1 and 31a-2 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            09/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5077. 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                            07/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5078. INDIVIDUALIZED INVESTMENT MANAGEMENT SERVICE

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 issue a release requesting public 
comment on a reproposal of Rule 3a-4 under the Investment Company Act, 
which would exempt from registration and regulation under the 
Investment Company Act individualized investment management services.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Rochelle Kauffman-Plesset, 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
______________________________________________________________________

5079.  DEREGISTRATION FORM AMENDMENTS

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

CFR Citation:  17 CFR 274.218; 17 CFR 270.8F-1

Legal Deadline: None

Abstract: The Division of Investment Management is recommending to the 
Commission amendments for Form N-8F, the deregistration form used by 
those registered investment companies defined in rule 8f-1 under the 
Investment Company Act. The proposed amendments to Form N-8F would seek 
to simplify and expedite the deregistration process for investment 
companies by: (1) reorganizing the information reported on the Form. 
(2) deleting any questions that are unnecessary and adding questions 
that are frequently asked by the Division, and (3) clarifying the 
meaning and scope of items.

Timetable: Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Sarah A. Wagman, Office of Investment Company 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 202 942-0654

RIN: 3235-AG29
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________


5080. 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                    58 FR 13719


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



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5081. 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 [[Page 24416]] 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
NPRM Comment Period End         05/23/94                    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, 202 942-0728

RIN: 3235-AG06
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5082. REGISTRATION FEES FOR CERTAIN INVESTMENT COMPANIES

Legal Authority:  15 USC 80a-37; 15 USC 80a-39; 15 USC 80a-24

CFR Citation:  17 CFR 27o.24f-1; 17 CFR 270.24f-2

Legal Deadline: None

Abstract: The Commission has proposed amendments to Rules 24f-1 and 
24f-2 under the Investment Company Act of 1940, the rules that permit 
certain investment companies to register securities sold in excess of 
the number of shares included in a registration statement and to 
register an indefinite number of securities under the Securities Act of 
1933. The Commission is also proposing a new Form 24f-2 for filing 
annual notices filed under Rule 24f-2. The proposed amendments and the 
new form would clarify the application of certain provisions of rule 
24f-2 and would make the rule's filing deadlines more flexible under 
certain circumstances.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            02/01/95                     60 FR 7146
NPRM Comment Period End         03/24/95                     60 FR 7146


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Karen J. Garnett, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0728

RIN: 3235-AC25
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5083. 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 Commission proposed for comment modifications to Rule 2a-
7 which address issues raised by developments in the money markets. 
Rule 2a-7 is applicable to tax exempt funds.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/29/93                    58 FR 68585
NPRM Comment Period End         04/06/94                    58 FR 68585
Final Action                    07/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5084. 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


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Karen Garnett, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission, 202 942-0728

RIN: 3235-AF94
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5085. 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 adopted rule 6c-10 under the Investment 
Company Act of 1940 to allow certain open-end management investment 
companies to impose contingent deferred sales loads. Rule 6c-10 was 
proposed in 1988.
The Commission proposed amendments to rule 6c-10 which would allow 
certain open-end management investment companies to impose deferred 
sales loads other than contingent deferred sales loads, including sales 
loads payable in installments. Rule 6c-10 provisions for these sales 
loads were part of rule 6c-10 as originally proposed in 1988. The 
Commission also proposed amendments to the Form N-1A registration 
statement to modify the prospectus disclosure requirements to reflect 
the changes made in the proposed rule amendments.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            11/02/88                    53 FR 45275
NPRM Comment Period End         01/09/89
NPRM                            02/23/95                    60 FR 11890
Final Rule                      02/23/95    60 FR 11887 [[Page 24417]] 
Final Rule Effective            04/03/95                    60 FR 11887
NPRM Comment Period End         04/17/95                    60 FR 11890

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: Proposals and rules described in this item were 
published under RIN 3235-AD18.

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

RIN: 3235-AE97
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5086. EXPEDITED PROCEDURE FOR EXEMPTIVE ORDERS

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37(a); 15 USC 78d-1

CFR Citation:  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 Commission is withdrawing the proposed amendments to 
Rule 30-5 from this item and may consider adopting that rule in another 
context.

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                    58 FR 16799
Final Action                    10/00/95

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: David M. Goldenberg, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-4525

RIN: 3235-AF56
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5087. 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 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                    58 FR 16141


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, 
202 942-0690

RIN: 3235-AF58
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5088. 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                    58 FR 38095
Final Action                    09/00/95

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, 
202 942-0690

RIN: 3235-AF69
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5089. 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                    59 FR 28286
Final Action                    06/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5090. 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 [[Page 24418]] 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                    57 FR 31156


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Bonnie Wilkinson, Office of Public Utility Regulation, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-7121

RIN: 3235-AF49
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5091. STATUS OF SUBSIDIARY COMPANIES FORMED TO HOLD INTERESTS IN 
FOREIGN UTILITY 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 shall be deemed to 
be a foreign utility company.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

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


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5092. 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 Commission proposed an amendment to rule 87 to 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                    58 FR 51508


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-AF87
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5093. 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 proposed 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                            09/20/94                    59 FR 48183
NPRM Comment Period End         11/21/94                    59 FR 48183
Final Action                    06/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Richard Miller, Office of Public Utility Regulation, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0549

RIN: 3235-AG05
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5094. 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                    09/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG19
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________


5095.  RULE 90: PRICING OF INTRASYSTEM SALES OF GOODS, 
SERVICES, AND CONSTRUCTION

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

CFR Citation:  17 CFR 250.90; 17 CFR 250.82; 17 CFR 250.92

Legal Deadline: None

Abstract: The proposed amendment to Rule 90 would require service, 
sales and construction contracts among companies in a registered 
holding company system to be performed at cost or at market if the 
market price for comparable services, construction or goods is lower 
than cost.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/22/94    59 FR 67248 [[Page 24419]] 
NPRM Comment Period End         03/23/95                    59 FR 67248


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-AG23



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5096. 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 adopted 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                    58 FR 67729
Final Action                    10/13/94                    59 FR 52689
Final Action Effective          01/23/95                    59 FR 67729

Small Entities Affected: Businesses

Government Levels Affected: None

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5097. 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 adopted 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                    58 FR 50291
Final Action                    08/17/94                    59 FR 43460
Final Action Effective          10/11/94                    59 FR 43460

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5098. 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 was 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. 
The Commission is withdrawing this item from the Unified Agenda because 
the Commission does not expect to consider the item within the next 12 
months, but the Commission may consider the item at some subsequent 
point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Withdrawn                       04/01/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Robert G. Bagnall, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AC84
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5099. 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: Investment Company Act Rule 18f-3 allows open-end management 
investment companies (``mutual funds'') to issue multiple classes of 
voting stock representing interests in the same portfolio, subject 
[[Page 24420]] to conditions intended to prevent investor confusion, 
assure fair expense allocations and voting rights, and prevent 
conflicts of interest among classes. The rule eliminates the need for 
funds issuing multiple classes to apply for exemptions. The amendment 
to rule 12b-1 clarifies how the requirements for approval of certain 
distribution arrangements would apply to funds with multiple classes of 
shares. The Commission also 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                    58 FR 68074
Final Action                    02/23/95                    60 FR 11876
Final Action Effective          04/03/95                    60 FR 11876

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5100. 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 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. Subsequently, the proposal appeared 
again in the Unified Agenda because the Division was recommending the 
proposal in light of that study's recommendations. The Commission is 
now withdrawing the proposal again from the Unified Agenda because the 
Commission does not expect to consider the proposal within the next 12 
months. At some subsequent point, the Commission may consider the 
proposal further in light of the NASD sales charge rule.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            06/13/88                    53 FR 23258
NPRM Comment Period End         12/14/88                    53 FR 35830
Withdrawn                       01/23/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Robert G. Bagnall, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0690

RIN: 3235-AF62
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5101. 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 has adopted an amendment to Rule 415 under the 
Securities Act and new Rule 486 under the Investment Company Act. The 
amendment to Rule 415 permits 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 486 provides 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 adopted certain related changes to Form 
N-2, the registration form for closed-end investment companies.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/07/93                    58 FR 19361
NPRM Comment Period End         06/14/93                    58 FR 19361
NPRM                            09/21/93                    58 FR 50291
Final Action                    08/17/94                    59 FR 43469
Final Action Effective          09/26/94                    59 FR 43460

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Thomas M. J. Kerwin, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
202 942-0686

RIN: 3235-AF86
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________

5102. 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 had 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. The Commission is 
withdrawing this item from the Unified Agenda because the Commission 
does not expect to consider this item within the next 12 months, but 
the [[Page 24421]] Commission may consider the item further at some 
subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            07/28/92                    57 FR 34701
NPRM Comment Period End         11/04/92                    57 FR 34701
Withdrawn                       04/01/95

Small Entities Affected: None

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF INVESTMENT MANAGEMENT
______________________________________________________________________


5103. 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: The Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item at 
some subsequent date.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Withdrawn                       01/23/95

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



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5104. 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           05/04/93                    58 FR 27486
ANPRM Comment Period End        12/12/93                    58 FR 27486


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Roger G. Coffin, Office of Broker-Dealer Regulation, 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0137

RIN: 3235-AG18
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)                 Prerule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5105. 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. The 
Commission is withdrawing this item from the Unified Agenda because the 
Commission does not expect to consider this item within the next 12 
months. The Commission may, however, consider the item at some 
subsequent time.

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)                 Prerule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________


5106.  NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATIONS

Legal Authority:  15 USC 78o

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Securities and Exchange Commission (``Commission'') has 
solicited recommendations on the Commission's role in using the ratings 
of nationally recognized statistical rating organizations 
(``NRSRO's''). Because of the expanded use of credit ratings in the 
Commission's rules, the Commission believes that it is appropriate to 
examine the process employed by the Commission to designate rating 
agencies as NRSROs and the nature of the Commission's oversight role 
with respect to NRSROs.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           08/31/94                    59 FR 46314
ANPRM Comment Period End        12/06/94                    59 FR 46314


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Roger G. Coffin, Office of Broker-Dealer Regulation, 
Division of Market Regulation, [[Page 24422]] Securities and Exchange 
Commission, 202 942-0136

RIN: 3235-AG41



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5107. 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                    54 FR 10680


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Roger G. Coffin, Office of Broker-Dealer Regulation, 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0137

RIN: 3235-AD60
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5108. 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.

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                    57 FR 57027


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5109. 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. The Commission is withdrawing this 
item from the Unified Agenda because the Commission does not expect to 
consider the item within the next 12 months, but the Commission may 
consider the item at some subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

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


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5110. 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 [[Page 24423]] 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                      56 FR 814


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5111. 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                      56 FR 820


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5112. 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                    57 FR 24415


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 
942-0775

RIN: 3235-AE41
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5113. 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
NPRM                            06/00/95

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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5114. 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: The Commission has proposed Exchange Act Rule 15c2-13 which 
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. The mark-up 
proposal has been deferred for six months. The proposal with respect to 
unrated municipal securities has been deferred until the MSRB amends 
its confirmation rule to include the requirement to disclose that a 
municipal security has not been rated by an NRSRO. [[Page 24424]] 

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                    59 FR 33236


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
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5115. 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 has proposed 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: Roger G. Coffin, Office of Broker-Dealer Regulation, 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0137

RIN: 3235-AG14
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5116.  FORM BD AMENDMENTS

Legal Authority:  15 USC 78e; 15 USC 78q; 15 USC 78w

CFR Citation:  17 CFR 249.501

Legal Deadline: None

Abstract: The Commission has proposed for public comment amendments to 
Form BD, the uniform broker-dealer registration form under the 
Securities Exchange Act of 1934. The amendments to Form BD respond to 
design updates to the Central Registration Depository (``CRD'') system 
and are intended, among other things, to facilitate retrieval of more 
precise detail reporting of disciplinary information from the 
redesigned CRD system through computer searches by subject category. In 
addition, the amendments propose new items to Form BD that are designed 
to obtain more accurate information with respect to U.S. broker-dealers 
that have foreign owners, broker-dealers that are affiliated with U.S. 
or foreign banks, and broker-dealers that conduct securities activities 
on the premises of financial institutions. Finally, the amendments 
propose other technical and clarifying revisions to Form BD.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            01/12/95                     60 FR 4040
NPRM Comment Period End         02/18/95                     60 FR 4040


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Terry R. Young, Office of Broker-Dealer Regulation, 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0073

RIN: 3235-AG25
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5117. 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 31-1(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. 
The Commission is withdrawing this item from the Unified Agenda because 
the Commission does not expect to consider the item within the next 12 
months, but the Commission may consider the item further at some 
subsequent point.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Ivette Lopez, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 202 942-0765

RIN: 3235-AE52
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5118.  PROHIBITION ON MARKET-MAKERS TRADING AHEAD OF 
CUSTOMER LIMIT ORDERS

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 78i; 15 USC 78k; ...

CFR Citation:  17 CFR 240.15c5-1

Legal Deadline: None

Abstract: The Securities and Exchange Commission has proposed a rule 
setting standards for market makers in handling customer limit orders 
in NASDAQ National Market System securities. The rule would prohibit a 
market maker from trading for its own account, directly, or indirectly, 
at a price at which the market maker could execute a customer limit 
order it is holding, without executing the customer's limit order at 
the limit price or a price more favorable to the customer, under the 
specific terms and conditions by which the order is accepted by the 
market maker. [[Page 24425]] 

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            09/29/94                    59 FR 50866
NPRM Comment Period End         11/29/94                    59 FR 50866


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Ethan Corey, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 202 942-0172

RIN: 3235-AG21
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5119.  PROPOSED AMENDMENTS TO TRANSFER AGENT RULES

Legal Authority:  15 USC 78q-1

CFR Citation:  17 CFR 240.17Ad-2(a); 17 CFR 240.17Ad-2(c); 17 CFR 
240.17Ad-2(e)(1); 17 CFR 240.17Ad-2(e)(2); 17 CFR 240.17Ad-10; 17 CFR 
240.17Ad-12

Legal Deadline: None

Abstract: The Securities and Exchange Commission has proposed 
amendments to certain transfer agent rules regarding turnaround time, 
recordkeeping, and safekeeping of funds. The proposed amendments to the 
transfer agent rules are designed to minimize disruptions, particularly 
in the National Clearance and Settlement System for securities, that 
may be caused by poor turnaround performance, substandard or inaccurate 
recordkeeping practices, and inadequate safekeeping procedures.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/01/94                    59 FR 63662
NPRM Comment Period End         02/04/95


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG24
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________

5120.  PROPOSED RULE 12F-2, ``EXTENDING UNLISTED TRADING 
PRIVILEGES''

Legal Authority:  15 USC 78l(f)

CFR Citation:  17 CFR 240.12f-1; 17 CFR 240.12f-2; 17 CFR 240.12f-3; 17 
CFR 240.12f-5; 17 CFR 240.12f-6

Legal Deadline: None

Abstract: The Unlisted Trading Privilege Act of 1994 (``UTP Act'') as 
enacted on October 22, 1994, streamlined the regulatory process for 
exchange trading of securities not listed on the subject exchange, 
i.e., via extensions of unlisted trading privileges (``UTP''). The UTP 
Act also requires the U.S. Securities & Exchange Commission to 
prescribe by rule whether exchanges should be required to wait before 
trading a security that is listed on another exchange and is the 
subject of an initial public offering (``listed IPO security''). The 
rulemaking must be completed before April 21, 1995. Proposed Rule 12f-2 
Would require exchanges to wait before trading a listed IPO security 
until the listing exchange reports the first trade in the security to 
the consolidated tape. The Commission also is proposing Rule 12f-5, 
which would require exchanges to have proper rules in place for the 
trading of all securities to which the subject exchange extends UTP. 
Finally, the Commission is proposing amendments to rules under section 
12(f) of the Exchange Act to conform to the streamlined statute.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            02/02/95                     60 FR 7718
NPRM Comment Period End         03/13/95                     60 FR 7718


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Betsy Prout, Office of Market Supervision, Securities 
and Exchange Commission, 202 942-0170

RIN: 3235-AG28
______________________________________________________________________




______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)           Proposed Rule Stage
DIVISION OF MARKET REGULATION
______________________________________________________________________


5121. 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                     59 FR 7917


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


[[Page 24426]] 
______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________

5122. 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 adopted amendments to Rule 10b-10, the 
Commission's confirmation rule. Rule 10b-10, as amended, will require 
brokers-dealers to disclose (1) when a debt security, other than a 
government security, is unrated by a nationally recognized statistical 
rating organization, if such is the case; (2) if they are not members 
of the Securities Investor Protection Corporation (except, in limited 
circumstances, for transactions in mutual fund shares); (3) the 
availability of information with respect to transactions in 
collateralized debt securities; and (4) the amount of any mark-ups and 
mark-downs in certain Nasdaq and regional exchange-listed securities 
that are subject to last sale reporting.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            06/28/94                    59 FR 33236
NPRM Comment Period End         07/15/94                    59 FR 33236
Final Action                    11/10/94                    59 FR 59612
Final Action Effective          04/03/95                    59 FR 59612

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
______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________

5123. 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: On December 20, 1994, the Commission adopted Rule 17a-23 
(``Rule'') and Form 17a-23 under the Securities Exchange Act of 1934, 
to establish recordkeeping and reporting requirements for brokers and 
dealers that operate automated trading systems. Under the Rule, 
registered broker-dealers that sponsor these systems will be required 
to maintain participant, volume, and transaction records, and to report 
system activity to the Commission and, in certain circumstances, to an 
appropriate self-regulatory organization. The Rule will become 
effective on June 1, 1995.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            02/18/94                     59 FR 8368
NPRM Comment Period End         05/19/94                     59 FR 8368
Final Action                    12/20/94                    59 FR 66702
Final Action Effective          06/01/95                    59 FR 66702

Small Entities Affected: None

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
______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________

5124. 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: The Commission adopted amendments to Exchange Act Rule 15c2-
12 on November 10, 1994. The purpose of the amendments to Rule 15c2-12 
under the Securities Exchange Act of 1934 (``Exchange Act'') is to 
deter fraud and manipulation in the municipal securities market by 
prohibiting the underwriting and subsequent recommendation of 
securities for which adequate information is not available. The 
amendments prohibit a broker, dealer, or municipal securities dealer 
from purchasing or selling municipal securities unless it has 
reasonably determined that an issuer of municipal securities or an 
obligated person has undertaken in a written agreement or contract for 
the benefit of holders of such securities to provide certain annual 
financial information and event notices to various information 
repositories; and prohibit a broker, dealer, or municipal securities 
dealer from recommending the purchase or sale of a municipal security 
unless it has procedures in place that provide reasonable assurance 
that it will receive promptly any event notices with respect to that 
security.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            03/17/94                    59 FR 12759
NPRM Comment Period End         07/15/94                    59 FR 12759
Final Action                    11/10/94                    59 FR 59590
Final Action Effective          07/03/95                    59 FR 59590

Small Entities Affected: Businesses, Governmental Jurisdictions

Government Levels Affected: State, Local

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
______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________

5125. 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 adopted 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 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 
adopted amendments to the rules and forms applicable to the annual 
filing of amendments to registration statements of national securities 
exchanges, securities associations, and [[Page 24427]] 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                    59 FR 29393
Final Action                    12/20/94                    59 FR 66692
Final Action Effective          01/27/95                    59 FR 66692

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)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________

5126. 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, on December 1, 1994, adopted Rule 17Ad-16 
under the Exchange Act. Rule 17Ad-16 requires 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 rule increases 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 will 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                     57 FR 1128
Final Action                    12/01/94                    59 FR 63656

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
______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________

5127. 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: Rule 3a12-8, as amended, designates debt obligations issued 
by the Kingdom of Spain as exempted securities for purposes of 
marketing and trading futures contracts on these securities in the 
United States. The amendment will permit futures contracts on Spanish 
government debt to be traded in the U.S. This change will not 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                    58 FR 27684
Final Action                    11/02/94                    59 FR 54812
Final Action Effective          11/02/94                    59 FR 54812

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Francois-Ihor Mazur, Office of Market Supervision, 
Division of Market Regulation, Securities and Exchange Commission, 202 
942-0187

RIN: 3235-AF88
______________________________________________________________________



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)    Completed/Longterm Actions
DIVISION OF MARKET REGULATION
______________________________________________________________________


5128. 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 adopted Rule 11Ac1-3 and amendments to Rule 
10b-10 under the Securities Exchange Act of 1934 which, together, 
require enhanced disclosure of payment for order flow practices on 
customer confirmations, and account statements, as well as upon opening 
new accounts. The new Rule and amendments to Rule 10b-10 are designed 
to provide relevant information to customers regarding factors 
influencing the routing of their orders. The new Rule and Rule 
amendments go into effect on April 3, 1995.
In a parallel action, the Commission also proposed amendments to new 
Rule 11Ac1-3 and Rule 10b-10 under the Securities Exchange Act of 1934. 
The proposed amendments would require broker-dealers to disclose to 
customers additional information relating to their routing of order 
flow practices, including payment for order flow, internalization of 
order flow, and affiliate practices.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            10/13/93                    58 FR 52934
NPRM Comment Period End         12/03/93                    58 FR 52934
Final Action                    10/27/94                    59 FR 55006
Final Action Effective          04/03/95                    59 FR 55006

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Gail Marshall, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission, 202 942-7129

RIN: 3235-AG00



______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Final Rule Stage
OFFICES AND OTHER PROGRAMS
______________________________________________________________________


5129. 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 200; 17 CFR 201; 17 CFR 202; 17 CFR 203; 17 CFR 
229; 17 CFR 230; 17 CFR 232; 17 CFR 240; 17 CFR 250; 17 CFR 260; 17 CFR 
270; 17 CFR 275

Legal Deadline:  Final, Statutory, October 15, 1991. [[Page 24428]] 
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                    05/00/95
Final Action Effective          06/00/95

Small Entities Affected: Undetermined

Government Levels Affected: None

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. 95-5757 Filed 05-05-95; 8:45 am]
BILLING CODE 8010-01-F