[The Regulatory Plan and 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]


_______________________________________________________________________

Part LX





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 63548]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-3750, 34-37769, 35-26584, 39-2342, IC-22256, IA-1590; 
File No. S7-25-96]

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 September 
30, 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 December 31, 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. S7-25-96 
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: October 1, 1996.

    By the Commission.

Jonathan G. Katz,

Secretary.

                                 DIVISION OF CORPORATION FINANCE--Prerule Stage                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4738        Abuses of Form S-8 by Companies Using Consultants to Raise Capital....................    3235-AG94 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4739        Asset-Backed Securities Disclosure....................................................    3235-AF74 
4740        Company Registration and Regulation of Capital Formation..............................    3235-AG83 
4741        Offshore Press Conferences............................................................    3235-AG85 
4742        Electronic Road Shows.................................................................    3235-AG92 
4743        Rulemaking for the EDGAR System.......................................................    3235-AG96 
4744        Regulation MA.........................................................................    3235-AG84 
4745        Plain English.........................................................................    3235-AG88 
4746        Definitions for Purposes of the Private Litigation Reform Act of 1995.................    3235-AG89 
4747        Rules Governing the Options Disclosure Document.......................................    3235-AG93 
4748        Regulation S..........................................................................    3235-AG34 
4749        Offshore Internet Offerings...........................................................    3235-AG87 
4750        Reduction of Holding Period Requirements in Rule 144..................................    3235-AG53 
4751        Delayed Offerings For S-1 and SB-2 Companies..........................................    3235-AG86 
4752        Exemptions for International Tender and Exchange Offers...............................    3235-AD97 
4753        Plain Vanilla Treatment of Election Contest Proxies/Shareholder Communications........    3235-AG91 
4754        Proxy Communications with Beneficial Owners...........................................    3235-AG95 
----------------------------------------------------------------------------------------------------------------


[[Page 63549]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4755        Safe Harbor for Disclosure of Market Risk Inherent in Derivative Financial                          
            Instruments, Other Financial Instruments, and Derivative Commodity Instruments........    3235-AG77 
4756        Phase II Recommendations of Task Force on Disclosure Simplification...................    3235-AG80 
4757        Disclosure of Legal Proceedings Involving Management, Promoters, Control Persons and                
            Others................................................................................    3235-AG32 
4758        Streamlining and Consolidation of Executive and Director Compensation Disclosure......    3235-AG50 
4759        Solicitations of Interest Prior to an Initial Public Offering.........................    3235-AG52 
4760        Expansion of Short-Form Registration to Include Companies With Non-Voting Equity......    3235-AG82 
4761        Amendments to Beneficial Ownership Reporting Requirements.............................    3235-AG81 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Long-Term Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4762        Disclosure of Security Ratings........................................................    3235-AG20 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4763        Safe Harbor for Forward-Looking Statements............................................    3235-AG35 
4764        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AF66 
4765        Form S-4: Elimination of General Instruction G........................................    3235-AG22 
4766        Extension of Reporting Requirements for Certain Issuers of Debt Securities............    3235-AG33 
4767        Streamlining Financial Statement Disclosure--Abbreviated Financial Statements.........    3235-AG49 
4768        Exemption for Certain California Limited Issues.......................................    3235-AG51 
4769        Use of Electronic Media for Delivery Purposes.........................................    3235-AG67 
4770        Phase One Recommendations of Task Force on Disclosure Simplification..................    3235-AG75 
4771        Small Issue Exemptive Rule and Registration Forms for Certain Rights Offerings........    3235-AD44 
4772        Forms for Information Filed by Exempt Foreign Private Issuers.........................    3235-AD72 
4773        Streamlining Disclosure Requirements Relating to Significant Business Acquisitions and              
            Requiring Quarterly Reporting of Unregistered Equity Sales............................    3235-AG47 
4774        Relief From Reporting by Small Issuers................................................    3235-AG48 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4775        Investment Advisers: Registration and Annual Supplement Forms.........................    3235-AD21 
4776        Registration Fees for Certain Investment Companies....................................    3235-AG73 
4777        Electronic Filing of Institutional Investment Manager Reports on Form 13F.............    3235-AG97 
4778        Temporary Exemption for Certain Investment Advisers...................................    3235-AH02 
4779        Unit Investment Trusts: Simplification of Registration Statements and Advertising                   
            Rules.................................................................................    3235-AA47 
4780        Certain Investment Company Registration Forms.........................................    3235-AE46 
4781        Small Entities for Purposes of the Regulatory Flexibility Act as Applied to the                     
            Investment Company Act................................................................    3235-AG62 
4782        Shareholder Report and Financial Statement Revisions..................................    3235-AG64 
4783        Exemption for Finance Subsidiaries of Certain Banks and Insurance Companies...........    3235-AE95 
4784        Custody of Investments by a Registered Management Investment Company..................    3235-AF70 
4785        Mergers of Certain Affiliated Investment Companies....................................    3235-AG31 
4786        Improving Descriptions of Risk by Mutual Funds and Other Investment Companies.........    3235-AG43 
4787        Exemption of Certain Purchase or Sale Transactions Between an Investment Company and                
            Certain Affiliated Persons Thereof....................................................    3235-AG57 
4788        Bonding of Officers and Employees of Registered Management Investment Companies.......    3235-AG58 
4789        Deposits of Securities in Securities Depositories.....................................    3235-AG71 

[[Page 63550]]

                                                                                                                
4790        Multiple Class Companies..............................................................    3235-AG72 
4791        Delivery of Prospectuses and Annual Reports to Multiple Shareholders at the Same                    
            Address...............................................................................    3235-AG98 
4792        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies........    3235-AF93 
4793        Insurance Products: New Form N-6 for Registration of Separate Accounts Offering                     
            Variable Life Insurance Contracts.....................................................    3235-AG37 
4794        Insurance Products: Rule To Permit Mixed and Shared Funding...........................    3235-AG39 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4795        Money Market Fund Prospectuses........................................................    3235-AG55 
4796        Performance Advertising by Unit Investment Trusts.....................................    3235-AG63 
4797        Requirements Relating to Codes of Ethics With Respect to Registered Investment                      
            Companies; Records To Be Maintained by Investment Advisers............................    3235-AG27 
4798        Exemption of Acquisition of Securities During the Existence of Underwriting Syndicates    3235-AG61 
4799        Status of Investment Advisory Programs Under the Investment Company Act of 1940.......    3235-AG07 
4800        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies................    3235-AF78 
4801        Status of Subsidiary Companies Formed To Hold Interests in Foreign Utility Companies..    3235-AF79 
4802        PUHCA: Subsidiaries Performing Services or Construction or Selling Goods..............    3235-AF87 
4803        PUHCA: Exemption for Transactions With Foreign Associates.............................    3235-AG19 
4804        Exemption of Issuance and Sale of Securities by Public Utility and Nonutility                       
            Subsidiary Companies of Registered Public Utility Holding Companies...................    3235-AG45 
4805        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   
----------------------------------------------------------------------------------------------------------------
4806        Custody of Investment Company Assets Outside the United States........................    3235-AE98 
4807        Custody of Investment Company Assets With Futures Commission Merchants and Commodity                
            Clearing Organizations................................................................    3235-AF97 
4808        Deregistration Form Amendments........................................................    3235-AG29 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4809        Suitability of Investment Adviser Advice; Quarterly Account Statements................    3235-AG06 
4810        Disclosure by Investment Advisers Regarding Soft Dollar Practices.....................    3235-AG36 
4811        Money Market Fund Quarterly Reporting.................................................    3235-AG56 
4812        Exemptions for Certain Investment Companies To Impose Deferred Sales Loads............    3235-AE97 
4813        Off-the-Page Prospectuses for Open-End Management Investment Companies................    3235-AF58 
4814        Distribution of Shares by Registered Open-End Management Investment Company...........    3235-AG59 
4815        Mutual Fund Prospectuses Provided to Participants in Certain Defined Contribution                   
            Plans and Form Amendments.............................................................    3235-AG60 
4816        Repurchase Offers by Closed-End Management Investment Companies; Disclosure of Sales                
            Charges...............................................................................    3235-AG74 
4817        Insurance Products: Rule Regarding Mortality and Expense Risk Charges.................    3235-AG38 
----------------------------------------------------------------------------------------------------------------


[[Page 63551]]


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4818        Amendment to Rule 11Ac1-1.............................................................    3235-AH00 
4819        Lost Securityholders..................................................................    3235-AG99 
4820        Nationally Recognized Statistical Rating Organizations................................    3235-AG41 
4821        Proposed Changes to Definitions of ``Small Business'' or ``Small Organization'' Under               
            the Securities Exchange Act of 1934...................................................    3235-AH01 
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4822        Customer Protection Reserves and Custody of Securities................................    3235-AD60 
4823        Net Capital Requirements for Brokers or Dealers.......................................    3235-AD79 
4824        Stabilizing To Facilitate a Distribution..............................................    3235-AE11 
4825        Definitions Principally Relating to International Transactions........................    3235-AE15 
4826        Distributions of Securities: Limitations on Trading and Stabilizing...................    3235-AF54 
4827        Theoretical Pricing To Determine Haircuts on Options..................................    3235-AG14 
4828        Market Risk Haircuts for Instruments Subject to Interest Rate Risk....................    3235-AG18 
4829        Amendment to Form BDW and Amendment to Exchange Act Rule 15b6-1 and Amendments to                   
            Rules 15b1-1, 15b3-1, 15Ba2-2, 15Ca1-1, and 15Ca2-1...................................    3235-AG69 
4830        Proposed Amendment to Rule 13e-4 Under the Securities Exchange Act of 1934............    3235-AG78 
4831        Proposed Amendments to Transfer Agent Rules...........................................    3235-AG24 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4832        Disclosure of Mark-ups: New Rule 15c2-13..............................................    3235-AG12 
4833        Large Trader Reporting System.........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4834        Form BD Amendments....................................................................    3235-AG25 
4835        Prohibition on Market-Makers Trading Ahead of Customer Limit Orders...................    3235-AG21 
4836        Amendments to Rule 11Ac1-1 (Quote Rule), New Rule 11Ac1-4 (Limit Order Display).......    3235-AG66 
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4837        Proposed Rule To Implement Section 10A of the Securities Exchange Act of 1934.........    3235-AG70 
----------------------------------------------------------------------------------------------------------------


[[Page 63552]]


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage                                  
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4838        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--Completed Actions                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4839        Elimination of Fees Previously Adopted by the SEC Pursuant to the Independent Offices               
            Appropriations Act of 1952............................................................    3235-AG79 
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)                  Prerule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4738.  ABUSES OF FORM S-8 BY COMPANIES USING CONSULTANTS TO 
RAISE CAPITAL

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.428; 17 CFR 239.16b

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
issue a release addressing abuses of Form S-8 by companies using 
consultants to raise capital.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/00/97

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Elizabeth M. Murphy, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG94
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4739. ASSET-BACKED SECURITIES DISCLOSURE

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96

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
_______________________________________________________________________




4740.  COMPANY REGISTRATION AND REGULATION OF CAPITAL FORMATION

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Unfunded Mandates: Undetermined

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

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

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules that would reform the registration of the capital 
formation process while maintaining or enhancing investor protection. 
The Division is considering a number of approaches to reform, 
including: the implementation of a ``company registration'' approach; 
modifications to the shelf registration system; liberalization of the 
treatment of unregistered securities; and the deregulation of offers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice With Request for Comments07/31/96                    61 FR 40044
Notice Comment Period End       09/30/96
NPRM                            11/00/96

[[Page 63553]]

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anita T. Klein, Securities and Exchange Commission, 
Division of Corporation Finance
Phone: 202 942-2900

RIN: 3235-AG83
_______________________________________________________________________




4741.  OFFSHORE PRESS CONFERENCES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 230.135e (New); 17 CFR 230.502; 17 CFR 230.902; 
17 CFR 240.14d-1

Legal Deadline: None

Abstract: The Commission proposed new safe harbors to clarify the 
conditions under which journalists may be provided with access to 
offshore press conferences, offshore meetings and press materials 
released offshore, where a present or proposed offering of securities 
or tender offer is discussed, without violating the provisions of 
section 5 or the procedural requirements of the tender offer rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/18/96                    61 FR 54518
NPRM Comment Period End         12/17/96
Final Action                    03/00/97

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Luise M. Welby, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2990

RIN: 3235-AG85
_______________________________________________________________________




4742.  ELECTRONIC ROAD SHOWS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.134c(New); 17 CFR 230.405

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose a new rule and a change to an existing definition to facilitate 
the use of electronic media in connection with ``road show'' 
presentations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Joseph P. Babits, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG92
_______________________________________________________________________




4743.  RULEMAKING FOR THE EDGAR SYSTEM

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 228; 17 CFR 229; 17 CFR 230; 17 CFR 232; 17 CFR 
239; 17 CFR 240; 17 CFR 249

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose minor and technical amendments to the rules governing 
electronic filing on the Electronic Data Gathering Analysis and 
Retrieval (``EDGAR'') System.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG96
_______________________________________________________________________




4744.  REGULATION MA

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 78n

CFR Citation:  17 CFR 240

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules designed to promote uniform disclosure in connection with 
extraordinary corporate transactions, such as mergers, tender offers 
and going private transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/97

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: P.J. Himelfarb, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2920

RIN: 3235-AG84
_______________________________________________________________________




4745.  PLAIN ENGLISH

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 228; 17 CFR 229; 17 CFR 230.421; 17 CFR 230.460

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules that would require plain English to be used for the cover 
page, prospectus summary and risk factors section of registration 
statements filed pursuant to the Securities Act. Other proposed 
amendments would eliminate unnecessary technical disclosure from the 
cover page and forepart of the prospectus to encourage the preparation 
of a more investor-friendly document.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Ann D. Wallace, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG88
_______________________________________________________________________




4746.  DEFINITIONS FOR PURPOSES OF THE PRIVATE LITIGATION REFORM 
ACT OF 1995

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 230.177(New); 17 CFR 230.178(New); 17 CFR

[[Page 63554]]

230.17a(New); 17 CFR 240.3b-12(New); 17 CFR 240.3b-13(New)

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
issue proposed rules that will define the terms ``outside director,'' 
``limited liability company,'' ``partnership,'' and ``direct 
participation investment program.'' These definitions are deemed 
necessary in view of recent changes to the Securities Act and Exchange 
Act made in the Private Securities Litigation Reform Act of 1995.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elliot B. Staffin, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-1800

RIN: 3235-AG89
_______________________________________________________________________




4747.  RULES GOVERNING THE OPTIONS DISCLOSURE DOCUMENT

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.135b

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to provide that an options disclosure document 
prepared in accordance with Rule 9b-1 under the Exchange Act is not a 
prospectus and accordingly will not be subject to civil liability under 
Section 12(a)(2) of the Securities Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/96

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG93
_______________________________________________________________________




4748. REGULATION S

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.901 et seq

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amending Regulation S safe harbor procedures for sales of 
equity securities by U.S. reporting companies. These proposals would 
implement additional restrictive procedures in order to decrease the 
likelihood that such securities will be sold offshore in transactions 
that are in substance unregistered distributions of the securities in 
the United States.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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
_______________________________________________________________________




4749.  OFFSHORE INTERNET OFFERINGS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules that address issues arising out of offshore offerings on 
the Internet.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/96

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Joseph P. Babits, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG87
_______________________________________________________________________




4750. REDUCTION OF HOLDING PERIOD REQUIREMENTS IN RULE 144

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 Division is considering recommending that the Commission 
repropose rule amendments that would shorten the holding period 
requirements in Rule 144(d) and (k). Other amendments also would be 
proposed to address additional related issues.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/10/95                    60 FR 35645
NPRM Comment Period End         09/08/95
Reproposal                      10/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth M. Murphy, Office of Chief Counsel, Division 
of Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG53
_______________________________________________________________________




4751.  DELAYED OFFERINGS FOR S-1 AND SB-2 COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.415; 17 CFR 230.424; 17 CFR 230.430A

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 430A, which would permit small or less 
seasoned companies to price primary offerings of securities on a 
delayed basis, provided certain conditions are satisfied.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/96

[[Page 63555]]

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Barbara C. Jacobs, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG86
_______________________________________________________________________




4752. EXEMPTIONS FOR INTERNATIONAL TENDER AND EXCHANGE OFFERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 Division is considering recommending that the Commission 
repropose amendments 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.

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
Reproposal                      12/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Laurie L. Green, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2920

RIN: 3235-AD97
_______________________________________________________________________




4753.  PLAIN VANILLA TREATMENT OF ELECTION CONTEST PROXIES/
SHAREHOLDER COMMUNICATIONS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 78n

CFR Citation:  17 CFR 240.14a-6

Legal Deadline: None

Abstract: The Division is considering recommending to the Commission 
that it propose amendments that would eliminate filing of preliminary 
proxy statements in election contests. The proposals also may address 
possible amendments to the shareholder communications rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Laura B. Badian, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2920

RIN: 3235-AG91
_______________________________________________________________________




4754.  PROXY COMMUNICATIONS WITH BENEFICIAL OWNERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 78n

CFR Citation:  17 CFR 240.14a-13; 17 CFR 240.14b-1; 17 CFR 240.14b-2

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to the proxy rules to permit direct issuer delivery 
of proxy and information statements to non-objecting beneficial owners.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth M. Murphy, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG95
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4755.  SAFE HARBOR FOR DISCLOSURE OF MARKET RISK INHERENT IN 
DERIVATIVE FINANCIAL INSTRUMENTS, OTHER FINANCIAL INSTRUMENTS, AND 
DERIVATIVE COMMODITY INSTRUMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77z-2; 15 USC 78u-5

CFR Citation:  17 CFR 228; 17 CFR 229; 17 CFR 249

Legal Deadline: None

Abstract: The Commission has proposed a safe harbor that would apply 
the safe harbor provisions recently added to the Securities Act of 1933 
and the Securities Exchange Act of 1934 by the Private Securities 
Litigation Reform Act of 1995 to specified disclosures made pursuant to 
proposed Item 305 of Regulation S-K or proposed Item 9A of 20-F.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/09/96                    61 FR 16672
NPRM Comment Period End         05/20/96
Final Action                    12/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth Murphy, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-2925

RIN: 3235-AG77

[[Page 63556]]

_______________________________________________________________________




4756.  PHASE II RECOMMENDATIONS OF TASK FORCE ON DISCLOSURE 
SIMPLIFICATION

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 239.25; 17 CFR 239.31; 17 CFR 239.33; 17 CFR 
239.34; 17 CFR 239.500; 17 CFR 240.12a-8; 17 CFR 240.12g-3; 17 CFR 
240.15d-5; 17 CFR 249.208a; 17 CFR 249.208b; 17 CFR 249.220f; 17 CFR 
249.308a; 17 CFR 249.310; 17 CFR 239.14; 17 CFR 274.11a-1; ...

Legal Deadline: None

Abstract: The Commission proposed to eliminate two forms and one rule 
that may no longer be necessary or appropriate for the protection of 
investors. The Commission also proposed to add one rule, and to amend 
nine rules and 17 forms in order to eliminate unnecessary requirements 
and to streamline the disclosure process. These proposals were based on 
certain recommendations of the Task Force on Disclosure Simplification. 
Other Task Force recommendations may be addressed in future rulemaking 
projects.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/31/96                    61 FR 30405
NPRM Comment Period End         07/29/96                    61 FR 40405
Final Action                    12/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: CFR Citation continue........ 17 CFR 249.310b 
17 CFR 230.401 17 CFR 230.424 17 CFR 230.462 17 CFR 230.463 17 CFR 
230.497 17 CFR 230.503 17 CFR 230.507 17 CFR 239.9 17 CFR 239.10 17 CFR 
239.11 17 CFR 239.13 17 CFR 239.18

Agency Contact: Felicia H. Kung, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2990

RIN: 3235-AG80
_______________________________________________________________________




4757. DISCLOSURE OF LEGAL PROCEEDINGS INVOLVING MANAGEMENT, PROMOTERS, 
CONTROL PERSONS AND OTHERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/07/94                    59 FR 55385
NPRM Comment Period End         01/06/95
Final Action                    09/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG32
_______________________________________________________________________




4758. STREAMLINING AND CONSOLIDATION OF EXECUTIVE AND DIRECTOR 
COMPENSATION DISCLOSURE

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                    09/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Elizabeth M. Murphy, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG50
_______________________________________________________________________




4759. SOLICITATIONS OF INTEREST PRIOR TO AN INITIAL PUBLIC OFFERING

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

[[Page 63557]]

NPRM Comment Period End         09/08/95
Final Action                    09/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG52
_______________________________________________________________________




4760.  EXPANSION OF SHORT-FORM REGISTRATION TO INCLUDE COMPANIES 
WITH NON-VOTING EQUITY

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 239.13; 17 CFR 239.32; 17 CFR 239.33; 17 CFR 
230.405; 17 CFR 228.10; 17 CFR 240.12b-2

Legal Deadline: None

Abstract: The Commission has proposed amendments to Form S-3, Form F-2 
and Form F-3 and to the definition of ``small business issuer'' in Rule 
405 and in Item 10 of Regulation S-B under Securities Act and in Rule 
12b-2 under the Exchange Act to allow issuers to use shares of non-
voting common equity when calculating the public float requirement.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/30/96                    61 FR 47706
NPRM Comment Period End         10/10/96
Final Action                    12/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Mary J. Kosterlitz, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG82
_______________________________________________________________________




4761.  AMENDMENTS TO BENEFICIAL OWNERSHIP REPORTING REQUIREMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 78a et seq

CFR Citation:  17 CFR 240.13d-1; 17 CFR 240.13d-2; 17 CFR 240.13d-7; 17 
CFR 240.13d-101; 17 CFR 240.13d-102; 17 CFR 240.16a-1

Legal Deadline: None

Abstract: The Commission has proposed amendments to the beneficial 
ownership rules to allow all investors beneficially owning less than 20 
percent of the class that have not acquired or held the securities for 
the purpose of changing or influencing the control of the issuer to use 
Schedule 13G, in lieu of Schedule 13D.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/03/95                    61 FR 36521
NPRM Comment Period End         09/09/96
Final Action                    01/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Dennis O. Garris, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2920

RIN: 3235-AG81
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4762. DISCLOSURE OF SECURITY RATINGS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-1997

RIN: 3235-AG20

[[Page 63558]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4763. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 230.175

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/19/94                    59 FR 52723
Withdrawn                       10/01/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG35
_______________________________________________________________________




4764. 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 adopted 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                    05/31/96                    61 FR 30377
Final Action Effective          08/15/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anne Krauskopf, Office of Chief Counsel, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AF66
_______________________________________________________________________




4765. FORM S-4: ELIMINATION OF GENERAL INSTRUCTION G

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/96

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG22
_______________________________________________________________________




4766. EXTENSION OF REPORTING REQUIREMENTS FOR CERTAIN ISSUERS OF DEBT 
SECURITIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77nnn

CFR Citation:  17 CFR 260

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/07/94                    59 FR 29398
Withdrawn                       10/01/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Joseph Babits, Office of Chief Counsel, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG33
_______________________________________________________________________




4767. STREAMLINING FINANCIAL STATEMENT DISCLOSURE--ABBREVIATED FINANCIAL 
STATEMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/10/95                    60 FR 35604
NPRM Comment Period End         10/10/95
Withdrawn                       10/01/96

Small Entities Affected: Businesses

Government Levels Affected: None

[[Page 63559]]

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 Chief Counsel, Division 
of Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG49
_______________________________________________________________________




4768. 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 adopted a new exemption 
from its registration requirements for limited offerings of up to $5 
million that are exempt from qualification under certain California 
State securities law provisions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/10/95                    60 FR 35638
NPRM Comment Period End         09/08/95
Final Action                    05/01/96                    61 FR 21356
Final Action Effective          06/10/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AG51
_______________________________________________________________________




4769. 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 adopted 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                    05/09/96                    61 FR 24652
Final Action Effective          06/14/96

Small Entities Affected: None

Government Levels Affected: None

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, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG67
_______________________________________________________________________




4770. 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 eliminated a number 
of rules and forms that no longer were necessary or appropriate for the 
protection of investors, as well adopted 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                    05/31/96                    61 FR 30397
Final Action Effective          07/15/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG75
_______________________________________________________________________




4771. SMALL ISSUE EXEMPTIVE RULE AND REGISTRATION FORMS FOR CERTAIN 
RIGHTS OFFERINGS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 230.801(New)

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/14/91                    56 FR 27564
NPRM Comment Period End         09/09/91
Withdrawn                       10/01/96

Small Entities Affected: None

Government Levels Affected: None

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

[[Page 63560]]

_______________________________________________________________________




4772. FORMS FOR INFORMATION FILED BY EXEMPT FOREIGN PRIVATE ISSUERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/06/91                    56 FR 27612
NPRM Comment Period End         09/09/91
Withdrawn                       10/01/96

Small Entities Affected: None

Government Levels Affected: None

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
_______________________________________________________________________




4773. STREAMLINING DISCLOSURE REQUIREMENTS RELATING TO SIGNIFICANT 
BUSINESS ACQUISITIONS AND REQUIRING QUARTERLY REPORTING OF UNREGISTERED 
EQUITY SALES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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; 17 CFR 228.701; 17 
CFR 229.701

Legal Deadline: None

Abstract: In connection with its review of problematic practices 
relating to Regulation S, the Commission adopted 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, revisions were 
adopted that would require registrants to report on a current or 
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                    10/18/96                    61 FR 54506
Final Action Effective          11/18/96

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG47
_______________________________________________________________________




4774. 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 240.12g-1; 17 CFR 240.12g-4; 17 CFR 240.12h-3; 17 
CFR 249.323(a)

Legal Deadline: None

Abstract: The Commission adopted amendments 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                    05/01/96                    61 FR 21354
Final Action Effective          05/09/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporate Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG48
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4775. INVESTMENT ADVISERS: REGISTRATION AND ANNUAL SUPPLEMENT FORMS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            01/00/97

Small Entities Affected: Undetermined

[[Page 63561]]

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
_______________________________________________________________________




4776. REGISTRATION FEES FOR CERTAIN INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            06/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Robin Gross, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AG73
_______________________________________________________________________




4777.  ELECTRONIC FILING OF INSTITUTIONAL INVESTMENT MANAGER 
REPORTS ON FORM 13F

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 78c; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 
USC 78o(d); 15 USC 78w(a); 15 USC 78ll

CFR Citation:  17 CFR 232.101; 17 CFR 240.13f-1; 17 CFR 240.13f-2; 17 
CFR 249.325; 17 CFR 249.326

Legal Deadline: None

Abstract: This rule would make electronic filing of Form 13F reports 
mandatory instead of optional. It would also eliminate special 
formatting requirements for the electronic version of those reports and 
the related requirement that they be submitted on magnetic tape. Form 
13F reports are filed quarterly by institutional investment managers 
having more than $100,000,000 worth of equity securities in accounts 
under management to report the equity securities holdings of those 
accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Ruth Armfield Sanders, Division of Investment 
Management, Securities and Exchange Commission
Phone: 202 942-0633

RIN: 3235-AG97
_______________________________________________________________________




4778.  TEMPORARY EXEMPTION FOR CERTAIN INVESTMENT ADVISERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 270.15a-4

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
evaluating whether to recommend that the Commission propose an 
amendment to rule 15a-4 under the Investment Company Act of 1940, which 
permits a person, under certain circumstances, to serve temporarily as 
an investment adviser to an investment company pursuant to a contract 
that has not been approved by the investment company's shareholders. 
The staff is evaluating whether to recommend that the Commission 
propose an amendment that would increase the number of days the 
investment adviser may so serve.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/96

Small Entities Affected: Undetermined

Government Levels Affected: None

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

RIN: 3235-AH02
_______________________________________________________________________




4779. UNIT INVESTMENT TRUSTS: SIMPLIFICATION OF REGISTRATION STATEMENTS 
AND ADVERTISING RULES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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.

[[Page 63562]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/17/87                    52 FR 82682
NPRM Comment Period End         05/15/87
NPRM                            09/00/97

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
_______________________________________________________________________




4780. CERTAIN INVESTMENT COMPANY REGISTRATION FORMS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 is 
evaluating the use of a fund ``profile.'' A fund profile contains a 
brief summary of a fund's key features in a standardized format.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96

Small Entities Affected: Undetermined

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-AE46
_______________________________________________________________________




4781. SMALL ENTITIES FOR PURPOSES OF THE REGULATORY FLEXIBILITY ACT AS 
APPLIED TO THE INVESTMENT COMPANY ACT

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 
terms ``small business'' and ``small organization.''

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/96

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-AG62
_______________________________________________________________________




4782. SHAREHOLDER REPORT AND FINANCIAL STATEMENT REVISIONS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96

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
_______________________________________________________________________




4783. EXEMPTION FOR FINANCE SUBSIDIARIES OF CERTAIN BANKS AND INSURANCE 
COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 
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: C. Hunter Jones, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0694

RIN: 3235-AE95
_______________________________________________________________________




4784. CUSTODY OF INVESTMENTS BY A REGISTERED MANAGEMENT INVESTMENT 
COMPANY

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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,

[[Page 63563]]

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                            01/00/97

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
_______________________________________________________________________




4785. MERGERS OF CERTAIN AFFILIATED INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 270.17a-8

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/97

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
_______________________________________________________________________




4786. IMPROVING DESCRIPTIONS OF RISK BY MUTUAL FUNDS AND OTHER 
INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            12/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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-AG43
_______________________________________________________________________




4787. EXEMPTION OF CERTAIN PURCHASE OR SALE TRANSACTIONS BETWEEN AN 
INVESTMENT COMPANY AND CERTAIN AFFILIATED PERSONS THEREOF

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            05/00/97

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
_______________________________________________________________________




4788. BONDING OF OFFICERS AND EMPLOYEES OF REGISTERED MANAGEMENT 
INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 270.17g-1

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG58

[[Page 63564]]

_______________________________________________________________________




4789. DEPOSITS OF SECURITIES IN SECURITIES DEPOSITORIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            02/00/97

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
_______________________________________________________________________




4790. MULTIPLE CLASS COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 270.18f-3

Legal Deadline: None

Abstract: The Commission proposed amendments to rule 18f-3, which 
permits registered open-end investment companies to issue multiple 
classes of shares. The amendments would clarify and expand the methods 
a fund may use to allocate income, capital items, and expenses other 
than class expenses and clarify when a shareholder vote is required for 
classes with a conversion feature. The Commission also proposed a 
technical amendment to Rule 126-1 to clarify how the various provisions 
of the rule apply to a ``series'' fund.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/09/96                    61 FR 49022
NPRM Comment Period End         11/18/96

Small Entities Affected: Businesses

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-AG72
_______________________________________________________________________




4791.  DELIVERY OF PROSPECTUSES AND ANNUAL REPORTS TO MULTIPLE 
SHAREHOLDERS AT THE SAME ADDRESS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 80a-37; 15 USC 80a-6(c); 15 USC 77s(a)

CFR Citation:  17 CFR 270.30d-1; 17 CFR 270.30d-2; 17 CFR Not yet 
determined

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
evaluating whether to recommend that the Commission propose a new rule 
under the Securities Act of 1933 that would permit companies to satisfy 
the prospectus delivery requirements of section 5(b)(2) of the 
Securities Act for more than one shareholder residing at an address by 
delivering a prospectus to one of the shareholders at the address, if 
certain conditions are met. The staff is also evaluating whether to 
recommend similar amendments to rules 30d-1 and 30d-2 under the 
Investment Company Act, which require delivery of annual and semi-
annual reports of management investment companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/97

Small Entities Affected: None

Government Levels Affected: Undetermined

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

RIN: 3235-AG98
_______________________________________________________________________




4792. AMENDMENTS TO FORM N-SAR, SEMIANNUAL REPORT OF REGISTERED 
INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            01/00/97

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
_______________________________________________________________________




4793. INSURANCE PRODUCTS: NEW FORM N-6 FOR REGISTRATION OF SEPARATE 
ACCOUNTS OFFERING VARIABLE LIFE INSURANCE CONTRACTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

[[Page 63565]]

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                            06/00/97

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
_______________________________________________________________________




4794. INSURANCE PRODUCTS: RULE TO PERMIT MIXED AND SHARED FUNDING

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 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 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/97

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
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4795. MONEY MARKET FUND PROSPECTUSES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

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

Legal Deadline: None

Abstract: The Commission proposed for comment amendments to Forms N-1A 
and N-3 applicable to money market funds. The amendments would permit 
money market funds to significantly shorten and simplify money market 
fund and separate account prospectuses. More detailed information would 
continue to be available in the Statement of Additional Information. 
Such amendments are also intended to reduce the cost to funds of 
preparing, printing, and distributing prospectuses. The proposals would 
also make conforming rule and form amendments and revisions to staff 
guides to Form N-1A and Form N-3.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/26/95                    60 FR 38454
NPRM Comment Period End         09/27/95
Final Action                    01/00/97

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
_______________________________________________________________________




4796. PERFORMANCE ADVERTISING BY UNIT INVESTMENT TRUSTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/22/95                    60 FR 61454
Extension of Comment Period     01/11/96                     61 FR 1312
NPRM Comment Period End         01/29/96
Extended Comment Period End     03/29/96
Final Action                    01/00/97

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.

[[Page 63566]]

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
_______________________________________________________________________




4797. REQUIREMENTS RELATING TO CODES OF ETHICS WITH RESPECT TO 
REGISTERED INVESTMENT COMPANIES; RECORDS TO BE MAINTAINED BY INVESTMENT 
ADVISERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 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                    12/00/96

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Catherine M. Saadeh, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0650

RIN: 3235-AG27
_______________________________________________________________________




4798. EXEMPTION OF ACQUISITION OF SECURITIES DURING THE EXISTENCE OF 
UNDERWRITING SYNDICATES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 Commission has proposed 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 proposed 
amendments would increase the percentage of an underwriting that an 
investment company may purchase in reliance on the rule, and would 
expand the scope of the rule to include foreign securities the proposed 
amendments, and a proposed new companion rule (Rule 17a-10) also would 
permit investment companies to acquire municipal securities from 
underwriting syndicates in ``group sales.''

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/27/96                    61 FR 13630
NPRM Comment Period End         06/30/96
Final Action                    11/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: C. Hunter Jones, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0694

RIN: 3235-AG61
_______________________________________________________________________




4799. STATUS OF INVESTMENT ADVISORY PROGRAMS UNDER THE INVESTMENT 
COMPANY ACT OF 1940

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/27/95                    60 FR 39574
NPRM Comment Period End         10/02/95
Final Action                    05/00/97

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
_______________________________________________________________________




4800. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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
Final Action                    06/00/97

[[Page 63567]]

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
_______________________________________________________________________




4801. STATUS OF SUBSIDIARY COMPANIES FORMED TO HOLD INTERESTS IN FOREIGN 
UTILITY COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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
Final Action                    06/00/97

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
_______________________________________________________________________




4802. PUHCA: SUBSIDIARIES PERFORMING SERVICES OR CONSTRUCTION OR SELLING 
GOODS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                    06/00/97

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: 202 942-0544
Fax: 202 942-9595

RIN: 3235-AF87
_______________________________________________________________________




4803. PUHCA: EXEMPTION FOR TRANSACTIONS WITH FOREIGN ASSOCIATES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 79m(b)

CFR Citation:  17 CFR 250.83(d)

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/16/92                    57 FR 54025
NPRM Comment Period End         01/15/93
Final Action                    06/00/97

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: 202 942-0544
Fax: 202 942-9595

RIN: 3235-AG19
_______________________________________________________________________




4804. EXEMPTION OF ISSUANCE AND SALE OF SECURITIES BY PUBLIC UTILITY AND 
NONUTILITY SUBSIDIARY COMPANIES OF REGISTERED PUBLIC UTILITY HOLDING 
COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                    06/00/97

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: 202 942-0544
Fax: 202 942-9595

RIN: 3235-AG45

[[Page 63568]]

_______________________________________________________________________




4805. 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. Major status under 5 USC 801 is 
undetermined.

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                    11/00/96

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: 202 942-0544
Fax: 202 942-9595

RIN: 3235-AG46
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4806. CUSTODY OF INVESTMENT COMPANY ASSETS OUTSIDE THE UNITED STATES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                    12/00/97

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
_______________________________________________________________________




4807. CUSTODY OF INVESTMENT COMPANY ASSETS WITH FUTURES COMMISSION 
MERCHANTS AND COMMODITY CLEARING ORGANIZATIONS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                    11/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Nadya B. Roytblat, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0593

RIN: 3235-AF97
_______________________________________________________________________




4808. DEREGISTRATION FORM AMENDMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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: Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Federal

Agency Contact: Alison E. Baur, Office of Investment Company 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0564

RIN: 3235-AG29

[[Page 63569]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4809. SUITABILITY OF INVESTMENT ADVISER ADVICE; QUARTERLY ACCOUNT 
STATEMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 275.204-2

Legal Deadline: None

Abstract: The Commission was considering whether to adopt proposed 
rules that would make explicit the duty that investment advisers make 
only suitable recommendations to their clients. The Division was 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. 
The Commission is withdrawing this item from the Unified Agenda because 
the Commission does not expect to consider this item within the next 12 
months.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/16/94                    59 FR 13464
NPRM Comment Period End         05/23/94
Withdrawn                       10/01/96

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
_______________________________________________________________________




4810. DISCLOSURE BY INVESTMENT ADVISERS REGARDING SOFT DOLLAR PRACTICES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 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. 
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                            02/14/95                     60 FR 9750
NPRM Comment Period End         05/19/95
Withdrawn                       10/01/96

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
_______________________________________________________________________




4811. MONEY MARKET FUND QUARTERLY REPORTING

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 have been filed electronically through the 
Commission's EDGAR system. This information would have been used to 
monitor money market fund compliance with the Federal securities laws. 
The Commission is withdrawing this item from the Unified Agenda because 
the Commission does not expect to consider this item within the next 12 
months, but the Commission may consider the item further at some point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/26/95                    60 FR 38454
NPRM Comment Period End         09/27/95
Withdrawn                       10/01/96

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG56
_______________________________________________________________________




4812. 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 adopted 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 
adopted amendments to the Form N-1A registration statement to modify 
the prospectus disclosure requirements to reflect the changes made in 
the adopted rule amendments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/23/95                    60 FR 11890
NPRM Comment Period End         04/17/95
Final Action                    09/09/96                    61 FR 49011
Final Action Effective          10/17/96

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

RIN: 3235-AE97

[[Page 63570]]

_______________________________________________________________________




4813. OFF-THE-PAGE PROSPECTUSES FOR OPEN-END MANAGEMENT INVESTMENT 
COMPANIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/19/93                    58 FR 16141
NPRM Comment Period End         06/23/93
Withdrawn                       10/01/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kenneth Berman, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AF58
_______________________________________________________________________




4814. 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 adopted 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                    09/09/96                    61 FR 49010
Final Action Effective          10/17/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: C. Hunter Jones, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0694

RIN: 3235-AG59
_______________________________________________________________________




4815. MUTUAL FUND PROSPECTUSES PROVIDED TO PARTICIPANTS IN CERTAIN 
DEFINED CONTRIBUTION PLANS AND FORM AMENDMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 no longer 
considering whether to recommend that the Commission issue a release 
requesting public comment on proposed amendments to Form N-1A. The 
proposal would have permitted 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission is no longer considering proposing this 
item within the next 12 months.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/96

Small Entities Affected: None

Government Levels Affected: None

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
_______________________________________________________________________




4816. REPURCHASE OFFERS BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES; 
DISCLOSURE OF SALES CHARGES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 was 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 was also considering whether to recommend that the Commission 
propose amendments to the Form N-2 registration statement to reflect 
the rule amendments. The Commission is withdrawing this item from the 
Unified Agenda because the Commission does not expect to consider the 
item within the next 12 months, but the Commission may consider the 
item at some further point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/96

Small Entities Affected: None

Government Levels Affected: None

[[Page 63571]]

Agency Contact: C. Hunter Jones, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0694

RIN: 3235-AG74
_______________________________________________________________________




4817. INSURANCE PRODUCTS: RULE REGARDING MORTALITY AND EXPENSE RISK 
CHARGES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

________________________________________________________________________

Withdrawn - Rulemaking 
unnecessary as result of recent 
legislation.                    10/01/96

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-AG38
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4818.  AMENDMENT TO RULE 11AC1-1

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 77s; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 77ttt; 15 USC 
78c; 15 USC 78d; 15 USC 78f; 15 USC 78i; 15 USC 78j; 15 USC 78k; ...

CFR Citation:  17 CFR 240.11Ac1-1(a)(25)

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 11Ac1-1 under the 
Exchange Act to require both exchange and over-the-counter market 
makers to provide continuous two-sided quotations when they account for 
more than 1% of the aggregate trading volume of a security included on 
the NASDAQ Stock Market.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/29/96                    61 FR 48333
NPRM Comment Period End         10/29/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Gail Marshall, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-7129
Fax: 202 942-9695
Email: marshall @ sec.gov

RIN: 3235-AH00
_______________________________________________________________________




4819.  LOST SECURITYHOLDERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 78q; 15 USC 78q-1

CFR Citation:  17 CFR 232.101(Revision); 17 CFR 240.17a-24; 17 CFR 
240.17Ad-7(Revision); 17 CFR 240.17Ad-17

Legal Deadline: None

Abstract: The Commission is publishing for comment proposed rule 17Ad-
17 and proposed rule 17a-24 which are designed to address the problem 
of lost securityholders. Rule 17Ad-17 would require transfer agents to 
conduct searches in an effort to locate lost securityholders. Rule 17a-
24 would allow the Commission to gather data related to lost 
securityholders and to provide it to information distributors or 
others.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/22/96                    61 FR 44249
NPRM Comment Period End         10/28/96
Final Action                    03/00/97

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Michele Bianco, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-4187

RIN: 3235-AG99
_______________________________________________________________________




4820. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                            11/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

[[Page 63572]]

Agency Contact: Louis A. Randazzo, Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0191

RIN: 3235-AG41
_______________________________________________________________________




4821.  PROPOSED CHANGES TO DEFINITIONS OF ``SMALL BUSINESS'' OR 
``SMALL ORGANIZATION'' UNDER THE SECURITIES EXCHANGE ACT OF 1934

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 75s; 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 240.0-10

Legal Deadline: None

Abstract: The Division of Market Regulation is considering whether to 
recommend that the Commission issue a release requesting public comment 
on proposed amendments to rule 0-10 under the Securities Exchange Act 
of 1934. The proposal would amend the definition of the terms ``small 
business'' and ``small organization.''

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Glenn J. Jessee, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645

RIN: 3235-AH01
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4822. CUSTOMER PROTECTION RESERVES AND CUSTODY OF SECURITIES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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                    05/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Peter Geraghty, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0177

RIN: 3235-AD60
_______________________________________________________________________




4823. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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.

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                    09/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Peter Geraghty, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0177

RIN: 3235-AD79
_______________________________________________________________________




4824. STABILIZING TO FACILITATE A DISTRIBUTION

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 issued a release proposing adoption of 
Regulation M under the Securities Act of 1933 and the Exchange Act of 
1934 that would replace Rule 10b-7, among other rules. Rule 10b-7 would 
be replaced by Rule 104 under Regulation M, which would continue to 
govern stabilizing activities to facilitate an offering of securities.

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
Final Action Effective          12/31/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0772
Fax: 202 942-9643

[[Page 63573]]

Email: [email protected]

RIN: 3235-AE11
_______________________________________________________________________




4825. DEFINITIONS PRINCIPALLY RELATING TO INTERNATIONAL TRANSACTIONS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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. Some of the definitions 
proposed to be included in Rule 3b-10 are now proposed to be included 
in the definitions under Rule 101 of proposed Regulation M.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           01/09/91                      56 FR 820
ANPRM Comment Period End        02/25/91
NPRM                            04/18/96                    61 FR 17108
NPRM Comment Period End         06/17/96
Final Action                    12/31/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0772
Fax: 202 942-9643
Email: [email protected]

RIN: 3235-AE15
_______________________________________________________________________




4826. DISTRIBUTIONS OF SECURITIES: LIMITATIONS ON TRADING AND 
STABILIZING

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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 release proposing adoption of 
Regulation M under the Securities Act of 1933 and the Exchange Act of 
1934 that would replace Rules 10b-6, 10b-6A, 10b-7, 10b-8, and 10b-21. 
Rule 10b-6 would be replaced by Rules 101 and 102 under Regulation M, 
which would continue to prohibit persons engaged in a distribution of 
securities from bidding for, purchasing, or inducing others to purchase 
such securities and any related securities until they have completed 
their participation in the distribution. Rule 10b-6A would be replaced 
by Rule 103 under Regulation M, which would continue to permit 
``passive market making'' of securities quoted on Nasdaq by a market 
maker participating in a distribution. Rule 10b-7 would be replaced by 
Rule 104 under Regulation M, which would continue to govern stabilizing 
activities to facilitate distributions of securities, and Rule 10b-8 
which governs certain activities during distributions of securities 
through rights would be eliminated. Rule 10b-21 would be replaced by 
Rule 105 under Regulation M, which would continue to prohibit persons 
from covering shortsales with offered securities obtained from an 
underwriter, broker, or dealer who is participating in the distribution 
of such securities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           04/26/94                    59 FR 21681
ANPRM Comment Period End        08/12/94
NPRM                            04/18/96                    61 FR 17108
NPRM Comment Period End         06/17/96
Final Action                    12/31/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Nancy J. Sanow, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0772
Fax: 202 942-9643
Email: [email protected]

RIN: 3235-AF54
_______________________________________________________________________




4827. THEORETICAL PRICING TO DETERMINE HAIRCUTS ON OPTIONS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/21/94                    59 FR 13275
NPRM Comment Period End         06/16/94
Final Action                    05/01/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Peter Geraghty, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0177

RIN: 3235-AG14
_______________________________________________________________________




4828. MARKET RISK HAIRCUTS FOR INSTRUMENTS SUBJECT TO INTEREST RATE RISK

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

[[Page 63574]]

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                    05/01/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Peter Geraghty, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0177

RIN: 3235-AG18
_______________________________________________________________________




4829. AMENDMENT TO FORM BDW AND AMENDMENT TO EXCHANGE ACT RULE 15B6-1 
AND AMENDMENTS TO RULES 15B1-1, 15B3-1, 15BA2-2, 15CA1-1, AND 15CA2-1

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

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

Legal Deadline: None

Abstract: The Commission proposed 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 Commission 
also has 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 has recommended 
revisions to the rules governing the filing of Form BD and Form BDW to 
provide for electronic filing of these forms.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/12/96                    61 FR 37701
Final Action                    11/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: Legal Authority Continue......... 15 USC 78m; 
15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 USC 78w; 
15 USC 78x; 15 USC 78ll(d); 15 USC 79g; 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: Glenn J. Jessee, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073

RIN: 3235-AG69
_______________________________________________________________________




4830.  PROPOSED AMENDMENT TO RULE 13E-4 UNDER THE SECURITIES 
EXCHANGE ACT OF 1934

Priority:  Substantive, Nonsignificant

Unfunded Mandates: Undetermined

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

CFR Citation:  17 CFR 240.13e-4(b)(5)

Legal Deadline: None

Abstract: The Commission is publishing for comment a release proposing 
an amendment to Rule 13e-4 (``Rule'') under the Securities Exchange Act 
of 1934 (``Act'') removing paragraph (h)(5) of the Rule that requires 
that issuer tender offers made to securityholders who own less than 100 
shares (``Odd-lots'') of the issuer's securities specify a record date 
of share ownership for eligibility to tender into the offer. The 
amendment would enable issuers to conduct periodic, continuous, and 
extended Odd-lot tender offers for their equity securities. The release 
also proposes class exemptions from Rules 10b-6 and 10b-13 under the 
Act to permit issuers to continue to conduct Odd-lot tender offers 
while the issuer is engaged in a distribution under Rule 10b-6, to 
round up Odd-lots, and to purchase its securities otherwise than 
pursuant to the Odd-lot tender offer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/25/96                    61 FR 18306
NPRM Comment Period End         05/28/96
Final Action                    11/01/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lauren C. Mullen, Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0196
Fax: 202 942-9553

RIN: 3235-AG78
_______________________________________________________________________




4831. PROPOSED AMENDMENTS TO TRANSFER AGENT RULES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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.

[[Page 63575]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/01/94                    59 FR 63662
NPRM Comment Period End         02/04/95
Final Action                    09/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Michele J. Bianco, Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-4187

RIN: 3235-AG24
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4832. DISCLOSURE OF MARK-UPS: NEW RULE 15C2-13

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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: David Shillman, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645

RIN: 3235-AG12
_______________________________________________________________________




4833. LARGE TRADER REPORTING SYSTEM

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  17 CFR 240.13h-1

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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


Next Action Undetermined

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



_______________________________________________________________________




4834. 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 amended 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

[[Page 63576]]

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                    07/12/96                    61 FR 37357

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: Glenn J. Jessee, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073

RIN: 3235-AG25
_______________________________________________________________________




4835. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/29/94                    59 FR 50866
Withdrawn                       10/01/96

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG21
_______________________________________________________________________




4836. AMENDMENTS TO RULE 11AC1-1 (QUOTE RULE), NEW RULE 11AC1-4 (LIMIT 
ORDER DISPLAY)

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78f; 15 USC 78K(a)(2); 15 USC 78k-1; 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 
240.11A(c)1-5

Legal Deadline: None

Abstract: The Amendments to Rule 11Ac1-1 under the Exchange Act require 
both exchange and over-the-counter market makers to (1) provide 
continuous two-sided quotations when they account for more than 1% of 
the aggregate trading volume in a listed security; and (2) make 
publicly available any superior prices that such market maker privately 
quotes through certain electronic communications networks. New Rule 
11Ac1-4 under the Exchange Act requires both exchange and over-the-
counter market makers to display in their quotations customer limit 
orders that improve the market maker's bid or offer for a particular 
security as well as the size of such orders. In addition, the rule 
requires the display of the size of certain customer 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                    09/06/96                    61 FR 48289

Small Entities Affected: Businesses

Government Levels Affected: None

Analysis: Regulatory Flexibility Analysis

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

RIN: 3235-AG66
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


OFFICES AND OTHER PROGRAMS



_______________________________________________________________________




4837. PROPOSED RULE TO IMPLEMENT SECTION 10A OF THE SECURITIES EXCHANGE 
ACT OF 1934

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 
USC 77s(a); 15 USC 77aa(25) to 77aa(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; 17 CFR 240

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/22/96                    61 FR 45730
NPRM Comment Period End         10/28/96
Final Action                    12/00/96

Small Entities Affected: None

Government Levels Affected: Undetermined

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

RIN: 3235-AG70

[[Page 63577]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


OFFICES AND OTHER PROGRAMS



_______________________________________________________________________




4838. DISCLOSURE OF ACCOUNTING POLICIES FOR DERIVATIVE INSTRUMENTS AND 
DISCLOSURE OF QUALITATIVE AND QUANTITATIVE INFORMATION ABOUT MARKET RISK 
IN CERTAIN INSTRUMENTS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

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

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         05/20/96
Final Action                    12/00/96

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG42
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


OFFICES AND OTHER PROGRAMS



_______________________________________________________________________




4839.  ELIMINATION OF FEES PREVIOUSLY ADOPTED BY THE SEC 
PURSUANT TO THE INDEPENDENT OFFICES APPROPRIATIONS ACT OF 1952

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 9701; 15 USC 14(g)(4)

CFR Citation:  17 CFR 202.3a; 17 CFR 230.36; 17 CFR 230.252; 17 CFR 
230.604; 17 CFR 240.0-9; 17 CFR 240.0-11; 17 CFR 240.12b-7; 17 CFR 
240.13a-1; 17 CFR 240.13d-7; 17 CFR 240.13d-101; 17 CFR 240.14a-6; 17 
CFR 240.14a-101; 17 CFR 240.14c-5; 17 CFR 240.14c-101; 17 CFR 240.13d-
102; ...

Legal Deadline: None

Abstract: Changes to various rules under the Securities Act of 1933, 
the Securities Exchange Act of 1934, the Public Utility Holding Company 
Act of 1935, the Investment Company Act of 1940 and the Investment 
Advisers Act of 1940 to eliminate user fees adopted under the 
Independent Offices Appropriations Act of 1952. The fees being 
eliminated were first adopted in 1972 to contribute toward the cost of 
agency operations. Since that time, the amount of fees collected by the 
Commission has increased such that these fees are no longer 
appropriate.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/22/96                    61 FR 25601
NPRM Comment Period End         06/22/96
Final Action                    09/17/96                    61 FR 49957
Final Action Effective          10/07/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Henry Hoffman, Office of the Comptroller, Securities 
and Exchange Commission
Phone: 202 942-0343
Fax: 202 942-9632
Email: HoffmanH @ SEC.Gov

RIN: 3235-AG79
[FR Doc. 96-26278 Filed 11-27-96; 8:45 am]
BILLING CODE 8010-01-F