[The Regulatory Plan and Unified Agenda of Federal Regulatory and Deregulatory Actions] [Securities and Exchange Commission Semiannual Regulatory Agenda ] [From the U.S. Government Printing Office, www.gpo.gov] [[Page 65503]] _______________________________________________________________________ Part LXIII Securities and Exchange Commission _______________________________________________________________________ Semiannual Regulatory Agenda [[Page 65504]]Securities and Exchange Commission (SEC) _______________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II Release Nos. 33-7739, 34-41874, 35-27074, 39-2375, IC-24007, IA-1826, File No. S7-20-998 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 September 14, 1999, 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. The Commission provides notice under Section 610 of the Regulatory Flexibility Act, which requires a review of certain rules and public notice of the intent to perform those reviews, at the end of the calendar year in a separate Federal Register publication, and on its web site, www.sec.gov. DATES: Public comments are due by December 30, 1999. 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- 20-99 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 RFA also requires agencies to review rules which have a significant economic impact on a substantial number of small entities within ten years, and to provide public notice of the intent to perform those reviews (5 U.S.C. 610(a)). The Commission provides that notice annually by separate publication in the Federal Register at the end of the calendar year. In addition, the 1998 notice of rules which the Commission is reviewing in 1999 is published on the Commission's web site, at www.sec.gov/rules. The following abbreviations for the acts administered by the Commission are used in the agenda: ``Securities Act'' - Securities Act of 1933 ``Exchange Act'' - Securities Exchange Act of 1934 ``PUHCA'' - Public Utility Holding Company Act of 1935 ``Investment Company Act'' - Investment Company Act of 1940 ``Investment Advisers Act'' - Investment Advisers Act of 1940 The Commission's regulatory flexibility agenda is set forth below. The Commission invites public comment on the agenda and on the individual agenda entries. Dated: September 14, 1999. By the Commission. Jonathan G. Katz, Secretary. DIVISION OF CORPORATION FINANCE--Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4620 International Accounting Standards................................................. 3235-AH65 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4621 Asset-Backed Securities Disclosure................................................. 3235-AF74 4622 Regulation of Securities Offerings................................................. 3235-AG83 4623 Definitions for Purposes of the Private Litigation Reform Act of 1995.............. 3235-AG89 4624 Definition of ``Qualified Purchaser''.............................................. 3235-AH15 4625 Householding of Proxy and Information Statements................................... 3235-AH66 ---------------------------------------------------------------------------------------------------------------- [[Page 65505]] DIVISION OF CORPORATION FINANCE--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4626 Streamlining Rule 144.............................................................. 3235-AH13 4627 Financial Statements and Periodic Reports for Related Issuer Guarantors............ 3235-AH52 4628 Addressing Abuses of Form S-8 by Companies Using Consultants To Raise Capital...... 3235-AG94 4629 Revisions to Rules Governing Options Disclosure Document........................... 3235-AH31 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4630 Regulation of Extraordinary Corporate Transactions................................. 3235-AG84 4631 Exemptions for International Tender and Exchange Offers............................ 3235-AD97 4632 International Disclosure Standards................................................. 3235-AH62 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4633 Form ADV Uniform Application for Investment Adviser Registration................... 3235-AD21 4634 Books and Records To Be Maintained by Investment Advisers.......................... 3235-AH24 4635 Custody or Possession of Funds or Securities of Clients............................ 3235-AH26 4636 Form ADV-W Notice of Withdrawal From Registration as Investment Adviser............ 3235-AH27 4637 Principal Transactions With Investment Advisory Clients............................ 3235-AH34 4638 Political Contributions by Certain Investment Advisers............................. 3235-AH72 4639 Role of Independent Directors of Investment Companies.............................. 3235-AH75 4640 Certain Broker-Dealers Not Deemed To Be Investment Advisers........................ 3235-AH78 4641 Shareholder Report and Financial Statement Revisions............................... 3235-AG64 4642 Proposed Amendments in Investment Company Advertising Rules........................ 3235-AH19 4643 Exemption for Subsidiaries Organized To Finance Operations of Domestic or Foreign 3235-AE95 Companies; Certain Prima Facie Investment Companies................................. 4644 Deposits of Securities in Securities Depositories.................................. 3235-AG71 4645 Acquisition by Investment Company of Interest in Repurchase Agreement or Refunded 3235-AH56 Security To Be Treated as Acquisition of Underlying Securities...................... 4646 Exemption for the Acquisition of Securities During the Existence of an Underwriting 3235-AH57 Syndicate........................................................................... 4647 Mutual Fund After-Tax Returns...................................................... 3235-AH77 4648 Affiliate Transaction Rule Amendments.............................................. 3235-AH80 4649 Mergers of Certain Affiliated Investment Companies................................. 3235-AH81 4650 Amendments To Form N-SAR, Semiannual Report of Registered Investment Companies..... 3235-AF93 4651 Amendments to the Cash Solicitation Rule........................................... 3235-AH33 4652 Further EDGAR System Modernization................................................. 3235-AH79 4653 PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies............. 3235-AF78 4654 Status of Subsidiary Companies Formed To Hold Interests in Foreign Utility 3235-AF79 Companies........................................................................... ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4655 Temporary Exemption for Certain Investment Advisers................................ 3235-AH02 4656 Investment Company Names........................................................... 3235-AH11 4657 Delivery of Disclosure Documents to Households..................................... 3235-AG98 4658 Transactions in Certain Canadian Retirement Savings Accounts....................... 3235-AH32 4659 Custody of Investment Company Assets Outside the United States; Custody of 3235-AH55 Investment Company Assets With a Foreign Securities Depository...................... [[Page 65506]] 4660 Insurance Products: New Form N-6 for Registration of Separate Accounts Offering 3235-AG37 Variable Life Insurance Contracts................................................... ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Long Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4661 Insurance Products: Equity Index Insurance Products Concept Release................ 3235-AH23 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4662 Certain Investment Company Directors Not Considered Interested Persons Because of 3235-AH63 Ownership of Index Fund Securities.................................................. 4663 Political Contributions by Investment Advisers..................................... 3235-AH64 4664 Requirements Relating to Codes of Ethics With Respect to Registered Investment 3235-AG27 Companies; Records To Be Maintained by Investment Advisers.......................... 4665 Reports of Significant Events...................................................... 3235-AH50 4666 EDGAR System (Modernization)....................................................... 3235-AH70 4667 Amendments to Rule 8f-1 and Deregistration Form N-8F, and Rule 101 of Regulation S- 3235-AG29 T................................................................................... ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4668 Net Capital Rule: Customer Protection Rule......................................... 3235-AH05 4669 Risk Assessment Recordkeeping and Reporting Requirement............................ 3235-AH06 4670 Exemption of Certain Foreign Brokers and Dealers................................... 3235-AH17 4671 Untimely Announcement of Record Dates.............................................. 3235-AH38 4672 Automated Submission of Trading Data by Certain Exchange Members, Brokers, and 3235-AH69 Dealers Under the Securities Exchange Act of 1934................................... 4673 Purchases of Certain Equity Securities by the Issuers and Others................... 3235-AH37 4674 Exemption From Exchange Act Section 11(d)(1) for Securities of Foreign Issuers Sold 3235-AH58 on an Installment Basis............................................................. 4675 Net Capital Rule Concept Release................................................... 3235-AH29 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4676 Net Capital Requirements for Brokers or Dealers.................................... 3235-AD79 4677 Market Risk Haircuts for Instruments Subject to Interest Rate Risk................. 3235-AG18 4678 Amendments to Rules 17a-3 and 17a-4 Under the Securities Exchange Act of 1934...... 3235-AH04 4679 Proposed Amendments to Transfer Agent Rules........................................ 3235-AG24 4680 Revised Transfer Agent Form and Related Rule....................................... 3235-AH44 4681 Proposed Amendments to the Intermarket Trading System (ITS) Plan To Expand the ITS/ 3235-AH49 Computer Assisted Execution System Linkage to All Listed Securities and Eliminate the Unanimous Vote.................................................................. 4682 Exemption of the Securities of the Republic of Portugal Under the Securities 3235-AH76 Exchange Act of 1934 for Purposes of Trading Futures Contracts on Those Securities.. 4683 Tender and Reorganization Agents................................................... 3235-AH53 [[Page 65507]] 4684 Net Capital Requirements for Brokers or Dealers -- Definition of the Term 3235-AH28 Nationally Recognized Statistical Rating Organization............................... 4685 Amendment to Rule 9b-1 Under the Securities Exchange Act Relating to the Options 3235-AH30 Disclosure Document................................................................. 4686 Initiation or Resumption of Quotations Without Specified Information............... 3235-AH40 4687 Recordkeeping Requirements for Transfer Agents..................................... 3235-AH74 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Long Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4688 Amendment to Rule 11Ac1-1.......................................................... 3235-AH00 4689 Large Trader Reporting System...................................................... 3235-AE42 4690 Destruction of Cancelled Securities Certificates................................... 3235-AH54 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4691 Amendment to Form BDW and Amendment to Exchange Act Rule 15b6-1 and Amendments to 3235-AG69 Rules 15b1-1, 15b3-1, 15Ba2-2, 15 Bc3-1, 15Ca1-1, and 15Cc1-1....................... 4692 Purchases of Certain Equity Securities by the Issuer and Others.................... 3235-AH48 4693 Broker-Dealer Registration and Reporting........................................... 3235-AH73 4694 Proposed Amendments to National Market System Plan................................. 3235-AH51 4695 Year 2000 Operational Capability Requirements of Registered Broker-Dealers and 3235-AH61 Transfer Agents..................................................................... 4696 Exemption of the Securities of the Kingdom of Sweden Under the Securities Exchange 3235-AH68 Act of 1934 for Purposes of Trading Futures Contracts on Those Securities........... ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4697 Selective Disclosure and Insider Trading........................................... 3235-AH82 4698 Audit Committee Disclosure......................................................... 3235-AH83 ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4699 Amendments to the Freedom of Information Act, Privacy Act, and Confidential 3235-AH71 Treatment Rules..................................................................... ---------------------------------------------------------------------------------------------------------------- [[Page 65508]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Prerule Stage DIVISION OF CORPORATION FINANCE _______________________________________________________________________ 4620. INTERNATIONAL ACCOUNTING STANDARDS 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 part 210; 17 CFR 249.220f Legal Deadline: None Abstract: The Division is considering recommending that the Commission publish a release that would solicit comment on whether the Commission should recognize accounting standards promulgated by the International Accounting Standards Committee for purposes of cross-border offerings and listings by foreign companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 11/00/99 Regulatory Flexibility Analysis Required: Undetermined Small Entities Affected: No Government Levels Affected: Undetermined Agency Contact: David A. Sirignano, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2870 RIN: 3235-AH65 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage DIVISION OF CORPORATION FINANCE _______________________________________________________________________ 4621. 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 11/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Mark Green, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-1940 RIN: 3235-AF74 _______________________________________________________________________ 4622. REGULATION OF SECURITIES OFFERINGS 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 Commission has proposed rules that would reform the registration process under the Securities Act and alter certain requirements in the periodic reporting process under the Exchange Act. The proposed rules cover, among other topics, prospectus delivery requirements, communications around the time of an offering and the integration of public and private offerings. The Division will recommend that the Commission repropose this initiative to reflect public comment on the proposals. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Notice With Request for Comments07/31/96 61 FR 40044 Notice Comment Period End 09/30/96 NPRM 12/04/98 63 FR 67174 Comment Period Extended 03/30/99 64 FR 15143 NPRM Comment Period End 04/05/99 63 FR 67174 Extended Comment Period End 06/30/99 Reproposal 07/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Anita T. Klein, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2950 RIN: 3235-AG83 _______________________________________________________________________ 4623. 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 changes to the Securities Act and Exchange Act made in the Private Securities Litigation Reform Act of 1995. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Elliot B. Staffin, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2829 RIN: 3235-AG89 _______________________________________________________________________ [[Page 65509]] 4624. 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 09/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: John Reynolds, Division of Corporation Finance, Securities and Exchange Commission, Division of Corporation Finance, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2950 RIN: 3235-AH15 _______________________________________________________________________ 4625. HOUSEHOLDING OF PROXY AND INFORMATION STATEMENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78n CFR Citation: 17 CFR 240.14a-3; 17 CFR 240.14c-3 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose revisions to the proxy rules to permit companies, brokers, banks and similar intermediaries to deliver a single copy of proxy or information statements to more than one investor if they share the same address. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Elizabeth M. Murphy, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2900 RIN: 3235-AH66 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage DIVISION OF CORPORATION FINANCE _______________________________________________________________________ 4626. 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 06/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Elizabeth M. Murphy, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2900 RIN: 3235-AH13 _______________________________________________________________________ 4627. FINANCIAL STATEMENTS AND PERIODIC REPORTS FOR RELATED ISSUER GUARANTORS 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; 17 CFR 240 Legal Deadline: None Abstract: The Commission proposed rules that would specify the financial statements and periodic reports for related issuers and guarantors. The proposals would largely reflect staff interpretations under SAB 53. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/05/99 64 FR 10579 NPRM Comment Period End 05/04/99 Final Action 10/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Michael G. Hyatte, Office of Chief Counsel, Division of Corporation Finance, Securities and Exchange Commission, Division of Corporation Finance, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2900 RIN: 3235-AH52 _______________________________________________________________________ 4628. 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 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 239.16b; 17 CFR 228.402; 17 CFR 229.402; 17 CFR 230.101; 17 CFR 230.405; 17 CFR 239.13 Legal Deadline: None Abstract: The Commission proposed additional amendments to Form S-8 requirements to further deter the misuse of that form. The proposals would add a timeliness requirement for filings under the Exchange Act in order [[Page 65510]] to use the form. In addition, a company formed by merger of a non- public company into an Exchange Act reporting company with only nominal assets at the time of merger would have to wait until it had filed an Exchange Act annual report containing audited financial statements reflecting the merger before it could use Form S-8. The Commission also extended the comment period on the proposal in Release No. 33-7506 to require disclosure in Part II of Form S-8 of the names of consultants who will receive securities, the number of securities to be issued to each of them, and the specific services that each will provide. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/25/98 63 FR 9648 NPRM Comment Period End 04/27/98 Final Rule 03/08/99 64 FR 11103 Second NPRM 03/08/99 64 FR 11118 Final Rule Effective 04/07/99 64 FR 11103 Second NPRM Comment Period End 05/07/99 64 FR 11118 Final Action 12/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Anne M. Krauskopf, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2900 RIN: 3235-AG94 _______________________________________________________________________ 4629. 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 Commission proposed 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 07/01/98 63 FR 36136 NPRM Comment Period End 07/31/98 Final Action 04/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: David Lavan, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2900 RIN: 3235-AH31 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions DIVISION OF CORPORATION FINANCE _______________________________________________________________________ 4630. 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 Commission proposed 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. The Commission also proposed changes to shareholder communications rules to facilitate communications to and among securityholders. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/04/98 63 FR 67331 NPRM Comment Period End 04/05/99 Final Action 11/10/99 64 FR 61408 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: Undetermined Agency Contact: James J. Moloney, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2920 RIN: 3235-AG84 _______________________________________________________________________ 4631. EXEMPTIONS FOR INTERNATIONAL TENDER AND EXCHANGE OFFERS Priority: Substantive, Nonsignificant. Major under 5 USC 801. Legal Authority: 15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s; 15 USC 77sss; 15 USC 78c; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78w; 15 USC 79t; 15 USC 80a-37 CFR Citation: 17 CFR 200; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR 260 Legal Deadline: None Abstract: The Commission adopted amendments to facilitate the extension of international tender offers, rights offers and business combinations to U.S. holders. The amendments provide exemptions from the tender offer rules, securities registration requirements, and trust indenture provisions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 06/12/90 55 FR 23751 ANPRM Comment Period End 09/21/90 NPRM 06/14/91 56 FR 27582 Reproposal 12/15/98 63 FR 69136 NPRM Comment Period End 02/16/99 Final Action 11/10/99 64 FR 61381 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Laura B. Badian, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2920 Fax: 202 942-9638 RIN: 3235-AD97 _______________________________________________________________________ [[Page 65511]] 4632. INTERNATIONAL DISCLOSURE STANDARDS 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 part 210; 17 CFR 230.405; 17 CFR 240.36-4; 17 CFR 249.220f Legal Deadline: None Abstract: The Commission adopted revisions to the disclosure requirements for foreign private issuers to conform to the international disclosure standards endorsed by the International Organization of Securities Commissions in September 1998. The proposals also change the definition of ``foreign private issuer'' to give clearer guidance on how foreign companies should determine whether their shareholders are U.S. residents. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/09/99 64 FR 6267 NPRM Comment Period End 04/12/99 Final Action 10/05/99 64 FR 53900 Final Action Effective 09/30/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Sandra Folsom Kinsey, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2990 RIN: 3235-AH62 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage DIVISION OF INVESTMENT MANAGEMENT _______________________________________________________________________ 4633. 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 12/00/99 Regulatory Flexibility Analysis Required: 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 _______________________________________________________________________ 4634. 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 03/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jeffrey O. Himstreet, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0533 RIN: 3235-AH24 _______________________________________________________________________ 4635. 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 275.206(4)-2 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending a proposal to the Commission to revise the custody rule under the Investment Advisers Act of 1940. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jennifer Sawin, Task Force on Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0532 RIN: 3235-AH26 _______________________________________________________________________ 4636. 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, [[Page 65512]] title III of the National Securities Markets Improvement Act of 1996. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/99 Regulatory Flexibility Analysis Required: 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 _______________________________________________________________________ 4637. 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 revise the conditions under which investment advisers may enter into principal transactions with their clients. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Karen Goldstein, Task Force on Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0716 RIN: 3235-AH34 _______________________________________________________________________ 4638. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 206(4); 15 USC 211(a); 15 USC 204 CFR Citation: 17 CFR 275 Legal Deadline: None Abstract: The Commission has proposed new rule 206(4)-5, which would prohibit an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or any of its partners, executive officers, or solicitors make a contribution to certain elected officials or candidates. The Commission also has proposed rule amendments which would require a registered adviser that has government clients to maintain certain records of the political contributions made by the adviser or any of its partners, executive officers, or solicitors. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/10/99 64 FR 43556 NPRM Comment Period End 11/01/99 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Karen Goldstein, Task Force on Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0716 RIN: 3235-AH72 _______________________________________________________________________ 4639. ROLE OF INDEPENDENT DIRECTORS OF INVESTMENT COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a-8; 15 USC 80a-24(a); 15 USC 80a-20(a); 15 USC 80a-29(e); 15 USC 80a-30; 15 USC 80a-37; 15 USC 78n; 15 USC 78w(a)(1); 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77(s)(a); ... CFR Citation: 17 CFR 270.2a19-1; 17 CFR 270.2a19-3; 17 CFR 270.10f-3; 17 CFR 270.12b-1; 17 CFR 270.15a-4; 17 CFR 270.17a-7; 17 CFR 270.17d-1; 17 CFR 270.17e-1; 17 CFR 270.17g-1; 17 CFR 270.18f-3; 17 CFR 270.23c-3; ...; 17 CFR 270.30d-1; 17 CFR 270.31a-2; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b; 17 CFR 240.14a-101; 17 CFR 270.17a-8 Legal Deadline: None Abstract: The Commission proposed amendments to rules under the Investment Company Act to enhance the independence and effectiveness of investment company (fund) boards of directors and to better enable shareholders to assess the independence of directors. The Commission also proposed amendments that would require funds to disclose in their proxy statements, annual reports, and registration statements more information regarding fund directors, including, among other things, directors' potential conflicts of interest. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/03/99 64 FR 59826 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Jennifer B. McHugh, Office of Disclosure Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH75 _______________________________________________________________________ 4640. CERTAIN BROKER-DEALERS NOT DEEMED TO BE INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-2(a)(11)(F) CFR Citation: 17 CFR 275.202(a)(11)(F)-1 Legal Deadline: None Abstract: The Division is considering recommending to the Commission that it publish for comment a new rule under the Investment Advisers Act of 1940 that would exempt from the definition of investment adviser those broker-dealers offering nondiscretionary, full-service brokerage programs so long as the investment advice provided is solely incidental to the brokerage services and other conditions are satisfied. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/99 [[Page 65513]] Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: James David Fielder, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0530 RIN: 3235-AH78 _______________________________________________________________________ 4641. 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 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Maura McNulty, Office of Disclosure Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0621 RIN: 3235-AG64 _______________________________________________________________________ 4642. 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 77g; 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; 17 CFR 230.134 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. The Division is also considering whether to recommend that the Commission propose to amend Rule 134 to rescind provisions of Rule 134 that apply only to investment companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Heather A. Seidel, Office of Disclosure Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0721 RIN: 3235-AH19 _______________________________________________________________________ 4643. EXEMPTION FOR SUBSIDIARIES ORGANIZED TO FINANCE OPERATIONS OF DOMESTIC OR FOREIGN COMPANIES; CERTAIN PRIMA FACIE INVESTMENT 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 270.3a-1; 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. The staff also is considering whether to recommend that the Commission propose amendments to Rule 3a-1 to eliminate a requirement that has prevented certain holding companies of foreign banks and foreign insurance companies from relying on that rule. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jace F. Hahn, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AE95 _______________________________________________________________________ 4644. 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, update and simplify the rule's compliance requirements to reflect changes in commercial law, 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 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Thomas M. J. Kerwin, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AG71 _______________________________________________________________________ [[Page 65514]] 4645. ACQUISITION BY INVESTMENT COMPANY OF INTEREST IN REPURCHASE AGREEMENT OR REFUNDED SECURITY TO BE TREATED AS ACQUISITION OF UNDERLYING SECURITIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a-37(a) CFR Citation: 17 CFR 270.2a-7; 17 CFR 270.12d3-1 Legal Deadline: None Abstract: The Commission proposed a new rule that would permit investment companies to ``look through'' specific repurchase agreements to the securities that collateralize them, and to ``look through'' specific pre-refunded bonds to escrowed securities, for certain purposes under the Investment Company Act. The Commission also proposed conforming amendments to Rule 2a-7 and Rule 12d3-1. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/29/99 64 FR 52476 NPRM Comment Period End 11/23/99 Final Action 02/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Cynthia Gurnee Pugh, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH56 _______________________________________________________________________ 4646. EXEMPTION FOR THE ACQUISITION OF SECURITIES DURING THE EXISTENCE OF AN UNDERWRITING SYNDICATE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-10(f); 15 USC 80a-30(a); 15 USC 80a-37(a); 15 USC 80a-6(c) CFR Citation: 17 CFR 270.10f-3; 17 CFR 270.17a-10 (New) Legal Deadline: None Abstract: The staff of the Division of Investment Management is considering whether to recommend that the Commission propose amendments to Rule 10f-3 under the Investment Company Act to permit investment companies to purchase government securities from a non-affiliated underwriter in syndicates involving an underwriter affiliated with the investment company's investment adviser. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Curtis A. Young, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH57 _______________________________________________________________________ 4647. MUTUAL FUND AFTER-TAX RETURNS 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: Not Yet Determined Legal Deadline: None Abstract: The staff of the Division of Investment Management is evaluating whether to recommend that the Commission issue a rule proposal to require that mutual funds disclose after-tax returns. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Martha Bronaugh Peterson, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0641 RIN: 3235-AH77 _______________________________________________________________________ 4648. AFFILIATE TRANSACTION RULE AMENDMENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division of Investment Management is considering recommending to the Commission amendments to rules to expand the circumstances in which funds may engage in transactions with affiliates. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Penelope Saltzman, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH80 _______________________________________________________________________ 4649. 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 under the Investment Company Act exempts from the prohibitions of section 17(a) mergers, consolidations or purchases or sales of substantially all of the assets of registered investment companies that are affiliated persons solely by reason of having a common investment adviser, common directors, or common officers, provided that certain conditions are met. The Division of Investment Management is considering recommending to the Commission that it expand the rule to include other affiliate relationships. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/99 [[Page 65515]] Regulatory Flexibility Analysis Required: 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-AH81 _______________________________________________________________________ 4650. 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 report for registered investment companies, to update the items of the form. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Carolyn A. Miller, Office of Financial Analysis, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0510 RIN: 3235-AF93 _______________________________________________________________________ 4651. 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 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Arthur B. Laby, Task Force on Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0523 RIN: 3235-AH33 _______________________________________________________________________ 4652. FURTHER EDGAR SYSTEM MODERNIZATION Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s(a); 15 USC 78c; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 78ll; 15 USC 77sss; 15 USC 79c; 15 USC 79e; 15 USC 79f; 15 USC 79g; 15 USC 79j; 15 USC 79l; 15 USC 79m; 15 USC 79n; 15 USC 79q; 15 USC 79t; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-30; 15 USC 80a-37 CFR Citation: 17 CFR 232.101 to 601 Legal Deadline: None Abstract: The Commission is continuing to modernize the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The staff is considering recommending that the Commission propose new rules to implement various aspects of modernization and that the Commission update the EDGAR rules generally. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Ruth Armfield Sanders, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0633 RIN: 3235-AH79 _______________________________________________________________________ 4653. 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 Reproposal 01/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Harry Eisenstein, Office of Public Utility Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0552 RIN: 3235-AF78 _______________________________________________________________________ 4654. 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 (New) Legal Deadline: None Abstract: The proposed rule clarifies that a subsidiary of a registered holding company that is engaged exclusively in the business of owning an interest in one or more foreign utility companies will 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 Reproposal 01/00/00 [[Page 65516]] Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Harry Eisenstein, Office of Public Utility Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0552 RIN: 3235-AF79 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage DIVISION OF INVESTMENT MANAGEMENT _______________________________________________________________________ 4655. 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 Commission proposed amendments to Rule 15a-4 under the Investment Company Act. The rule permits a person, under certain circumstances, to serve temporarily as an investment adviser to an investment company under a contract that the investment company's shareholders have not approved. The amendments would, among other things, expand the exemption provided under the rule to include temporary advisory contracts entered into as a result of a merger or similar business combination. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/28/98 63 FR 40231 NPRM Comment Period End 09/30/98 Final Action 11/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Penelope Saltzman, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH02 _______________________________________________________________________ 4656. 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 proposed 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. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/27/97 62 FR 10955 NPRM Comment Period End 06/09/97 Final Action 11/00/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Francoise Haan, Office of Disclosure Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0695 RIN: 3235-AH11 _______________________________________________________________________ 4657. DELIVERY OF DISCLOSURE DOCUMENTS TO HOUSEHOLDS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-37; 15 USC 80a-29(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; 17 CFR 230.154 Legal Deadline: None Abstract: The Commission proposed for public comment a new rule under the Securities Act of 1933 to allow issuers and broker-dealers to satisfy the Act's prospectus delivery requirements, for 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 are intended to reduce the waste and inconvenience of duplicate documents sent to investor households and to save costs for issuers. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/13/97 62 FR 61933 NPRM Comment Period End 02/02/98 Final Action 11/00/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Penelope Saltzman, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AG98 _______________________________________________________________________ 4658. TRANSACTIONS IN CERTAIN CANADIAN RETIREMENT SAVINGS ACCOUNTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-1 et seq; 15 USC 77a et seq; 15 USC 78o et seq CFR Citation: 17 CFR 230.237; 17 CFR 240.12g3-2; 17 CFR 270.7d-2 Legal Deadline: None Abstract: The Commission proposed for public comment two new rules and rule amendments that would provide exemptions from the registration requirements of the Securities Act, the Investment Company Act, and the Exchange Act for the offer and sale of securities of foreign issuers to certain Canadian retirement plans, such as Registered Retirement Savings Plans, Registered Retirement Income Funds, or similar plans. [[Page 65517]] Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/26/99 64 FR 14648 NPRM Comment Period End 05/28/99 Final Action 01/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Curtis A. Young, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH32 _______________________________________________________________________ 4659. CUSTODY OF INVESTMENT COMPANY ASSETS OUTSIDE THE UNITED STATES; CUSTODY OF INVESTMENT COMPANY ASSETS WITH A FOREIGN SECURITIES DEPOSITORY 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-5 Legal Deadline: None Abstract: Rule 17f-5 governs the custody of the assets of registered management investment companies outside the United States. The Commission proposed amendments to rule 17f-5 and a new rule 17f-7 to establish new standards governing the maintenance of investment company assets with foreign securities depositories. The Commission also has extended the compliance date for certain amendments to rule 17f-5 that had been adopted in 1997. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/29/99 64 FR 24489 NPRM Comment Period End 07/15/99 Final Action 01/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas M. J. Kerwin, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH55 _______________________________________________________________________ 4660. 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 11/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: Undetermined Agency Contact: Keith Carpenter, Office of Insurance Products, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0679 RIN: 3235-AG37 _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions DIVISION OF INVESTMENT MANAGEMENT _______________________________________________________________________ 4661. 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 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses 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 [[Page 65518]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions DIVISION OF INVESTMENT MANAGEMENT _______________________________________________________________________ 4662. CERTAIN INVESTMENT COMPANY DIRECTORS NOT CONSIDERED INTERESTED PERSONS BECAUSE OF OWNERSHIP OF INDEX FUND SECURITIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-37(a); 15 USC 80a-6(c) CFR Citation: 17 CFR 270.2a19-3 Legal Deadline: None Abstract: The Commission is withdrawing this item from the Agenda because it will be considered in connection with RIN 3235-AH75. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Merged With RIN 3235-AH75 10/01/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Robin Gross Lehv, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0640 RIN: 3235-AH63 _______________________________________________________________________ 4663. POLITICAL CONTRIBUTIONS BY INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-6(4); 15 USC 80b-4; 15 USC 80b-11(a) CFR Citation: 17 CFR 275 Legal Deadline: None Abstract: This item was proposed under RIN 3235-AH72. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Withdrawn 10/01/99 Regulatory Flexibility Analysis Required: No Government Levels Affected: Federal, State, Local Agency Contact: Arthur B. Laby, Task Force on Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0523 RIN: 3235-AH64 _______________________________________________________________________ 4664. REQUIREMENTS RELATING TO CODES OF ETHICS WITH RESPECT TO REGISTERED INVESTMENT COMPANIES; RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80a-17(j); 15 USC 80a-37; 15 USC 80b-4; 15 USC 80b-6(4); 15 USC 80b-11(a); 15 USC 80a-6(c); 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 adopted 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 (i) enhance fund board of directors' oversight of personal investment activities of fund personnel, (ii) require access persons to report their securities holdings to their employers when they become access persons and annually thereafter, and (iii) require investment personnel to preclear investments in initial public offerings and limited offerings (such as private placements). Amendments to Rule 204-2 under the Investment Advisers Act expand the list of securities exempt from the recordkeeping requirements of that rule. The amendments to fund registration forms require funds to disclose the policies of the funs; its investment adviser and principal underwriter regarding personal investment activities, ethics and to file copies of their codes of ethics with the Commission. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/14/95 60 FR 47844 NPRM Comment Period End 11/13/95 Final Action 08/20/99 64 FR 46821 Final Action Effective 10/29/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Penelope Saltzman, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AG27 _______________________________________________________________________ 4665. REPORTS OF SIGNIFICANT EVENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a-1 et seq CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission is withdrawing this item from the Unified Agenda because the Commission does not expect to consider the item within the next 12 months, but the Commission may consider the item further at some subsequent point. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Withdrawn 10/01/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Maura McNulty, Office of Disclosure Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0621 RIN: 3235-AH50 _______________________________________________________________________ 4666. EDGAR SYSTEM (MODERNIZATION) Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77f, 77g, 77h, 77j, and 77s(a); 15 USC 78c, 78l, 78m, 78n, 78o(d), 78w(a), and 78ll; 15 USC 77sss; 15 USC 79c, 79e, 79f, 79g, 79j, 79l, 79m, 79n, 79q, and 79t; 15 USC 80a-8, 80a-29, 80a- 30, and 80a-37 CFR Citation: 17 CFR 230.485 to 230.487; 17 CFR 230.495; 17 CFR 230.497; 17 CFR 232.10 to 232.11; 17 CFR 232.101 to 232.102; 17 CFR 232.104 to 232.106; 17 CFR 232.302 to 232.307; 17 CFR 232.310; 17 CFR 239.14 to 239.17b; 17 CFR 240.14a-101; 17 CFR 270.8b-23; 17 CFR 270.8b- 32; 17 CFR 270.101; 17 CFR 274.5; 17 CFR 274.11 to 274.11c; ... Legal Deadline: None [[Page 65519]] Abstract: The Commission adopted rules relating to the modernization of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The EDGAR system is now able to accept filings in Hypertext Markup Language as well as documents submitted in the American Standard Code for Information Interchange format. Filers will have the option of accompanying their required filings with unofficial copies in Portable Document Format. The new rules and amendments to existing rules reflect changes to filing requirements resulting from EDGAR modernization, as well as certain other changes to clarify or update the rules. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/16/99 64 FR 12908 NPRM Comment Period End 04/15/99 Final Action 05/21/99 64 FR 27888 Final Action Effective 06/28/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Ruth Armfield Sanders, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0633 RIN: 3235-AH70 _______________________________________________________________________ 4667. AMENDMENTS TO RULE 8F-1 AND DEREGISTRATION FORM N-8F, AND RULE 101 OF REGULATION S-T Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80a-37(a) CFR Citation: 17 CFR 274.218; 17 CFR 270.8F-1; 17 CFR 232.101 Legal Deadline: None Abstract: The Commission amended Form N-8F and rule 8f-1 under the Investment Company Act of 1940, the form and rule that govern the deregistration of certain investment companies. The amendments simplify and reorganize Form N-8F and expand the circumstances in which investment companies may use the form. The Commission also amended Regulation S-T to require that investment companies file Form N-8F on the Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/16/98 63 FR 69236 NPRM Comment Period End 02/05/99 Final Action 04/15/99 64 FR 19469 Final Action Effective 06/01/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Robin Gross Lehv, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0640 RIN: 3235-AG29 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage DIVISION OF MARKET REGULATION _______________________________________________________________________ 4668. 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 Exchange Act reflecting changes to section 8 of the Act and to Regulation T under the Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AH05 _______________________________________________________________________ 4669. 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 comment, 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 2000. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AH06 _______________________________________________________________________ 4670. 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 [[Page 65520]] 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 U.S. institutional customers to take advantage of the efficiencies of foreign markets. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Barbara A. Stettner, Office of the Chief Counsel, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0146 Fax: 202 942-9625 Email: [email protected] RIN: 3235-AH17 _______________________________________________________________________ 4671. 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 is considering recommending 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 12/00/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Barbara Ferrara, Office of Chief Counsel, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0084 Email: [email protected] RIN: 3235-AH38 _______________________________________________________________________ 4672. AUTOMATED SUBMISSION OF TRADING DATA BY CERTAIN EXCHANGE MEMBERS, BROKERS, AND DEALERS UNDER THE SECURITIES EXCHANGE ACT OF 1934 Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78a; 15 USC 78c; 15 USC 78j; 15 USC 78mm; 15 USC 78w; 15 USC 78q CFR Citation: 17 CFR 240.17a-25 Legal Deadline: None Abstract: The Securities and Exchange Commission is proposing Rule 17a- 25 which would set forth the obligations of registered broker-dealers to submit securities trading data in an automated format when requested by the Commission staff for enforcement and other regulatory purposes. The proposed rule would improve the Commission's capacity to use electronic submissions of trading data to analyze transactions by entities that trade through multiple accounts maintained at multiple broker-dealers. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Anitra Cassas, Office of Market Supervision, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0089 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH69 _______________________________________________________________________ 4673. 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 simplify and update Rule 10b-18's provisions in light of market development since the Rule's adoption. Rule 10b-18 is a safe harbor from liability under the anti- manipulation provisions of sections 9(a)(2) and 10(b) of the Exchange Act, and Rule 10b-5 thereunder, for issuer purchases of its common stock made in compliance with Rule 10b-18's timing, price and volume conditions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Joan Collopy, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0772 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH37 _______________________________________________________________________ 4674. EXEMPTION FROM EXCHANGE ACT SECTION 11(D)(1) FOR SECURITIES OF FOREIGN ISSUERS SOLD ON AN INSTALLMENT BASIS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78a et seq; 15 USC 78c; 15 USC 78k; 15 USC 78w; 15 USC 78jj CFR Citation: 17 CFR 240.11d1-3 Legal Deadline: None Abstract: The proposed rule sets forth a uniform set of conditions that, if met, would provide an automatic exemption from section 11(d)(1) of the Securities Exchange Act, for international offerings of foreign issuers done on an installment basis if: (1) this sale is part of a foreign government offering, or (2) the sale meets certain minimum market volume criteria and the foreign issuer meets a minimum market capitalization, or (3) the shares offered in the United States are exempt from registration and will be sold only to qualified institutionsal buyers or institutional accredited investors. [[Page 65521]] Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: George Lavdas, Special Counsel, Office of Chief Counsel, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0736 Fax: 202 942-9645 Email: [email protected] RIN: 3235-AH58 _______________________________________________________________________ 4675. 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 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AH29 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage DIVISION OF MARKET REGULATION _______________________________________________________________________ 4676. 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 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AD79 _______________________________________________________________________ 4677. 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, or haircuts, applicable to interest rate products when calculating net capital. Under the proposal, haircuts on government securities, investment grade corporate securities, certain mortgage- backed securities, interest rate swaps, and other interest rate-related derivative instruments would be determined by treating these instruments as part of a single portfolio. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 05/04/93 58 FR 27486 ANPRM Comment Period End 12/12/93 NPRM 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 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AG18 _______________________________________________________________________ 4678. 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 [[Page 65522]] 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 reproposed for comment amendments to the broker-dealer books and records rules which are designed to clarify and expand recordkeeping requirements with respect to purchase and sale documents, customer records, associated person records, customer complaints, and certain other matters. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/28/96 61 FR 55593 NPRM Comment Period End 03/31/97 Reproposed 10/09/98 63 FR 54404 Comment Period End 11/09/98 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AH04 _______________________________________________________________________ 4679. PROPOSED AMENDMENTS TO TRANSFER AGENT RULES 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; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 USC 78w; 15 USC 78x; 15 USC 78ll(d); 15 USC 79q; 15 USC 79t; 15 USC 80a-20; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; 15 USC 80b-4; 15 USC 80b-11 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 12/08/94 59 FR 63662 NPRM Comment Period End 02/06/95 Final Action 06/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Jerry Carpenter, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4187 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AG24 _______________________________________________________________________ 4680. REVISED TRANSFER AGENT FORM AND RELATED RULE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78g-l CFR Citation: 17 CFR 240.17Ac2-2; 17 CFR 240.17a-24; 17 CFR 249b.102 Legal Deadline: None Abstract: The Securities and Exchange Commission (Commission) proposed amendments to Rule 17Ac2-2 and related Form TA-2 and its proposal to rescind Rule 17a-24 under the Securities Exchange Act. The amendments would make technical corrections and provide greater clarity to Form TA-2. Accordingly, the amendments are designed to clarify filing requirements and instructions; eliminate or change ambiguous terms and phrases; delete certain redundant or unnecessary questions; and add questions that would help the Commission to more effectively monitor the transfer agent industry. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/23/99 64 FR 15310 NPRM Comment Period End 05/17/99 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Lori Rae Bucci, Office of Risk Management and Control, Division Market Regulation, Securities and Exchange Commission Phone: 202 942-0742 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH44 _______________________________________________________________________ 4681. PROPOSED AMENDMENTS TO THE INTERMARKET TRADING SYSTEM (ITS) PLAN TO EXPAND THE ITS/COMPUTER ASSISTED EXECUTION SYSTEM LINKAGE TO ALL LISTED SECURITIES AND ELIMINATE THE UNANIMOUS VOTE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78K-1(a)(3)(B) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission proposed amendments to the plan governing the operation of the Intermarket Trading System (ITS Plan) to expand the ITS/Computer Assisted Execution System (CAES) linkage to all listed securities, including non-Rule 19c-3 securities. The amendments would also eliminate the requirement that amendments to the ITS Plan be approved by a unanimous vote of all participants; instead, a two-thirds supermajority of the participants would be required for amendments. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/30/98 63 FR 40748 NPRM Comment Period End 08/31/98 Final Action 12/00/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None [[Page 65523]] Agency Contact: Christine Richardson, Office of Market Supervision, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0748 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH49 _______________________________________________________________________ 4682. EXEMPTION OF THE SECURITIES OF THE REPUBLIC OF PORTUGAL UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR PURPOSES OF TRADING FUTURES CONTRACTS ON THOSE SECURITIES 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 77z-2; 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; 15 USC 78j-1; 15 USC 78k; 15 USC 78k-1; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 USC 78u-5; 15 USC 78w; 15 USC 78x; 15 USC 78ll(d); 15 USC 78mm; 15 USC 79q; 15 USC 79t; 15 USC 80a-20; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; 15 USC 80b-4; 15 USC 80b-11; 15 USC 78a et seq; 15 USC 18c(a)(12); 15 USC 78w(a) CFR Citation: 17 CFR 240.3a12-8 Legal Deadline: None Abstract: The Commission proposed for comment an amendment to Rule 3a12-8 that would designate debt obligations issued by the Republic of Portugal as ``exempted securities'' for the purpose of marketing and trading futures contracts on those securities in the United States. This amendment is intended to permit futures trading on the sovereign debt of Portugal. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/29/99 64 FR 41056 NPRM Comment Period End 08/30/99 Final Action 03/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: Undetermined Additional Information: Statutory basis for Rule 3a12-8 in particular: 15 USC 78a et seq, particularly sections 3(a)(12) and 23(a), 15 USC 78c(a)(12) and 78w(a). RIN: 3235-AH76 _______________________________________________________________________ 4683. TENDER AND REORGANIZATION AGENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4); 15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q- 1(d)(1); 15 USC 78w(a) CFR Citation: 17 CFR 240.17Ad-14 Legal Deadline: None Abstract: The Commission proposed amendments to rule 17Ad-14 under the Securities Exchange Act of 1934. The amendments would require the establishment of book-entry accounts in connection with reorganization events and would provide securities depositories with three business days after the expiration of a tender offer, exchange offer, or reorganization event in which to deliver physical securities certificates. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/04/98 63 FR 47209 NPRM Comment Period End 11/03/98 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Michael Rae, Office of Risk Management and Control, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4187 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH53 _______________________________________________________________________ 4684. 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 applying for NRSRO designation. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/30/97 62 FR 68018 NPRM Comment Period End 03/02/98 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Additional Information: This proposal was based in part on comments received in response to a concept release (RIN 3235-AG41; 59 FR 46314), which is now combined in this rulemaking. Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 Email: [email protected] RIN: 3235-AH28 _______________________________________________________________________ 4685. 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 [[Page 65524]] Abstract: The Commission proposed 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 07/01/98 63 FR 36136 NPRM Comment Period End 07/31/98 Final Action 12/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Kevin Ehrlich, Office of Market Supervision, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0778 Email: [email protected] RIN: 3235-AH30 _______________________________________________________________________ 4686. 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 reproposed for comment amendments to Rule 15c2-11. These amendments would require broker-dealers to: have more issuer information before publishing priced 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. Finally the amendments would exclude from the rule securities that satisfy any one of three alternative thresholds. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/25/98 63 FR 9661 NPRM Comment Period End 04/27/98 Reproposal 03/08/99 64 FR 11124 Reproposal Comment Period End 04/07/99 Reproposal Comment Period Extended 05/08/99 64 FR 18393 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Florence E. Harmon, Office of Risk Management and Control, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0773 Fax: 202 942-0553 Email: [email protected] RIN: 3235-AH40 _______________________________________________________________________ 4687. RECORDKEEPING REQUIREMENTS FOR TRANSFER AGENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78q-1(a)(2); 15 USC 78q-1(d) CFR Citation: 17 CFR 240.17Ad-7(f) Legal Deadline: None Abstract: The Commission proposed amendments to Rule 17Ad-7 under the Securities Exchange Act of 1934 to allow registered transfer agents to use microfiche and to use electronic storage media to preserve the records that they are required to retain. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/02/99 64 FR 29608 NPRM Comment Period End 07/02/99 Final Action 03/00/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: David Karasik, Office of Risk Management and Control, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4187 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH74 _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions DIVISION OF MARKET REGULATION _______________________________________________________________________ 4688. AMENDMENT TO RULE 11AC1-1 Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77c; 15 USC 80b-3; 15 USC 80b-4; 15 USC 80b-11; 15 USC 78i; 15 USC 78k; 15 USC 78l; 15 USC 78n; 15 USC 78p; 15 USC 78o; 15 USC 80a-23; 15 USC 80a-20; 15 USC 79t; 15 USC 79q; 15 USC 78ll(d); 15 USC 78x; 15 USC 78w; 15 USC 78s; 15 USC 80a-37; 15 USC 80a-29; 15 USC 78q; 15 USC 78m; 15 USC 78k-1; 15 USC 78j; 15 USC 78f; 15 USC 78d; 15 USC 78c; 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 [[Page 65525]] 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 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Constance Kiggins, Office of Market Supervision, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0059 Fax: 202 942-9643 Email: [email protected] RIN: 3235-AH00 _______________________________________________________________________ 4689. 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 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Additional Information: RFA: N Agency Contact: Alton Harvey, Division of Market Regulation, Office of Market Supervision, Securities and Exchange Commission Phone: 202 942-4167 Fax: 202 942-9697 Email: [email protected] RIN: 3235-AE42 _______________________________________________________________________ 4690. DESTRUCTION OF CANCELLED SECURITIES CERTIFICATES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78q-1 CFR Citation: 17 CFR 240.17Ad-19 Legal Deadline: None Abstract: The Commission is considering proposing Rule 17Ad-19 to establish regulations for the destruction of securities certificates and to require each transfer agent to establish written procedures for the storage and destruction of cancelled securities certificates. Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Thomas C. Etter Jr., Office of Risk Management and Control, Division of Market Regulation, Securities and Exchange Commission, Division of Market Regulation, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-0178 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH54 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions DIVISION OF MARKET REGULATION _______________________________________________________________________ 4691. AMENDMENT TO FORM BDW AND AMENDMENT TO EXCHANGE ACT RULE 15B6-1 AND AMENDMENTS TO RULES 15B1-1, 15B3-1, 15BA2-2, 15 BC3-1, 15CA1-1, AND 15CC1-1 Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77c; 15 USC 77j; 15 USC 77d; 15 USC 77s; 15 USC 77z-2; 15 USC 77j; 15 USC 77g; 15 USC 77eee; 15 USC 77nnn; 15 USC 77ggg; 15 USC 78k-1; 15 USC 78k; 15 USC 78j-1; 15 USC 78f; 15 USC 78d; 15 USC 77g; 15 USC 77j; 15 USC 77z-2; 15 USC 77eee; 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 adopted amendments to Form BDW, the uniform request for withdrawal from broker-dealer registration under the Securities Exchange Act. The 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 permit broker-dealers that are withdrawing from registration to consent to an extension of the effective date of their withdrawal. The revisions also permit the Commission to extend the effective date for such periods as the Commission may determine. In addition, the rules governing the filing of Form BDW have been revised 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 [[Page 65526]] Final Action 04/30/99 64 FR 25143 Final Action Effective 06/09/99 Regulatory Flexibility Analysis Required: Yes 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 78u-5; 15 USC 78w; 15 USC 78x; 15 USC 78ll(d); 15 USC 78mm; 15 USC 79q; 15 USC 79t; 15 USC 80a-20; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; 15 USC 80b-4; 15 USC 80b-11 Agency Contact: Brian R. Baysinger, 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 _______________________________________________________________________ 4692. PURCHASES OF CERTAIN EQUITY SECURITIES BY THE ISSUER AND OTHERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78i(a)(2); 15 USC 78j(b) CFR Citation: 17 CFR 240.10b-18 Legal Deadline: None Abstract: In response to a petition for rulemaking filed by the New York Stock Exchange Inc., the Commission proposed to modify the timing condition in current Rule 10b-18 to extend the manipulation safe harbor to issuer bids for and purchase of its common stock: (1) that are effected either (i) from the reopening of trading until the close of trading following, and on the same day as, a market-wide trading suspension, or (ii) at the next day's opening, if the market-wide trading suspension is in effect at the scheduled close of trading; and (2) that comply with the manner, pricing and volume conditions in Rule 10b-18. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/06/98 63 FR 59911 NPRM Comment Period End 12/07/98 Final Action 09/23/99 64 FR 52428 Final Action Effective 10/29/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Joan Collopy, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0772 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH48 _______________________________________________________________________ 4693. BROKER-DEALER REGISTRATION AND REPORTING Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 77z-2; 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; 15 USC 78j-1; 15 USC 78k; 15 USC 78k-1; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 USC 78u-5; 15 USC 78w; 15 USC 78x; 15 USC 78ll(d); 15 USC 78mm; 15 USC 79q; 15 USC 79t; 15 USC 80a-20; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; 15 USC 80b-4; 15 USC 80b-11 CFR Citation: 17 CFR 240; 17 CFR 249 Legal Deadline: None Abstract: The SEC adopted technical amendments to Form BD, the uniform broker-dealer registration form, that accomodate electronic filing in ``Web CRD,'' the new, Internet-based Central Registration Depository System. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/10/99 64 FR 25153 NPRM Comment Period End 06/09/99 Final Rule 07/12/99 64 FR 37586 Final Rule Effective 07/30/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Barbara A. Stettner, Office of the Chief Counsel, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0146 Fax: 202 942-9625 Email: [email protected] RIN: 3235-AH73 _______________________________________________________________________ 4694. PROPOSED AMENDMENTS TO NATIONAL MARKET SYSTEM PLAN Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78k-1(a)(3) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission proposed for public comment on its own initiative alternative amendments to the plan governing the operation of the Intermarket Trading System. The proposed amendments would have provided for the linkage of the Pacific Exchange Inc. (``PCX'') Application of the Optimark System to the ITS system, and were prepared by the Pacific Exchange and the New York Stock Exchange. The Commission is withdrawing this item from the Unified Agenda because the Commission does not expect to consider the item within the next 12 months, but the Commission may consider the item further at some subsequent point. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/22/98 63 FR 39306 NPRM Comment Period End 08/21/98 Withdrawn 10/01/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Christine Richardson, Office of Market Supervision, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0748 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH51 _______________________________________________________________________ [[Page 65527]] 4695. YEAR 2000 OPERATIONAL CAPABILITY REQUIREMENTS OF REGISTERED BROKER-DEALERS AND TRANSFER AGENTS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78c(b); 15 USC 78o(b) and (c); 15 USC 78q; 15 USC 78w(a); 15 USC 78q(a); 15 USC 78q-1(d); 15 USC 78w(a) CFR Citation: 17 CFR 240.15b7-3T; 17 CFR 240.17a-9T; 17 CFR 240.17Ad- 21T Legal Deadline: None Abstract: The Commission adopted rules that are intended to protect investors and the securities markets by reducing the potential systemic risk as a result of computer system failure related to the Year 2000 at registered broker-dealers and non-bank transfer agents. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/11/99 64 FR 12127 NPRM Comment Period End 04/10/99 Final Action 08/03/99 64 FR 42012 Final Action Effective 08/30/99 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Robert Long, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0097 Fax: 202 942-9695 Email: [email protected] RIN: 3235-AH61 _______________________________________________________________________ 4696. EXEMPTION OF THE SECURITIES OF THE KINGDOM OF SWEDEN UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR PURPOSES OF TRADING FUTURES CONTRACTS ON THOSE SECURITIES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77c; 15 USC 77nnn; 15 USC 77sss; 15 USC 78c; 15 USC 78i; 15 USC 78j-1; 15 USC k-1; 15 USC 78m; 15 USC 78o; 15 USC 78n; 15 USC 79q; 15 USC 78mm; 15 USC 78dll(D); 15 USC 78x; 15 USC 78w; 15 USC 78u-5; 15 USC 78s; 15 USC 78q; 15 USC 80b-11; 15 USC 80b-4; 15 USC 80b-3; 15 USC 80a-37; 15 USC 80a-29; 15 USC 80a-23; 15 USC 80a-20; 15 USC 79t; 15 USC 78p; 15 USC 78l; 15 USC 78k; 15 USC 78f; 15 USC 78d; 15 USC 77ttt; 15 USC 78j; 15 USC 77ggg; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 77z-2; 15 USC 77eee CFR Citation: 17 CFR 240.3a12-8 Legal Deadline: None Abstract: The Commission amended Rule 3a12-8 to designate debt obligations issued by the Kingdom of Sweden as ``Exempted Securities'' for the purpose of marketing and trading futures contracts on those securities in the United States. This amendment is intended to permit futures trading on the sovereign debt of Sweden. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/01/99 64 FR 9948 NPRM Comment Period End 03/31/99 Final Action 06/02/99 64 FR 29550 Final Action Effective 06/02/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Joshua Kans, Office of Market Supervision, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0079 Fax: 202 942-9645 Email: [email protected] RIN: 3235-AH68 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage OFFICES AND OTHER PROGRAMS _______________________________________________________________________ 4697. SELECTIVE DISCLOSURE AND INSIDER TRADING 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: Not Yet Determined Legal Deadline: None Abstract: The staff is considering whether to recommend new rules concerning selective disclosure of material, nonpublic information by issuers, and addressing several issues under insider trading law. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/99 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Richard Levine, General Counsel Office, Securities and Exchange Commission Phone: 202 942-0890 Fax: 202 942-9625 RIN: 3235-AH82 _______________________________________________________________________ 4698. AUDIT COMMITTEE DISCLOSURE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et seq; 15 USC 80a et seq CFR Citation: 17 CFR 210; 17 CFR 228; 17 CFR 229; 17 CFR 240 Legal Deadline: None Abstract: The Commission is proposing amendments to Rule 10-10 of Regulation S-X, Rule 310 of Regulation S-B, and Item 7 of Schedule 14A under the Securities Exchange Act of 1934, and adopting new Item 306 of Regulations S-K and S-B. These amendments and new item are intended to improve disclosure relating to the functioning of corporate audit committees and enhance the reliability and credibility of financial statements of public companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/14/99 64 FR 55648 NPRM Comment Period End 11/29/99 Final Action 01/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Meredith Mitchell, Senior Counselor, Office of the General Counsel, Securities and Exchange Commission [[Page 65528]] Phone: 202 942-0900 RIN: 3235-AH83 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage OFFICES AND OTHER PROGRAMS _______________________________________________________________________ 4699. AMENDMENTS TO THE FREEDOM OF INFORMATION ACT, PRIVACY ACT, AND CONFIDENTIAL TREATMENT RULES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 5 USC 552; 5 USC 552a; 15 USC 77f(d); 15 USC 77s; 15 USC 77ggg(a); 15 USC 78m(F); 15 USC 78w; 15 USC 79t; 15 USC 79v(a); 15 USC 77sss; 15 USC 80a-37; 15 USC 80a-44(a); 15 USC 80a-44(b); 15 USC 80b-10; 15 USC 80b-11 CFR Citation: 17 CFR 200.80; 17 CFR 200.83; 17 CFR 200.303; 17 CFR 200.306; 17 CFR 200.308; 17 CFR 200.310; 17 CFR 200.312 Legal Deadline: None Abstract: The Commission proposes to amend its rules to implement recent statutory and case law requirements relating to access to Commission records. The proposed amendments would also conform the rules to current Commission practice and correct typographical errors. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/22/99 64 FR 19732 NPRM Comment Period End 06/21/99 Final Action 12/00/99 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses, Governmental Jurisdictions, Organizations Government Levels Affected: Federal, State, Local, Tribal Agency Contact: Betty Lopez, SEC Operations Center, Securities and Exchange Commission, MS 0-5, 6432 General Green Way, Alexandria, VA 22312-2413 Phone: 202 942-4327 RIN: 3235-AH71 [FR Doc. 99-24751 Filed 11-19-99; 8:45 am BILLING CODE 8010-01-F