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



[[Page 22737]]



_______________________________________________________________________


Part LXI



Securities and Exchange Commission



_______________________________________________________________________

Semiannual Regulatory Agenda

[[Page 22738]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7403, 34-38400, 35-26685, 39-2347, IC-22563, IA-1618; 
File No. S7-12-97]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Securities and Exchange Commission is publishing an agenda 
of its rulemaking actions pursuant to the Regulatory Flexibility Act. 
Information in the agenda is believed to be accurate as of March 14, 
1997, the date on which the Commission's staff completed compilation of 
the data. To the extent possible, however, rulemaking actions by the 
Commission since that date have been reflected in the agenda. The 
Commission invites questions and public comment on the agenda and on 
the individual agenda entries.

DATES: Public comments are due by June 30, 1997.

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. S7-12-97 
and will be available for public inspection and copying at the 
Commission's Public Reference Room, Room 1026, at the same address.

FOR FURTHER INFORMATION CONTACT: Anne H. Sullivan, Office of the 
General Counsel, 202-942-0954.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub. 
L. No. 96-354, 94 Stat. 1164 (September 19, 1980)) requires each 
Federal agency, during April and October of each year, to publish in 
the Federal Register an agenda identifying rules which the agency 
expects to propose or adopt that are likely to have a significant 
economic impact on a substantial number of small entities (5 U.S.C. 
602(a)). The RFA specifically provides that publication of the agenda 
does not preclude an agency from considering or acting on any matter 
not included in the agenda and that an agency is not required to 
consider or act on any matter which is included in the agenda (5 U.S.C. 
602(d)). The agenda includes new entries, entries carried over from 
previous publications, and rulemaking actions which have been completed 
(or withdrawn) since publication of the last agenda.

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

    ``Securities Act'' - Securities Act of 1933

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

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

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

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

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

Dated: March 14, 1997.

    By the Commission.

Margaret H. McFarland,

Deputy Secretary.

                                 DIVISION OF CORPORATION FINANCE--Prerule Stage                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4303        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   
----------------------------------------------------------------------------------------------------------------
4304        Asset-Backed Securities Disclosure....................................................    3235-AF74 
4305        Company Registration and Regulation of Capital Formation..............................    3235-AG83 
4306        Regulation MA.........................................................................    3235-AG84 
4307        Definitions for Purposes of the Private Litigation Reform Act of 1995.................    3235-AG89 
4308        Rules Governing the Options Disclosure Document.......................................    3235-AG93 
4309        Definition of ``Qualified Purchaser''.................................................    3235-AH15 
4310        Offshore Internet Offerings...........................................................    3235-AG87 
4311        Exemptions for International Tender and Exchange Offers...............................    3235-AD97 
4312        Plain Vanilla Treatment of Election Contest Proxies/Shareholder Communications........    3235-AG91 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4313        Phase II Recommendations of Task Force on Disclosure Simplification...................    3235-AG80 

[[Page 22739]]

                                                                                                                
4314        Offshore Press Conferences............................................................    3235-AG85 
4315        Rulemaking for the EDGAR System.......................................................    3235-AG96 
4316        Streamlining Rule 144.................................................................    3235-AH13 
4317        Expansion of Short-Form Registration to Include Companies With Non-Voting Equity......    3235-AG82 
4318        Plain English.........................................................................    3235-AG88 
4319        Definition of ``Prepared by or on behalf of the issuer'' for Purposes of Determining                
            if an Offering Document is Subject to State Regulation................................    3235-AH14 
4320        Regulation S..........................................................................    3235-AG34 
4321        Delayed Offerings For S-1 and SB-2 Companies..........................................    3235-AG86 
4322        Amendments to Beneficial Ownership Reporting Requirements.............................    3235-AG81 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4323        Disclosure of Security Ratings........................................................    3235-AG20 
4324        Safe Harbor for Disclosure of Market Risk Inherent in Derivative Financial                          
            Instruments, Other Financial Instruments, and Derivative Commodity Instruments........    3235-AG77 
4325        Electronic Road Shows.................................................................    3235-AG92 
4326        Disclosure of Legal Proceedings Involving Management, Promoters, Control Persons and                
            Others................................................................................    3235-AG32 
4327        Streamlining and Consolidation of Executive and Director Compensation Disclosure......    3235-AG50 
4328        Solicitations of Interest Prior to an Initial Public Offering.........................    3235-AG52 
4329        Reduction of Holding Period Requirements in Rule 144..................................    3235-AG53 
4330        Proxy Communications with Beneficial Owners...........................................    3235-AG95 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4331        Investment Advisers: Registration and Annual Supplement Forms.........................    3235-AD21 
4332        Registration Fees for Certain Investment Companies....................................    3235-AG73 
4333        Electronic Filing of Institutional Investment Manager Reports on Form 13F.............    3235-AG97 
4334        Temporary Exemption for Certain Investment Advisers...................................    3235-AH02 
4335        Unit Investment Trusts: Simplification of Registration Statements.....................    3235-AA47 
4336        Shareholder Report and Financial Statement Revisions..................................    3235-AG64 
4337        Exemption for Subsidiaries Organized to Finance Operations of Domestic or Foreign                   
            Companies.............................................................................    3235-AE95 
4338        Mergers of Certain Affiliated Investment Companies....................................    3235-AG31 
4339        Exemption of Certain Purchase or Sale Transactions Between an Investment Company and                
            Certain Affiliated Persons............................................................    3235-AG57 
4340        Bonding of Officers and Employees of Registered Management Investment Companies.......    3235-AG58 
4341        Delivery of Prospectuses and Annual Reports to Multiple Shareholders at the Same                    
            Address...............................................................................    3235-AG98 
4342        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies........    3235-AF93 
4343        Insurance Products: New Form N-6 for Registration of Separate Accounts Offering                     
            Variable Life Insurance Contracts.....................................................    3235-AG37 
4344        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies................    3235-AF78 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4345        Rules Implementing Amendments to the Investment Advisers Act of 1940..................    3235-AH07 
4346        Suspension of Form ADV-S..............................................................    3235-AH08 
4347        Registration Form Used by Open-End Management Investment Companies....................    3235-AE46 

[[Page 22740]]

                                                                                                                
4348        Money Market Fund Prospectuses........................................................    3235-AG55 
4349        Small Entities for Purposes of the Regulatory Flexibility Act as Applied to the                     
            Investment Company Act................................................................    3235-AG62 
4350        Performance Advertising by Unit Investment Trusts.....................................    3235-AG63 
4351        Investment Company Names..............................................................    3235-AH11 
4352        Technical Revisions to the Rules and Forms Regulating Money Market Funds..............    3235-AH12 
4353        Custody of Investment Company Assets Outside the United States........................    3235-AE98 
4354        Requirements Relating to Codes of Ethics With Respect to Registered Investment                      
            Companies; Records To Be Maintained by Investment Advisers............................    3235-AG27 
4355        Exemption of Acquisition of Securities During the Existence of Underwriting Syndicates    3235-AG61 
4356        Multiple Class Companies..............................................................    3235-AG72 
4357        Proposed New Disclosure Option for Open-End Management Investment Companies...........    3235-AH03 
4358        Private Investment Companies..........................................................    3235-AH09 
4359        Status of Investment Advisory Programs Under the Investment Company Act of 1940.......    3235-AG07 
4360        Status of Subsidiary Companies Formed To Hold Interests in Foreign Utility Companies..    3235-AF79 
4361        Exemption of Issuance and Sale of Securities by Public Utility and Nonutility                       
            Subsidiary Companies of Registered Public Utility Holding Companies...................    3235-AG45 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4362        Deposits of Securities in Securities Depositories.....................................    3235-AG71 
4363        Deregistration Form Amendments........................................................    3235-AG29 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4364        Custody of Investments by a Registered Management Investment Company..................    3235-AF70 
4365        Custody of Investment Company Assets With Futures Commission Merchants and Commodity                
            Clearing Organizations................................................................    3235-AF97 
4366        Improving Descriptions of Risk by Mutual Funds and Other Investment Companies.........    3235-AG43 
4367        Insurance Products: Rule To Permit Mixed and Shared Funding...........................    3235-AG39 
4368        PUHCA: Subsidiaries Performing Services or Construction or Selling Goods..............    3235-AF87 
4369        PUHCA: Exemption for Transactions With Foreign Associates.............................    3235-AG19 
4370        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 MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4371        Use of Statistical Models for Regulatory Capital Purposes; Market Risk Haircuts for                 
            Instruments Subject to Interest Rate Risk.............................................    3235-AG18 
4372        Net Capital Rule: Customer Protection Rule............................................    3235-AH05 
4373        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06 
4374        Limited Purpose Broker-Dealers........................................................    3235-AH16 
4375        Exemption of Certain Foreign Brokers and Dealers......................................    3235-AH17 
4376        Nationally Recognized Statistical Rating Organizations................................    3235-AG41 
4377        Proposed Changes to Definitions of ``Small Business'' or ``Small Organization'' Under               
            the Securities Exchange Act of 1934...................................................    3235-AH01 
----------------------------------------------------------------------------------------------------------------


[[Page 22741]]


                                 DIVISION OF MARKET REGULATION--Final Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4378        Customer Protection Reserves and Custody of Securities................................    3235-AD60 
4379        Net Capital Requirements for Brokers or Dealers.......................................    3235-AD79 
4380        Definitions Principally Relating to International Transactions........................    3235-AE15 
4381        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 
4382        Amendment to Rule 11Ac1-1.............................................................    3235-AH00 
4383        Amendments to Rules 17a-3 and 17a-4 Under the Securities Exchange Act of 1934.........    3235-AH04 
4384        Proposed Amendments to Transfer Agent Rules...........................................    3235-AG24 
4385        Lost Securityholders..................................................................    3235-AG99 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4386        Large Trader Reporting System.........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4387        Stabilizing and Other Activities in Connection With an Offering of Securities.........    3235-AE11 
4388        Regulation M..........................................................................    3235-AF54 
4389        Disclosure of Mark-ups: New Rule 15c2-13..............................................    3235-AG12 
4390        Theoretical Pricing To Determine Haircuts on Options..................................    3235-AG14 
4391        Odd-Lot Tender Offers by Issuers......................................................    3235-AG78 
4392        Securities Transactions Exempt From Transaction Fees..................................    3235-AH10 
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions                                 
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4393        Disclosure of Accounting Policies for Derivative Instruments and Disclosure of                      
            Qualitative and Quantitative Information About Market Risk in Certain Instruments.....    3235-AG42 
4394        Rule To Implement Section 10A of the Securities Exchange Act of 1934..................    3235-AG70 
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)                  Prerule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4303. 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: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AG94

[[Page 22742]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4304. 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                            06/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AF74
_______________________________________________________________________




4305. 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                            04/00/97

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
_______________________________________________________________________




4306. 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                            06/00/97

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
_______________________________________________________________________




4307. 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 
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                            06/00/97

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
_______________________________________________________________________




4308. 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                            06/00/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG93
_______________________________________________________________________




4309.  DEFINITION OF ``QUALIFIED PURCHASER''

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

Legal Authority:  15 USC 77a et seq

[[Page 22743]]

CFR Citation:  17 CFR 230

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose a definition of the term ``qualified purchaser'' as used in 
Section 18 of the Securities Act of 1933. Under that Section, 
securities offered or sold to ``qualified purchasers'' are ``covered 
securities,'' and thus, exempt from state regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John Reynolds, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950

RIN: 3235-AH15
_______________________________________________________________________




4310. 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                            06/00/97

Small Entities Affected: Undetermined

Government Levels Affected: None

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

RIN: 3235-AG87
_______________________________________________________________________




4311. 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                      06/00/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AD97
_______________________________________________________________________




4312. 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                            06/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Marija A. Willen, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-1805

RIN: 3235-AG91
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4313. 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

[[Page 22744]]

NPRM Comment Period End         07/29/96                    61 FR 40405
Final Action                    04/00/97

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
_______________________________________________________________________




4314. 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 of the Securities Act 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                    10/00/97

Small Entities Affected: Undetermined

Government Levels Affected: None

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

RIN: 3235-AG85
_______________________________________________________________________




4315. 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 Commission proposed 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                            12/12/96                    61 FR 65440
Final Action                    05/00/97

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-AG96
_______________________________________________________________________




4316.  STREAMLINING RULE 144

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

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.144

Legal Deadline: None

Abstract: The Commission has proposed revisions to Rule 144, Rule 145 
and Form 144 to make the rules and form easier to understand and apply. 
The proposed amendments would, among other things, add a bright line 
test to the Rule 144 definition of affiliate, eliminate the Rule 144 
manner of sale requirements, increase the Form 144 filing thresholds, 
and codify certain interpretive positions. The proposals also would 
eliminate the presumptive underwriter provisions of Rule 145.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/20/97                     62 FR 9246
NPRM Comment Period End         04/29/97
Final Action                    08/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH13
_______________________________________________________________________




4317. 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                    04/00/97

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
_______________________________________________________________________




4318. 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 Commission proposed rules that would require plain 
English to be used for the cover page, prospectus summary and risk 
factors

[[Page 22745]]

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                            01/21/97                     62 FR 3152
NPRM Comment Period End         03/24/97
Final Action                    12/00/97

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
_______________________________________________________________________




4319.  DEFINITION OF ``PREPARED BY OR ON BEHALF OF THE ISSUER'' 
FOR PURPOSES OF DETERMINING IF AN OFFERING DOCUMENT IS SUBJECT TO STATE 
REGULATION

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

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.146 (New)

Legal Deadline:  Final, Statutory, April 11, 1997.
Final Action is requested by statute within six months of enactment.

Abstract: The Commission proposed a definition of the term ``prepared 
by or on behalf of the issuer'' for purposes of newly revised Section 
18 of the Securities Act, which governs when offering documents are 
subject to state regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/11/97                     62 FR 7186
NPRM Comment Period End         03/20/97
Final Action                    04/00/97

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2990

RIN: 3235-AH14
_______________________________________________________________________




4320. 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 Commission proposed 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                            02/20/97                     62 FR 9258
NPRM Comment Period End         04/29/97
Final Action                    08/00/97

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
_______________________________________________________________________




4321. 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 Commission proposed 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                            02/20/97                     62 FR 9276
NPRM Comment Period End         04/29/97
Final Action                    08/00/97

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
_______________________________________________________________________




4322. 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                    06/00/97

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

[[Page 22746]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4323. 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 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                            09/07/94                    59 FR 46304
NPRM Comment Period End         12/06/94
Withdrawn                       04/01/97

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
_______________________________________________________________________




4324. SAFE HARBOR FOR DISCLOSURE OF MARKET RISK INHERENT IN DERIVATIVE 
FINANCIAL INSTRUMENTS, OTHER FINANCIAL INSTRUMENTS, AND DERIVATIVE 
COMMODITY INSTRUMENTS

Priority:  Substantive, Nonsignificant. Major under 5 USC 801.

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 adopted 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. The 
safe harbor was adopted in the release that adopted the new item 305 
and 9A requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/09/96                    61 FR 16672
NPRM Comment Period End         05/20/96
Final Action                    01/31/97                     62 FR 6044
Final Action Effective          04/11/97

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
_______________________________________________________________________




4325. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/97

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-AG92
_______________________________________________________________________




4326. 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 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                            11/07/94                    59 FR 55385
NPRM Comment Period End         01/06/95
Withdrawn                       04/01/97

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
_______________________________________________________________________




4327. 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 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 35633
NPRM Comment Period End         09/08/95
Withdrawn                       04/01/97

[[Page 22747]]

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
_______________________________________________________________________




4328. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item at 
some subsequent point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/10/95                    60 FR 35648
NPRM Comment Period End         09/08/95
Withdrawn                       04/01/97

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
_______________________________________________________________________




4329. REDUCTION OF HOLDING PERIOD REQUIREMENTS IN RULE 144

Priority:  Substantive, Nonsignificant. Major under 5 USC 801.

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

CFR Citation:  17 CFR 230.144

Legal Deadline: None

Abstract: The Commission adopted rule amendments that shorten the 
holding period requirements in Rule 144(d) and (k).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/10/95                    60 FR 35645
NPRM Comment Period End         09/08/95
Final Action                    02/20/97                     62 FR 7390
Final Action Effective          04/29/97

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
_______________________________________________________________________




4330. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item at 
some subsequent point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/97

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)            Proposed Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4331. 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 adviser's 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                            01/00/98

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-AD21
_______________________________________________________________________




4332. 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 will be recommending 
that the Commission propose amendments to rule 24f-2 under the 
Investment Company Act of 1940 and to Form 24f-2 to implement 
provisions of the National Securities Markets Improvement Act of 1996 
that relate to the registration of investment company

[[Page 22748]]

securities under the Securities Act of 1933.

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: 202 942-0640

RIN: 3235-AG73
_______________________________________________________________________




4333. 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: The Division is considering recommending that the Commission 
propose a rule which 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                            04/00/97

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
_______________________________________________________________________




4334. 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 amendments that would broaden the scope of the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/97

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
_______________________________________________________________________




4335. UNIT INVESTMENT TRUSTS: SIMPLIFICATION OF REGISTRATION STATEMENTS

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/17/87                    52 FR 82682
NPRM Comment Period End         05/15/87
Reproposal                      01/00/98

Small Entities Affected: Businesses

Government Levels Affected: Federal

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

RIN: 3235-AA47
_______________________________________________________________________




4336. 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                            06/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

[[Page 22749]]

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

RIN: 3235-AG64
_______________________________________________________________________




4337. EXEMPTION FOR SUBSIDIARIES ORGANIZED TO FINANCE OPERATIONS OF 
DOMESTIC OR FOREIGN 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                            09/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Cynthia G. Pugh, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0673

RIN: 3235-AE95
_______________________________________________________________________




4338. 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                            05/00/97

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
_______________________________________________________________________




4339. EXEMPTION OF CERTAIN PURCHASE OR SALE TRANSACTIONS BETWEEN AN 
INVESTMENT COMPANY AND CERTAIN AFFILIATED PERSONS

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                            10/00/97

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
_______________________________________________________________________




4340. 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
_______________________________________________________________________




4341. 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.

[[Page 22750]]

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                            05/00/97

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
_______________________________________________________________________




4342. 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                            09/00/97

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
_______________________________________________________________________




4343. 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 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: 202 942-9659
Email: [email protected]

RIN: 3235-AG37
_______________________________________________________________________




4344. 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 259.5so (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
Reproposal                      03/00/98

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
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4345.  RULES IMPLEMENTING AMENDMENTS TO THE INVESTMENT ADVISERS 
ACT OF 1940

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

Legal Authority:  15 USC 80b-3(c)(1); 15 USC 80b-3(a) and (c); 15 USC 
80b-4; 15 USC 80b-6(a); 15 USC 80b-6a; 15 USC 80b-11(a)

CFR Citation:  17 CFR 275.203A-1; 17 CFR 275.203A-2; 17 CFR 275.203A-3; 
17 CFR 275.203A-4; 17 CFR 275.203A-5; 17 CFR 275.222-1; 17 CFR 275.222-
2; 17 CFR 275.204-1; 17 CFR 275.204-2; 17 CFR 275.205-3; 17 CFR 
275.206(4)-1; 17 CFR 275.206(4)-2; 17 CFR 275.206(4)-4; 17 CFR 279.1; 
17 CFR 279.3

Legal Deadline: None

Abstract: The Commission has proposed new rules and rule amendments 
under the Investment Advisers Act of 1940 to implement provisions of 
the Investment Advisers Supervision Coordination Act of 1996

[[Page 22751]]

that reallocate regulatory responsibilities for investment advisers 
between the Commission and the States. The proposed rules would 
establish the process by which certain advisers would withdraw from 
Commission registration, exempt certain advisers from the prohibition 
on Commission registration, and define certain terms. The Commission 
also is proposing amendments to several rules under the Advisers Act to 
reflect the changes made by the Coordination Act. The proposed rules 
and rule amendments are intended to clarify provisions of the 
Coordination Act and assist investment advisers in ascertaining their 
regulatory status. If the proposed amendments are adopted, the 
Commission will have no regulatory need for advisers to file Form ADV-
S. The Commission has therefore issued a separate release under RIN 
3235-AH08 suspending the requirement to file Form ADV-S.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/20/96                    61 FR 68480
NPRM Comment Period End         02/10/97
Final Action                    04/00/97

Small Entities Affected: Businesses

Government Levels Affected: State, Federal

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

RIN: 3235-AH07
_______________________________________________________________________




4346.  SUSPENSION OF FORM ADV-S

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

Legal Authority:  15 USC 80b-1 et seq

CFR Citation:  17 CFR 275.204-1(c); 17 CFR 279.3

Legal Deadline: None

Abstract: The Commission has stayed paragraph (c) of Rule 204-1 and 
Section 279.3 of Part 279 under the Investment Advisers Act of 1940, 
which require investment advisers registered with the Commission to 
annually file Form ADV-S. The Commission has also suspended the use of 
Form ADV-S. If proposed new Form ADV-T and related proposed rules and 
amendments are adopted, the Commission plans to eliminate the reporting 
requirements of Form ADV-S.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Release                         12/20/96                    61 FR 68503
To Be Withdrawn                 05/00/97

Small Entities Affected: None

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-AH08
_______________________________________________________________________




4347. REGISTRATION FORM USED BY OPEN-END MANAGEMENT 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 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 Commission has proposed for comment amendments to Form N-
1A, the form used by open-end management investment companies 
(``funds'') to register under the Investment Company Act and the 
Securities Act. The proposed amendments would revise the disclosure 
requirements for fund prospectuses, minimize prospectus disclosure 
about technical, legal and operational matters generally common to all 
funds, and focus prospectus disclosure on essential information about a 
particular fund that would assist an investor in deciding whether to 
invest in that fund. In a related action, 3235-AH03, the Commission has 
proposed for comment a new rule to permit funds to provide investors 
with a ``fund profile.'' The profile is a summary of key information 
about a fund in a concise, standardized format.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/27/97                    62 FR 10898
NPRM Comment Period End         06/09/97
Final Action                    12/00/97

Small Entities Affected: Businesses

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: 202 942-0721

RIN: 3235-AE46
_______________________________________________________________________




4348. 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 amendments to Forms N-1A and N-3 
applicable to money market funds. The amendments would permit money 
market funds to use prospectuses adapted for their operations. The 
proposed amendments are intended to reduce the cost of preparing, 
printing, and distributing prospectuses of money market funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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

[[Page 22752]]

_______________________________________________________________________




4349. 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:  5 USC 601 et seq

CFR Citation:  17 CFR 270.0-10

Legal Deadline: None

Abstract: On January 27, 1997 the Commission issued a release 
requesting public comment on a proposed amendment to Rule 0-10 under 
the Investment Company Act of 1940 and a proposed amendment to Rule 0-7 
under the Investment Advisers Act of 1940. The proposal would amend the 
definition of the terms ``small business'' and ``small organization.''

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/27/97                     62 FR 4106
NPRM Comment Period End         02/28/97
Final Action                    07/00/97

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-AG62
_______________________________________________________________________




4350. 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                    09/00/97

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.

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

RIN: 3235-AG63
_______________________________________________________________________




4351.  INVESTMENT COMPANY NAMES

Priority:  Substantive, Nonsignificant

Legal Authority:  PL 104-290, sec 208

CFR Citation:  17 CFR 270.35d-1 (New)

Legal Deadline: None

Abstract: The Commission has proposed for comment a rule that would 
require a registered investment company with a name that suggests 
certain investments to invest at least 80% of its assets in the types 
of investments suggested by its name.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/27/97                    62 FR 10955
NPRM Comment Period End         06/09/97
Final Action                    12/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John M. Ganley, Office of Disclosure and Investment 
Adviser, Regulation-Division of Investment Management, Securities and 
Exchange Commission
Phone: 202 942-0597

RIN: 3235-AH11
_______________________________________________________________________




4352.  TECHNICAL REVISIONS TO THE RULES AND FORMS REGULATING 
MONEY MARKET FUNDS

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

Legal Authority:  15 USC 77b; 15 USC 77f; 15 USC 77h; 15 USC 77j; 15 
USC 77s; 15 USC 77sss; 15 USC 78c; 15 USC 78d; 15 USC 78l; 15 USC 78m; 
15 USC 78n; 15 USC 78o; 15 USC 78w; 15 USC 79ll(d); 15 USC 79t

CFR Citation:  17 CFR 230.482; 17 CFR 270.2a-7; 17 CFR 270.12a3-1; 17 
CFR 270.17a-9; 17 CFR 270.31a-1; 17 CFR 239.15A; 17 CFR 274.11A; 17 CFR 
239.17a; 17 CFR 274.11b

Legal Deadline: None

Abstract: The Commission published for comment proposed amendments to 
the rules and forms under the Securities Act of 1933 and the Investment 
Company Act of 1940 that govern money market funds. Proposed technical 
amendments to rule 2a-7 under the Investment Company Act of 1940 would, 
among other things, revise terminology used in the rule to reflect 
common market usage and codify a number of positions taken by the staff 
of the Division of Investment Management.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/10/96                    61 FR 66621
NPRM Comment Period End         01/24/97
Final Action                    06/00/97

Small Entities Affected: None

Government Levels Affected: None

Additional Information: LEGAL AUTHORITY CONT: 15 USC 80a-8, 15 USC 80a-
29, 15 USC 80a-30, 15 USC 80a-37, 15 USC 80a-1 et seq, 15 USC 80a-
34(b), 15 USC 80a-39, 15 USC 77g, 15 USC 80a-24

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

RIN: 3235-AH12

[[Page 22753]]

_______________________________________________________________________




4353. 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                    06/00/97

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
_______________________________________________________________________




4354. 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                    06/00/97

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
_______________________________________________________________________




4355. 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                    05/00/97

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
_______________________________________________________________________




4356. MULTIPLE CLASS COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.18f-3

Legal Deadline: None

Abstract: The 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 12b-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
Final Action                    05/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

[[Page 22754]]

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

RIN: 3235-AG72
_______________________________________________________________________




4357.  PROPOSED NEW DISCLOSURE OPTION FOR OPEN-END MANAGEMENT 
INVESTMENT COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 230.497; 17 CFR 230.482; 17 CFR 274.11A

Legal Deadline: None

Abstract: The Commission has proposed for comment a new rule to permit 
open-end management investment companies (``funds'') to provide 
investors with a ``fund profile.'' The profile would present a summary 
of key information about a fund in a concise, standardized format.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/27/97                    62 FR 10943
NPRM Comment Period End         06/09/97
Final Action                    12/00/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: David U. Thomas, Office of Disclosure and Investment, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AH03
_______________________________________________________________________




4358.  PRIVATE INVESTMENT COMPANIES

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

Legal Authority:  15 USC 80a-6(c); 15 USC 80a-2(a)(51); 15 USC 80a-
3(c)(1); 15 USC 80a-3(c)(7); 15 USC 80a-2 note; 15 USC 80a-3 note

CFR Citation:  17 CFR 270.2a51-1; 17 CFR 270.2a51-2; 17 CFR 270.2a51-3; 
17 CFR 270.3c-1; 17 CFR 270.3c-5; 17 CFR 270.3c-6; 17 CFR 270.3c-7

Legal Deadline:
Final, Statutory, April 9, 1997, Deadline for Rule 2a51-1 in 15USC 80a-
2 note.
Final, Statutory, April 9, 1997, Deadline for Rule 2a51-2 in 15USC 80a-
3 note.
Final, Statutory, October 11, 1997, Deadline for Rule 3c-6 in 15USC 
80a-3 note.
Final, Statutory, October 11, 1997, Deadline for Rule 3c-5 in 15USC 
80a-3 note.

Abstract: The Commission has proposed new rules under the investment 
Company Act of 1940 to implement provisions of the National Securities 
Markets Improvement Act of 1996 that apply to private investment 
companies. The proposed rules would define certain terms for purposes 
of the new exclusion from regulation under the Investment Company Act 
for private investment companies whose investors are all highly 
sophisticated investors, termed ``qualified purchasers.'' The proposed 
rules also would address certain transition issues related to existing 
private investment companies that have no more than 100 investors and 
certain other matters related to private investment companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/18/96                    61 FR 68100
NPRM Comment Period End         02/10/97
Final Action                    04/00/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AH09
_______________________________________________________________________




4359. 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: Rochelle Kauffman Plesset, Office of the Chief Counsel, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0660

RIN: 3235-AG07
_______________________________________________________________________




4360. 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                    03/00/98

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

[[Page 22755]]

_______________________________________________________________________




4361. 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                    12/00/97

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
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4362. 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: Next Action Undetermined

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
_______________________________________________________________________




4363. 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: Elizabeth G. Osterman, Office of Investment Company 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0564

RIN: 3235-AG29
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4364. 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 was considering whether 
to recommend that the Commission propose amendments to rule 17f-2 under 
the Investment Company Act, which governs the circumstances under which 
the securities and similar investments of a registered management 
investment company may be maintained in the custody of such company. 
The Division is withdrawing this item from the Unified Agenda because 
the Division does not expect to consider the item within the next 12 
months, but the Division may consider the item further at some future 
point.

[[Page 22756]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/97

Small Entities Affected: None

Government Levels Affected: None

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
_______________________________________________________________________




4365. CUSTODY OF INVESTMENT COMPANY ASSETS WITH FUTURES COMMISSION 
MERCHANTS AND COMMODITY CLEARING ORGANIZATIONS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 270.17f-6

Legal Deadline: None

Abstract: The Commission has adopted a rule that permits registered 
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                    12/11/96                    61 FR 66207
Final Action Effective          01/16/97

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
_______________________________________________________________________




4366. 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 replaced RIN 3235-AG30 and is now being withdrawn as a 
separate item and is being merged into 3235-AE46.

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
Withdrawn - The Commission is 
considering this item as part of 
3235-AE46                       04/01/97

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: 202 942-0721

RIN: 3235-AG43
_______________________________________________________________________




4367. 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 was 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 have codified 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 have 
eliminated the need for individual exemptive orders. The Division is 
withdrawing this item from the Unified Agenda because the Division does 
not expect to consider the item within the next 12 months, but the 
Division may consider the item further at some subsequent point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn - The Division is not 
currently considering this item 04/01/97

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
_______________________________________________________________________




4368. 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 subsidaries may not accept 
services from exempt wholesale generators or foreign utility companies 
without Commission approval. The Commission is withdrawing this item 
from the Unified Agenda because the Commission does not expect to 
consider the item within the next 12 months, but the Commission may 
consider the item further at some subsequent point.

[[Page 22757]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/23/93                    58 FR 51508
NPRM Comment Period End         11/30/93
Withdrawn - The Commission is no 
longer considering this 
proposal.                       04/01/97

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
_______________________________________________________________________




4369. 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 have extended 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 have considered whether to 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. 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                            11/16/92                    57 FR 54025
NPRM Comment Period End         01/15/93
Withdrawn - The Commission does 
not expect to consider the item 04/01/97

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
_______________________________________________________________________




4370. EXEMPTION OF ACQUISITION BY REGISTERED PUBLIC UTILITY HOLDING 
COMPANIES OF SECURITIES OF NONUTILITY COMPANIES ENGAGED IN CERTAIN 
ENERGY RELATED AND GAS RELATED ACTIVITIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 250.45(b); 17 CFR 250.52(b); 17 CFR 250.58

Legal Deadline: None

Abstract: Rule 58 and related amendments to Rule 45(b) and Rule 52(b) 
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                    02/14/97                     62 FR 7900
Final Action Effective          03/24/97

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-AG46
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4371. USE OF STATISTICAL MODELS FOR REGULATORY CAPITAL PURPOSES; 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: As part of its comprehensive review of Exchange Act Rule 
15c3-1, the net capital rule, the Commission will publish a concept 
release soliciting comments on how the net capital rule may incorporate 
statistical models as a basis for calculating market risk capital 
requirements for interest rate instruments. The Commission also is 
proposing for comment an amendment to the net capital rule revising the 
percentage deductions from net worth, or haircuts, applicable to 
interest rate products when calculating net capital. Under the 
proposal, haircuts on government securities, investment grade corporate 
securities, certain mortgage-backed securities, interest rate swaps, 
and other interest rate-related derivative instruments would be 
determined by treating these instruments as part of a single portfolio.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           05/04/93                    58 FR 27486
ANPRM Comment Period End        12/12/93
NPRM                            05/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

[[Page 22758]]

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
_______________________________________________________________________




4372.  NET CAPITAL RULE: CUSTOMER PROTECTION RULE

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

Legal Authority:  15 USC 78h; 15 USC 78g

CFR Citation:  12 CFR 220; 17 CFR 240.3a12-11; 17 CFR 240.15c2-5; 17 
CFR 240.15c3-1; 17 CFR 240.15c3-3

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to rules 3a12-11, 15c2-5, 15c3-1 and 15c3-3 under 
the Securities Exchange Act reflecting changes to Section 8 of the Act 
and to Regulation T under the Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/97

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-AH05
_______________________________________________________________________




4373.  RISK ASSESSMENT RECORDKEEPING AND REPORTING REQUIREMENT

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

Legal Authority:  15 USC 78a(h)

CFR Citation:  17 CFR 240.17h-1T; 17 CFR 240.17h-2T

Legal Deadline: None

Abstract: The Risk Assessment Recordkeeping and Reporting Requirements, 
which became effective September 30, 1992 following notice and 
comments, were adopted as temporary rules pursuant to the Market Reform 
Act of 1990. These rules contain recordkeeping and reporting 
requirements with regard to material associated persons of broker-
dealers. The Commission plans to propose final rules replacing the 
Temporary rules during 1997.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lester Shapiro, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0757

RIN: 3235-AH06
_______________________________________________________________________




4374.  LIMITED PURPOSE BROKER-DEALERS

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

Legal Authority:  15 USC 77c; 15 USC 77d; 15 USC 77j; 15 USC 77g; 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 78i; ...

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Commission is considering the establishment of a new 
class of limited purpose broker-dealers. It is anticipated that the 
limited purpose regulatory structure would allow a U.S. securities firm 
to establish a single affiliate capable of acting as a counterparty 
with respect to certain types of securities and non-securities OTC 
derivatives products, and that the limited purpose entity would be 
subject to modified capital, margin, and other regulatory requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Glenn Jessee or Patrice Gliniecki, Office of Chief 
Counsel, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0073

RIN: 3235-AH16
_______________________________________________________________________




4375.  EXEMPTION OF CERTAIN FOREIGN BROKERS AND DEALERS

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

Legal Authority:  15 USC 78c; 15 USC 78j; 15 USC 78o; 15 USC 78q; 15 
USC 78u

CFR Citation:  17 CFR 240.15a-6

Legal Deadline: None

Abstract: Exchange Act Rule 15a-6, which was adopted to exempt 
conditionally foreign broker-dealers from registration in response to 
the internationalization of the securities markets, is premised in 
large part on the willingness of U.S. broker-dealers to take 
responsibility for resulting trades. The Commission is considering 
revising the rule to focus instead on the types of securities that are 
sold by foreign broker-dealers, in order to allow institutional 
customers to take advantage of the efficiencies of foreign markets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/01/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Richard Strasser, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-0073

RIN: 3235-AH17
_______________________________________________________________________




4376. 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

[[Page 22759]]

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                            06/00/97

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-AG41
_______________________________________________________________________




4377. 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 Commission proposed to amend the definitions of the terms 
``small business'' and ``small organization'' contained in Rule 0-10 
under the Securities Exchange Act of 1934.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/28/97                     62 FR 4106
NPRM Comment Period End         04/30/97
Final Action                    07/00/97

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



_______________________________________________________________________




4378. 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; 17 CFR 200.30-3

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
_______________________________________________________________________




4379. 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
_______________________________________________________________________




4380. 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 intended to withdraw proposed Exchange Act 
Rule 3b-10 when it adopted Regulation M. The proposal will be withdrawn 
at a later date.

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
To Be Withdrawn                 04/00/97

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

[[Page 22760]]

_______________________________________________________________________




4381. 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                            07/09/96                    61 FR 37701
NPRM Comment Period End         08/19/96
Final Action                    06/00/97

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
_______________________________________________________________________




4382. 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
Final Action                    06/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Gail Marshall-Smith, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-7129
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH00
_______________________________________________________________________




4383.  AMENDMENTS TO RULES 17A-3 AND 17A-4 UNDER THE SECURITIES 
EXCHANGE ACT OF 1934

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 78f; 15 USC 78i; 15 USC 78j; ...

CFR Citation:  17 CFR 240 (Revision)

Legal Deadline: None

Abstract: The Commission proposed for comment amendments to the broker-
dealer books and records rules intended to clarify, modify, and expand 
record-keeping requirements with respect to purchase and sale 
documents, customer complaints, associated person records, customer 
records, and certain other matters. In addition, the proposed 
amendments specify certain types of books and records that broker-
dealers must make available in their local offices.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/28/96                    61 FR 55593
NPRM Comment Period End         03/31/97
Final Action                    09/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Peter Geraghty, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-0177
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH04
_______________________________________________________________________




4384. 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

[[Page 22761]]

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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
_______________________________________________________________________




4385. 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 proposed rules 17Ad-17 and 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                            08/28/96                    61 FR 44249
NPRM Comment Period End         10/28/96
Final Action                    07/00/97

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
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4386. 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



_______________________________________________________________________




4387. STABILIZING AND OTHER ACTIVITIES IN CONNECTION WITH AN OFFERING OF 
SECURITIES

Priority:  Substantive, Nonsignificant. Major under 5 USC 801.

Legal Authority:  15 USC 77g; 15 USC 77q(a); 15 USC 77s(a); 15 USC 78b; 
15 USC 78c; 15 USC 78i(a); 15 USC 78j; 15 USC 78k-1(c); 15 USC 78l; 15 
USC 78m; 15 USC 78n; 15 USC 78o(c); 15 USC 78o(g); 15 USC 78q(a); 15 
USC 7q(h)

CFR Citation:  17 CFR 242.104

Legal Deadline: None

Abstract: The proposals contained in Securities Exchange Act Release 
No. 28732 (January 9, 1991) 56 FR 814, which would have amended Rule 
10b-7, were withdrawn in conjunction with Regulation M, except to the 
extent they were adopted in Rule 104 of Regulation M, which is 
contained in RIN 3235-AF54. See Securities Exchange Act Release No. 
38067 (December 20, 1996), 62 FR 520.

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                    01/03/97                      62 FR 520
Final Action Effective          03/04/97

Small Entities Affected: Businesses

Government Levels Affected: None

[[Page 22762]]

Additional Information: Continue from 8 Legal Authority........... 15 
USC 78w(a); 15 USC 78dd-1; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37

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-AE11
_______________________________________________________________________




4388. REGULATION M

Priority:  Substantive, Nonsignificant. Major under 5 USC 801.

Legal Authority:  15 USC 77g; 15 USC 77q(a); 15 USC 77s(a); 15 USC 78b; 
15 USC 78c; 15 USC 78i(a); 15 USC 78j; 15 USC 78k-1(c); 15 USC 78l; 15 
USC 78m; 15 USC 78n; 15 USC 78o(c); 15 USC 78o(g); 15 USC 78q(a); 15 
USC 78q(h); ...

CFR Citation:  17 CFR 242.100; 17 CFR 242.101; 17 CFR 242.102; 17 CFR 
242.103; 17 CFR 242.104; 17 CFR 242.105

Legal Deadline: None

Abstract: The Commission adopted Regulation M under the Securities Act 
of 1933, the Exchange Act of 1934 (``Exchange Act'') and the Investment 
Company Act of 1940 on December 18, 1996. See Securities Exchange Act 
Release No. 38067 (December 20, 1996), 62 FR 520. Regulation M became 
affective on March 4, 1997, and replaces Rules 10b-6, 10b-6A, 10b-7, 
10b-8, and 10b-21 under the Exchange Act. Rules 101 and 102 under 
Regulation M, which replace Rule 10b-6, 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 103 under Regulation M, which replaces Rule 10b-6A, 
continues to permit ``passive market making'' of securities quoted on 
Nasdaq by a market maker participating in a distribution. Rule 104 
under Regulation M, which replaces Rule 10b-7, continues to govern 
stabilizing activities to facilitate distributions of securities. Rule 
105 under Regulation M, which replaces Rule 10b-21, continues to 
prohibit persons from covering short sales with offered securities 
obtained from an underwriter, broker, or dealer who is participating in 
the distribution of such securities. Rule 10b-8, which governed certain 
activities during distributions of securities through rights, was 
eliminated. Conforming amendments were adopted to Exchange Act Rule 
17a-2 with respect to recordkeeping of stabilizing and other syndicate 
activities.

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                    01/03/97                      62 FR 520
Final Action Effective          03/04/97

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: LEGAL AUTHORITY CONT: 15 USC 78w(a); 15 USC 
78dd-1; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37

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
_______________________________________________________________________




4389. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider the item 
within the next 12 months, but the Commission may consider the item 
further at some subsequent point.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/17/94                    59 FR 12767
Comment Period Extended         06/28/94                    59 FR 33236
NPRM Comment Period End         07/15/94
Withdrawn                       04/01/97

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
_______________________________________________________________________




4390. THEORETICAL PRICING TO DETERMINE HAIRCUTS ON OPTIONS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Commission has adopted amendments to Exchange Act Rule 
15c3-1 that 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, will more accurately reflect the risk inherent in 
broker-dealers' option positions. The 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                    01/29/97                     62 FR 6474
Final Action Effective          09/01/97

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-AG14
_______________________________________________________________________




4391. ODD-LOT TENDER OFFERS BY ISSUERS

Priority:  Substantive, Nonsignificant

Unfunded Mandates: Undetermined

[[Page 22763]]

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 78f; 15 USC 78i; 15 USC 78j

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

Legal Deadline: None

Abstract: The Commission adopted an amendment to Rule 13e-4 under the 
Securities Exchange Act of 1934 (``Exchange Act'') on December 18, 
1996. See Securities Exchange Act Release No. 38068 (December 20, 
1996), 61 FR 68587. The amendment amended paragraph (h)(5) of Rule 13e-
4 to remove the requirement that issuer tender offers made to 
securityholders who own less than 100 shares (``odd-lots'') specify a 
record date to determine a shareholder's eligibility to tender into the 
offer. The amendment enables issuers to conduct periodic, continuous, 
and extended odd-lot tender offers for their equity securities. The 
Commission also granted a class exemption from Rule 10b-13 under the 
Exchange Act to permit issuers to ``round up'' odd-lots on behalf of 
odd-lot holders and to make purchases of their securities otherwise 
than pursuant to the odd-lot offer. The Commission also granted a 
temporary class exemption from Rule 10b-6 under the Exchange Act for 
purchases of odd-lots outside of the odd-lot offer, pending 
effectiveness of Regulation M. Rules 101 and 102 of Regulation M codify 
the temporary exemption from Rule 10b-6.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/25/96                    61 FR 18306
NPRM Comment Period End         05/28/96
Final Action                    12/30/96                    61 FR 68587
Final Action Effective          12/30/96

Small Entities Affected: None

Government Levels Affected: None

Additional Information: LEGAL AUTHORITY CONT: 15 USC 78k; 15 USC 78k-1; 
15 USC 78l; 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 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: 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
_______________________________________________________________________




4392.  SECURITIES TRANSACTIONS EXEMPT FROM TRANSACTION FEES

Priority:  Substantive, Nonsignificant

Legal Authority:  15 USC 78a et seq; PL 104-208; 15 USC 80a-1 et seq

CFR Citation:  17 CFR 240.31-1 (Revision); 17 CFR 270.24e-z (Revision)

Legal Deadline: None

Abstract: Amendments to Rule 31-1 under the Securities Exchange Act of 
1934 and Amendment to Rule 24e-2 under the Investment Company Act of 
1940. The purpose of these amendments is to conform Rules 31-1 and 24e-
2 to recently enacted legislation. Rule 31-1 is being amended to 
conform the Rule to legislation which extends transaction fees to OTC 
Securities (other than bonds, debentures, and other evidences of 
indebtedness) subject to prompt last-sale reporting.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/30/96                    61 FR 68590
Final Action Effective          01/01/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James T. McHale, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0190
Fax: 202 942-9643
Email: [email protected]

RIN: 3235-AH10
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


OFFICES AND OTHER PROGRAMS



_______________________________________________________________________




4393. DISCLOSURE OF ACCOUNTING POLICIES FOR DERIVATIVE INSTRUMENTS AND 
DISCLOSURE OF QUALITATIVE AND QUANTITATIVE INFORMATION ABOUT MARKET RISK 
IN CERTAIN INSTRUMENTS

Priority:  Substantive, Nonsignificant. Major under 5 USC 801.

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 adopted a rule requiring 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                    01/31/97                     62 FR 6044
Final Action Effective          04/11/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG42
_______________________________________________________________________




4394. RULE TO IMPLEMENT SECTION 10A OF THE SECURITIES EXCHANGE ACT OF 
1934

Priority:  Substantive, Nonsignificant

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

[[Page 22764]]

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 adopted a 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                    03/12/97                    62 FR 12743
Final Action Effective          04/17/97

Small Entities Affected: None

Government Levels Affected: None

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
[FR Doc. 97-7860 Filed 04-24-97; 8:45 am]
BILLING CODE 8010-01-F