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


_______________________________________________________________________

Part LXIII





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 23060]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7509, 34-39692, 35-26829, 39-2362, IC-23034, IA-1701; 
File No. S7-4-98]

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 was accurate on February 20, 1998, the date 
on which the Commission's staff completed compilation of the data. To 
the extent possible, 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, 1998.

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. S7-4-98 
and will be available for public inspection and copying at the 
Commission's Public Reference Room, Room 1026, at the same address.

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

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(or withdrawn) since publication of the last agenda.

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

    ``Securities Act'' - Securities Act of 1933

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

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

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

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

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

Dated: February 23, 1998.

    By the Commission.

Jonathan G. Katz,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4415         Asset-Backed Securities Disclosure...................................................    3235-AF74 
4416         Company Registration and Regulation of Capital Formation.............................    3235-AG83 
4417         Rule 504 of Regulation D.............................................................    3235-AH35 
4418         Conforming Segment Reporting With Generally Accepted Accounting Principles...........    3235-AH43 
4419         Regulation of Extraordinary Corporate Transactions...................................    3235-AG84 
4420         Definitions for Purposes of the Private Litigation Reform Act of 1995................    3235-AG89 
4421         Definition of ``Qualified Purchaser''................................................    3235-AH15 
4422         Revisions to Rules Governing Options Disclosure Document.............................    3235-AH31 
4423         Exemptions for International Tender and Exchange Offers..............................    3235-AD97 
4424         Plain Vanilla Treatment of Election Contest Proxies/Shareholder Communications.......    3235-AG91 
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4425         Streamlining Rule 144................................................................    3235-AH13 
4426         Amendments to the Shareholder Proposal Rule..........................................    3235-AH20 
4427         Addressing Abuses of Form S-8 by Companies Using Consultants to Raise Capital........    3235-AG94 
4428         Delayed Pricing for Companies not Eligible for Form S-3..............................    3235-AG86 
4429         Increase in Dollar Amounts in Rule 701, the Exemption for Offers and Sales by Certain              
            Compensatory Benefit Plans............................................................    3235-AH21 
----------------------------------------------------------------------------------------------------------------


[[Page 23061]]


                               DIVISION OF CORPORATION FINANCE--Completed Actions                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4430         Offshore Press Conferences...........................................................    3235-AG85 
4431         Plain English........................................................................    3235-AG88 
4432         Regulation S.........................................................................    3235-AG34 
4433         Amendments to Beneficial Ownership Reporting Requirements............................    3235-AG81 
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage                             
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4434         Form ADV Uniform Application for Investment Adviser Registration.....................    3235-AD21 
4435         Temporary Exemption for Certain Investment Advisers..................................    3235-AH02 
4436         Books and Records To Be Maintained by Investment Advisers............................    3235-AH24 
4437         Custody or Possession of Funds or Securities of Clients..............................    3235-AH26 
4438         Form ADV-W Notice of Withdrawal From Registration as Investment Adviser..............    3235-AH27 
4439         Principal Transactions with Investment Advisory Clients..............................    3235-AH34 
4440         Unit Investment Trusts: Simplification of Registration Statements....................    3235-AA47 
4441         Shareholder Report and Financial Statement Revisions.................................    3235-AG64 
4442         Exemption for Subsidiaries Organized To Finance Operations of Domestic or Foreign                  
            Companies.............................................................................    3235-AE95 
4443         Deposits of Securities in Securities Depositories....................................    3235-AG71 
4444         Proposed Amendments in Investment Company Advertising Rules..........................    3235-AH19 
4445         Transactions in Certain Canadian Retirement Plans....................................    3235-AH32 
4446         Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies.......    3235-AF93 
4447         Amendments to Deregistration Form N-8F...............................................    3235-AG29 
4448         Amendments to the Cash Solicitation Rule.............................................    3235-AH33 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4449         Electronic Filing of Institutional Investment Manager Reports on Form 13F............    3235-AG97 
4450         Exemption for Investment Advisers Operating in Multiple States; Revisions to Rules                 
            Implementing Amendments to the Investment Advisers Act of 1940........................    3235-AH22 
4451         Exemption from the Compensation Prohibition of Section 205(a)(1) for Investment                    
            Advisers..............................................................................    3235-AH25 
4452         Small Entities for Purposes of the Regulatory Flexibility Act As Applied to the                    
            Investment Company Act and the Investment Advisers Act................................    3235-AG62 
4453         Performance Advertising by Unit Investment Trusts....................................    3235-AG63 
4454         Investment Company Names.............................................................    3235-AH11 
4455         Requirements Relating to Codes of Ethics With Respect to Registered Investment                     
            Companies; Records To Be Maintained by Investment Advisers............................    3235-AG27 
4456         Delivery of Prospectuses and Annual Reports to Multiple Shareholders at the Same                   
            Address...............................................................................    3235-AG98 
4457         Insurance Products: New Form N-6 for Registration of Separate Accounts Offering                    
            Variable Life Insurance Contracts.....................................................    3235-AG37 
4458         PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies...............    3235-AF78 
4459         Status of Subsidiary Companies Formed To Hold Interests in Foreign Utility Companies.    3235-AF79 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4460         Mergers of Certain Affiliated Investment Companies...................................    3235-AG31 
4461         Exemption of Certain Purchase or Sale Transactions Between an Investment Company and               
            Certain Affiliated Persons............................................................    3235-AG57 
4462         Bonding of Officers and Employees of Registered Management Investment Companies......    3235-AG58 

[[Page 23062]]

                                                                                                                
4463         Insurance Products: Equity Index Insurance Products Concept Release..................    3235-AH23 
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4464         Registration Form Used by Open-End Management Investment Companies...................    3235-AE46 
4465         Technical Revisions to the Rules and Forms Regulating Money Market Funds.............    3235-AH12 
4466         Proposed New Disclosure Option for Open-End Management Investment Companies..........    3235-AH03 
4467         Exemption of Issuance and Sale of Securities by Public Utility and Nonutility                      
            Subsidiary Companies of Registered Public Utility Holding Companies...................    3235-AG45 
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4468         Market Risk Haircuts for Instruments Subject to Interest Rate Risk...................    3235-AG18 
4469         Amendments to Rules 17a-3 and 17a-4 Under the Securities Exchange Act of 1934........    3235-AH04 
4470         Net Capital Rule: Customer Protection Rule...........................................    3235-AH05 
4471         Risk Assessment Recordkeeping and Reporting Requirement..............................    3235-AH06 
4472         Exemption of Certain Foreign Brokers and Dealers.....................................    3235-AH17 
4473         Untimely Announcement of Record Dates................................................    3235-AH38 
4474         Expanding the Scope of Self-Regulatory Organization Matters That Do Not Constitute                 
            Proposed Rule Changes Pursuant to Rule 19b-4..........................................    3235-AH39 
4475         Purchases of Certain Equity Securities by the Issuers and Others.....................    3235-AH37 
4476         Regulation of Alternative Trading Systems, National Securities Exchanges and Foreign               
            Market Activities in the United States................................................    3235-AH41 
4477         Net Capital Rule Concept Release.....................................................    3235-AH29 
4478         Amendment to Rule 9b-1 Under the Securities Exchange Act Relating to the Options                   
            Disclosure Document...................................................................    3235-AH30 
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4479         Net Capital Requirements for Brokers or Dealers......................................    3235-AD79 
4480         OTC Derivatives Dealers..............................................................    3235-AH16 
4481         Proposed Amendments to Transfer Agent Rules..........................................    3235-AG24 
4482         Nationally Recognized Statistical Rating Organizations...............................    3235-AG41 
4483         Proposed Changes to Definitions of ``Small Business'' or ``Small Organization'' Under              
            the Securities Exchange Act of 1934...................................................    3235-AH01 
4484         Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally                 
            Recognized Statistical Rating Organization............................................    3235-AH28 
4485         Reports To Be Made by Certain Brokers and Dealers....................................    3235-AH36 
4486         Year 2000 Readiness Reports To Be Made by Transfer Agents............................    3235-AH42 
4487         Initiation or Resumption of Quotations Without Specified Information.................    3235-AH40 
----------------------------------------------------------------------------------------------------------------


[[Page 23063]]


                                DIVISION OF MARKET REGULATION--Long-Term Actions                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4488         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 
4489         Amendment to Rule 11Ac1-1............................................................    3235-AH00 
4490         Large Trader Reporting System........................................................    3235-AE42 
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4415. ASSET-BACKED SECURITIES DISCLOSURE

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

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Paula Dubberly, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-1960
Fax: 202 942-9635

RIN: 3235-AF74
_______________________________________________________________________




4416. COMPANY REGISTRATION AND REGULATION OF CAPITAL FORMATION

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; 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                            05/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anita T. Klein, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-9525

RIN: 3235-AG83
_______________________________________________________________________




4417.  RULE 504 OF REGULATION D

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

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.504

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 504 of Regulation D to address possible 
abuses that may be occurring under claim of that exemption.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Barbara C. Jacobs, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 703 942-2950
Fax: 703 942-9516

RIN: 3235-AH35
_______________________________________________________________________




4418.  CONFORMING SEGMENT REPORTING WITH GENERALLY ACCEPTED 
ACCOUNTING PRINCIPLES

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 210.3-03; 17 CFR 210.12-16; 17 CFR 229.101; 17 
CFR 229.102; 17 CFR 249.220f

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to its disclosure requirements relating to segment 
reporting to conform them with the recently revised segment reporting 
requirements of Generally Accepted Accounting Principles established by 
the Financial Accounting Standards Board.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: None

[[Page 23064]]

Agency Contact: James R. Budge, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AH43
_______________________________________________________________________




4419. REGULATION OF EXTRAORDINARY CORPORATE TRANSACTIONS

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 adapt the regulatory scheme applicable to 
extraordinary corporate transactions such as mergers, tender offers and 
going private transactions to the realities of today's securities 
marketplace, as well as promote uniform disclosure in connection with 
such transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: P.J. Himelfarb, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-9525

RIN: 3235-AG84
_______________________________________________________________________




4420. 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                            12/00/98

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
Fax: 202 942-9525

RIN: 3235-AG89
_______________________________________________________________________




4421. DEFINITION OF ``QUALIFIED PURCHASER''

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 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                            06/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John Reynolds, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AH15
_______________________________________________________________________




4422.  REVISIONS TO RULES GOVERNING 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                            04/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David Lavan, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-9525

RIN: 3235-AH31
_______________________________________________________________________




4423. 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

[[Page 23065]]

ANPRM Comment Period End        09/21/90
NPRM                            06/14/91                    56 FR 27582
NPRM Comment Period End         09/09/91
Reproposal                      04/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Laurie Green, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2920
Fax: 202 942-9638

RIN: 3235-AD97
_______________________________________________________________________




4424. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Laura Badian, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2920
Fax: 202 942-9638

RIN: 3235-AG91
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4425. 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                    12/00/98

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: 202 942-9525

RIN: 3235-AH13
_______________________________________________________________________




4426. AMENDMENTS TO THE SHAREHOLDER PROPOSAL RULE

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

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

CFR Citation:  17 CFR 240.14a-4(c); 17 CFR 240.15a-8

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 14a-8, the 
shareholder proposal rule, and Rule 14a-4(c), the rule that governs the 
availability of discretionary voting authority. The revisions would 
streamline the current rules and address concerns that have been raised 
by participants.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/18/97                    62 FR 50682
NPRM Comment Period End         11/25/97
Comment Period Extended to 01/
02/98                           11/25/97                    62 FR 62732
Final Action                    05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Frank G. Zarb, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-9525

RIN: 3235-AH20
_______________________________________________________________________




4427. ADDRESSING 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 Commission proposed rules to address abuses of Form S-8 
by companies using consultants to raise capital.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9648
NPRM Comment Period End         04/27/98
Final Action                    09/00/98

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Anne Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-9525

RIN: 3235-AG94
_______________________________________________________________________




4428. DELAYED PRICING FOR COMPANIES NOT ELIGIBLE FOR FORM S-3

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

Legal Authority:  15 USC 77a et seq

[[Page 23066]]

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                    12/00/98

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
Fax: 202 942-9516

RIN: 3235-AG86
_______________________________________________________________________




4429. INCREASE IN DOLLAR AMOUNTS IN RULE 701, THE EXEMPTION FOR OFFERS 
AND SALES BY CERTAIN COMPENSATORY BENEFIT PLANS

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

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

CFR Citation:  17 CFR 230.701

Legal Deadline: None

Abstract: The Commission proposed amendments to increase the available 
exemptive amounts provided by Rule 701 in connection with certain 
offers and sales by compensatory benefit plans.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/02/98                    63 FR 10785
NPRM Comment Period End         05/04/98
Final Action                    09/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Richard K. Wulff, Office of Small Business, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AH21
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF CORPORATION FINANCE



_______________________________________________________________________




4430. OFFSHORE PRESS CONFERENCES

Priority:  Substantive, Nonsignificant

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 adopted 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                    10/17/97                    62 FR 53948
Final Action Effective          11/17/97

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Felicia Kung, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2990
Fax: 202 942-9624

RIN: 3235-AG85
_______________________________________________________________________




4431. PLAIN ENGLISH

Priority:  Substantive, Nonsignificant

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 adopted rules that require registrants to use 
plain English for the cover page, prospectus summary and risk factors 
section of registration statements filed pursuant to the Securities 
Act. Other amendments 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                    01/22/98                     63 FR 6370
Final Action Effective          10/01/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Carolyn Miller, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-1882
Fax: 202 942-9525

RIN: 3235-AG88
_______________________________________________________________________




4432. REGULATION S

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

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.901 et seq

Legal Deadline: None

Abstract: The Commission amended the Regulation S safe harbor 
procedures for sales of equity securities by U.S. reporting companies. 
These changes 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

[[Page 23067]]

Final Action                    02/17/98                     63 FR 9632
Final Action Effective          04/27/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance, Division of Corporation Finance, Securities and Exchange 
Commission
Phone: 202 942-2990
Fax: 202 942-9624

RIN: 3235-AG34
_______________________________________________________________________




4433. AMENDMENTS TO BENEFICIAL OWNERSHIP REPORTING REQUIREMENTS

Priority:  Substantive, Nonsignificant

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 adopted 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                            07/03/96                    61 FR 36521
NPRM Comment Period End         09/09/96
Final Action                    01/16/98                     63 FR 2854
Final Action Effective          02/17/98

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
Fax: 202 942-9639

RIN: 3235-AG81
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4434. FORM ADV UNIFORM APPLICATION FOR INVESTMENT ADVISER REGISTRATION

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

Legal Authority:  15 USC 80b-3(c)(1); 15 USC 80b-4

CFR Citation:  17 CFR 275.203-1; 17 CFR 275.204-1; 17 CFR 279.1

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending revising Form ADV and related rules to: (1) improve 
disclosure of information on advisers' disciplinary history; and (2) 
enhance disclosure of information about the advisory relationship 
provided to clients and prospective clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Lori Hamilton Price, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0531

RIN: 3235-AD21
_______________________________________________________________________




4435. 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 amendments 
to Rule 15a-4 under the Investment Company Act to broaden the scope of 
the rule. Rule 15a-4 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH02
_______________________________________________________________________




4436. BOOKS AND RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS

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

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

CFR Citation:  17 CFR 275.204-2

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission update the books and records 
requirements for investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Catherine M. Saadeh, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0650

RIN: 3235-AH24

[[Page 23068]]

_______________________________________________________________________




4437. CUSTODY OR POSSESSION OF FUNDS OR SECURITIES OF CLIENTS

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

Legal Authority:  15 USC 80b-6; 15 USC 80b-4; 15 USC 80b-11

CFR Citation:  17 CFR 275

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending a proposal to the Commission to revise the custody rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Robert Leonard, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0646

RIN: 3235-AH26
_______________________________________________________________________




4438. FORM ADV-W NOTICE OF WITHDRAWAL FROM REGISTRATION AS INVESTMENT 
ADVISER

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

Legal Authority:  15 USC 80b-3; 15 USC 80b-11

CFR Citation:  17 CFR 279.2

Legal Deadline: None

Abstract: The Division of Investment Management is considering revising 
Form ADV-W to reflect amendments to the Investment Advisers Act of 1940 
enacted as part of the Investment Advisers Supervision Coordination 
Act, Title III of the National Securities Markets Improvement Act of 
1996.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Lori Hamilton Price, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0531

RIN: 3235-AH27
_______________________________________________________________________




4439.  PRINCIPAL TRANSACTIONS WITH INVESTMENT ADVISORY CLIENTS

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

Legal Authority:  15 USC 80b-6a

CFR Citation:  17 CFR 275

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending that the Commission permit investment advisers 
to enter into principal transactions with their clients under certain 
circumstances.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kathy D. Ireland, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0530

RIN: 3235-AH34
_______________________________________________________________________




4440. 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                      09/00/98

Small Entities Affected: Businesses

Government Levels Affected: Federal

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

RIN: 3235-AA47
_______________________________________________________________________




4441. 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                            06/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Markian Melnyk, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission

[[Page 23069]]

Phone: 202 942-0721

RIN: 3235-AG64
_______________________________________________________________________




4442. 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); 15 USC 77s; 15 USC 
78w

CFR Citation:  17 CFR 270.3a-5; 17 CFR 230.489; 17 CFR 239.43

Legal Deadline: None

Abstract: The staff of 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                            06/00/98

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
_______________________________________________________________________




4443. 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 
of the Division of Investment Management is considering whether to 
recommend that the Commission propose amendments that would, among 
other things, expand the types of entities that may be used as 
securities depositories and permit investment company officers to 
authorize depository arrangements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/98

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
_______________________________________________________________________




4444. PROPOSED AMENDMENTS IN INVESTMENT COMPANY ADVERTISING RULES

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

Legal Authority:  15 USC 77e; 15 USC 77h; 15 USC 77j; 15 USC 77s(a); 15 
USC 80a-8; 15 USC 80a-22; 15 USC 80a-24(g); 15 USC 80a-29; 15 USC 80a-
37

CFR Citation:  17 CFR 230.482

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose to amend Rule 482, to permit 
advertisements that are not subject to restrictions limiting the 
content to information ``the substance of which'' is in a fund's 
prospectus. This authority was recently granted to the Commission by 
the National Securities Markets Improvement of 1996.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Laura Riegel, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0567

RIN: 3235-AH19
_______________________________________________________________________




4445.  TRANSACTIONS IN CERTAIN CANADIAN RETIREMENT PLANS

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

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

CFR Citation:  17 CFR Not yet determined

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
evaluating whether to recommend that the Commission: (1) exclude from 
regulation under the Investment Company Act transactions by U.S. 
residents in shares of Canadian mutual funds held as assets in certain 
Canadian retirement plans, such as Retirement Savings Plans (RRSPs), 
Registered Retirement Income Funds (RRIFs) or similar plans; and (2) 
exempt from registration under the Securities Act of 1933 transactions 
by U.S. residents in shares of Canadian mutual funds or other 
securities held as assets in RRSPs, RRIFs, or similar plans.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: David P. Mathews, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0978

RIN: 3235-AH32
_______________________________________________________________________




4446. 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 semiannual

[[Page 23070]]

report for registered investment companies, to update the items of the 
form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

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
_______________________________________________________________________




4447. AMENDMENTS TO DEREGISTRATION FORM N-8F

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG29
_______________________________________________________________________




4448.  AMENDMENTS TO THE CASH SOLICITATION RULE

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

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

CFR Citation:  17 CFR 275.206(4)-3

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering whether to recommend revisions to the cash solicitation 
rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Carolyn-Gail Gilheany, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0529

RIN: 3235-AH33
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4449. 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 Commission has proposed 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                            07/01/97                    62 FR 36467
NPRM Comment Period End         08/07/97
Final Action                    04/00/98

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3235-AG97
_______________________________________________________________________




4450. EXEMPTION FOR INVESTMENT ADVISERS OPERATING IN MULTIPLE STATES; 
REVISIONS TO 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-3a(c); 15 USC 80b-11; 15 USC 80b-2(a)(17); 
15 USC 80b-3(c)(1); 15 USC 80b-4; 15 USC 80b-11(a)

CFR Citation:  17 CFR 275; 17 CFR 279

Legal Deadline: None

Abstract: The Commission proposed amendments to rules under the 
Investment Advisers Act of 1940 that would exempt from the prohibition 
on Commission registration certain investment advisers operating in 
multiple states and revise the definition of investment adviser 
representative.

[[Page 23071]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/19/97                    62 FR 61866
NPRM Comment Period End         01/20/98
Final Action                    05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Carolyn-Gail Gilheany, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0529

RIN: 3235-AH22
_______________________________________________________________________




4451. EXEMPTION FROM THE COMPENSATION PROHIBITION OF SECTION 205(A)(1) 
FOR INVESTMENT ADVISERS

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

Legal Authority:  15 USC 80b-5(e)

CFR Citation:  17 CFR 275

Legal Deadline: None

Abstract: The Commission has proposed to simplify and update the 
exemption from section 205(a)(1) for investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/19/97                    62 FR 61882
NPRM Comment Period End         01/20/98
Final Action                    05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kathy D. Ireland, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0530

RIN: 3235-AH25
_______________________________________________________________________




4452. SMALL ENTITIES FOR PURPOSES OF THE REGULATORY FLEXIBILITY ACT AS 
APPLIED TO THE INVESTMENT COMPANY ACT AND THE INVESTMENT ADVISERS ACT

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

Legal Authority:  15 USC 80a-37; 15 USC 80b-11

CFR Citation:  17 CFR 270.0-10; 17 CFR 275.0-7

Legal Deadline: None

Abstract: On January 22, 1997 the Commission issued a release 
requesting public comment on a proposed amendment to Rule 0-10 under 
the Investment Company Act and a proposed amendment to Rule 0-7 under 
the Investment Advisers Act. The proposal would amend the definition of 
the terms ``small business'' and ``small organization'' under the 
Investment Company Act and the Investment Advisers Act for purposes of 
the Regulatory Flexibility Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/28/97                     62 FR 4106
NPRM Comment Period End         02/27/97
Extension of Comment Period     03/20/97                    62 FR 13356
Final Action                    04/00/98

Small Entities Affected: None

Government Levels Affected: None

Additional Information: A related rulemaking was published in the 
Federal Register under the RIN 3235-AH01.

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
_______________________________________________________________________




4453. 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, 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 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                    09/00/98

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

RIN: 3235-AG63
_______________________________________________________________________




4454. INVESTMENT COMPANY NAMES

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

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 percent of its assets in the 
types of investments suggested by its name.

[[Page 23072]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/27/97                    62 FR 10955
NPRM Comment Period End         06/09/97
Final Action                    05/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Laura Riegel, Office of Disclosure Regulation, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0567

RIN: 3235-AH11
_______________________________________________________________________




4455. 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); 15 USC 80a-39; 15 USC 80b-
2(a)(17); 15 USC 80b-3; 15 USC 80b-5(e); 15 USC 80b-3a; 15 USC 80b-6a

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. 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                    04/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Ari Burstein, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0686

RIN: 3235-AG27
_______________________________________________________________________




4456. 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-24(e); 15 USC 77s(a); 15 
USC 78l; 15 USC 78n; 15 USC 78w(a)

CFR Citation:  17 CFR 270.30d-1; 17 CFR 270.30d-2; 17 CFR 240.14a-3; 17 
CFR 240.14c-3; 17 CFR 240.14c-7

Legal Deadline: None

Abstract: The Commission proposed for public comment a new rule under 
the Securities Act of 1933 to enable issuers and broker-dealers to 
satisfy the Act's prospectus delivery requirements, with respect to two 
or more investors sharing the same address, by sending a single 
prospectus, subject to certain conditions. The Commission proposed 
similar amendments to the rules under the Securities Exchange Act of 
1934 and the Investment Company Act of 1940 that govern the delivery of 
annual and (in the case of investment companies) semiannual reports to 
shareholders. The proposed rule and rule amendments seek to provide 
greater convenience for investors and cost savings for issuers by 
reducing the amount of duplicative information that investors receive.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/13/97                    62 FR 61933
NPRM Comment Period End         02/02/98
Final Action                    08/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG98
_______________________________________________________________________




4457. 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 Commission proposed a new Form N-6 to be used for 
separate accounts offering variable life insurance contracts to 
register under both the Investment Company Act and the Securities Act. 
Currently, most insurance company separate accounts are organized as 
unit investment trusts (UITs) and register their interests on Form S-6. 
Form S-6 was developed for UITs generally, and not specifically for 
insurance company separate accounts that offer interests in variable 
life insurance contracts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/13/98                    63 FR 13988
NPRM Comment Period End         07/01/98
Final Action                    01/00/99

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG37

[[Page 23073]]

_______________________________________________________________________




4458. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES

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

Legal Authority:  15 USC 79c; 15 USC 79c(b); 15 USC 79(c)(3); 15 USC 
79(t); 15 USC 79(n); 15 USC 79z-5b(b)

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
Final Action                    04/00/98

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
_______________________________________________________________________




4459. STATUS OF SUBSIDIARY COMPANIES FORMED TO HOLD INTERESTS IN FOREIGN 
UTILITY COMPANIES

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

Legal Authority:  15 USC 79(t)

CFR Citation:  17 CFR 250.56

Legal Deadline: None

Abstract: The proposed rule clarifies that a subsidiary of a registered 
holding company which is engaged exclusively in the business of owning 
an interest in one or more foreign utility companies shall be deemed to 
be a foreign utility company.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/08/93                    58 FR 13719
NPRM Comment Period End         04/14/93
Final Action                    06/00/98

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
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4460. 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 currently allows a merger, consolidation, or 
purchase or sale of substantially all of the assets of registered 
investment companies that 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 staff 
of the Division of Investment Management is considering whether to 
recommend to the Commission that it expand the applicability of the 
rule to other affiliate relationships.

Timetable: Next Action Undetermined

Small Entities Affected: 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
_______________________________________________________________________




4461. 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 refine the conditions under which 
exchanges can be made under the rule.

Timetable: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG57
_______________________________________________________________________




4462. 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: Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

[[Page 23074]]

Agency Contact: Penelope W. Saltzman, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AG58
_______________________________________________________________________




4463. INSURANCE PRODUCTS: EQUITY INDEX INSURANCE PRODUCTS CONCEPT 
RELEASE

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

Legal Authority:  15 USC 77a et seq

CFR Citation:  17 CFR 230.151

Legal Deadline: None

Abstract: The Commission issued a release requesting public comment on 
the structure of equity index insurance products, the manner in which 
they are marketed, and any other matters the Commission should consider 
in addressing Federal securities law issues raised by equity index 
insurance products.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           08/20/97                    62 FR 45359


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH23
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


DIVISION OF INVESTMENT MANAGEMENT



_______________________________________________________________________




4464. REGISTRATION FORM USED BY OPEN-END MANAGEMENT INVESTMENT COMPANIES

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

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 adopted 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 amendments 
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 adopted 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                    03/10/98                    63 FR 13916
Final Action Effective          06/01/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jonathan F. Cayne, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AE46
_______________________________________________________________________




4465. TECHNICAL REVISIONS TO THE RULES AND FORMS REGULATING MONEY MARKET 
FUNDS

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

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 270.12d3-1; 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; 17 CFR 270.2a41-1; 17 CFR 270.34b-1; 17 CFR 
239.17b; 17 CFR 274.11c

Legal Deadline: None

Abstract: The Commission adopted amendments to the rules and forms 
under the Securities Act and the Investment Company Act that govern 
money market funds. Technical amendments to Rule 2a-7 under the 
Investment Company Act, the rule regulating money market funds, among 
other things, revise terminology used in the rule to reflect common 
market usage and resolve certain interpretive issues under the rule. 
Amendments to the advertising rules applicable to money market funds, 
among other things, clarify the formula used by money market funds to 
calculate yield.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/10/96                    61 FR 66621
NPRM Comment Period End         01/24/97
Final Action                    12/02/97                    62 FR 64968
Final Action Effective          02/10/98

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. The proposed and final 
rules were mistakenly published in the Federal Register under the RIN 
of a related rulemaking, 3235-AE17.

Agency Contact: David P. Mathews, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0978

RIN: 3235-AH12

[[Page 23075]]

_______________________________________________________________________




4466. PROPOSED NEW DISCLOSURE OPTION FOR OPEN-END MANAGEMENT INVESTMENT 
COMPANIES

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

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 adopted a new rule to permit open-end 
management investment companies (``funds'') to provide investors with a 
``fund profile.'' The profile presents 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                    03/10/98                    63 FR 13968
Final Action Effective          06/01/98

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH03
_______________________________________________________________________




4467. EXEMPTION OF ISSUANCE AND SALE OF SECURITIES BY PUBLIC UTILITY AND 
NONUTILITY SUBSIDIARY COMPANIES OF REGISTERED PUBLIC UTILITY HOLDING 
COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  17 CFR 250.45; 17 CFR 250.52

Legal Deadline: None

Abstract: The Commission has adopted an amendment to Rule 52 to 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. The Commission also 
adopted a conforming change to Rule 45 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                    02/20/98                     63 FR 9736
Final Action Effective          02/26/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Catherine A. Fisher, Office of Public Utility 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0560

RIN: 3235-AG45
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4468. 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 proposed for comment an 
amendment to the net capital rule revising the percentage deductions 
from net worth, and haircuts, applicable to investment 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                            12/30/97                    62 FR 67996
NPRM Comment Period End         03/30/98
Extension of Comment Period to  05/04/98                    63 FR 11173
Interim Final Rule              08/00/98

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AG18
_______________________________________________________________________




4469. 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 plans to repropose for comment amendments to 
the books and records rules which will take into consideration the 
comments received in response to the proposing release.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/28/96                    61 FR 55593
NPRM Comment Period End         03/31/97
Reproposed                      04/00/98

Small Entities Affected: Undetermined

[[Page 23076]]

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH04
_______________________________________________________________________




4470. 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                            04/00/98

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH05
_______________________________________________________________________




4471. 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 1998.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/98

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH06
_______________________________________________________________________




4472. 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, to allow institutional customers to 
take advantage of the efficiencies of foreign markets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: David Shillman, Office of the Chief Counsel, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH17
_______________________________________________________________________




4473.  UNTIMELY ANNOUNCEMENT OF RECORD DATES

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

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

CFR Citation:  17 CFR 240.10b-17

Legal Deadline: None

Abstract: Pursuant to a petition of the NASD, the staff will propose 
that the Commission consider amending Exchange Act Rule 10b-17 to 
clarify that it applies to distributions made to holders of direct 
participation program interests.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

Small Entities Affected: None

Government Levels Affected: Undetermined

Agency Contact: Gary Sutton, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH38
_______________________________________________________________________




4474.  EXPANDING THE SCOPE OF SELF-REGULATORY ORGANIZATION 
MATTERS THAT DO NOT CONSTITUTE PROPOSED RULE CHANGES PURSUANT TO RULE    
 19B-4

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

Legal Authority:  15 USC 78a et seq; 15 USC 78s; 15 USC 78mm

CFR Citation:  17 CFR 240.19b-4

Legal Deadline: None

Abstract: The Commission will be proposing new paragraph (e) of Rule 
19b-4 to expand the scope of SRO matters that do not constitute 
proposed rule changes, to include the listing and

[[Page 23077]]

trading of new derivative securities products. This proposal is 
intended to reduce record keeping and reporting requirements on the 
SROs by eliminating the requirement of filing a complete proposed rule 
change for Commission review prior to trading a new derivative 
securities product.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Marianne H. Duffy, Office of Market Supervision, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-4163
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH39
_______________________________________________________________________




4475.  PURCHASES OF CERTAIN EQUITY SECURITIES BY THE ISSUERS AND 
OTHERS

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

Legal Authority:  15 USC 78b; 15 USC 78c; 15 USC 78i(a)(6); 15 USC 
78j(b); 15 USC 78m(e); 15 USC 78o(c); 15 USC 78w(a)

CFR Citation:  17 CFR 240.10b-18

Legal Deadline: None

Abstract: The Commission will be proposing to update Rule 10b-18 to 
reflect market development since its adoption. Rule 10b-18 is a safe 
harbor from liability under the anti-manipulation provisions of section 
9(a)(2) of the Exchange Act and Rule 10b-5 thereunder for issuer 
purchases of its common stock made in accordance with the Rule 10b-18 
conditions. Rule 10b-18 conditions govern the manner, timing, price and 
volume of market purchases made by the issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/98

Small Entities Affected: Undetermined

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: 202 942-9553
Email: [email protected]

RIN: 3235-AH37
_______________________________________________________________________




4476.  REGULATION OF ALTERNATIVE TRADING SYSTEMS, NATIONAL 
SECURITIES EXCHANGES AND FOREIGN MARKET ACTIVITIES IN THE UNITED STATES

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

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

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Commission is considering proposals to address the 
activities of alternative trading systems, national securities 
exchanges, and foreign markets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kevin Ehrlich, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0778
Fax: 202 942-9643
Email: [email protected]

RIN: 3235-AH41
_______________________________________________________________________




4477.  NET CAPITAL RULE CONCEPT RELEASE

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 published a concept 
release soliciting comments on how the net capital rule may incorporate 
statistical models to calculate net capital requirements. This concept 
release also solicited comments and ideas on how the net capital rule 
could be further modified.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/97                    62 FR 68011
ANPRM Comment Period End        03/30/98
Extension of Comment Period to  05/04/98                    63 FR 11173
NPRM                            01/00/99

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH29
_______________________________________________________________________




4478.  AMENDMENT TO RULE 9B-1 UNDER THE SECURITIES EXCHANGE ACT 
RELATING TO THE OPTIONS DISCLOSURE DOCUMENT

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

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

CFR Citation:  17 CFR 240.9b-1

Legal Deadline: None

Abstract: The Commission is proposing to amend Exchange Act Rule 9b-1, 
which requires that an Options Disclosure Document (ODD) be sent to a 
customer opening an options account. The proposed amendment would 
refine certain language of the Rule so that it more clearly reflects 
the regulatory standards it was designed to establish. In paragraph 
(a)(3) of the Rule, the definition of ``Options Disclosure Document'' 
will be amended to explicitly state that amendments and supplements to 
the ODD are included as part of the ODD. Paragraphs (c)(2) and (c)(3) 
will be amended to better reflect the type of information appropriately 
included in the ODD. Paragraphs (c)(4) and (c)(7) will be similarly 
amended.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

Small Entities Affected: None

Government Levels Affected: Undetermined

[[Page 23078]]

Agency Contact: Kevin Ehrlich, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0090
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH30
  
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4479. 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                    10/00/98

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AD79
_______________________________________________________________________




4480. OTC DERIVATIVES 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:  17 CFR 200.30-3 revision; 17 CFR 240.8c-1 revision; 17 
CFR 240.15b1-1 revision; 17 CFR 240.15c2-1 revision; 17 CFR 240.15c3-1 
revision; 17 CFR 240.15c3-3 revision; 17 CFR 240.17a-3 revision; 17 CFR 
240.17a-4 revision; 17 CFR 240.17a-11 revision; 17 CFR 240.3b-12; 17 
CFR 240.3b-13; 17 CFR 240.3b-14; 17 CFR 240.3b-15; 17 CFR 240.3b-16; 17 
CFR 240.15a-1; ...

Legal Deadline: None

Abstract: The Commission proposed for comment proposed rules and rule 
amendments under the Securities Exchange Act of 1934 that would tailor 
capital, margin and other broker-dealer regulatory requirements to a 
class of registered dealers called OTC derivatives dealers active in 
over-the-counter derivatives markets. Registration as an OTC 
derivatives dealer under the proposed rules would be an alternative to 
registration as a fully-regulated broker-dealer, and would be available 
only to entities acting primarily as counterparties in privately 
negotiated over-the-counter derivatives transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/97                    62 FR 67940
NPRM Comment Period End         03/02/98
Extension of Comment Period to  04/06/98                    63 FR 11173
Final Action                    06/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Glenn Jessee, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH16
_______________________________________________________________________




4481. 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 Commission has proposed amendments to certain transfer 
agent rules regarding turnaround time, recordkeeping, and safekeeping 
of funds. The proposed amendments to the transfer agent rules are 
designed to minimize disruptions, particularly in the National 
Clearance and Settlement System for securities, that may be caused by 
poor turnaround performance, substandard or inaccurate recordkeeping 
practices, and inadequate safekeeping procedures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/01/94                    59 FR 63662
NPRM Comment Period End         02/04/95
Final Action                    06/00/98

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Thomas C. Etter, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0178
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AG24
_______________________________________________________________________




4482. 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

[[Page 23079]]

Legal Deadline: None

Abstract: The Commission has solicited recommendations on its 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, it believes that it is appropriate to 
examine the process it employs to designate rating agencies as NRSROs 
and the nature of the Commission's oversight role with respect to 
NRSROs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           08/31/94                    59 FR 46314
ANPRM Comment Period End        12/06/94
NPRM                            12/30/97                    62 FR 68018
NPRM Comment Period End         03/02/98
Final Action                    08/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Additional Information: The Commission issued a release proposing 
amendments to the net capital rule that would define the term 
Nationally Recognized Statistical Rating Organization (NRSRO) for 
purposes of the net capital rule and set forth the process for applying 
for NRSRO designation. See RIN 3235-AH28. This release was based in 
part on comments received in response to the concept release.

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

RIN: 3235-AG41
_______________________________________________________________________




4483. 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
Extension of Comment Period     03/20/97                    62 FR 13356
NPRM Comment Period End         04/30/97
Final Action                    04/00/98

Small Entities Affected: None

Government Levels Affected: None

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
Email: [email protected]

RIN: 3235-AH01
_______________________________________________________________________




4484.  NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS--
DEFINITION OF THE TERM NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATION

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

Legal Authority:  15 USC 78c; 15 USC 78o; 15 USC 78q; 15 USC 78w

CFR Citation:  17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Commission issued a release proposing amendments to the 
net capital rule that would define the term Nationally Recognized 
Statistical Rating Organization (NRSRO) for purposes of the net capital 
rule and set forth the process for NRSRO designation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/97                    62 FR 68018
NPRM Comment Period End         03/02/98
Final Action                    08/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH28
_______________________________________________________________________




4485.  REPORTS TO BE MADE BY CERTAIN BROKERS AND DEALERS

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

Legal Authority:  15 USC 80o(c)(3); 15 USC 78w

CFR Citation:  17 CFR 240.17a-5

Legal Deadline: None

Abstract: As part of its efforts to monitor the security industry's 
efforts to remedy the year 2000 problem, the Commission will propose 
for comment an amendment to Exchange Act Rule 17a-5 that would require 
certain broker-dealers to file with the Commission and their designated 
examining authority two reports. These reports will also (1) enable the 
Commission staff to report to Congress on the industry's preparedness; 
(2) supplement the Commission's examination module for year 2000; (3) 
help the Commission coordinate with self-regulatory organizations on 
industry-wide testing implementation and contingency planning; and (4) 
help increase broker-dealer awareness that they should be taking 
specific steps now to prepare for year 2000.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/12/98                    63 FR 12056
NPRM Comment Period End         04/13/98
Final Action                    05/00/98

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
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH36

[[Page 23080]]

_______________________________________________________________________




4486.  YEAR 2000 READINESS REPORTS TO BE MADE BY TRANSFER AGENTS

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

Legal Authority:  15 USC 78q-16(i); 15 USC 78w

CFR Citation:  17 CFR 240.17Ad-18

Legal Deadline: None

Abstract: As part of its efforts to monitor the security industry's 
efforts to remedy the year 2000 problem, the Commission will propose 
for comment proposed Exchange Act Rule 17Ad-18 that would require non-
bank transfer agents to file with the Commission at least one report 
regarding its year 2000 readiness. All non-bank transfer agents would 
be required to submit an initial report and certain non-bank transfer 
agents would be required to submit follow-up reports. These reports 
will: (1) enable the Commission staff to report to Congress on transfer 
agents' preparedness; (2) supplement the Commission's examination 
module for the year 2000; and (3) increase transfer agent awareness 
that they should be taking specific steps now to prepare for year 2000.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/12/98                    63 FR 12062
NPRM Comment Period End         04/13/98
Final Action                    05/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jeffrey S. Mooney, Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-4174
Fax: 202 942-9643
Email: [email protected]

RIN: 3235-AH42
_______________________________________________________________________




4487.  INITIATION OR RESUMPTION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

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

Legal Authority:  15 USC 78b; 15 USC 78c; 15 USC 78j(b); 15 USC 78o(q); 
15 USC 78q(a); 15 USC 78w(a)

CFR Citation:  17 CFR 240.15c2-11

Legal Deadline: None

Abstract: As part of its efforts to respond to fraud in the microcap 
securities market, the Commission will propose for comment amendments 
to Rule 15c2-11. These amendments would require broker-dealers to: have 
more issuer information before publishing quotations; review updated 
information periodically when publishing priced quotations; and make 
issuer information more widely available. The amendments also would 
expand the issuer's information that a broker-dealer must review for a 
non-reporting issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Final Action                    08/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Alan Reed, 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-AH40
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


DIVISION OF MARKET REGULATION



_______________________________________________________________________




4488. 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. 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. 
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


Next Action Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: LEGAL AUTHORITY CONTINUED: 15 USC 78m; 15 USC 
78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 USC

[[Page 23081]]

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: Paul P. Andrews, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AG69
_______________________________________________________________________




4489. 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 percent 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


Next Action Undetermined

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH00
_______________________________________________________________________




4490. 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
Fax: 202 942-9697
Email: [email protected]

RIN: 3235-AE42
[FR Doc. 98-6275 Filed 04-24-98; 8:45 am]
BILLING CODE 8010-01-F