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


_______________________________________________________________________

Part LXV





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

SECURITIES AND EXCHANGE COMMISSION (SEC)                               
  
  
_______________________________________________________________________
  

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7216, 34-36230, 35-26372, 39-2334, IC-21358, IA-1520; 
File No. S7-28-95]

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 September 
15, 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 December 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. S7-28-95 
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: September 14, 1995.

    By the Commission.

Jonathan G. Katz,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4807        Safe Harbor for Forward-Looking Statements............................................    3235-AG35 
4808        Form S-4: Elimination of General Instruction G........................................    3235-AG22 
4809        Extension of Reporting Requirements for Certain Issuers of Debt Securities............    3235-AG33 
4810        Regulation S..........................................................................    3235-AG34 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4811        Disclosure of Security Ratings........................................................    3235-AG20 
4812        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AF66 
4813        Disclosure of Legal Proceedings Involving Management, Promoters, Control Persons and                
            Others................................................................................    3235-AG32 
4814        Abbreviated Financial Statements......................................................    3235-AG49 
4815        Streamlining and Consolidation of Executive and Director Compensation Disclosure......    3235-AG50 
4816        Exemption for Certain California Limited Issues.......................................    3235-AG51 
4817        Solicitations of Interest Prior to an Initial Public Offering.........................    3235-AG52 
4818        Streamlining Disclosure Requirements Relating to Significant Business Acquisitions and              
            Requiring Quarterly Reporting of Unregistered Equity Sales............................    3235-AG47 
4819        Relief From Reporting by Small Issuers................................................    3235-AG48 
4820        Revision of Holding Period Requirements in Rule 144...................................    3235-AG53 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Long-Term Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4821        Asset-Backed Securities Disclosure....................................................    3235-AF74 
4822        Small Issue Exemptive Rule and Registration Forms for Certain Rights Offerings........    3235-AD44 
4823        Forms for Information Filed by Exempt Foreign Private Issuers.........................    3235-AD72 
4824        International Tender and Exchange Offers..............................................    3235-AD97 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4825        Prospectus Delivery; Securities Transactions Settlement...............................    3235-AG40 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4826        Investment Advisers: Registration and Annual Supplement Forms.........................    3235-AD21 
4827        Unit Investment Trusts: Simplification of Registration Statements and Advertising                   
            Rules.................................................................................    3235-AA47 
4828        Certain Investment Company Registration Forms.........................................    3235-AE46 
4829        Amendments to Proxy Rules for Registered Investment Companies.........................    3235-AG54 
4830        Proposed Definition of ``Small Entity'' for Purposes of the Regulatory Flexibility Act    3235-AG62 
4831        Performance Advertising by Unit Investment Trusts.....................................    3235-AG63 
4832        Shareholder Report and Financial Statement Revisions..................................    3235-AG64 
4833        Exemption for Finance Subsidiaries of Certain Banks and Insurance Companies...........    3235-AE95 
4834        Assignments of Advisory Contracts: Temporary Exemptions...............................    3235-AF57 
4835        Custody of Investments by a Registered Management Investment Company..................    3235-AF70 
4836        Mergers of Certain Affiliated Investment Companies....................................    3235-AG31 
4837        Improving Descriptions of Risk by Mutual Funds and Other Investment Companies.........    3235-AG43 
4838        Exemption of Certain Purchase or Sale Transactions Between an Investment Company and                
            Certain Affiliated Persons Thereof....................................................    3235-AG57 
4839        Bonding of Officers and Employees of Registered Management Investment Companies.......    3235-AG58 
4840        Distribution of Shares by Registered Open-End Management Investment Company...........    3235-AG59 
4841        Mutual Fund Prospectuses Provided to Participants in Certain Defined Contribution                   
            Plans.................................................................................    3235-AG60 
4842        Exemption of Acquisition of Securities During the Existence of Underwriting Syndicates    3235-AG61 
4843        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies........    3235-AF93 
4844        Deregistration Form Amendments........................................................    3235-AG29 
4845        Insurance Products: New Form N-6 for Registration of Separate Accounts Offering                     
            Variable Life Insurance Contracts.....................................................    3235-AG37 
4846        Insurance Products: Rule Regarding Mortality and Expense Risk Charges.................    3235-AG38 
4847        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 
4848        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies................    3235-AF78 
4849        Status of Subsidiary Companies Formed to Hold Interests in Foreign Utility Companies..    3235-AF79 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4850        Suitability of Investment Adviser Advice; Quarterly Account Statements................    3235-AG06 
4851        Disclosure by Investment Advisers Regarding Soft Dollar Practices.....................    3235-AG36 
4852        Tax-Exempt Money Market Fund Rule Proposals...........................................    3235-AE17 
4853        Money Market Fund Prospectuses........................................................    3235-AG55 
4854        Money Market Fund Quarterly Reporting.................................................    3235-AG56 
4855        Exemptions for Certain Investment Companies to Impose Deferred Sales Loads............    3235-AE97 
4856        Custody of Investment Company Assets Outside the United States........................    3235-AE98 
4857        Expedited Procedure for Exemptive Orders..............................................    3235-AF56 
4858        Custody of Investment Company Assets With Futures Commission Merchants and Commodity                
            Clearing Organizations................................................................    3235-AF97 
4859        Requirements Relating to Codes of Ethics With Respect to Registered Investment                      
            Companies; Records to be Maintained by Investment Advisers............................    3235-AG27 
4860        Status of Investment Advisory Programs Under the Investment Company Act of 1940.......    3235-AG07 
4861        PUHCA: Subsidiaries Performing Services or Construction or Selling Goods..............    3235-AF87 
4862        PUHCA: Annual Report of Mutual and Subsidiary Service Companies.......................    3235-AG05 
4863        PUHCA: Exemption for Transactions With Foreign Associates.............................    3235-AG19 
4864        Exemption of Issuance and Sale of Securities by Public Utility and Nonutility                       
            Subsidiary Companies of Registered Public Utility Holding Companies...................    3235-AG45 
4865        Exemption of Acquisition by Registered Public Utility Holding Companies of Securities               
            of Nonutility Companies; Exemption of Capital Contribution and Advances...............    3235-AG46 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4866        Off-the-Page Prospectuses for Open-End Management Investment Companies................    3235-AF58 
4867        Certain Research and Development Companies............................................    3235-AF69 
4868        Exemption From Disqualification for Certain Affiliated Persons........................    3235-AF89 
4869        Exemption from Certain Filing Requirements for Certain Affiliated Persons of                        
            Investment Advisers...................................................................    3235-AF81 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4870        Registration Fees for Certain Investment Companies....................................    3235-AC25 
4871        Accounting Treatment of Investment Company Expenses Paid Through Brokerage Commission.    3235-AF94 
4872        Investment Company Risk Disclosure....................................................    3235-AG30 
4873        Investment Company Books and Records Requirements.....................................    3235-AE94 
4874        Exemption of Issuance and Sale of Securities by Public Utility and Non-Utility                      
            Subsidiary Companies of Registered Public Utility Holding Companies...................    3235-AF49 
4875        Rule 90: Pricing of Intrasystem Sales of Goods, Services, and Construction............    3235-AG23 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4876        Stabilizing To Facilitate a Distribution..............................................    3235-AE11 
4877        Definitions Principally Relating to International Transactions........................    3235-AE15 
4878        Distributions of Securities: Limitations on Trading and Stabilizing...................    3235-AF54 
4879        Market Risk Haircuts for Instruments Subject to Interest Rate Risk....................    3235-AG18 
4880        Exemption for Designated Foreign Government Securities for Purposes of Futures Trading    3235-AG65 
4881        Proposed Amendments to Tender Offer Rules: Soliciting Dealer's Fees...................    3235-AG44 
4882        Nationally Recognized Statistical Rating Organizations................................    3235-AG41 
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4883        Customer Protection Reserves and Custody of Securities................................    3235-AD60 
4884        Net Capital Requirements for Brokers or Dealers.......................................    3235-AD79 
4885        Definition of ``Short Sale''..........................................................    3235-AE41 
4886        Disclosure of Mark-ups: New Rule 15c2-13..............................................    3235-AG12 
4887        Theoretical Pricing To Determine Haircuts on Options..................................    3235-AG14 
4888        Form BD Amendments....................................................................    3235-AG25 
4889        Prohibition on Market-Makers Trading Ahead of Customer Limit Orders...................    3235-AG21 
4890        Proposed Amendments to Transfer Agent Rules...........................................    3235-AG24 
4891        Large Trader Reporting System.........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4892        Initiation or Resumption of Quotations Without Specific Information...................    3235-AD94 
4893        Securities Transactions Exempt From Transaction Fees..................................    3235-AE52 
4894        Proposed Rule 12f-2, ``Extending Unlisted Trading Privileges''........................    3235-AG28 
4895        Notice by SROs Regarding Statutory Disqualifications..................................    3235-AE39 
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4896        Disclosure of Market and Credit Risk Exposures Including Derivatives, Structured                    
            Notes, Commodity Contracts, and Other Similar Instruments.............................    3235-AG42 
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4897        Rules of Practice.....................................................................    3235-AF91 
----------------------------------------------------------------------------------------------------------------

      
  
          
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
4807. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Priority:  Substantive, Nonsignificant

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 announced 
that public hearings would be held. The Division is reviewing public 
testimony and comment letters in order to 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
NPRM                            03/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG35
_______________________________________________________________________

4808. FORM S-4: ELIMINATION OF GENERAL INSTRUCTION G

Priority:  Substantive, Nonsignificant

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: Undetermined

Government Levels Affected: None

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

RIN: 3235-AG22
_______________________________________________________________________

4809. EXTENSION OF REPORTING REQUIREMENTS FOR CERTAIN ISSUERS OF 
DEBT SECURITIES

Priority:  Substantive, Nonsignificant

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
NPRM                            09/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG33
_______________________________________________________________________

4810. REGULATION S

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.901 et seq

Legal Deadline: None

Abstract: In connection with the issuance of an interpretive release 
relating to Regulation S, the Commission solicited comment as to 
whether Regulation S should be amended to impose additional 
restrictions on its use to impede attempts to use the regulation to 
evade the registration requirements of the Securities Act of 1933. The 
Division will consider the comments received in considering its 
recommendation for further Commission action.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           07/10/95                    60 FR 35563
ANPRM Comment Period End        09/08/95
NPRM                            04/00/96

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
Phone: 202 942-2990

RIN: 3235-AG34
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
4811. DISCLOSURE OF SECURITY RATINGS

Priority:  Substantive, Nonsignificant

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

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

Legal Deadline: None

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/07/94                    59 FR 46304
NPRM Comment Period End         12/06/94
Final Action                    09/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG20
_______________________________________________________________________

4812. OWNERSHIP REPORTS AND TRADING BY OFFICERS, DIRECTORS, AND 
PRINCIPAL SECURITY HOLDERS

Priority:  Substantive, Nonsignificant

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
Additional NPRM Comment Period 
for All Proposals Extended to 
12/05/95                        10/11/95                    60 FR 53832
Correcting Release              10/20/95                    60 FR 54823
Final Action                    04/00/96

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
Phone: 202 942-2848

RIN: 3235-AF66
_______________________________________________________________________

4813. DISCLOSURE OF LEGAL PROCEEDINGS INVOLVING MANAGEMENT, 
PROMOTERS, CONTROL PERSONS AND OTHERS

Priority:  Substantive, Nonsignificant

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
Final Action                    09/00/96

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
Phone: 202 942-2910

RIN: 3235-AG32
_______________________________________________________________________

4814.  ABBREVIATED FINANCIAL STATEMENTS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 230.435; 17 CFR 230.502; 17 CFR 239.9; 17 CFR 
239.10; 17 CFR 239.11; 17 CFR 239.12; 17 CFR 239.13; 17 CFR 239.16; 17 
CFR 239.16b; 17 CFR 239.18; 17 CFR 239.25; 17 CFR 239.31; 17 CFR 
239.32; 17 CFR 239.33; 17 CFR 239.34; ...

Legal Deadline: None

Abstract: The Commission proposed amendments to allow the use of 
abbreviated financial statements in annual reports delivered to 
shareholders pursuant to the proxy rules. Comment also was solicited on 
additional approaches to streamlining annual reports to shareholders. 
Rule changes also were proposed to allow the use of abbreviated 
financial statements in other disclosure documents, including 
prospectuses, that are required to be delivered to investors.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35604
NPRM Comment Period End         10/10/95
Final Action                    12/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: CFR Citations Cont: 17 CFR 239.37; 17 CFR 
239.38; 17 CFR 239.39; 17 CFR 239.40; 17 CFR 239.41; 17 CFR 239.90; 17 
CFR 240.13e-3; 17 CFR 240.13e-4;17 CFR 240.13e-102; 17 CFR 240.14a-3; 
17 CFR 240.14a-6;17 CFR 240.14a-101; 17 CFR 240.14c-3; 17 CFR 240.14c-
8;17 CFR 240.14d-1; 17 CFR 240.14d-6; 17 CFR 240.14d-102; 17 CFR 
240.14d-103; 17 CFR 249.310; 17 CFR 249.310b; 17 CFR 239.34.

Agency Contact: Elizabeth M. Murphy, Office of Disclosure Policy, 
Division of Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AG49
_______________________________________________________________________

4815.  STREAMLINING AND CONSOLIDATION OF EXECUTIVE AND 
DIRECTOR COMPENSATION DISCLOSURE

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77c(b); 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 228.402; 17 CFR 229.402; 17 CFR 240.14a-101; 17 
CFR 249.310; 17 CFR 249.310b

Legal Deadline: None

Abstract: The Commission proposed amendments that would permit 
registrants to provide in the Form 10-K some of the executive 
compensation disclosure that is currently required in the proxy 
statement furnished to shareholders. In addition, amendments to the 
format of disclosure regarding director compensation were proposed in 
order to improve the presentation.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35633
NPRM Comment Period End         09/08/95
Final Action                    12/00/95

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
Phone: 202 942-2910

RIN: 3235-AG50
_______________________________________________________________________

4816.  EXEMPTION FOR CERTAIN CALIFORNIA LIMITED ISSUES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 230.144; 17 CFR 230.1001(New)

Legal Deadline: None

Abstract: In order to reduce regulatory burdens associated with certain 
offers and sales of securities, the Commission proposed a new exemption 
from its registration requirements for limited offerings of up to $5 
million that are exempt from qualification under recently enacted 
California State securities law.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35638
NPRM Comment Period End         09/08/95
Final Action                    12/00/95

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
Phone: 202 942-2910

RIN: 3235-AG51
_______________________________________________________________________

4817.  SOLICITATIONS OF INTEREST PRIOR TO AN INITIAL PUBLIC 
OFFERING

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77b; 15 USC 77c; 15 USC 77d; 15 USC 77e; 15 
USC 77s

CFR Citation:  17 CFR 230.135d(New); 17 CFR 230.254; 17 CFR 232.101; 17 
CFR 230.100

Legal Deadline: None

Abstract: The Commission published for comment a proposed rule that 
would allow issuers contemplating initial public offerings to solicit 
indications of investor interest in their companies prior to the filing 
of a registration statement under the Securities Act of 1933. The 
proposed rule would allow an issuer to assess potential investor 
interest in the company before incurring possibly significant costs 
associated with the preparation of offering disclosure documents. The 
proposals are intended to reduce the regulatory impediments and cost of 
accessing public markets consistent with investor protection interests.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35648
NPRM Comment Period End         09/08/95
Final Action                    12/00/95

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
Phone: 202 942-2910

RIN: 3235-AG52
_______________________________________________________________________

4818.  STREAMLINING DISCLOSURE REQUIREMENTS RELATING TO 
SIGNIFICANT BUSINESS ACQUISITIONS AND REQUIRING QUARTERLY REPORTING OF 
UNREGISTERED EQUITY SALES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77b; 15 USC 77c; 15 USC 77d; 15 USC 77s; 15 
USC 78c(b); 15 USC 78d; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 
15 USC 78p; 15 USC 78w

CFR Citation:  17 CFR 210.3-05; 17 CFR 228.310; 17 CFR 239.25; 17 CFR 
239.34; 17 CFR 249.308; 17 CFR 249.308a; 17 CFR 249.308b; 17 CFR 
249.310; 17 CFR 249.310b; 17 CFR 230.901 to 230.904

Legal Deadline: None

Abstract: In connection with its review of problematic practices 
relating to Regulation S, the Commission published for comment rule 
revisions that would reduce the need for reliance on Regulation S by 
eliminating certain impediments to registered offerings of securities 
under the Securities Act of 1933 by streamlining requirements with 
respect to financial statements of significant acquisitions. Also, rule 
revisions were proposed that would require registrants to report on a 
quarterly basis recent sales of equity securities that have not been 
registered under the Securities Act.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35656
NPRM Comment Period End         09/08/95
Final Action                    12/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG47
_______________________________________________________________________

4819.  RELIEF FROM REPORTING BY SMALL ISSUERS

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77s; 15 USC 78l; 15 USC 78m; 15 USC 78o; 15 
USC 78w

CFR Citation:  17 CFR 230.157; 17 CFR 240.0-10; 17 CFR 240.12g-1; 17 
CFR 240.12g-4; 17 CFR 240.12h-3; 17 CFR 249.323(a); 17 CFR 260.0-7

Legal Deadline: None

Abstract: The Commission issued proposals designed to reduce burdens on 
small business by doubling the asset threshold that subjects companies 
to registration and periodic reporting under the Securities Exchange 
Act of 1934 (the Exchange Act) from $5 million to $10 million.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35642
NPRM Comment Period End         09/08/95
Final Action                    12/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Richard K. Wulff, Office of Small Business Policy, 
Division of Corporate Finance, Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG48
_______________________________________________________________________

4820.  REVISION OF HOLDING PERIOD REQUIREMENTS IN RULE 144

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77b(11); 15 USC 77d(1),(4); 15 USC 77s

CFR Citation:  17 CFR 230.144

Legal Deadline: None

Abstract: The Commission proposed amendments to the holding period 
requirements contained in Rule 144(d) and (k) to permit resales of 
``restricted'' securities after a 1-year, rather than a 2-year, holding 
period, if the sale complies with all of the other provisions of Rule 
144. Securities held by nonaffiliated shareholders could be resold 
without restriction after a holding period of 2, rather than 3 years. 
In addition, the Commission requested comment on whether Rule 144 
should be revised to address new trading strategies, such as equity 
swaps, and is reminding persons subject to reporting under section 16 
of the Securities Exchange Act of 1934 (the Exchange Act) that 
reporting of these transactions is required under the current rules.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/10/95                    60 FR 35645
NPRM Comment Period End         09/08/95
Final Action                    12/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Richard K. Wulff, Office of Small Business Policy, 
Division of Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG53
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
4821. ASSET-BACKED SECURITIES DISCLOSURE

Priority:  Substantive, Nonsignificant

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

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Michael H. Mitchell
Phone: 202 942-2900

RIN: 3235-AF74
_______________________________________________________________________

4822. SMALL ISSUE EXEMPTIVE RULE AND REGISTRATION FORMS FOR CERTAIN 
RIGHTS OFFERINGS

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 230.801(New)

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek
Phone: 202 942-2990

RIN: 3235-AD44
_______________________________________________________________________

4823. FORMS FOR INFORMATION FILED BY EXEMPT FOREIGN PRIVATE ISSUERS

Priority:  Substantive, Nonsignificant

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek
Phone: 202 942-2990

RIN: 3235-AD72
_______________________________________________________________________

4824. INTERNATIONAL TENDER AND EXCHANGE OFFERS

Priority:  Substantive, Nonsignificant

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: Undetermined

Agency Contact: Gregg Corso
Phone: 202 942-2920

RIN: 3235-AD97
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions
DIVISION OF CORPORATION FINANCE
  
_______________________________________________________________________
  
4825. PROSPECTUS DELIVERY; SECURITIES TRANSACTIONS SETTLEMENT

Priority:  Substantive, Nonsignificant

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 adopted 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 amendments and 
rule are based on recommendations submitted by representatives of 
financial intermediaries. In addition, the Commission amended an 
exemption from T+3 clearance and settlement for purchases and sales of 
securities pursuant to a firm commitment offering. Such exemption is 
now limited to offerings of asset-backed securities and structured 
securities and provides an extended settlement time frame to firm 
commitment offerings under certain conditions.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/17/95                    60 FR 10724
NPRM Comment Period End         03/31/95
Final Action                    05/11/95                    60 FR 26604
Final Action Effective          06/07/95

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
Phone: 202 942-2900

RIN: 3235-AG40
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
4826. INVESTMENT ADVISERS: REGISTRATION AND ANNUAL SUPPLEMENT FORMS

Priority:  Substantive, Nonsignificant

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/00/96

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
Phone: 202 942-0728

RIN: 3235-AD21
_______________________________________________________________________

4827. UNIT INVESTMENT TRUSTS: SIMPLIFICATION OF REGISTRATION 
STATEMENTS AND ADVERTISING RULES

Priority:  Substantive, Nonsignificant

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 was also considering a recommendation to the Commission of a 
rule proposal that would standardize yields advertised by certain unit 
investment trusts. The Division is now considering this matter under a 
separate rulemaking proposal.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            05/23/85                    50 FR 21282
Comment Period End              07/31/85
Reproposing Release             03/17/87                     52 FR 8268
NPRM Comment Period End         05/18/87
NPRM                            09/00/96

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Anthony Bosch, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0528

RIN: 3235-AA47
_______________________________________________________________________

4828. CERTAIN INVESTMENT COMPANY REGISTRATION FORMS

Priority:  Substantive, Nonsignificant

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. The Division will 
also be addressing the incorporation by reference rules in the 
investment company registration forms.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/00/96

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
Phone: 202 942-0725

RIN: 3235-AE46
_______________________________________________________________________

4829.  AMENDMENTS TO PROXY RULES FOR REGISTERED INVESTMENT 
COMPANIES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78n; 15 USC 78w; 15 USC 80a-20(a); 15 USC 80A-
39(a)

CFR Citation:  17 CFR 240.14a-101; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 
CFR 274.11b

Legal Deadline: None

Abstract: The Commission is considering proposing for public comment 
amendments to the proxy rules specifically applicable to the proxy 
statements of management investment companies registered under the 
Investment Company Act of 1940 and the Securities Exchange Act of 1934. 
The proposed amendments are intended to clarify and to refine the proxy 
rules, which were substantially revised by amendments adopted in the 
fall of 1994.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

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
Phone: 202 942-0721

RIN: 3235-AG54
_______________________________________________________________________

4830.  PROPOSED DEFINITION OF ``SMALL ENTITY'' FOR PURPOSES 
OF THE REGULATORY FLEXIBILITY ACT

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 601 et seq

CFR Citation:  17 CFR 270.0-10

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 0-10 under the Investment 
Company Act of 1940. The proposal would amend the definition of the 
term ``Small Entity''.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jonathan F. Cayne, Office of Disclosure and Investment 
Adviser, Regulation,Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0577

RIN: 3235-AG62
_______________________________________________________________________

4831.  PERFORMANCE ADVERTISING BY UNIT INVESTMENT TRUSTS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 230.482; 17 CFR 239.16; 17 CFR 270.34b-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 proposal that would standardize yields advertised by 
certain unit investment trusts (UITs). The proposal would amend Form S-
6, the form used by UITs to register under the Securities Act of 1933 
(1933 Act), rule 482 under the 1933 Act, which governs investment 
company sales materials not accompanied or preceded by a prospectus 
(advertisements), and rule 34b-1 under the Investment Company Act of 
1940, which governs sales materials that accompany or follow the 
delivery of a statutory prospectus (sales literature). The proposal 
would require UITs to use a standardized formula for calculating yield 
in their prospectuses, advertisements, and sales literature.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/95

Small Entities Affected: Businesses

Government Levels Affected: Federal

Additional Information: This item was previously part of item 3235-
AA47, Unit Investment Trusts: Simplification of Registration 
Statements.

Agency Contact: Anthony Bosch, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0528

RIN: 3235-AG63
_______________________________________________________________________

4832.  SHAREHOLDER REPORT AND FINANCIAL STATEMENT REVISIONS

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77f; 15 USC 77j; 15 USC 80a-29

CFR Citation:  17 CFR 210; 17 CFR 270.30d-1

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering whether to recommend that the Commission propose revisions 
to the shareholder report and financial statement requirements for 
investment companies to improve the quality of updates and simplify 
investment company financial statement presentation.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG64
_______________________________________________________________________

4833. EXEMPTION FOR FINANCE SUBSIDIARIES OF CERTAIN BANKS AND 
INSURANCE COMPANIES

Priority:  Substantive, Nonsignificant

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 rule 3a-5 to 
permit finance subsidiaries of U.S. banks and insurance companies to 
rely on the rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Holly Hill-Little, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0978

RIN: 3235-AE95
_______________________________________________________________________

4834. ASSIGNMENTS OF ADVISORY CONTRACTS: TEMPORARY EXEMPTIONS

Priority:  Substantive, Nonsignificant

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 recommend that the 
Commission propose 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                            02/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AF57
_______________________________________________________________________

4835. CUSTODY OF INVESTMENTS BY A REGISTERED MANAGEMENT INVESTMENT 
COMPANY

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.17f-2

Legal Deadline: None

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

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
Phone: 202 942-0692

RIN: 3235-AF70
_______________________________________________________________________

4836. MERGERS OF CERTAIN AFFILIATED INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/00/96

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

RIN: 3235-AG31
_______________________________________________________________________

4837.  IMPROVING DESCRIPTIONS OF RISK BY MUTUAL FUNDS AND 
OTHER INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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 Commission issued a concept release seeking public 
comment on the ways in which investment company risk disclosure can be 
improved. Currently open-end and closed-end companies are required to 
provide narrative risk disclosure in their prospectuses. The concept 
release requests comment on both narrative and quantitative methods for 
providing information to investors about the risks of investment 
companies. This replaces RIN 3235-AG30.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

ANPRM                           03/29/95                    60 FR 17172
Extension of Comment Period     06/28/95                    60 FR 33375
ANPRM Comment Period End        07/28/95
NPRM                            06/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG43
_______________________________________________________________________

4838.  EXEMPTION OF CERTAIN PURCHASE OR SALE TRANSACTIONS 
BETWEEN AN INVESTMENT COMPANY AND CERTAIN AFFILIATED PERSONS THEREOF

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.17a-7

Legal Deadline: None

Abstract: Rule 17a-7 permits purchase and sale transactions of 
portfolio securities among affiliated funds. The staff of the Division 
of Investment Management is evaluating whether to recommend that the 
Commission propose amendments to the pricing conditions of the rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/00/96

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Elizabeth R. Krentzman, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AG57
_______________________________________________________________________

4839.  BONDING OF OFFICERS AND EMPLOYEES OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.17g-1

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering whether to recommend that the Commission propose amendments 
to modernize and clarify the provisions of rule 17g-1, which governs 
the bonding of officers and employees of registered management 
investment companies.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG58
_______________________________________________________________________

4840.  DISTRIBUTION OF SHARES BY REGISTERED OPEN-END 
MANAGEMENT INVESTMENT COMPANY

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.12b-1

Legal Deadline: None

Abstract: Rule 12b-1 governs the payment of asset-based sales loads by 
registered open-end management investment companies. The staff of the 
Division of Investment Management is considering whether to recommend 
that the Commission propose an amendment to rule 12b-1 to eliminate the 
requirement that a company's shareholders approve a plan for 
distribution financing under the rule prior to the public offering of 
the company's shares.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Holly Hill-Little, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0978

RIN: 3235-AG59
_______________________________________________________________________

4841.  MUTUAL FUND PROSPECTUSES PROVIDED TO PARTICIPANTS IN 
CERTAIN DEFINED CONTRIBUTION PLANS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 239.15A; 17 CFR 274.11A

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission issue a release requesting public 
comment on proposed amendments to Form N-1A. The proposal would permit 
mutual funds that are offered as investment options in participant-
directed defined contribution plans to modify the disclosure 
requirements for prospectuses provided to plan participants.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jonathan F. Cayne, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0577

RIN: 3235-AG60
_______________________________________________________________________

4842.  EXEMPTION OF ACQUISITION OF SECURITIES DURING THE 
EXISTENCE OF UNDERWRITING SYNDICATES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 80a-10(f); 15 USC 80a-30(a); 15 USC 80a-37

CFR Citation:  17 CFR 270.10f-3

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
evaluating whether to recommend that the Commission propose amendments 
to rule 10f-3, which permits an investment company, during the 
existence of an underwriting syndicate, to purchase securities 
underwritten by certain fund affiliates that are members of the 
underwriting syndicate. The Division is evaluating the rule in light of 
changes in the securities industry since 1979, the last time the rule 
was substantively amended. The Division also is considering whether the 
rule should be amended to cover foreign and U.S. Government securities.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/95

Small Entities Affected: Undetermined

Government Levels Affected: None

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

RIN: 3235-AG61
_______________________________________________________________________

4843. AMENDMENTS TO FORM N-SAR, SEMIANNUAL REPORT OF REGISTERED 
INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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                            12/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AF93
_______________________________________________________________________

4844. DEREGISTRATION FORM AMENDMENTS

Priority:  Substantive, Nonsignificant

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 considering 
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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/00/96

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
Phone: 202 942-0654

RIN: 3235-AG29
_______________________________________________________________________

4845. INSURANCE PRODUCTS: NEW FORM N-6 FOR REGISTRATION OF SEPARATE 
ACCOUNTS OFFERING VARIABLE LIFE INSURANCE CONTRACTS

Priority:  Substantive, Nonsignificant

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/00/96

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
Phone: 202 942-0672

RIN: 3235-AG37
_______________________________________________________________________

4846. INSURANCE PRODUCTS: RULE REGARDING MORTALITY AND EXPENSE RISK 
CHARGES

Priority:  Substantive, Nonsignificant

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/95

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
Phone: 202 942-0672

RIN: 3235-AG38
_______________________________________________________________________

4847. 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

Priority:  Substantive, Nonsignificant

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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/00/95

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
Phone: 202 942-0672

RIN: 3235-AG39
_______________________________________________________________________

4848. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 250.55; 17 CFR 259.5s0 (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
NPRM                            03/00/96

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
Phone: 202 942-0559

RIN: 3235-AF78
_______________________________________________________________________

4849. STATUS OF SUBSIDIARY COMPANIES FORMED TO HOLD INTERESTS IN 
FOREIGN UTILITY COMPANIES

Priority:  Substantive, Nonsignificant

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
NPRM                            03/00/96

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
Phone: 202 942-0559

RIN: 3235-AF79
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
4850. SUITABILITY OF INVESTMENT ADVISER ADVICE; QUARTERLY ACCOUNT 
STATEMENTS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 275.204-2

Legal Deadline: None

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/16/94                    59 FR 13464
NPRM Comment Period End         05/23/94
Final Action                    03/00/96

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
Phone: 202 942-0728

RIN: 3235-AG06
_______________________________________________________________________

4851. DISCLOSURE BY INVESTMENT ADVISERS REGARDING SOFT DOLLAR 
PRACTICES

Priority:  Substantive, Nonsignificant

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

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
Final Action                    03/00/96

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
Phone: 202 942-0728

RIN: 3235-AG36
_______________________________________________________________________

4852. TAX-EXEMPT MONEY MARKET FUND RULE PROPOSALS

Priority:  Substantive, Nonsignificant

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
Final Action                    01/00/96

Small Entities Affected: Businesses

Government Levels Affected: State, Local, Federal

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

RIN: 3235-AE17
_______________________________________________________________________

4853.  MONEY MARKET FUND PROSPECTUSES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 274.11a; 17 CFR 
239.14; 17 CFR 274.11a-1

Legal Deadline: None

Abstract: The Commission proposed for comment amendments to Forms N-1A 
and N-3 applicable to money market funds. The amendments would permit 
money market funds to significantly shorten and simplify money market 
fund and separate account prospectuses. More detailed information would 
continue to be available in 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/26/95                    60 FR 38454
NPRM Comment Period End         09/27/95
Final Action                    01/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: Previously reported as RIN 3235-AF95.

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

RIN: 3235-AG55
_______________________________________________________________________

4854.  MONEY MARKET FUND QUARTERLY REPORTING

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78m; 15 USC 78o(d); 15 USC 78w(a); 15 USC 80a-
8; 15 USC 80a-29; 15 USC 80a-30; 15 USC 80a-37; 15 USC 80a-44

CFR Citation:  17 CFR 270.30b3-1

Legal Deadline: None

Abstract: The Commission proposed a new rule under the Investment 
Company Act of 1940 that would require money market funds to file 
quarterly reports with the Commission identifying, describing and 
providing valuation information for each security in the portfolios. 
The reports would be filed electronically through the Commission's 
EDGAR system. This information would enhance the Commission's ability 
to monitor money market fund compliance with the Federal securities 
laws.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/26/95                    60 FR 38454
NPRM Comment Period End         09/27/95
Interim Final Rule              01/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG56
_______________________________________________________________________

4855. EXEMPTIONS FOR CERTAIN INVESTMENT COMPANIES TO IMPOSE 
DEFERRED SALES LOADS

Priority:  Substantive, Nonsignificant

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

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

Legal Deadline: None

Abstract: 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. 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                            02/23/95                    60 FR 11890
NPRM Comment Period End         04/17/95
Final Action                    11/00/95

Small Entities Affected: Businesses

Government Levels Affected: Federal

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

Agency Contact: Holly Hill-Little, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0978

RIN: 3235-AE97
_______________________________________________________________________

4856. CUSTODY OF INVESTMENT COMPANY ASSETS OUTSIDE THE UNITED 
STATES

Priority:  Substantive, Nonsignificant

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: The Commission has proposed amendments to rule 17f-5 that 
would revise the findings that currently must be made in establishing 
foreign custody arrangements to focus exclusively on the safekeeping of 
investment company assets, permit a company's board of directors to 
delegate its responsibilities under the rule to evaluate these 
arrangements, and expand the class of foreign banks and securities 
depositories that could serve as investment company custodians.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            08/02/95                    60 FR 39592
Final Action                    01/00/96

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
Phone: 202 942-0687

RIN: 3235-AE98
_______________________________________________________________________

4857. EXPEDITED PROCEDURE FOR EXEMPTIVE ORDERS

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-37; 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 withdrew the proposed amendments to Rule 30-5 
from this item and adopted them 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
Final Action                    04/00/96

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
Phone: 202 942-4525

RIN: 3235-AF56
_______________________________________________________________________

4858. CUSTODY OF INVESTMENT COMPANY ASSETS WITH FUTURES COMMISSION 
MERCHANTS AND COMMODITY CLEARING ORGANIZATIONS

Priority:  Substantive, Nonsignificant

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                    12/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Allan J. Oster, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0650

RIN: 3235-AF97
_______________________________________________________________________

4859. REQUIREMENTS RELATING TO CODES OF ETHICS WITH RESPECT TO 
REGISTERED INVESTMENT COMPANIES; RECORDS TO BE MAINTAINED BY INVESTMENT 
ADVISERS

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 80a-17(j); 15 USC 80a-37; 15 USC 80b-4; 15 USC 
80b-6(4); 15 USC 80b-11(a)

CFR Citation:  17 CFR 270.17j-1; 17 CFR 275.204-2

Legal Deadline: None

Abstract: The Commission has proposed amendments to Rule 17j-1 under 
the Investment Company Act, Rule 204-2 under the Investment Advisers 
Act, and investment company registration forms under the Investment 
Company Act and the Securities Act of 1933. The amendments to Rule 17j-
1 would enhance oversight of personal investment activities of 
investment company personnel by boards of directors and would require 
access persons to report to their employers all securities owned by 
them at the time they become access persons. Additional amendments 
would make the scope of the rule more consistent with its purpose. 
Amendments to Rule 204-2 under the Investment Advisers Act would expand 
the list of securities exempt from the recordkeeping requirements of 
that rule. The amendments to fund registration forms would require 
investment companies to provide disclosure in their registration 
statements relating to codes of ethics and to file copies of their 
codes of ethics with the Commission as exhibits to their registration 
statements.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/14/95                    60 FR 47844
NPRM Comment Period End         11/13/95
Final Action                    02/00/96

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
Phone: 202 942-4525

RIN: 3235-AG27
_______________________________________________________________________

4860. STATUS OF INVESTMENT ADVISORY PROGRAMS UNDER THE INVESTMENT 
COMPANY ACT OF 1940

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270; 17 CFR 274

Legal Deadline: None

Abstract: The Commission published for public comment revised proposed 
Rule 3a-4 under the Investment Company Act of 1940, which would provide 
a nonexclusive safe harbor from the definition of investment company 
for certain programs under which investment advisory services are 
provided to clients. The Commission also proposed Form N-3a4 under the 
Investment Company Act, which would be filed with the Commission by 
sponsors of programs relying on Rule 3a-4.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/27/95                    60 FR 39574
NPRM Comment Period End         10/02/95
Final Action                    03/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Rochelle Kauffman-Plesset, Office of the Chief Counsel, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0660

RIN: 3235-AG07
_______________________________________________________________________

4861. PUHCA: SUBSIDIARIES PERFORMING SERVICES OR CONSTRUCTION OR 
SELLING GOODS

Priority:  Substantive, Nonsignificant

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
Final Action                    07/00/96

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
Phone: 202 942-0592

RIN: 3235-AF87
_______________________________________________________________________

4862. PUHCA: ANNUAL REPORT OF MUTUAL AND SUBSIDIARY SERVICE 
COMPANIES

Priority:  Substantive, Nonsignificant

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
Final Action                    08/00/96

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
Phone: 202 942-0549

RIN: 3235-AG05
_______________________________________________________________________

4863. PUHCA: EXEMPTION FOR TRANSACTIONS WITH FOREIGN ASSOCIATES

Priority:  Substantive, Nonsignificant

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
Final Action                    07/00/96

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
Phone: 202 942-0592

RIN: 3235-AG19
_______________________________________________________________________

4864.  EXEMPTION OF ISSUANCE AND SALE OF SECURITIES BY 
PUBLIC UTILITY AND NONUTILITY SUBSIDIARY COMPANIES OF REGISTERED PUBLIC 
UTILITY HOLDING COMPANIES

Priority:  Substantive, Nonsignificant

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 amendment to Rule 52 would broaden the scope of 
the rule to exempt all types of securities issued and sold by any 
subsidiary company of a registered holding company, subject to 
satisfying the other conditions of the rule. A conforming change to 
Rule 45 is also proposed to conditionally exempt from the requirement 
of prior Commission approval any guarantee by a subsidiary company of 
debt securities issued by any other subsidiary company.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/28/95                    60 FR 33640
NPRM Comment Period End         09/26/95
Final Action                    06/00/96

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
Phone: 202 942-7121
Fax: 202 942-9595

RIN: 3235-AG45
_______________________________________________________________________

4865.  EXEMPTION OF ACQUISITION BY REGISTERED PUBLIC 
UTILITY HOLDING COMPANIES OF SECURITIES OF NONUTILITY COMPANIES; 
EXEMPTION OF CAPITAL CONTRIBUTION AND ADVANCES

Priority:  Substantive, Nonsignificant

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(b); 17 CFR 250.52(b)

Legal Deadline: None

Abstract: Proposed Rule 58 and related amendments to Rule 45(b) and 
Rule 52(b) would exempt from the requirement of prior Commission 
approval under the Public Utility Holding Company Act of 1935 the 
acquisition by a registered holding company, or any subsidiary company, 
of any securities of an energy-related company, subject to certain 
investment limitations and reporting requirements.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/28/95                    60 FR 33642
NPRM Comment Period End         09/26/95
Final Action                    06/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Bonnie Wilkinson, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-7121
Fax: 202 942-9595

RIN: 3235-AG46
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
4866. OFF-THE-PAGE PROSPECTUSES FOR OPEN-END MANAGEMENT INVESTMENT 
COMPANIES

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 230.482

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            03/19/93                    58 FR 16141
NPRM Comment Period End         06/23/93


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth R. Krentzman
Phone: 202 942-0687

RIN: 3235-AF58
_______________________________________________________________________

4867. CERTAIN RESEARCH AND DEVELOPMENT COMPANIES

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 270.3a-8

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/15/93                    58 FR 38095
NPRM Comment Period End         10/13/93                    58 FR 38095


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth R. Krentzman
Phone: 202 942-0687

RIN: 3235-AF69
_______________________________________________________________________

4868. EXEMPTION FROM DISQUALIFICATION FOR CERTAIN AFFILIATED 
PERSONS

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 270.9a-1

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Elizabeth R. Krentzman
Phone: 202 942-0687

RIN: 3235-AF89
_______________________________________________________________________

4869. EXEMPTION FROM CERTAIN FILING REQUIREMENTS FOR CERTAIN 
AFFILIATED PERSONS OF INVESTMENT ADVISERS

Priority:  Substantive, Nonsignificant

CFR Citation:  17 CFR 270.30f-1

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Elizabeth R. Krentzman
Phone: 202 942-0687

RIN: 3235-AF81
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions
DIVISION OF INVESTMENT MANAGEMENT
  
_______________________________________________________________________
  
4870. REGISTRATION FEES FOR CERTAIN INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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

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

Legal Deadline: None

Abstract: The Commission has adopted 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 also adopted a new Form 24f-2 for filing annual 
notices filed under Rule 24f-2. The amendments and the new form clarify 
the application of certain provisions of rule 24f-2 and 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
Final Action                    09/01/95                    60 FR 74041
Final Action Effective          10/10/95

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
Phone: 202 942-0728

RIN: 3235-AC25
_______________________________________________________________________

4871. ACCOUNTING TREATMENT OF INVESTMENT COMPANY EXPENSES PAID 
THROUGH BROKERAGE COMMISSION

Priority:  Substantive, Nonsignificant

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 Commission has adopted final rule and form amendments to 
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 require such costs to 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
Final Action                    07/21/95                    60 FR 38918
Final Action Effective          09/01/95

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
Phone: 202 942-0728

RIN: 3235-AF94
_______________________________________________________________________

4872. INVESTMENT COMPANY RISK DISCLOSURE

Priority:  Substantive, Nonsignificant

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 Commission issued 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 requests comment on both narrative and quantitative methods for 
providing information to investors regarding the risks presented by 
funds. This item has been replaced by 3235-AG43, the number under which 
it was published.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Withdrawn                       03/29/95

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG30
_______________________________________________________________________

4873. INVESTMENT COMPANY BOOKS AND RECORDS REQUIREMENTS

Priority:  Substantive, Nonsignificant

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 undertook a comprehensive review of the books and 
records requirements under the Investment Company Act to update certain 
requirements relating to the portfolio transaction records of 
investment companies. In particular, the staff considered recommending 
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. 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 time.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Withdrawn                       10/01/95

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AE94
_______________________________________________________________________

4874. EXEMPTION OF ISSUANCE AND SALE OF SECURITIES BY PUBLIC 
UTILITY AND NON-UTILITY SUBSIDIARY COMPANIES OF REGISTERED PUBLIC UTILITY 
HOLDING COMPANIES

Priority:  Substantive, Nonsignificant

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            07/07/92                    57 FR 31156
NPRM Comment Period End         10/13/92
Final Action Rule amended       06/28/95                    60 FR 33634
Final Action Effective          06/28/95

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
Phone: 202 942-9595

RIN: 3235-AF49
_______________________________________________________________________

4875. RULE 90: PRICING OF INTRASYSTEM SALES OF GOODS, SERVICES, AND 
CONSTRUCTION

Priority:  Substantive, Nonsignificant

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. This proposal is being withdrawn. No further action is 
anticipated.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/22/94                    59 FR 67248
NPRM Comment Period End         03/23/95
Withdrawn                       10/01/95

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
Phone: 202 942-0592

RIN: 3235-AG23
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
DIVISION OF MARKET REGULATION
  
_______________________________________________________________________
  
4876. STABILIZING TO FACILITATE A DISTRIBUTION

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 240.10b-7

Legal Deadline: None

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

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/09/91                      56 FR 814
NPRM Comment Period End         02/25/91
SNPRM                           12/00/95

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
Phone: 202 942-0772

RIN: 3235-AE11
_______________________________________________________________________

4877. DEFINITIONS PRINCIPALLY RELATING TO INTERNATIONAL 
TRANSACTIONS

Priority:  Substantive, Nonsignificant

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 has 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
SNPRM                           12/00/95

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
Phone: 202 942-0772

RIN: 3235-AE15
_______________________________________________________________________

4878. DISTRIBUTIONS OF SECURITIES: LIMITATIONS ON TRADING AND 
STABILIZING

Priority:  Substantive, Nonsignificant

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
NPRM                            12/00/95

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
Phone: 202 942-0772

RIN: 3235-AF54
_______________________________________________________________________

4879. MARKET RISK HAIRCUTS FOR INSTRUMENTS SUBJECT TO INTEREST RATE 
RISK

Priority:  Substantive, Nonsignificant

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, 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
NPRM                            12/00/95

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
Phone: 202 942-3159

RIN: 3235-AG18
_______________________________________________________________________

4880.  EXEMPTION FOR DESIGNATED FOREIGN GOVERNMENT 
SECURITIES FOR PURPOSES OF FUTURES TRADING

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77(c) to 77(d); 15 USC 77(s); 15 USC 77(ttt); 
15 USC 78(c); 15 USC 78(i); 15 USC 78(j); 15 USC 78 (l) to 78(q); 15 
USC 78(s); 15 USC 78(w); 15 USC 78(x); 15 USC 79(q); 15 USC 79(t); 15 
USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; ...

CFR Citation:  17 CFR 240.3a12-8 (Revision)

Legal Deadline: None

Abstract: The Commission proposes for comment an amendment to rule 
3a12-8 that would designate debt obligations issued by Mexico as 
exempted securities for the purpose of marketing and trading futures 
contracts on those securities in the United States.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/18/94                    60 FR 48072
NPRM Comment Period End         10/18/95
Final Action                    12/00/95

Small Entities Affected: None

Government Levels Affected: None

Additional Information: LEGAL AUTHORITY CONT: 15 USC 77(g); 15 USC 
77(j); 15 USC 77 (eee); 15 USC 77(ggg); 15 USC 77(nnn); 15 USC 77(sss); 
15 USC 78(d); 15 USC 78(ff); 15 USC 80a-20; 15 USC 80a-23; 15 USC 80b-
4; 15 USC 80b-11

Agency Contact: James T. McHale, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0190
Fax: 202 942-9695

RIN: 3235-AG65
_______________________________________________________________________

4881.  PROPOSED AMENDMENTS TO TENDER OFFER RULES: 
SOLICITING DEALER'S FEES

Priority:  Substantive, Nonsignificant

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 78m; 15 USC 78n

CFR Citation:  17 CFR 240.13e-4; 17 CFR 240.14d-10

Legal Deadline: None

Abstract: The Commission is publishing for comment proposed amendments 
to its issuer and third party tender offer rules to clarify the 
application of the rules' ``best-price'' provisions to soliciting 
dealer's fees. The proposals would prohibit a tender offeror from 
paying a soliciting dealer's fee to any person for the tender shares 
held as principal. The proposals, if adopted, would not affect the 
ability of any person to receive a fee for soliciting security holders 
who then tender into the offer. The purpose of the proposed amendments 
is to ensure that some security holders do not receive, for tendering 
their own shares, consideration that is higher than the price paid to 
other tendering security holders. The release also discusses conflict-
of-interest issues raised when broker-dealers receive fees for 
soliciting the tender of shares.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Carlene Kim, Office of Broker-Dealer Regulation, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-4180

RIN: 3235-AG44
_______________________________________________________________________

4882. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS

Priority:  Substantive, Nonsignificant

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 (NRSROs). 
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
NPRM                            08/00/96

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
Phone: 202 942-3159

RIN: 3235-AG41
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage
DIVISION OF MARKET REGULATION
  
_______________________________________________________________________
  
4883. CUSTOMER PROTECTION RESERVES AND CUSTODY OF SECURITIES

Priority:  Substantive, Nonsignificant

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
Final Action                    09/00/96

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
Phone: 202 942-3159

RIN: 3235-AD60
_______________________________________________________________________

4884. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS

Priority:  Substantive, Nonsignificant

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 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

_________________________________________________________________________

NPRM                            12/02/92                    57 FR 57027
Interim Final Rule              12/02/92                    57 FR 56973
NPRM Comment Period End         02/05/93
Final Action                    09/00/96

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
Phone: 202 942-3159

RIN: 3235-AD79
_______________________________________________________________________

4885. DEFINITION OF ``SHORT SALE''

Priority:  Substantive, Nonsignificant

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 has 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
Interim Final Rule              05/00/96

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
Phone: 202 942-0772

RIN: 3235-AE41
_______________________________________________________________________

4886. DISCLOSURE OF MARK-UPS: NEW RULE 15C2-13

Priority:  Substantive, Nonsignificant

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 indefinitely. 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.

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
Final Action                    09/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG12
_______________________________________________________________________

4887. THEORETICAL PRICING TO DETERMINE HAIRCUTS ON OPTIONS

Priority:  Substantive, Nonsignificant

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
Final Action                    12/00/95

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
Phone: 202 942-3159

RIN: 3235-AG14
_______________________________________________________________________

4888. FORM BD AMENDMENTS

Priority:  Substantive, Nonsignificant

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.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            01/12/95                     60 FR 4040
NPRM Comment Period End         02/18/95
Final Action                    12/00/95

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
Phone: 202 942-0073

RIN: 3235-AG25
_______________________________________________________________________

4889. PROHIBITION ON MARKET-MAKERS TRADING AHEAD OF CUSTOMER LIMIT 
ORDERS

Priority:  Substantive, Nonsignificant

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. The NASD has adopted a rule imposing substantially 
identical requirements upon market makers as the proposed rule. The 
Commission is deferring action on the proposed rule pending its review 
of the operation of the NASD rule.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            09/29/94                    59 FR 50866
NPRM Comment Period End         11/29/94
Final Action                    09/00/96

Small Entities Affected: None

Government Levels Affected: Undetermined

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

RIN: 3235-AG21
_______________________________________________________________________

4890. PROPOSED AMENDMENTS TO TRANSFER AGENT RULES

Priority:  Substantive, Nonsignificant

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
Final Action                    09/00/96

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
Phone: 202 942-0165

RIN: 3235-AG24
_______________________________________________________________________

4891. LARGE TRADER REPORTING SYSTEM

Priority:  Substantive, Nonsignificant

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; 15 USC 78x; 15 USC 79q; 15 USC 79t; 15 USC 80a-29; 15 USC 80a-37

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
Final Action                    09/00/96

Small Entities Affected: None

Government Levels Affected: Undetermined

Agency Contact: Alton Harvey, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-4167

RIN: 3235-AE42
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions
DIVISION OF MARKET REGULATION
  
_______________________________________________________________________
  
4892. INITIATION OR RESUMPTION OF QUOTATIONS WITHOUT SPECIFIC 
INFORMATION

Priority:  Substantive, Nonsignificant

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: In the Unified Agenda of Federal Regulations published on May 
8, 1995, the Commission stated its intention to withdraw this item from 
the published Agenda because it did not expect to consider the item 
within the next 12 months, with the provision that it might be 
considered at some subsequent point. This item is withdrawn.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            04/25/91                    56 FR 19158
NPRM Comment Period End         01/01/92
Withdrawn                       10/01/95

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
Phone: 202 942-0772

RIN: 3235-AD94
_______________________________________________________________________

4893. SECURITIES TRANSACTIONS EXEMPT FROM TRANSACTION FEES

Priority:  Substantive, Nonsignificant

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: In the Unified Agenda of Federal Regulations published on May 
8, 1995, the Commission stated its intention to withdraw this item from 
the published agenda because it did not expect to consider the item 
within the next 12 months, with the provision that it might be 
considered at some subsequent point. This item is withdrawn.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/03/91                    56 FR 25056
NPRM Comment Period End         07/03/91
Withdrawn                       10/01/95

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AE52
_______________________________________________________________________

4894. PROPOSED RULE 12F-2, ``EXTENDING UNLISTED TRADING 
PRIVILEGES''

Priority:  Substantive, Nonsignificant

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 was 
completed on April 2 1995, and also included amendments to rule 12f-5.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            02/02/95                     60 FR 7718
NPRM Comment Period End         03/13/95
Final Action                    04/21/95                    60 FR 20891
Final Action Effective          04/21/95

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG28
_______________________________________________________________________

4895. NOTICE BY SROS REGARDING STATUTORY DISQUALIFICATIONS

Priority:  Substantive, Nonsignificant

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: In the Unified Agenda of Federal Regulations published on May 
8, 1995, the Commission stated its intention to withdraw this item from 
the published agenda because it did not expect to consider the item 
within the next 12 months, with the provision that it might be 
considered at some subsequent point. This item is withdrawn.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Withdrawn                       10/01/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Richard E. Pullano, Office of Oversight, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073

RIN: 3235-AE39
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage
OFFICES AND OTHER PROGRAMS
  
_______________________________________________________________________
  
4896. DISCLOSURE OF MARKET AND CREDIT RISK EXPOSURES INCLUDING 
DERIVATIVES, STRUCTURED NOTES, COMMODITY CONTRACTS, AND OTHER SIMILAR 
INSTRUMENTS

Priority:  Substantive, Nonsignificant

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 Office of the Chief Accountant 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:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Russell Mallett, Office of the Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942-4400

RIN: 3235-AG42
_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions
OFFICES AND OTHER PROGRAMS
  
_______________________________________________________________________
  
4897. RULES OF PRACTICE

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77h-1; 15 
USC 77j; 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(d); 15 USC 78o-3

CFR Citation:  17 CFR 200; 17 CFR 201; 17 CFR 202; 17 CFR 203; 17 CFR 
209; 17 CFR 228; 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.
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 adopted comprehensive revisions to its 
Rules of Practice. This revision 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 revised 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. The Commission has also established guidelines for 
the completion of key phases of contested adjudications; required 
periodic case status reports; and will disclose more information about 
its adjudicatory docket.

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                    06/09/95                    60 FR 32738
Final Action Effective          07/24/95
Technical Amendments and 
Corrections                     09/07/95                    60 FR 46498

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AF91
[FR Doc. 95-24146 Filed 11-24-95; 8:45 am]
BILLING CODE 8010-01-F