[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 74987]]

Part LXII





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 74988]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

Release Nos. 33-7911, 34-43451, 35-27255, 39-2387, IC-24690, IA-1904, 
File No. S7-19-00

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 October 17, 
2000, 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.

DATES:  Public comments are due by December 29, 2000.

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., Washington, DC 
20549-0609. All submissions should refer to File No. S7-19-00 and will 
be available for public inspection and copying at the Commission's 
Public Reference Room, Room 1026, at the same address. Interested 
persons may also submit comments electronically at the following e-mail 
address: [email protected]. We will post electronically submitted 
comment letters on the Commission's website www.sec.gov.

FOR FURTHER INFORMATION CONTACT:  David R. Fredrickson or Constancio B. 
Cater, Office of the General Counsel, 202-942-0890.

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 that 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 that have a 
significant economic impact on a substantial number of small 
entities within 10 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 notice 
of rules which the Commission is reviewing in 2000 is published on 
the Commission's website www.sec.gov/smbus.

     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.

    By the Commission.

Dated:  October 17, 2000.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4793         Asset-Backed Securities Disclosure.................................................     3235-AF74
4794         Streamlining Rule 144..............................................................     3235-AH13
4795         Disclosure of Compensation Plan Information........................................     3235-AI01
4796         Revision of Multijurisidictional Disclosure System.................................     3235-AH99
4797         Updating the Regulation A Offering Circular........................................     3235-AH87
4798         Financial Reporting and Blank Check Companies......................................     3235-AH88
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4799         Integration of Private and Public Offerings........................................     3235-AG83
4800         Addressing Abuses of Form S-8 by Companies Using Consultants To Raise Capital......     3235-AG94

[[Page 74989]]

 
4801         Revisions to Rules Governing Options Disclosure Document...........................     3235-AH31
4802         Householding of Proxy and Information Statements...................................     3235-AH66
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4803         Financial Statements and Periodic Reports for Related Issuer Guarantors............     3235-AH52
4804         Further EDGAR System Modernization.................................................     3235-AH79
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4805         Books and Records To Be Maintained by Investment Advisers..........................     3235-AH24
4806         Custody or Possession of Funds or Securities of Clients............................     3235-AH26
4807         Principal Transactions With Investment Advisory Clients............................     3235-AH34
4808         Shareholder Report and Financial Statement Revisions...............................     3235-AG64
4809         Proposed Amendments in Investment Company Advertising Rules........................     3235-AH19
4810         Exemption for Subsidiaries Organized To Finance Operations of Domestic or Foreign       3235-AE95
            Companies; Certain Prima Facie Investment Companies.................................
4811         Deposits of Securities in Securities Depositories..................................     3235-AG71
4812         Exemption for the Acquisition of Securities During the Existence of an Underwriting     3235-AH57
            Syndicate...........................................................................
4813         Affiliate Transaction Rule Amendments..............................................     3235-AH80
4814         Mergers of Certain Affiliated Investment Companies.................................     3235-AH81
4815         Amendments To Form N-SAR, Semiannual Report of Registered Investment Companies.....     3235-AF93
4816         Amendments to the Cash Solicitation Rule...........................................     3235-AH33
4817         PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies;                 3235-AF78
            Subsidiaries Authorized to Perform Services or Construction or to Sell Goods........
4818         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
----------------------------------------------------------------------------------------------------------------
4819         Political Contributions by Certain Investment Advisers.............................     3235-AH72
4820         Role of Independent Directors of Investment Companies..............................     3235-AH75
4821         Certain Broker-Dealers Not Deemed To Be Investment Advisers........................     3235-AH78
4822         Investment Company Names...........................................................     3235-AH11
4823         Treatment of Repurchase Agreements and Refunded Securities as an Acquisition of the     3235-AH56
            Underlying Securities...............................................................
4824         Mutual Fund After-Tax Returns......................................................     3235-AH77
4825         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
----------------------------------------------------------------------------------------------------------------
4826         Mutual Fund Fee Disclosure.........................................................     3235-AI00
4827         Exemption from Section 101(c)(1) of the Electronic Signatures in Global and             3235-AH93
            National Commerce Act for Registered Investment Companies...........................

[[Page 74990]]

 
4828         Insurance Products: Equity Index Insurance Products Concept Release................     3235-AH23
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4829         Electronic Filing by Investment Advisers; Proposed Amendments to Form ADV..........     3235-AD21
4830         Form ADV-W Notice of Withdrawal From Registration as Investment Adviser............     3235-AH27
4831         Transactions in Certain Canadian Retirement Savings Accounts.......................     3235-AH32
4832         Custody of Investment Company Assets Outside the United States.....................     3235-AH55
4833         Regulation S-P: Privacy of Consumer Financial Information..........................     3235-AH90
----------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4834         Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global     3235-AI02
            and National Commerce Act...........................................................
4835         Amendments to Rule 15b9-1--Exemption for Certain Exchange Members..................     3235-AI03
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4836         Net Capital Rule: Customer Protection Rule.........................................     3235-AH05
4837         Risk Assessment Recordkeeping and Reporting Requirement............................     3235-AH06
4838         Exemption of Certain Foreign Brokers and Dealers...................................     3235-AH17
4839         Untimely Announcement of Record Dates..............................................     3235-AH38
4840         Purchases of Certain Equity Securities by the Issuers and Others...................     3235-AH37
4841         Exemption From Exchange Act Section 11(d)(1) for Securities of Foreign Issuers Sold     3235-AH58
            on an Installment Basis.............................................................
4842         Net Capital Rule Concept Release...................................................     3235-AH29
4843         Concept Release: Short Sales.......................................................     3235-AH84
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4844         Net Capital Requirements for Brokers or Dealers....................................     3235-AD79
4845         Market Risk Haircuts for Instruments Subject to Interest Rate Risk.................     3235-AG18
4846         Amendments to Rules 17a-3 and 17a-4 Under the Securities Exchange Act of 1934......     3235-AH04
4847         Proposed Amendments to Transfer Agent Rules........................................     3235-AG24
4848         Electronic Submission of Securities Trading Data by Exchange Members, Brokers, and      3235-AH69
            Dealers.............................................................................
4849         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..
4850         Proposed Amendments to National Market System Plan.................................     3235-AH92
4851         Disclosure of Order Routing and Execution Practices................................     3235-AH95
4852         The Firm Quote and Trade-Through Disclosure Rules for Options......................     3235-AH96
4853         Tender and Reorganization Agents...................................................     3235-AH53
4854         Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally      3235-AH28
            Recognized Statistical Rating Organization..........................................
4855         Amendment to Rule 9b-1 Under the Securities Exchange Act Relating to the Options        3235-AH30
            Disclosure Document.................................................................

[[Page 74991]]

 
4856         Initiation or Resumption of Quotations Without Specified Information...............     3235-AH40
4857         Destruction of Cancelled Securities Certificates...................................     3235-AH54
4858         Recordkeeping Requirements for Transfer Agents.....................................     3235-AH74
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4859         Amendment to Rule 11Ac1-1..........................................................     3235-AH00
4860         Large Trader Reporting System......................................................     3235-AE42
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4861         Revised Transfer Agent Form and Related Rule.......................................     3235-AH44
4862         Extending Unlisted Trading Privileges to a Security That Is the Subject of an           3235-AH85
            Initial Public Offering.............................................................
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4863         International Accounting Standards.................................................     3235-AH65
4864         Management Reports on Internal Controls............................................     3235-AH97
4865         Proposal to Amendment Disclosure Requirements Related to Derivative Financial           3235-AH98
            Instruments and Derivative Commodity Instruments....................................
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4866         Supplemental Financial Information.................................................     3235-AH86
4867         Auditor Independence...............................................................     3235-AH91
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4868         Amendments to the Freedom of Information Act, Privacy Act, and Confidential             3235-AH71
            Treatment Rules.....................................................................
4869         Selective Disclosure and Insider Trading...........................................     3235-AH82
----------------------------------------------------------------------------------------------------------------


[[Page 74992]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4793. ASSET-BACKED SECURITIES DISCLOSURE

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

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

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                            04/00/01

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
_______________________________________________________________________




4794. 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 proposed revisions to Rule 144, Rule 145, and 
Form 144 to make the rules and form easier to understand and apply. The 
Division is considering recommending that the Commission repropose 
amendments that would, among other things, add a bright line test to 
the Rule 144 definition of affiliate, increase the Form 144 filing 
thresholds, and codify certain interpretive positions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/20/97                     62 FR 9246
NPRM Comment Period End         04/29/97                     62 FR 9246
Reproposed                      03/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Martin Dunn, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2890

RIN: 3235-AH13
_______________________________________________________________________




4795.  DISCLOSURE OF COMPENSATION PLAN INFORMATION

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

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

CFR Citation: 17 CFR 240.14a-101; 17 CFR 229.202; 17 CFR 228.202

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Regulation S-K and S-B and other related rules 
that will require annual disclosure of the total number of securities 
authorized for issuance and allocated to participate under all employee 
stock plans and arrangements, whether or not approved by shareholders.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Mark Borges, Office of Chief Counsel, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2900
Fax: 202 942-9525

RIN: 3235-AI01
_______________________________________________________________________




4796.  REVISION OF MULTIJURISIDICTIONAL DISCLOSURE SYSTEM

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 78aaa et 
seq

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

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose revisions to the Multijurisidictional Disclosure System for 
Canadian registrants that would integrate them into the Commission's 
foreign issuer disclosure system in a manner more consistent with all 
other foreign registrants. The proposals would limit the scope of the 
MJDS, including the number of companies eligible to use the system and 
the circumstances under which they may use it, while preserving MJDS 
filer's ability to make offerings in the United States using Canadian 
offering documents and without review by Commission staff.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/01

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Paul M. Dudek, Office of International Corporate 
Finance, Division of Corporation Finance, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2990
Fax: 202 942-9624

RIN: 3235-AH99
_______________________________________________________________________




4797. UPDATING THE REGULATION A OFFERING CIRCULAR

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

Legal Authority: 15 USC 77a et seq

CFR Citation: 17 CFR 239.0

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to the Model A offering circular in the Regulation A 
offering statement to conform it to a State registration statement 
format.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

[[Page 74993]]

Government Levels Affected: None

Agency Contact: Barbara C. Jacobs, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AH87
_______________________________________________________________________




4798. FINANCIAL REPORTING AND BLANK CHECK COMPANIES

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

Legal Authority: 15 USC 78a et seq

CFR Citation: 17 CFR 249.308

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Form 8-K that would remove the grace period for 
filing financial statements in a blank check company merger.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH88
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4799. INTEGRATION OF PRIVATE AND PUBLIC 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: As part of its proposed initiatives to revise the regulation 
of securities offerings and periodic reporting, the Commission 
proposed, among other things, amending Rule 152 under the Securities 
Act to clarify the safe harbor conditions under which a private 
offering will not be integrated with a later registered offering. It 
also proposed providing safe harbors for making a registered public 
offering following an abandoned private placement, or a private 
offering following an abandoned public offering, without integrating 
the public and private offerings. The Division will recommend that the 
Commission adopt these and related proposals. We anticipate that 
certain other elements of the original proposals will be reproposed in 
the future as separate rulemaking projects.

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
NPRM Comment Period Extended    03/30/99
NPRM Comment Period End         04/05/99                    63 FR 67174
NPRM Comment Period Extended    06/30/99
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG83
_______________________________________________________________________




4800. 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 78w; 15 USC 77g; 15 USC 77h; 15 USC 
77j; 15 USC 77s; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o

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 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                     63 FR 9648
Final Rule                      03/08/99                    64 FR 11103
Second NPRM                     03/08/99                    64 FR 11118
Final Rule Effective            04/07/99
Second NPRM Comment Period End  05/07/99
Final Action                    06/00/01

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


_______________________________________________________________________



[[Page 74994]]

4801. 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                    02/00/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Martin Dunn, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2890

RIN: 3235-AH31
_______________________________________________________________________




4802. 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 Commission proposed 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                            11/16/99                    64 FR 62548
NPRM Comment Period End         01/18/00
Final Action                    10/00/00

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-AH66
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4803. FINANCIAL STATEMENTS AND PERIODIC REPORTS FOR RELATED ISSUER 
GUARANTORS

Priority: Substantive, Nonsignificant

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 adopted rules that specify the financial 
statements and periodic reports for related issuers and guarantors. The 
revisions 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                    64 FR 10579
Final Action                    08/24/00                    65 FR 51692
Final Rule Effective            09/25/00
 (except Form 20-f)             09/30/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH52
_______________________________________________________________________




4804. FURTHER EDGAR SYSTEM MODERNIZATION

Priority: Substantive, Nonsignificant

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 adopted rules to continue the modernization of 
the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. 
The Commission eliminated Financial Data Schedule filing requirements 
and implemented various aspects of modernization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/03/00                    65 FR 11507
NPRM Comment Period End         04/03/00
Final Action                    04/27/00                    65 FR 24788
Final Action Effective (General)05/30/00
Final Action Effective (Deletion 
of Diskettes)                   07/10/00
Final Action Effective (Removal 
of FDS Requirement)             01/01/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Additional Information: This proposal was prepared jointly by staff in 
the Divisions of Corporation Finance and Investment Management, and 
previously appeared in the Unified Agenda as a Division of Investment 
Management matter.

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


[[Page 74995]]


Carol Weiss, Division of Corporation Finance, Securities and Exchange 
Commission
Phone: 202 942-1942
Fax: 202 942-9542

RIN: 3235-AH79
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4805. 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                            03/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AH24
_______________________________________________________________________




4806. 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                            04/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Jennifer Sawin, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AH26
_______________________________________________________________________




4807. 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                            11/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  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
_______________________________________________________________________




4808. 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 disclosure in shareholder reports 
and simplify investment company financial statement presentation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Vincent DiStefano, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0686
Fax: 202 942-9595

RIN: 3235-AG64
_______________________________________________________________________




4809. PROPOSED AMENDMENTS IN INVESTMENT COMPANY ADVERTISING RULES

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

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

CFR Citation: 17 CFR 230.482; 17 CFR 230.134

Legal Deadline: None

[[Page 74996]]

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                            11/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: John L. Sullivan, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AH19
_______________________________________________________________________




4810. 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                            03/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jaea F. Hahn, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AE95
_______________________________________________________________________




4811. 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: The staff of the Division of Investment Management is 
considering whether to recommend that the Commission propose amendments 
to Rule 17f-4, which governs the use of securities depositories as to 
custodians of the assets of management investment companies. The 
amendments 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                            03/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jaea F. Hahn, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AG71
_______________________________________________________________________




4812. 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

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 (i) 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, and (ii) require an investment 
company's board of directors to review the securities of the company 
purchased in reliance of the rule, as well as purchases by other 
accounts advised by the company's adviser.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/00

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
_______________________________________________________________________




4813. 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,

[[Page 74997]]

and to allow certain types of funds or their investment advisers to 
enter into subadvisory agreements for investment management services 
without obtaining shareholder approval.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH80
_______________________________________________________________________




4814. 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: The Division of Investment Management is considering 
recommending to the Commission that it amend rule 17a-8 under the 
Investment Company Act, which exempts from the prohibitions of section 
17(a) mergers, and other combinations of certain affiliated investment 
companies. The amendments would expand the rule to make it available in 
a broader range of circumstances, and would alter the conditions 
required for reliance on the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Hester M. Pierce, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH81
_______________________________________________________________________




4815. 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                            03/00/01

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
_______________________________________________________________________




4816. 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                            04/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AH33
_______________________________________________________________________




4817. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES; SUBSIDIARIES AUTHORIZED TO PERFORM SERVICES OR CONSTRUCTION 
OR TO SELL GOODS

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

Legal Authority: 15 USC 79e; 15 USC 79f(b); 15 USC 79i(c)(3); 15 USC 
79t; 15 USC 79z-5a; 15 USC 79z-5b; 15 USC 79; 15 USC 79j; 15 USC 79l; 
15 USC 79m; 15 USC 79n; 15 USC 79o

CFR Citation: 17 CFR 250.55 (new); 17 CFR 250.87 (Revision); 17 CFR 
259.5s (Revision); 17 CFR 259.207 (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. The proposed amendment to rule 87 would 
require registered holding companies to obtain Commission approval of 
intrasystem agreements involving foreign utility companies and exempt 
wholesale generators.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/08/93                    58 FR 13719
NPRM Comment Period End         04/14/93
Reproposal                      10/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Mark Vilardo, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0545

RIN: 3235-AF78


_______________________________________________________________________



[[Page 74998]]

4818. 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 79f(b); 15 USC 79t; 15 USC 79z-5a; 15 USC 79z-
5b

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                      10/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Mark Vilardo, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0545

RIN: 3235-AF79
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4819. 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 makes a 
contribution to certain elected officials or candidates.
The Commission also has proposed rule amendments that 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                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Marilyn Barker, Task Force on Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AH72
_______________________________________________________________________




4820. 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
NPRM Comment Period End         01/28/00
Final Action                    11/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jennifer B. McHugh, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH75
_______________________________________________________________________




4821. 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)-1

Legal Deadline: None

Abstract: The Commission has proposed new rule 202(a)(11)-1, a new rule 
which 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.

[[Page 74999]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/10/99                    64 FR 61226
NPRM Comment Period End         01/14/00
Final Action                    02/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  This action may have federalism implications as defined in 
EO 13132.

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AH78
_______________________________________________________________________




4822. 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                    62 FR 10955
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH11
_______________________________________________________________________




4823. TREATMENT OF REPURCHASE AGREEMENTS AND REFUNDED SECURITIES AS AN 
ACQUISITION OF THE 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, for the purposes of section 
5 and 12(d)(3) of the Investment Company Act, and to ``look through'' 
specific pre-refunded bonds to escrowed securities, for the purposes of 
section 5 of the 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                    03/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Hugh P. Lutz, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH56
_______________________________________________________________________




4824. MUTUAL FUND AFTER-TAX RETURNS

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

Legal Authority: 15 USC 77e, 77f, 77g, 77j, 77s(a); 15 USC 80a-8, 80a-
24(a), 80a-29, 80a-37; 15 USC 77e, 77j(b), and 77s(a)

CFR Citation: 17 CFR 239.15A and 274.11A (Form N-1A); 17 CFR 230.482; 
17 CFR 270.34b-1

Legal Deadline: None

Abstract: The Commission proposed form and rule amendments that would 
require mutual funds to disclose after-tax returns based on 
standardized formulas comparable to the formulas currently used to 
calculate before-tax annual total returns. The proposals also would 
require funds that include after-tax returns in advertisements and 
other sales materials to include standardized after-tax returns.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/22/00                    65 FR 15500
NPRM Comment Period End         06/30/00
Final Action                    01/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Vincent DiStefano, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0686
Fax: 202 942-9595

RIN: 3235-AH77
_______________________________________________________________________




4825. 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.

[[Page 75000]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/23/98                    63 FR 13988
NPRM Comment Period End         07/01/98
Final Action                    02/00/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: William J. Kotapish, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0670

RIN: 3235-AG37
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4826.  MUTUAL FUND FEE DISCLOSURE

Priority: Substantive, Nonsignificant

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: In June 2000, the U.S. General Accounting Office (``GAO'') 
issued a report, Mutual Fund Fees: Additional Disclosure Could 
Encourage Price Competition, which recommended that the Commission 
require additional mutual fund fee disclosure in quarterly account 
statements for mutual funds. The Division of Investment Management is 
considering the GAO recommendation.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Vincent DiStefano, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0686
Fax: 202 942-9595

RIN: 3235-AI00
_______________________________________________________________________




4827.  EXEMPTION FROM SECTION 101(C)(1) OF THE ELECTRONIC 
SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT FOR REGISTERED INVESTMENT 
COMPANIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77s(a)

CFR Citation: 17 CFR 230.160; 17 CFR 231; 17 CFR 271

Legal Deadline: Other, Statutory, July 28, 2000, section 104(d)(2) of 
the Electronic Signatures Act in Global and National Commerce Act (PL 
106-229).

Abstract: The Commission adopted interim final rule 160 under the 
Securities Act of 1933 to exempt from the consumer consent requirements 
of the Electronic Signatures in Global and National Commerce Act, 
prospectuses of registered investment companies that are used for the 
sole purpose of permitting supplemental sales literature to be provided 
to prospective investors. Parts 231 and 271 of Title 17 were amended by 
adding Release Nos. 33-7877 and IC-24582 to the list of interpretative 
releases.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              08/02/00                    65 FR 47281
Interim Final Rule Comment 
Period End                      09/01/00
Interim Final Rule Effective    10/01/00
Next Action                      To Be                       Determined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3235-AH93
_______________________________________________________________________




4828. 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                           11/21/97                    62 FR 45359
ANPRM Comment Period End        01/05/98


Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: William J. Kotapish, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0670

RIN: 3235-AH23

[[Page 75001]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4829. ELECTRONIC FILING BY INVESTMENT ADVISERS; PROPOSED AMENDMENTS TO 
FORM ADV

Priority: Substantive, Nonsignificant

Legal Authority: 5 USC 601; 15 USC 77s(a); 15 USC 77sss(a); 15 USC 78a-
37(a); 15 USC 78bb(e)(2); 15 USC 78d-1; 15 USC 78d-2; 15 USC 78w(a); 15 
USC 80b-3(c)(1); 15 USC 80b-3a(a)(1)(A); 15 USC 80b-3a(c); 15 USC 80b-
4; 15 USC 80b-6(4); 15 USC 80b-11(a)

CFR Citation: 17 CFR 200.30-5; 17 CFR 200.30-11; 17 CFR 275.0-2; 17 CFR 
275.0-7; 17 CFR 275.203-1; 17 CFR 275.203-2; 17 CFR 275.203-3; 17 CFR 
275.203A-1; 17 CFR 275.203A-2; 17 CFR 275.204-1; 17 CFR 275.204-2; 17 
CFR 275.204-3; 17 CFR 275.204-5; 17 CFR 275.206(4)-4; 17 CFR 279.1; 17 
CFR 279.2; 17 CFR 279.3; 17 CFR 279.4; 17 CFR 279.5; 17 CFR 279.6; 17 
CFR 279.7; 17 CFR 279.9

Legal Deadline: None

Abstract: The Commission adopted amendments to Form ADV and related 
forms including Form ADV-W, amendments to related rules, and new rules 
and forms to: (1) require investment advisers registered with the 
Commission to file their registration forms electronically; and, (2) 
improve public disclosure of advisers' disciplinary history.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/17/00                    65 FR 20524
NPRM Comment Period End         06/13/00
Final Action                    09/22/00                    65 FR 57438
Final Rule Effective            10/10/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AD21
_______________________________________________________________________




4830. FORM ADV-W NOTICE OF WITHDRAWAL FROM REGISTRATION AS INVESTMENT 
ADVISER

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 279.2

Legal Deadline: None

Abstract: The Commission is withdrawing this item from the Agenda 
because it will be considered with RIN 3235-AD21.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Merged With RIN 3235-AD21       10/02/00

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0716

RIN: 3235-AH27
_______________________________________________________________________




4831. TRANSACTIONS IN CERTAIN CANADIAN RETIREMENT SAVINGS ACCOUNTS

Priority: Substantive, Nonsignificant

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: On June 7, 2000, the Commission adopted two new rules and 
rule amendments that 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 tax-deferred retirement accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/26/99                    64 FR 14648
NPRM Comment Period End         05/28/99                    64 FR 14648
Final Action                    06/07/00                    65 FR 37672
Final Action Effective          06/23/00

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
_______________________________________________________________________




4832. CUSTODY OF INVESTMENT COMPANY ASSETS OUTSIDE THE UNITED STATES

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 270.17f-5

Legal Deadline: None

Abstract: The Commission adopted amendments to rule 17f-5 and a new 
rule 17f-7 related to the foreign custody of investment company assets. 
The amendments and new rule establish standards governing the 
maintenance of investment company assets with foreign securities 
depositories. The Commission also extended the compliance date for 
certain amendments to rule 17f-5 that had been adopted in 1997 which 
the amendments and new rule will supercede.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/06/99                    64 FR 24489
NPRM Comment Period End         07/15/99
Final Action                    04/27/00                    65 FR 25630
Final Action Effective          06/12/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jaea F. Hahn, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH55
_______________________________________________________________________




4833. REGULATION S-P: PRIVACY OF CONSUMER FINANCIAL INFORMATION

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

Legal Authority: 15 USC 6801; 15 USC 78w; 15 USC 80a-37; 15 USC 80b-11

CFR Citation: 17 CFR 248.1-18; 248.30

Legal Deadline: Final, Statutory, May 12, 2000.

Abstract: The Commission adopted rules to implement title V of the 
Gramm-Leach-Bliley Act, which requires the Commission (and other 
Federal agencies) to adopt rules to protect the privacy of personal 
financial information.

[[Page 75002]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/08/00                    65 FR 12354
NPRM Comment Period End         03/31/00
Final Action                    06/22/00                    65 FR 40334
Final Action Effective          11/13/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH90
_______________________________________________________________________


Securities and Exchange Commission (SEC)                  Prerule Stage


Division of Market Regulation



_______________________________________________________________________




4834.  AMENDMENTS TO THE PENNY STOCK RULES IN LIGHT OF THE 
ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT

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

Legal Authority: 15 USC 78c(h); 15 USC 78o(g)

CFR Citation: 17 CFR 240.15g-2(c); 17 CFR 240.15g-9(e)

Legal Deadline: None

Abstract: Interim rules 15g-2(c) and 15(g)-9(e) under the Exchange Act 
will provide that if a broker-dealer accepts a customer's electronic 
signature instead of a manual signature, the broker-dealer must wait at 
least two business days after receiving the electronically signed 
document to effect a penny stock transaction for its customer. In 
addition, a broker-dealer accepting an electronically transmitted penny 
stock agreement must wait at least two business days after receiving 
the agreement to execute a penny stock transaction for a customer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Brian A. Bussey, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0169
Fax: 202 942-9645

RIN: 3235-AI02
_______________________________________________________________________




4835.  AMENDMENTS TO RULE 15B9-1--EXEMPTION FOR CERTAIN EXCHANGE 
MEMBERS

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

Legal Authority: 15 USC 78o(a); 15 USC 78o(b); 15 USC 78o-4(a)(2); 15 
USC 78o-5(a)(2); 15 USC 78w(a)

CFR Citation: 15 CFR 240.15b9-1(b)

Legal Deadline: None

Abstract: The Commission is proposing to amend rule 15b9-1 under the 
Exchange Act, which provides broker-dealers with a conditional 
exemption from National Securities Association membership. The 
amendment would clarify that this exemption is not available for 
broker-dealers that are routinely engaged in a public securities 
business such as broker-dealers effecting transactions for day traders.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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-AI03
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4836. 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                            02/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

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


_______________________________________________________________________



[[Page 75003]]

4837. 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                            02/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

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
_______________________________________________________________________




4838. EXEMPTION OF CERTAIN FOREIGN BROKERS AND DEALERS

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

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

CFR Citation: 17 CFR 240.15a-6

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/01

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
_______________________________________________________________________




4839. 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                            12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Nancy Oremland, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0067
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH38
_______________________________________________________________________




4840. 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 is considering proposing to simplify and 
update Rule 10b-18's provisions in light of market development since 
the Rule's adoption. Rule 10b-18 provides 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                            12/00/00

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
_______________________________________________________________________




4841. 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 Commission is considering proposing a rule that

[[Page 75004]]

would set 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 institutional buyers or 
institutional accredited investors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Patricia Albrecht, Office of the Chief Counsel, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0734
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH58
_______________________________________________________________________




4842. 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                            02/00/01

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
_______________________________________________________________________




4843. CONCEPT RELEASE: SHORT SALES

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

Legal Authority: 15 USC 78j(a); 15 USC 78w

CFR Citation: 17 CFR 240.10a-1

Legal Deadline: None

Abstract: As part of its comprehensive review of Exchange Act Rule 10a-
1, the short sale rule, the Commission published a concept release 
soliciting public comment on, among other things: lifting the limits on 
short sales of exchange listed securities under advancing market 
conditions; providing an exception for actively traded securities; 
focusing short sale restrictions on certain market events and trading 
strategies; removing short sale restrictions on hedging transactions; 
revising short sale regulation in response to certain market 
developments; revising the definition of ``short sale''; extending 
short sale regulation to non-exchange listed securities; and 
eliminating short sale regulation altogether.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/28/99                    64 FR 57996
ANPRM Comment Period End        12/28/99
NPRM                            12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Michael R. Trocchio, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-0147
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH84
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4844. 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                    02/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

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

[[Page 75005]]

Email: [email protected]

RIN: 3235-AD79
_______________________________________________________________________




4845. 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              02/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

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
_______________________________________________________________________




4846. 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 77ttt; 15 USC 78c; 15 USC 78d; 15 
USC 78f; 15 USC 78i; 15 USC 78j; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 
USC 77s; 15 USC 77eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; ...

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                    02/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  This action may have federalism implications as defined in 
EO 13132.

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
_______________________________________________________________________




4847. 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                    02/00/01

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
_______________________________________________________________________




4848. ELECTRONIC SUBMISSION OF SECURITIES TRADING DATA BY EXCHANGE 
MEMBERS, BROKERS, AND DEALERS

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

Legal Authority: 15 USC 78a; 15 USC 78q; 15 USC 78c; 15 USC 78j; 15 USC 
78w; 15 USC 78mm

CFR Citation: 17 CFR 240.17a-25

Legal Deadline: None

Abstract: The Securities and Exchange Commission proposed rule 17a-25, 
which would set forth the obligations

[[Page 75006]]

of registered broker-dealers to submit securities trading data in an 
electronic 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                            05/08/00                    65 FR 26534
NPRM Comment Period End         06/07/00
Final Action                    12/00/00

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
_______________________________________________________________________




4849. 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                    02/00/01

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).

Agency Contact: Melinda Diller, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0166
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH76
_______________________________________________________________________




4850.  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)(B)

CFR Citation: 17 CFR 240.11Aa3-2

Legal Deadline: None

Abstract: The Commission proposed amendments to the options price 
reporting authority plan for reporting of consolidated options last 
sale reports and quotation information.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/10/00                    65 FR 30148
NPRM Comment Period End         06/09/00
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John Roeser, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0762
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH92
_______________________________________________________________________




4851.  DISCLOSURE OF ORDER ROUTING AND EXECUTION PRACTICES

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

Legal Authority: 15 USC 78k-1(c)(1)(B) & (E)

CFR Citation: 17 CFR 240.11Ac1-5; 17 CFR 240.11Ac1-6

Legal Deadline: None

Abstract: The Commission proposed two rules to improve public 
disclosure of order routing and execution practices. Proposed rule 
11Ac1-5 under the Securities Exchange Act of 1934 (``Exchange Act'') 
would require market centers that trade national market system 
securities to make electronic reports relating to execution quality 
publicly available. Proposed Rule 11Ac1-6 under the Exchange Act would 
require broker-dealers that route orders in equity securities and 
options on behalf of customers to make publicly available quarterly 
reports that describe their order routing practices.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/28/00                    65 FR 48406
NPRM Comment Period End         09/22/00
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Susie Cho, 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-AH95


_______________________________________________________________________



[[Page 75007]]

4852.  THE FIRM QUOTE AND TRADE-THROUGH DISCLOSURE RULES FOR 
OPTIONS

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

Legal Authority: 15 USC 78c(b), 78e, 78f, 78k-1, 78o, 78q(a) & (b), 
78r, and 78w

CFR Citation: 17 CFR 240.11Ac1-1; 17 CFR 240.11Ac1-7

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 11Ac1-1 under the 
Securities Exchange Act of 1934 (``Exchange Act'') that would require 
options exchanges and options market makers to publish firm quotes. In 
addition, the Commission proposed Rule 11Ac1-7, which would require a 
broker-dealer to disclose on its customer's confirmation statement when 
the customer's order was executed at a price inferior to a better 
published quote and what that better quote was, unless the transaction 
was effected on a market that is a participant in an intermarket 
options linkage plan approved by the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/28/00                    65 FR 47918
NPRM Comment Period End         09/18/00
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John Roeser, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0762
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH96
_______________________________________________________________________




4853. 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 to the agents.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/04/98                    63 FR 47209
NPRM Comment Period End         11/03/98
Final Action                    02/00/01

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: 202 942-0785
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________




4854. 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                    02/00/01

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
_______________________________________________________________________




4855. AMENDMENT TO RULE 9B-1 UNDER THE SECURITIES EXCHANGE ACT RELATING 
TO THE OPTIONS DISCLOSURE DOCUMENT

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

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

CFR Citation: 17 CFR 240.9b-1

Legal Deadline: None

Abstract: The Commission 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

[[Page 75008]]

NPRM Comment Period End         07/31/98
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-0799
Email: [email protected]

RIN: 3235-AH30
_______________________________________________________________________




4856. 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                    64 FR 11124
Reproposal Comment Period 
Extended to                     05/08/99                    64 FR 18393
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas D. Eidt, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0159
Fax: 202 942-0553
Email: [email protected]

RIN: 3235-AH40
_______________________________________________________________________




4857. 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 proposed rule 17Ad-19 to establish regulations 
for the destruction of cancelled securities certificates and to require 
each transfer agent to establish written procedures for the storage and 
destruction of cancelled securities certificates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/02/00                    65 FR 59766
NPRM Comment Period End         12/05/00
Final Action                    02/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas C. Etter Jr., Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0178
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH54
_______________________________________________________________________




4858. 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                    02/00/01

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

[[Page 75009]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4859. AMENDMENT TO RULE 11AC1-1

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

Legal Authority: 15 USC 77c; 15 USC 78c; 15 USC 78d; 15 USC 78f; 15 USC 
78i; 15 USC 78j; 15 USC 78k; 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 
80b-3; 15 USC 80b-4; 15 USC 80b-11; 15 USC 78c; 15 USC 78d; 15 USC 78f; 
15 USC 78i; 15 USC 78j; 15 USC 78k; 15 USC 78k-1; 15 USC 78l; 15 USC 
78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 USC 
78w; 15 USC 78x; 15 USC 78ll(d); 15 USC 79q; 15 USC 79t; 15 USC 80a-20; 
15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; ...

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/12/96                    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
_______________________________________________________________________




4860. LARGE TRADER REPORTING SYSTEM

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

Legal Authority: 15 USC 77c to 77d; 15 USC 79q; 15 USC 79t; 15 USC 80a-
29; 15 USC 80a-37; 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

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

Federalism:  Undetermined

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4861. REVISED TRANSFER AGENT FORM AND RELATED RULE

Priority: Substantive, Nonsignificant

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) adopted 
amendments to rule 17Ac2-2 and related Form TA-2 and rescinded rule 
17a-24 under the Securities Exchange Act. The amendments make technical 
corrections to rule 17Ac2-2 and provide greater clarity to Form TA-2. 
Specifically, 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                            03/31/99                    64 FR 15310
NPRM Comment Period End         05/17/99
Final Action                    06/02/00                    65 FR 36602
Final Action Effective          07/10/00

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
_______________________________________________________________________




4862. EXTENDING UNLISTED TRADING PRIVILEGES TO A SECURITY THAT IS THE 
SUBJECT OF AN INITIAL PUBLIC OFFERING

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78k-1; 15 USC 78l(f)(1); 15 USC 78w(a)

CFR Citation: 17 CFR 240.12f-2

Legal Deadline: None

Abstract: The Commission adopted a change to Exchange Act Rule 12f-2, 
which governs unlisted trading privileges (``UTP'') in listed initial 
public offerings (``IPOs''). Under the rule changes, a national 
securities exchange extending UTP privileges to an IPO security listed 
on another exchange would no longer be required to wait until the day 
after trading has commenced on the listing exchange to allow trading in 
that security. Instead, a national securities exhange will be permitted 
to begin trading in an IPO

[[Page 75010]]

issue pursuant to UTP immediately after the first trade in the security 
is reported by the listing exchange to the Consolidated Tape.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/15/99                    64 FR 69975
NPRM Comment Period End         01/31/00
Final Action                    09/05/00                    65 FR 53560
Final Action Effective          11/06/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Ira Brandriss, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0148
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH85
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4863. 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 210; 17 CFR 249.220f

Legal Deadline: None

Abstract: The Commission is reviewing comments received in response to 
a concept release 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. The staff is considering drafting appropriate rule 
proposals and recommendations to the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           02/23/00                     65 FR 8896
ANPRM Comment Period End        05/23/00
NPRM                            12/00/00

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Susan Koski-Grafer, Securities and Exchange Commission
Phone: 202 942-4400

RIN: 3235-AH65
_______________________________________________________________________




4864.  MANAGEMENT REPORTS ON INTERNAL CONTROLS

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-1 et seq

CFR Citation: 17 CFR 210; 17 CFR 229

Legal Deadline: None

Abstract: The Office of the Chief Accountant is considering 
recommending that the Commission publish a release proposing that 
certain documents filed with the Commission contain a statement of 
management's responsibilities for the preparation of financial 
statements in accordance with generally accepted accounting principles 
and for a system of internal controls for the registrants financial 
reporting processes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: John W. Albert, Associate Chief Accountant, Securities 
and Exchange Commission
Phone: 202 942-4400
Fax: 202 942-9656

RIN: 3235-AH97
_______________________________________________________________________




4865.  PROPOSAL TO AMENDMENT DISCLOSURE REQUIREMENTS RELATED TO 
DERIVATIVE FINANCIAL INSTRUMENTS AND DERIVATIVE COMMODITY INSTRUMENTS

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-1 et seq

CFR Citation: 17 CFR 210; 17 CFR 228; 17 CFR 229

Legal Deadline: None

Abstract: The Office of the Chief Accountant is considering 
recommending that the Commission publish a release: (1) proposing 
amendments that would conform the Commission's disclosure requirements 
with Financial Accounting Standards No.133 and (2) soliciting 
additional comments on the utility, costs and benefits of its 
disclosure requirements related to derivative financial instruments and 
derivative commodity instruments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jenifer Minke-Girard, Assistant Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942-4400
Fax: 202 942-9656
Email: [email protected]

RIN: 3235-AH98

[[Page 75011]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Offices and Other Programs



_______________________________________________________________________




4866. SUPPLEMENTAL FINANCIAL INFORMATION

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-1 et seq

CFR Citation: 17 CFR 210; 17 CFR 229

Legal Deadline: None

Abstract: The Commission has proposed amendments to reposition within 
its regulation the requirement for certain registrants to disclose 
changes in their valuation and loss accrual accounts, and to clarify 
the type of information to be disclosed. The Commission also is 
proposing amendments to its rules to require disclosure of information 
concerning tangible and intangible assets and related accumulated 
depreciation, depletion, and amortization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/31/00                     65 FR 4585
NPRM Comment Period End         04/17/00
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: John W. Albert, Associate Chief Accountant, Securities 
and Exchange Commission
Phone: 202 942-4400
Fax: 202 942-9656

RIN: 3235-AH86
_______________________________________________________________________




4867. AUDITOR INDEPENDENCE

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-1 et seq

CFR Citation: 17 CFR 210

Legal Deadline: None

Abstract: The Commission proposed amendments to its auditor 
independence regulations. The rule proposals relate to, among other 
things, investments, family relationships and services provided by an 
auditor to a Commission registrant that would impair the auditor's 
independence with respect to that registrant.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/30/00                    65 FR 43148
NPRM Comment Period End         09/25/00
Final Action                    11/00/00

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: John M. Morrissey, Office of the Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942-4400
Fax: 202 942-9656

RIN: 3235-AH91
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Offices and Other Programs



_______________________________________________________________________




4868. AMENDMENTS TO THE FREEDOM OF INFORMATION ACT, PRIVACY ACT, AND 
CONFIDENTIAL TREATMENT RULES

Priority: Substantive, Nonsignificant

Legal Authority: 5 USC 552; 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; 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)

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 adopted rules amending its procedures for 
requesting confidential treatment of records submitted to the 
Commission when no other procedures are applicable. The rules also 
amended its procedures for requesting information under the Freedom of 
Information Act and for requesting, amending, or correcting records 
about individuals under the Privacy Act of 1974. These amendments, 
which conform the procedures to current statutory and case law and 
administrative practice and correct clerical errors, reflect staff and 
public comments on proposed amendments that were announced on April 14, 
1999.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/22/99                    64 FR 19732
NPRM Comment Period End         06/21/99
Final Rule                      09/13/00                    65 FR 55180
Final Rule Effective            10/13/00

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
_______________________________________________________________________




4869. SELECTIVE DISCLOSURE AND INSIDER TRADING

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240; 17 CFR 243; 17 CFR 249

Legal Deadline: None

Abstract: The Commission adopted new rules concerning selective 
disclosure of material, nonpublic information by issuers, and 
addressing two issues under insider trading law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/28/99                    64 FR 72590
Comment Period Extended to 04/
28/2000                         03/27/00                    65 FR 16160
NPRM Comment Period End         03/29/00
Final Rule                      08/24/00                    65 FR 51716
Final Rule Effective            10/23/00

[[Page 75012]]

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Richard Levine, Office of the General Counsel, 
Securities and Exchange Commission
Phone: 202 942-0890
Fax: 202 942-9625

RIN: 3235-AH82
[FR Doc. 00-27365 Filed 11-29-00]
BILLING CODE 8010-01-S