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



[[Page 24065]]




_______________________________________________________________________


Part LXII



Securities and Exchange Commission



_______________________________________________________________________

Semiannual Regulatory Agenda

[[Page 24066]]





SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7270, 34-36915, 35-26481, 39-2338, IC-21795, IA-1558; 
File No. S7-5-96]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory 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 March 1, 
1996, the date on which the Commission's staff completed compilation of 
the data. To the extent possible, however, rulemaking actions by the 
Commission since that date have been reflected in the agenda. The 
Commission invites questions and public comment on the agenda and on 
the individual agenda entries.

DATES: Public comments are due by June 30, 1996.

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. S7-5-96 
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: March 4, 1996.

    By the Commission.

Jonathan G. Katz,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4458        Form S-4: Elimination of General Instruction G........................................    3235-AG22 
4459        Extension of Reporting Requirements for Certain Issuers of Debt Securities............    3235-AG33 
4460        Regulation S..........................................................................    3235-AG34 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4461        Disclosure of Security Ratings........................................................    3235-AG20 
4462        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AF66 
4463        Disclosure of Legal Proceedings Involving Management, Promoters, Control Persons and                
            Others................................................................................    3235-AG32 
4464        Streamlining and Consolidation of Executive and Director Compensation Disclosure......    3235-AG50 
4465        Exemption for Certain California Limited Issues.......................................    3235-AG51 
4466        Solicitations of Interest Prior to an Initial Public Offering.........................    3235-AG52 
4467        Use of Electronic Media for Delivery Purposes.........................................    3235-AG67 
4468        Phase One Recommendations of Task Force on Disclosure Simplification..................    3235-AG75 
4469        Streamlining Disclosure Requirements Relating to Significant Business Acquisitions and              
            Requiring Quarterly Reporting of Unregistered Equity Sales............................    3235-AG47 
4470        Relief From Reporting by Small Issuers................................................    3235-AG48 
4471        Revision of Holding Period Requirements in Rule 144...................................    3235-AG53 
----------------------------------------------------------------------------------------------------------------


[[Page 24067]]



                               DIVISION OF CORPORATION FINANCE--Long-Term Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4472        Asset-Backed Securities Disclosure....................................................    3235-AF74 
4473        Safe Harbor for Forward-Looking Statements............................................    3235-AG35 
4474        Streamlining Financial Statement Disclosure--Abbreviated Financial Statements.........    3235-AG49 
4475        Small Issue Exemptive Rule and Registration Forms for Certain Rights Offerings........    3235-AD44 
4476        Forms for Information Filed by Exempt Foreign Private Issuers.........................    3235-AD72 
4477        International Tender and Exchange Offers..............................................    3235-AD97 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4478        Investment Advisers: Registration and Annual Supplement Forms.........................    3235-AD21 
4479        Registration Fees for Certain Investment Companies....................................    3235-AG73 
4480        Unit Investment Trusts: Simplification of Registration Statements and Advertising                   
            Rules.................................................................................    3235-AA47 
4481        Certain Investment Company Registration Forms.........................................    3235-AE46 
4482        Proposed Definition of ``Small Entity'' for Purposes of the Regulatory Flexibility Act    3235-AG62 
4483        Shareholder Report and Financial Statement Revisions..................................    3235-AG64 
4484        Exemption for Finance Subsidiaries of Certain Banks and Insurance Companies...........    3235-AE95 
4485        Custody of Investments by a Registered Management Investment Company..................    3235-AF70 
4486        Mergers of Certain Affiliated Investment Companies....................................    3235-AG31 
4487        Improving Descriptions of Risk by Mutual Funds and Other Investment Companies.........    3235-AG43 
4488        Exemption of Certain Purchase or Sale Transactions Between an Investment Company and                
            Certain Affiliated Persons Thereof....................................................    3235-AG57 
4489        Bonding of Officers and Employees of Registered Management Investment Companies.......    3235-AG58 
4490        Mutual Fund Prospectuses Provided to Participants in Certain Defined Contribution                   
            Plans and Form Amendments.............................................................    3235-AG60 
4491        Exemption of Acquisition of Securities During the Existence of Underwriting Syndicates    3235-AG61 
4492        Deposits of Securities in Securities Depositories.....................................    3235-AG71 
4493        Multiple Class Companies..............................................................    3235-AG72 
4494        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies........    3235-AF93 
4495        Deregistration Form Amendments........................................................    3235-AG29 
4496        Insurance Products: New Form N-6 for Registration of Separate Accounts Offering                     
            Variable Life Insurance Contracts.....................................................    3235-AG37 
4497        Insurance Products: Rule Regarding Mortality and Expense Risk Charges.................    3235-AG38 
4498        Insurance Products: Rule To Permit (1) Deductions From Premium Payments to Compensate               
            for Certain Increases in Federal Tax Liability, and (2) Mixed and Shared Funding......    3235-AG39 
4499        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies................    3235-AF78 
4500        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   
----------------------------------------------------------------------------------------------------------------
4501        Money Market Fund Prospectuses........................................................    3235-AG55 
4502        Performance Advertising by Unit Investment Trusts.....................................    3235-AG63 
4503        Exemptions for Certain Investment Companies To Impose Deferred Sales Loads............    3235-AE97 
4504        Custody of Investment Company Assets Outside the United States........................    3235-AE98 
4505        Custody of Investment Company Assets With Futures Commission Merchants and Commodity                
            Clearing Organizations................................................................    3235-AF97 
4506        Requirements Relating to Codes of Ethics With Respect to Registered Investment                      
            Companies; Records To Be Maintained by Investment Advisers............................    3235-AG27 
4507        Distribution of Shares by Registered Open-End Management Investment Company...........    3235-AG59 
4508        Status of Investment Advisory Programs Under the Investment Company Act of 1940.......    3235-AG07 
4509        PUHCA: Subsidiaries Performing Services or Construction or Selling Goods..............    3235-AF87 
4510        PUHCA: Exemption for Transactions With Foreign Associates.............................    3235-AG19 

[[Page 24068]]

                                                                                                                
4511        Exemption of Issuance and Sale of Securities by Public Utility and Nonutility                       
            Subsidiary Companies of Registered Public Utility Holding Companies...................    3235-AG45 
4512        Exemption of Acquisition by Registered Public Utility Holding Companies of Securities               
            of Nonutility Companies Engaged in Certain Energy Related and Gas Related Activities..    3235-AG46 
----------------------------------------------------------------------------------------------------------------



                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4513        Suitability of Investment Adviser Advice; Quarterly Account Statements................    3235-AG06 
4514        Disclosure by Investment Advisers Regarding Soft Dollar Practices.....................    3235-AG36 
4515        Money Market Fund Quarterly Reporting.................................................    3235-AG56 
4516        Off-the-Page Prospectuses for Open-End Management Investment Companies................    3235-AF58 
4517        Repurchase Offers by Closed-End Management Investment Companies; Disclosure of Sales                
            Charges...............................................................................    3235-AG74 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4518        Tax-Exempt Money Market Fund Rule Proposals...........................................    3235-AE17 
4519        Amendments to Proxy Rules for Registered Investment Companies.........................    3235-AG54 
4520        Expedited Procedure for Exemptive Orders..............................................    3235-AF56 
4521        Assignments of Advisory Contracts: Temporary Exemptions...............................    3235-AF57 
4522        Certain Research and Development Companies............................................    3235-AF69 
4523        Exemption From Disqualification for Certain Affiliated Persons........................    3235-AF89 
4524        Exemption From Certain Filing Requirements for Certain Affiliated Persons of                        
            Investment Advisers...................................................................    3235-AF81 
4525        PUHCA: Annual Report of Mutual and Subsidiary Service Companies.......................    3235-AG05 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4526        Stabilizing To Facilitate a Distribution..............................................    3235-AE11 
4527        Definitions Principally Relating to International Transactions........................    3235-AE15 
4528        Distributions of Securities: Limitations on Trading and Stabilizing...................    3235-AF54 
4529        Amendment to Form BDW and Amendment to Exchange Act Rule 15b6-1.......................    3235-AG69 
4530        Nationally Recognized Statistical Rating Organizations................................    3235-AG41 
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4531        Customer Protection Reserves and Custody of Securities................................    3235-AD60 
4532        Net Capital Requirements for Brokers or Dealers.......................................    3235-AD79 
4533        Theoretical Pricing To Determine Haircuts on Options..................................    3235-AG14 
4534        Market Risk Haircuts for Instruments Subject to Interest Rate Risk....................    3235-AG18 
4535        Form BD Amendments....................................................................    3235-AG25 
4536        Prohibition on Market-Makers Trading Ahead of Customer Limit Orders...................    3235-AG21 
4537        Proposed Amendments to Transfer Agent Rules...........................................    3235-AG24 
4538        Amendments to Rule 11Ac1-1 (Quote Rule), Proposed Rule 11Ac1-4 Limit Order Display....    3235-AG66 
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[[Page 24069]]



                                DIVISION OF MARKET REGULATION--Long-Term Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4539        Disclosure of Mark-ups: New Rule 15c2-13..............................................    3235-AG12 
4540        Large Trader Reporting System.........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4541        Definition of ``Short Sale''..........................................................    3235-AE41 
4542        Exemption for Designated Foreign Government Securities for Purposes of Futures Trading    3235-AG65 
4543        Exemption for Designated Foreign Government Securities for Purposes of Futures Trading    3235-AG68 
4544        Proposed Amendments To Tender Offer Rules: Soliciting Dealer's Fees...................    3235-AG44 
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4545        Disclosure of Accounting Policies for Derivative Instruments and Disclosure of                      
            Qualitative and Quantitative Information About Market Risk in Certain Instruments.....    3235-AG42 
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4546        Proposed Rule To Implement Section 10A of the Securities Exchange Act of 1934.........    3235-AG70 
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4458. 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                            05/00/96

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
_______________________________________________________________________




4459. 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.

[[Page 24070]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/07/94                    59 FR 29398
NPRM                            12/00/96

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
_______________________________________________________________________




4460. 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                            06/00/96

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



_______________________________________________________________________




4461. 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                    12/00/96

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
_______________________________________________________________________




4462. 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                    06/00/96

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
_______________________________________________________________________




4463. 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

[[Page 24071]]

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                    12/00/96

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
_______________________________________________________________________




4464. 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                    05/00/96

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: 202 942-2910

RIN: 3235-AG50
_______________________________________________________________________




4465. 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                    05/00/96

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-AG51
_______________________________________________________________________




4466. 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                    05/00/96

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-AG52
_______________________________________________________________________




4467.  USE OF ELECTRONIC MEDIA FOR DELIVERY PURPOSES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a-1 et 
seq

CFR Citation:  17 CFR 228.502; 17 CFR 229.502; 17 CFR 200.80; 17 CFR 
230.120; 17 CFR 230.253; 17 CFR 230.420; 17 CFR 230.481-482; 17 CFR 
230.605; 17 CFR 232.304; 17 CFR 239.37; 17 CFR 239.38; 17 CFR 239.39; 
17 CFR 239.40; 17 CFR 239.41; 17 CFR 240.12b-12; ...

Legal Deadline: None

Abstract: The Commission proposed minor clarifying and technical 
amendments to its rules governing distribution of disclosure documents 
to security holdings and others to reflect its position relating to the 
use of electronic media for dissemination of information under the 
federal securities laws.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/13/95                    60 FR 53468
NPRM Comment Period End         11/27/95
Final Action                    05/00/96

Small Entities Affected: None

Government Levels Affected: None

[[Page 24072]]

Additional Information: CFR CITATION CONT: 17 CFR 240.13e-3; 17 CFR 
240.13e-4; 17 CFR 240.13e-102; 17 CFR 240.14a-3; 17 CFR 240.14a-5; 17 
CFR 240.14a-7; 17 CFR 240.14c-4; 17 CFR 240.14c-7; 17 CFR 240.14d-5; 17 
CFR 240.14d-102; 17 CFR 240.14d-103; 17 CFR 270.8b-12; 17 CFR 270.30d-
1; 17 CFR 270.30d-2

Agency Contact: James Budge, Special Counsel, Office of Disclosure 
Policy, Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AG67
_______________________________________________________________________




4468.  PHASE ONE RECOMMENDATIONS OF TASK FORCE ON DISCLOSURE 
SIMPLIFICATION

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 210; 17 CFR 228; 17 CFR 229; 17 CFR 230; 17 CFR 
239; 17 CFR 240; 17 CFR 249

Legal Deadline: None

Abstract: Having considered several of the recommendations of the Task 
Force on Disclosure Simplification, the Commission proposed to 
eliminate a number of rules and forms that may no longer be necessary 
or appropriate for the protection of investors, as well as proposed 
other minor or technical rule changes. Other rule proposals designed to 
improve the disclosure progress, both to investors and those subject to 
the Commission's disclosure requirements, may be forthcoming in future 
releases following the Commission's further consideration of the 
remaining Task Force recommendations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/05/96                     61 FR 9848
NPRM Comment Period End         04/10/96
Final Action                    08/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AG75
_______________________________________________________________________




4469. 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                    05/00/96

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
_______________________________________________________________________




4470. 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 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                    05/00/96

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
_______________________________________________________________________




4471. 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 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                    05/00/96

[[Page 24073]]

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



_______________________________________________________________________




4472. ASSET-BACKED SECURITIES DISCLOSURE

Priority:  Substantive, Nonsignificant

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

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

Legal Deadline: None

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

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AF74
_______________________________________________________________________




4473. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/19/94                    59 FR 52723


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG35
_______________________________________________________________________




4474. STREAMLINING FINANCIAL STATEMENT DISCLOSURE--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: In its continuing effort to streamline corporate disclosure 
requirements, the Commission proposed a number of modifications to its 
financial statement disclosure requirements in the annual report to 
security holders and other disclosure documents, including 
prospectuses, that are required to be delivered to investors. In light 
of the public response to the proposals, the Commission is reevaluating 
the proposals and considering various alternatives for simplifying 
financial statement disclosure.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/10/95                    60 FR 35604
NPRM Comment Period End         10/10/95


Next Action Undetermined

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
_______________________________________________________________________




4475. SMALL ISSUE EXEMPTIVE RULE AND REGISTRATION FORMS FOR CERTAIN 
RIGHTS OFFERINGS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 230.801(New)

Legal Deadline: None

Abstract: The Commission has proposed a small issue exemptive rule that 
would provide an exemption from the registration requirements of the 
Securities Act for certain rights offerings and a Securities Act 
registration form for certain non-exempt rights offerings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: Undetermined

[[Page 24074]]

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-AD44
_______________________________________________________________________




4476. FORMS FOR INFORMATION FILED BY EXEMPT FOREIGN PRIVATE ISSUERS

Priority:  Substantive, Nonsignificant

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AD72
_______________________________________________________________________




4477. INTERNATIONAL TENDER AND EXCHANGE OFFERS

Priority:  Substantive, Nonsignificant

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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


Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: Undetermined

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

RIN: 3235-AD97
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4478. 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) improve disclosure 
of information regarding an advisers disciplinary history, (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                            09/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Joseph E. Price, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0721

RIN: 3235-AD21
_______________________________________________________________________




4479.  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-2

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose amendments to rule 24f-2 under 
the Investment Company Act of 1940 and to Form 24f-2, the rule and form 
that permit certain investment companies to register an indefinite 
number of securities under the Securities Act of 1933, and to propose a 
new form, Form 24f-2 UIT, which would serve as the form for annual 
notices filed under rule 24f-2 for unit investment trusts. The proposed 
amendments and new form would simplify the way unit investment trusts 
register securities and pay registration fees and relieve some of the 
administrative burden imposed by these requirements. The proposed rule 
and form amendments also would make technical amendments intended to 
clarify the application of certain provisions of rule 24f-2.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anthony R. Bosch, Office of Disclosure and Investment 
Adviser Regulation-Division of

[[Page 24075]]

Investment Management, Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AG73
_______________________________________________________________________




4480. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/17/87                    52 FR 82682
NPRM Comment Period End         05/15/87
NPRM                            03/00/97

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
_______________________________________________________________________




4481. 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                            09/00/96

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
_______________________________________________________________________




4482. 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                            11/00/96

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
_______________________________________________________________________




4483. 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                            06/00/96

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
_______________________________________________________________________




4484. 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 expand rule 3a-5 
to permit, among other things, finance subsidiaries of U.S. banks and

[[Page 24076]]

insurance companies to rely on the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96

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
_______________________________________________________________________




4485. 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                            08/00/96

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
_______________________________________________________________________




4486. MERGERS OF CERTAIN AFFILIATED INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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

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                            06/00/96

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-AG31
_______________________________________________________________________




4487. 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: Martha Platt, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0725

RIN: 3235-AG43
_______________________________________________________________________




4488. 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                            05/00/96

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Marilyn Mann, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0582

RIN: 3235-AG57
_______________________________________________________________________




4489. 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

[[Page 24077]]

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                            07/00/96

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
_______________________________________________________________________




4490. MUTUAL FUND PROSPECTUSES PROVIDED TO PARTICIPANTS IN CERTAIN 
DEFINED CONTRIBUTION PLANS AND FORM AMENDMENTS

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. The 
Division will also be addressing the incorporation by reference rules 
in the investment company registration forms as well as updating and 
improving the requirements of Form N-1A and the guidelines to form N-1A 
for all mutual fund investors. The proposed amendments would also 
rescind Form N-1.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/96

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
_______________________________________________________________________




4491. 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; 15 
USC 80a-6(c)

CFR Citation:  17 CFR 270.10f-3; 17 CFR 270.17a-10

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.K. Government securities. 
The Division also is evaluating whether to recommend that the 
Commission propose a new companion rule, rule 17a-10, that would exempt 
certain purchases of municipal securities made in reliance upon rule 
10f-3 from the prohibitions against affiliated transactions of section 
17(a) of the Investment Company Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/27/96                    61 FR 13630
NPRM Comment Period End         06/03/96

Small Entities Affected: Businesses

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
_______________________________________________________________________




4492.  DEPOSITS OF SECURITIES IN SECURITIES DEPOSITORIES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 80a-17(f); 15 USC 80a-06(c); 15 USC 80a-37(a)

CFR Citation:  17 CFR 270.17f-4

Legal Deadline: None

Abstract: Rule 17f-4 governs the use of securities depositories as 
custodians of the assets of management investment companies. The staff 
is considering whether to recommend that the Commission propose 
amendments that would, among other things, expand the types of entities 
that may be used as securities depositories and permit investment 
company officers to authorize depository arrangements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/96

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-AG71
_______________________________________________________________________




4493.  MULTIPLE CLASS COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.18f-3

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
evaluating whether to recommend that the Commission propose technical 
amendments to rule 18f-3, which permits registered open-end investment 
companies to issue multiple classes of shares. The amendments would 
clarify the permissibility under the rule of using certain methods of 
allocating income, capital items, and expenses other than class 
expenses and clarify when a shareholder vote is required for classes 
with a conversion feature.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/96

Small Entities Affected: Undetermined

[[Page 24078]]

Government Levels Affected: Undetermined

Agency Contact: Marilyn Mann, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0582

RIN: 3235-AG72
_______________________________________________________________________




4494. 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                            09/00/96

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
_______________________________________________________________________




4495. 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
_______________________________________________________________________




4496. 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                            09/00/96

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
_______________________________________________________________________




4497. 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 Division 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 permit the deduction 
of 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                            08/00/96

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-AG38
_______________________________________________________________________




4498. INSURANCE PRODUCTS: RULE TO PERMIT (1) DEDUCTIONS FROM PREMIUM 
PAYMENTS TO COMPENSATE FOR CERTAIN INCREASES IN FEDERAL TAX LIABILITY, 
AND (2) MIXED AND SHARED FUNDING

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

[[Page 24079]]

applicable to insurance company separate accounts. The rule would 
codify standards the staff has developed in processing applications 
from insurance companies and their separate accounts seeking exemptions 
to (1) deduct from premium payments for variable life insurance an 
amount approximately equal to the increase in the Federal tax liability 
of the insurance company resulting from the receipt of such premium 
payments, and (2) permit shares of investment companies to be sold to 
and held by variable annuity and variable life insurance separate 
accounts of both affiliated and unaffiliated life insurance companies. 
If adopted, the proposed rule would eliminate the need for individual 
exemptive orders in connection with these matters.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/97

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
_______________________________________________________________________




4499. 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                            05/00/96

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
_______________________________________________________________________




4500. 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                            05/00/96

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



_______________________________________________________________________




4501. 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                    06/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: Previously reported as RIN 3235-AF95.

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

RIN: 3235-AG55
_______________________________________________________________________




4502. 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: On November 22, 1995 the Commission published Investment 
Company Act Release No. 21538 which requested 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

[[Page 24080]]

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. In a later release, Investment 
Company Act Release No. 21663, the Commission extended from January 29, 
1996 to March 29, 1996 the comment period on the proposed rule and form 
amendments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/22/95                    60 FR 61454
NPRM Comment Period End         01/29/96
NPRM Comment Period Extended to 03/29/96                     61 FR 1312
Final Action                    06/00/96

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
_______________________________________________________________________




4503. EXEMPTIONS FOR CERTAIN INVESTMENT COMPANIES TO IMPOSE DEFERRED 
SALES LOADS

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 80a-6(c); 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                    06/00/96

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
_______________________________________________________________________




4504. CUSTODY OF INVESTMENT COMPANY ASSETS OUTSIDE THE UNITED STATES

Priority:  Substantive, Nonsignificant

Legal Authority:  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
NPRM Comment Period End         11/06/95
Final Action                    07/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Robin S. Gross, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0640

RIN: 3235-AE98
_______________________________________________________________________




4505. 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 39311
Final Action                    05/00/96

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
_______________________________________________________________________




4506. 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); 15 USC 80a-6(c)

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

[[Page 24081]]

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                    09/00/96

Small Entities Affected: Businesses

Government Levels Affected: Federal

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

RIN: 3235-AG27
_______________________________________________________________________




4507. 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: The Commission has proposed a technical amendment to rule 
12b-1 to provide that a plan regarding payment of asset-based 
distribution charges adopted prior to an investment company's beginning 
to offer its shares to the public would not have to be approved by the 
company's shareholders. Such a plan is typically approved by the 
company's investment adviser in most cases. Shareholder approval of the 
plan under these circumstances is virtually automatic, mechanical, and 
offers no significant protection to the company's public shareholders. 
Thus, requiring shareholder approval of these plans before an 
investment company offers its shares to the public is unnecessary.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/19/96                     61 FR 1313
NPRM Comment Period End         02/22/96
Final Action                    05/00/96

Small Entities Affected: None

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
_______________________________________________________________________




4508. 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                    06/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG07
_______________________________________________________________________




4509. 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
_______________________________________________________________________




4510. 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.

[[Page 24082]]

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
_______________________________________________________________________




4511. 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
_______________________________________________________________________




4512. EXEMPTION OF ACQUISITION BY REGISTERED PUBLIC UTILITY HOLDING 
COMPANIES OF SECURITIES OF NONUTILITY COMPANIES ENGAGED IN CERTAIN 
ENERGY RELATED AND GAS RELATED ACTIVITIES

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); 17 CFR 250.58

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



_______________________________________________________________________




4513. 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 Commission is considering whether to adopt proposed rules 
that would 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


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Joseph E. Price, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0721

RIN: 3235-AG06
_______________________________________________________________________




4514. 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

[[Page 24083]]

NPRM Comment Period End         05/19/95


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Joseph E. Price, Office of Disclosure and Investment 
Adviser Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0721

RIN: 3235-AG36
_______________________________________________________________________




4515. 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


Next Action Undetermined

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
_______________________________________________________________________




4516. OFF-THE-PAGE PROSPECTUSES FOR OPEN-END MANAGEMENT INVESTMENT 
COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 230.482

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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


Next Action Undetermined

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-AF58
_______________________________________________________________________




4517.  REPURCHASE OFFERS BY CLOSED-END MANAGEMENT INVESTMENT 
COMPANIES; DISCLOSURE OF SALES CHARGES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-23(c); 15 USC 80a-37

CFR Citation:  17 CFR 270.23c-3

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose amendments to rule 23c-3 under 
the Investment Company Act of 1940 to permit closed-end interval funds 
to impose deferred sales loads comparable to those charged by open-end 
management investment companies, provide interval funds with the 
flexibility to coordinate sales of new shares with the repurchase of 
outstanding shares, and make certain technical changes to the rule. The 
Division is also considering whether to recommend that the Commission 
propose amendments to the Form N-2 registration statement to reflect 
the rule amendments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            00/00/00

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-AG74
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4518. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/29/93                    58 FR 68585

[[Page 24084]]

NPRM Comment Period End         04/06/94
Final Action                    03/28/96                    61 FR 13956

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
_______________________________________________________________________




4519. 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 staff of the Division was considering recommending that 
the Commission propose 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 
were intended to clarify and to refine the proxy rules, which were 
substantially revised by amendments adopted in the fall of 1994. The 
staff has determined not to recommend action on these amendments at the 
current time. The Commission, therefore, is withdrawing this item from 
the Unified Agenda because the Commission does not expect to consider 
the item within the next 12 months, but the Commission may consider the 
item further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/96

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
_______________________________________________________________________




4520. 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. The amendments would establish an 
expedited review procedure for certain exemptive applications and would 
allow the Commission to declare certain inactive applications to be 
abandoned. The Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some point.

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
Withdrawn                       04/01/96

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
_______________________________________________________________________




4521. 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 was 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. The Commission 
is withdrawing this item from the Unified Agenda because the Commission 
does not expect to consider the item within the next 12 months, but the 
Commission may consider the item further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Robin S. Gross, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0640

RIN: 3235-AF57
_______________________________________________________________________




4522. CERTAIN RESEARCH AND DEVELOPMENT COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.3a-8

Legal Deadline: None

Abstract: The Commission proposed for public comment rule 3a-8 under 
the Investment Company Act which would provide a safe harbor from 
investment company status for a company engaged in research and 
development, under appropriate conditions. The rule would apply to 
certain companies, such as biotechnology companies, that are not 
primarily engaged in the investment company business. The Commission is 
withdrawing this item from the Unified Agenda because the Commission 
does not expect to consider the item within the next 12 months, but the 
Commission may consider the item further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/15/93                    58 FR 38095
NPRM Comment Period End         10/13/93
Withdrawn                       04/01/96

[[Page 24085]]

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-AF69
_______________________________________________________________________




4523. EXEMPTION FROM DISQUALIFICATION FOR CERTAIN AFFILIATED PERSONS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.9a-1

Legal Deadline: None

Abstract: Section 9(a)(3) of the Investment Company Act prohibits any 
company from serving as employee, officer, director, member of an 
advisory board, investment adviser, or depositor of any registered 
investment company or principal underwriter for any registered open-end 
company, registered unit investment trust, or registered face amount 
certificate company, if section 9(a)(1) or 9(a)(2) prohibits any 
affiliated person of that company from serving in any such capacity. 
The Commission has exempted several companies from section 9(a)(3) 
where the disqualified affiliated person does not perform or have any 
ability to affect the work the company does for the investment company, 
registered unit investment trust, or registered face amount certificate 
company. The Division of Investment Management was considering whether 
to recommend that the Commission propose a rule providing such an 
exemption. The Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/96

Small Entities Affected: None

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-AF89
_______________________________________________________________________




4524. EXEMPTION FROM CERTAIN FILING REQUIREMENTS FOR CERTAIN AFFILIATED 
PERSONS OF INVESTMENT ADVISERS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.30f-1

Legal Deadline: None

Abstract: The Division of Investment Management was considering whether 
to recommend that the Commission propose amending Rule 30f-1 under the 
Investment Company Act to relieve certain affiliated persons of an 
investment adviser to a registered closed-end investment company from 
the filing requirements under Section 16 of the Exchange Act made 
applicable by Section 30(f) of the Investment Company Act. The 
amendment would have exempted certain affiliated persons of an 
investment adviser that are not in a position to obtain confidential 
information about the registered closed-end investment company or to 
influence or effect a change in the company's policies, consistent with 
the purposes of Section 30(f) and Section 16 of the Exchange Act. The 
Commission is withdrawing this item from the Unified Agenda because the 
Commission does not expect to consider the item within the next 12 
months, but the Commission may consider the item further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/96

Small Entities Affected: None

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-AF81
_______________________________________________________________________




4525. 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: This item is withdrawn from the Unified Agenda. The staff 
takes the current position that the existing accounting requirements of 
17 CFR Part 256 and sections 13 and 15 of the Public Utility Holding 
Company Act of 1935, applicable to mutual and subsidiary service 
companies, provides sufficient delegation and interpretive latitude to 
the Commission to require simplification of a service companies 
accounting system without a formalized rulemaking. It is for these 
reasons processing and proposed adoption of changes to the U-13-60 
Annual Report for Mutual and Subsidiary Service Companies are no longer 
necessary.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/20/94                    59 FR 48183
NPRM Comment Period End         11/21/94
Withdrawn                       04/01/96

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
_______________________________________________________________________

[[Page 24086]]




SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4526. 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

________________________________________________________________________

ANPRM                           01/09/91                      56 FR 814
ANPRM Comment Period End        02/25/91
NPRM                            04/18/96                    61 FR 17108
NPRM Comment Period End         06/17/96

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
_______________________________________________________________________




4527. 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

________________________________________________________________________

ANPRM                           01/09/91                      56 FR 820
ANPRM Comment Period End        02/25/91
NPRM                            06/00/96

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
_______________________________________________________________________




4528. 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; 17 
CFR 240.10b-6A; 17 CFR 240.10b-21

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-6A permits ``passive market making'' of 
securities quoted on Nasdaq by a market maker participating in a 
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. Rule 10b-21 
generally prohibits persons from covering short sales with offered 
securities obtained from an underwriter, broker, or dealer who is 
participating in a distribution of such securities. 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                            04/18/96
NPRM Comment Period End         06/17/96

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
_______________________________________________________________________




4529.  AMENDMENT TO FORM BDW AND AMENDMENT TO EXCHANGE ACT RULE 
15B6-1

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78a; 15 USC 78c; 15 USC 78(s); 15 USC 78d; 15 
USC 78i; 15 USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n

CFR Citation:  17 CFR 240; 17 CFR 249; 17 CFR 249.501a

Legal Deadline: None

Abstract: The Division is considering recommending amendments to Form 
BDW, the uniform request for withdrawal from broker-dealer registration 
under the Securities Exchange Act of 1934. The proposed amendments are 
designed to implement recommended changes to the Central Registration 
Depository System, a computer system operated by the National 
Association of Securities Dealers, Inc. that maintains registration 
information regarding registered broker-dealers and their registered 
personnel for use by the Commission, the self-regulatory organizations, 
and state securities regulators. The amendments include certain 
clarifying amendments to Form BDW, including new instructions for 
filing Form BDW electronically with the Central Registration 
Depository. The Division

[[Page 24087]]

also is considering proposed revisions to rules governing the 
withdrawal of broker-dealer registration under the Securities Exchange 
Act of 1934. Specifically, the revisions would permit broker-dealers 
that are withdrawing from registration to consent to an extension of 
the effective date of their withdrawal. The proposed revisions also 
would permit the Commission to extend the effective date for such 
periods as the Commission may determine. In addition, the Division is 
considering recommending revisions to rules governing the filing of 
Form BD and Form BDW to provide for electronic filing of these forms.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/96

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-AG69
_______________________________________________________________________




4530. 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: 202 942-0135

RIN: 3235-AG41
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4531. 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: 202 942-0135

RIN: 3235-AD60
_______________________________________________________________________




4532. 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: 202 942-0135

RIN: 3235-AD79
_______________________________________________________________________




4533. 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-

[[Page 24088]]

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                    05/00/96

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: 202 942-0135

RIN: 3235-AG14
_______________________________________________________________________




4534. 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
Final Action                    05/00/96

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: 202 942-0135

RIN: 3235-AG18
_______________________________________________________________________




4535. FORM BD AMENDMENTS

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78e; 15 USC 78q; 15 USC 78w; 15 USC 77c; 15 
USC 77d; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 77eee; 15 USC 
77ggg; 15 USC 78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78m

CFR Citation:  17 CFR 249.501; 17 CFR 240

Legal Deadline: None

Abstract: The Commission has proposed amendments to Form BD, the 
uniform broker-dealer registration form under the Securities Exchange 
Act of 1934. The primary purpose of the amendments is to implement 
recommended changes to the Central Registration Depository System, a 
computer system operated by the National Association of Securities 
Dealers, Inc. that maintains registration information regarding broker-
dealers and their registered personnel. Specifically, the amendments 
are intended to facilitate retrieval of broker-dealer registration and 
disciplinary information through the redesigned Central Registration 
Depository by eliciting more precise disclosure and by reorganizing 
disciplinary items into related categories. The changes to the 
disclosure section of Form BD are consistent with changes made by the 
North American Securities Administrators Association, Inc. to the 
analogous section in Form U-4, the uniform form for registration of 
associated persons of a broker-dealer. The Commission also proposed 
clarifying amendments to Form BD, including instructions for filing 
Form BD electronically with the Central Registration Depository.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/12/95                     60 FR 4040
NPRM Comment Period End         02/18/95
Final Action                    09/00/96

Small Entities Affected: None

Government Levels Affected: None

Additional Information: Legal Authority Continued.... 15 USC 78n; 15 
USC 78o; 15 USC 78o-4; 15 USC 78o-5; 15 USC 78p; 15 USC 78s; 15 USC 
78w; 15 USC 78x; 15 USC 78l(d); 15 USC 79q; 15 USC 79t; 15 USC 80a-20; 
15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; 15 USC 80b-
4; 15 USC 80b-11

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
_______________________________________________________________________




4536. 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

[[Page 24089]]

Market Regulation, Securities and Exchange Commission
Phone: 202 942-0172

RIN: 3235-AG21
_______________________________________________________________________




4537. 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: Michele J. Bianco, Office of Market Supervision, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-4187

RIN: 3235-AG24
_______________________________________________________________________




4538.  AMENDMENTS TO RULE 11AC1-1 (QUOTE RULE), PROPOSED RULE 
11AC1-4 LIMIT ORDER DISPLAY

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78f; 15 USC 78K(a)(2); 15 USC 78k-l; 15 USC 
78k(b); 15 USC 78j(b); 15 USC 78o(c); 15 USC 78o-3; 15 USC 78w(a)(1)

CFR Citation:  17 CFR 240.11A(c)1-1; 17 CFR 240.11A(c)1-4; 17 CFR 
240.11Ac 1-5

Legal Deadline: None

Abstract: The amendments to Rule 11Ac1-1, proposed pursuant to section 
11A of the Exchange Act, would require broker-dealers or third market 
makers which account for more than 1 percent of the volume in a listed 
security to quote to the public any superior prices that they privately 
quote through electronic communications networks. Proposed rule 11Ac1-4 
would require broker-dealers or third market makers to display customer 
limit orders that improve the best bid or offer for a particular 
security as well as the size of such orders and of certain limit orders 
priced at the national best bid or offer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/29/95                    60 FR 52792
NPRM Comment Period End         01/26/96                     61 FR 1545
Final Action                    05/00/96

Small Entities Affected: Undetermined

Government Levels Affected: None

Analysis: Regulatory Flexibility Analysis

Agency Contact: Elizabeth MacGregor, Office of Market Supervision, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0158

RIN: 3235-AG66
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4539. 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


Next Action Undetermined

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
_______________________________________________________________________




4540. 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

[[Page 24090]]

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                    00/00/00

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



_______________________________________________________________________




4541. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/09/92                    57 FR 24415
NPRM Comment Period End         08/10/92
Withdrawn                       04/01/96

Small Entities Affected: None

Government Levels Affected: None

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
_______________________________________________________________________




4542. EXEMPTION FOR DESIGNATED FOREIGN GOVERNMENT SECURITIES FOR 
PURPOSES OF FUTURES TRADING

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77c to 77d; 15 USC 77s; 15 USC 77ttt; 15 USC 
78c; 15 USC 78i; 15 USC 78j; 15 USC 78l to 78q; 15 USC 78s; 15 USC 78w; 
15 USC 78x; 15 USC 79q; 15 USC 79t; 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 adopted an amendment to rule 3a12-8 that 
designates 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                            09/18/95                    60 FR 48072
NPRM Comment Period End         10/18/95
Final Action                    12/06/95                    60 FR 62323
Final Action Effective          12/06/95

Small Entities Affected: None

Government Levels Affected: None

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

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
_______________________________________________________________________




4543.  EXEMPTION FOR DESIGNATED FOREIGN GOVERNMENT SECURITIES 
FOR PURPOSES OF FUTURES TRADING

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 240.3a 12-8 (Revision)

Legal Deadline: None

Abstract: The Commission has proposed for comment an amendment to Rule 
3a 12-8 under the Exchange Act that would designate debt obligations 
issued by Brazil, Argentina and Venezuela 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                            12/20/95                    60 FR 65607
NPRM Comment Period End         01/19/96
Final Action                    03/07/96                    61 FR 10271

Small Entities Affected: None

Government Levels Affected: None

Additional Information: LEGAL AUTHORITY CONT: 15 USC 77g; 15 USC 77j; 
15 USC 77 eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 78d; 15 
USC 78ff; 15 USC 80a-20; 15 USC 80a-23; 15 USC 80b-4; 15 USC 80b-1; 15 
USC 78ll(d)

Agency Contact: James T. McHale, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-9643

RIN: 3235-AG68
_______________________________________________________________________




4544. 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 withdrawing the item from the Unified

[[Page 24091]]

Agenda because the Commission does not expect to consider the item 
within the next 12 months but the Commission may consider the item 
further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/96

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG44
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


OFFICES AND OTHER PROGRAMS



_______________________________________________________________________




4545. DISCLOSURE OF ACCOUNTING POLICIES FOR DERIVATIVE INSTRUMENTS AND 
DISCLOSURE OF QUALITATIVE AND QUANTITATIVE INFORMATION ABOUT MARKET RISK 
IN CERTAIN 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 Commission is considering whether to require registrants 
to provide enhanced disclosures of accounting policies for derivative 
financial instruments and derivative commodity instruments, and 
disclosure of qualitative and quantitative information about market 
risk inherent in derivative financial instruments, other financial 
instruments, and derivative commodity instruments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/08/96                      61 FR 578
NPRM Comment Period End         05/07/96
Final Action                    00/00/00

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)              Long-Term Actions


OFFICES AND OTHER PROGRAMS



_______________________________________________________________________




4546.  PROPOSED RULE TO IMPLEMENT SECTION 10A OF THE SECURITIES 
EXCHANGE ACT OF 1934

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 
USC 77s(a); 15 USC 77aa(25) to (26); 15 USC 78jA; 15 USC 78l; 15 USC 
78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 79c(b); 15 USC 79n; 15 USC 
79t(a); 15 USC 80a-8

CFR Citation:  17 CFR 210; 17 CFR 211

Legal Deadline: None

Abstract: Public Law No. 104-67, enacted on December 22, 1995, amended 
the Exchange Act to include Section 10A. The staff is considering 
whether to recommend that the Commission propose a rule that would 
implement the reporting requirements in that section.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: Undetermined

Agency Contact: Robert E. Burns, Chief Counsel, Office of the Chief 
Accountant, Securities and Exchange Commission
Phone: 202 942-4400
Fax: 202 942-9656

RIN: 3235-AG70
[FR Doc. 96-6560 Filed 05-10-96; 8:45 am]
BILLING CODE 8010-01-F