[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 26617]]

Part LXI





Securities and Exchange Commission





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 26618]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-7968, 34-44154, 35-27373, 39-2389, IC-24926, IA-1936, 
File No. S7-09-01]

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 March 30, 
2001, 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 June 29, 2001.

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. S7-09-01 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 that 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 that the Commission is reviewing in 2001 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.

Dated:  April 5, 2001.

By the Commission.

 Jonathan G. Katz,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4439        Industry Guide 3-Statistical Disclosure by Bank Holding Companies...................     3235-AI10
4440        Asset-Backed Securities Disclosure..................................................     3235-AF74
4441        Streamlining Rule 144...............................................................     3235-AH13
4442        Disclosure of Equity Compensation Plan Information..................................     3235-AI01
4443        Revision of Multijurisdictional Disclosure System...................................     3235-AH99
4444        Mandated EDGAR Filing for Foreign Issuers...........................................     3235-AI08
4445        Updating the Regulation A Offering Circular.........................................     3235-AH87
4446        Financial Reporting and Blank Check Companies.......................................     3235-AH88
4447        Lock-Up Agreements..................................................................     3235-AI09
4448        Securities Act Communications Reform................................................     3235-AI11
----------------------------------------------------------------------------------------------------------------


[[Page 26619]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4449        Addressing Abuses of Form S-8 by Companies Using Consultants To Raise Capital.......     3235-AG94
4450        Revisions to Rules Governing Options Disclosure Document............................     3235-AH31
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4451        Integration of Abandoned Offerings..................................................     3235-AG83
4452        Delivery of Proxy Statements and Information Statements to Households...............     3235-AH66
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4453        Books and Records To Be Maintained by Investment Advisers...........................     3235-AH24
4454        Custody or Possession of Funds or Securities of Clients.............................     3235-AH26
4455        Principal Transactions With Investment Advisory Clients.............................     3235-AH34
4456        Exemption for Investment Advisors Operating Through the Internet....................     3235-AI15
4457        Certain Thrift Institutions Deemed Not To Be Investment Advisers....................     3235-AI16
4458        Shareholder Report and Financial Statement Revisions................................     3235-AG64
4459        Proposed Amendments in Investment Company Advertising Rules.........................     3235-AH19
4460        Deposits of Securities in Securities Depositories...................................     3235-AG71
4461        Affiliate Transaction Rule Amendments...............................................     3235-AH80
4462        Mergers of Certain Affiliated Investment Companies..................................     3235-AH81
4463        Electronic Recordkeeping by Investment Companies and Investment Advisers............     3235-AI05
4464        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies......     3235-AF93
4465        Amendments to the Cash Solicitation Rule............................................     3235-AH33
4466        Rulemaking for EDGAR System.........................................................     3235-AI18
4467        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries     3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.....................
4468        Electronic Recordkeeping By Public Utility Holding Companies........................     3235-AI12
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4469        Political Contributions by Certain Investment Advisers..............................     3235-AH72
4470        Certain Broker-Dealers Not Deemed To Be Investment Advisers.........................     3235-AH78
4471        Amendments to Form ADV..............................................................     3235-AI17
4472        Treatment of Repurchase Agreements and Refunded Securities as an Acquisition of the      3235-AH56
            Underlying Securities...............................................................
4473        Exemption for the Acquisition of Securities During the Existence of an Underwriting      3235-AH57
            or Selling Syndicate................................................................
4474        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
----------------------------------------------------------------------------------------------------------------
4475        Electronic Recordkeeping Rules......................................................     3235-AI14
4476        Exemption for Subsidiaries Organized To Finance Operations of Domestic or Foreign        3235-AE95
            Companies; Certain Prima Facie Investment Companies.................................

[[Page 26620]]

 
4477        Exemption From Section 101(c)(1) of the Electronic Signatures in Global and National     3235-AH93
            Commerce Act for Registered Investment Companies....................................
4478        Insurance Products: Equity Index Insurance Products Concept Release.................     3235-AH23
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4479        Role of Independent Directors of Investment Companies...............................     3235-AH75
4480        Electronic Filing by Investment Advisers; Amendments to Form ADV; Technical              3235-AI04
            Amendments..........................................................................
4481        Investment Company Names............................................................     3235-AH11
4482        Mutual Fund Fee Disclosure..........................................................     3235-AI00
4483        Mutual Fund After-Tax Returns.......................................................     3235-AH77
4484        Status of Subsidiary Companies Formed To Hold Interests in Foreign Utility Companies     3235-AF79
----------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4485        Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global      3235-AI02
            and National Commerce Act...........................................................
4486        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
----------------------------------------------------------------------------------------------------------------
4487        Net Capital Rule: Customer Protection Rule..........................................     3235-AH05
4488        Risk Assessment Recordkeeping and Reporting Requirement.............................     3235-AH06
4489        Exemption of Certain Foreign Brokers and Dealers....................................     3235-AH17
4490        Untimely Announcement of Record Dates...............................................     3235-AH38
4491        Proposed Rule Changes of ``Self-Regulatory Organizations''..........................     3235-AI06
4492        Methods of Determining Market Capitalization and Dollar Value of Average Daily           3235-AI13
            Trading Volume; Application of the Definition of Narrow Based Security Index........
4493        Purchases of Certain Equity Securities by the Issuers and Others....................     3235-AH37
4494        Exemption From Exchange Act Section 11(d)(1) for Securities of Foreign Issuers Sold      3235-AH58
            on an Installment Basis.............................................................
4495        Net Capital Rule Concept Release....................................................     3235-AH29
4496        Concept Release: Short Sales........................................................     3235-AH84
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4497        Net Capital Requirements for Brokers or Dealers.....................................     3235-AD79
4498        Market Risk Haircuts for Instruments Subject to Interest Rate Risk..................     3235-AG18
4499        Amendments to Rules 17a-3 and 17a-4 Under the Securities Exchange Act of 1934.......     3235-AH04
4500        Proposed Amendments to Transfer Agent Rules.........................................     3235-AG24
4501        Electronic Submission of Securities Transaction Information by Exchange Members,         3235-AH69
            Brokers, and Dealers................................................................
4502        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..
4503        Tender and Reorganization Agents....................................................     3235-AH53

[[Page 26621]]

 
4504        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally       3235-AH28
            Recognized Statistical Rating Organization..........................................
4505        Publication or Submission of Quotations Without Specified Information...............     3235-AH40
4506        Destruction of Cancelled Securities Certificates....................................     3235-AH54
4507        Recordkeeping Requirements for Transfer Agents......................................     3235-AH74
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4508        Large Trader Reporting System.......................................................     3235-AE42
4509        Definition of Terms in Sections 3(a)(4) and 3(a)(5) of the Securities and Exchange       3235-AI19
            Act of 1934.........................................................................
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4510        Amendment to Rule 11Ac1-1...........................................................     3235-AH00
4511        Amendments to National Market System Plan...........................................     3235-AH92
4512        Disclosure of Order Routing and Execution Practices.................................     3235-AH95
4513        The Firm Quote and Trade-Through Disclosure Rules for Options.......................     3235-AH96
4514        Amendments to Rule 9b-1 Under the Securities Exchange Act of 1934 (''Exchange Act'')     3235-AH30
            Relating to the Options Disclosure Document.........................................
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4515        International Accounting Standards..................................................     3235-AH65
4516        Management Reports on Internal Controls.............................................     3235-AH97
4517        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
----------------------------------------------------------------------------------------------------------------
4518        Supplemental Financial Information..................................................     3235-AH86
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4519        Auditor Independence................................................................     3235-AH91
4520        Adjustments to Civil Monetary Penalties.............................................     3235-AI07
----------------------------------------------------------------------------------------------------------------


[[Page 26622]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4439.  INDUSTRY GUIDE 3-STATISTICAL DISCLOSURE BY BANK HOLDING 
COMPANIES

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

Legal Authority: 5 USC 77a et seq; 5 USC 78a et seq

CFR Citation: 17 CFR 229; 17 CFR 231; 17 CFR 241

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Securities Act Industry Guide 3 and Exchange Act 
Industry Guide 3, Statistical Disclosure by Banking Holding Companies, 
to update it and apply it more broadly to registrants engaging in 
lending, investing, or deposit-taking activities, rather than just to 
banks and bank holding companies. The revisions also would likely take 
into account changes in financial reporting rules and the increasingly 
diverse lending and investing activities that expose registrants to 
credit risk.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Carol Stacey, Securities and Exchange Commission, 
Division of Corporation Finance
Phone: 202 942-2960

RIN: 3235-AI10
_______________________________________________________________________




4440. 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                            12/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Christine Bianchine, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AF74
_______________________________________________________________________




4441. 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
Second NPRM                     09/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AH13
_______________________________________________________________________




4442. DISCLOSURE OF EQUITY 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 Commission has proposed amendments to Regulations S-K and 
S-B, Regulations 14A and 14C, and Forms 10K and 10KSB that will require 
annual disclosure of the total number of securities authorized for 
issuance under a registrant's employee stock plans, whether or not 
approved by shareholders, and certain related information.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/01/01                     66 FR 8732
NPRM Comment Period End         04/02/01
Final Action                    07/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AI01
_______________________________________________________________________




4443. REVISION OF MULTIJURISDICTIONAL 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

[[Page 26623]]

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                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Mary Cascio, 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
_______________________________________________________________________




4444.  MANDATED EDGAR FILING FOR FOREIGN ISSUERS

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 232

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments that would require foreign issuers to file 
electronically on EDGAR their Securities Act and Exchange Act 
registration statements and their Exchange Act reports and other 
documents. Thus far, foreign issuers have only voluntarily filed their 
securities documents on EDGAR. By extending mandated EDGAR filing rules 
to foreign issuers, we hope to achieve the same efficiencies in 
information dissemination sought when we adopted the mandated EDGAR 
filing regime for domestic issuers in 1993.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Elliot Staffin, Securities and Exchange Commission, 
Division of Corporation Finance
Phone: 202 942-2990

RIN: 3235-AI08
_______________________________________________________________________




4445. 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

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-AH87
_______________________________________________________________________




4446. 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
_______________________________________________________________________




4447.  LOCK-UP AGREEMENTS

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 240

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose a new rule under the Securities Act to clarify how to register 
securities that acquiring companies issue to certain target security 
holders who enter into lock-up agreements in connection with 
acquisition transactions. We also would propose corresponding 
exemptions from certain Exchange Act rules to allow for the execution 
of lock-up agreements without violation of the applicable rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI09
_______________________________________________________________________




4448.  SECURITIES ACT COMMUNICATIONS REFORM

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

Legal Authority: 5 USC 77a et seq

CFR Citation: Not Yet Determined

[[Page 26624]]

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose modifications to the Securities Act restrictions on 
communications by issuers and underwriters around the time of a 
registered offering. The Division is focusing on the section 5 
restrictions on pre-filing offers and free writing and the Securities 
Act rules that permit limited types of communication during those 
periods. In addition, the Division is examining the requirements for 
delivery of final prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Anita Klien, Securities and Exchange Commission, 
Division of Corporation Finance
Phone: 202 942-2980

RIN: 3235-AI11
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4449. 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
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                    03/00/02

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
_______________________________________________________________________




4450. 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                    03/00/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Raymond A. Be, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AH31
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4451. INTEGRATION OF ABANDONED OFFERINGS

Priority: Substantive, Nonsignificant

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

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

Legal Deadline: None

Abstract: The Commission adopted new Rule 155 under the Securities Act 
to provide safe harbors for a registered offering following an 
abandoned private offering, or a private offering following an 
abandoned registered offering, without integrating the registered and 
private offerings in either case. This new rule is intended to enhance 
an issuer's ability to switch with a private

[[Page 26625]]

offering to registered offering, or vice versa, in response to changing 
market conditions. To facilitate reliance on the public-to-private safe 
harbor, the Commission amended Securities Act Rule 477 to provide 
automatic effectiveness for any application to withdraw an entire 
registration statement before it becomes effective unless the 
Commission objects within 15 days after the issuer files that 
application. The Commission also amended Rules 429 and 457 to move 
provisions addressing the offset of filing fees to Rule 457. We also 
amended Rule 457 to permit filing fees to be offset from withdrawn 
registration statements and to provide other technical changes to 
calculation of filing fees. These amendments, along with new Rule 155, 
are intended to reduce the financial risk of a registered offering that 
is withdrawn.

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                    64 FR 15143
NPRM Comment Period End         04/05/99
NPRM Comment Period Extended    06/30/99
Final Action                    02/05/01                     66 FR 8887
Final Action Effective          03/07/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AG83
_______________________________________________________________________




4452. DELIVERY OF PROXY STATEMENTS AND INFORMATION STATEMENTS TO 
HOUSEHOLDS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78n

CFR Citation: 17 CFR 240.14a-3; 17 CFR 240.14c-3

Legal Deadline: None

Abstract: The Commission adopted 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                    11/02/00                    65 FR 65736
Final Action Effective          12/04/00

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: 202 942-2910

RIN: 3235-AH66
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4453. 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                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AH24
_______________________________________________________________________




4454. 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                            12/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AH26
_______________________________________________________________________




4455. 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

[[Page 26626]]

investment advisers may enter into principal transactions with their 
clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Karen Goldstein, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0716

RIN: 3235-AH34
_______________________________________________________________________




4456.  EXEMPTION FOR INVESTMENT ADVISORS OPERATING THROUGH THE 
INTERNET

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

Legal Authority: 15 USC 80b-3a(c)

CFR Citation: 17 CFR 275.203A-2

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending a proposal to the Commission to permit certain 
investment advisers operating through the internet to register with the 
Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

RIN: 3235-AI15
_______________________________________________________________________




4457.  CERTAIN THRIFT INSTITUTIONS DEEMED NOT 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

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending a proposal to the Commission to except from 
the definition of investment adviser thrift institutions providing 
investment advice to certain clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: 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-AI16
_______________________________________________________________________




4458. 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 Division of Investment Management is considering whether 
to recommend that the Commission propose revisions to improve 
investment company shareholder reports, including enhancing disclosure 
of fee information and revising the portfolio holdings disclosure 
requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG64
_______________________________________________________________________




4459. 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

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                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Kimberly Browning, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AH19
_______________________________________________________________________




4460. 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 for 
custody of the assets of management investment companies. The 
amendments would,

[[Page 26627]]

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                            05/00/01

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
_______________________________________________________________________




4461. AFFILIATE TRANSACTION RULE AMENDMENTS

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f)

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 
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                            09/00/01

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
_______________________________________________________________________




4462. 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                            04/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH81
_______________________________________________________________________




4463.  ELECTRONIC RECORDKEEPING BY INVESTMENT COMPANIES AND 
INVESTMENT ADVISERS

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

Legal Authority: 15 USC 80a-30, 80a-37(a), 80b-4, 80b-6(4)

CFR Citation: 17 CFR 270.31a2; 17 CFR 275.204-2

Legal Deadline: Other, Statutory, March 1, 2001, Under the Electronic 
Signatures in Global and National Commerce Act of 2000, an agency can 
announce, propose or initiate rulemaking with respect to its 
recordkeeping provisions by March 1, 2001.

Abstract: The Commission announced on March 1, 2001, that the staff of 
the Division of Investment Management is considering proposals to its 
recordkeeping rules for investment companies and investment advisers. 
Subsequently, the Commission has proposed that Rule 31a-2 under the 
Investment Company Act of 1940 and Rule 204-2 under the Investment 
Advisers Act of 1940 be amended to permit registered investment 
companies and registered investment advisers to maintain and preserve 
required records on electronic media regardless of whether they were 
originally created or received by the investment company or adviser in 
an electronic format. The Commission is proposing these rule amendments 
in response to the enactment of the Electronic Signatures in Global and 
National Commerce Act of 2000, which encourages Federal agencies to 
accommodate electronic recordkeeping.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/19/01                    66 FR 15369
NPRM Comment Period End         04/19/01
Final Action                    06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: William Clark Middlebrooks, Attorney, Office of 
Regulatory Policy, Securities and Exchange Commission, Stop 0506, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-0690

RIN: 3235-AI05
_______________________________________________________________________




4464. 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

[[Page 26628]]

amend Form N-SAR, the semiannual report for registered investment 
companies, to update the items of the form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/02

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
_______________________________________________________________________




4465. 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                            12/00/01

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
_______________________________________________________________________




4466.  RULEMAKING FOR EDGAR SYSTEM

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

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 
77s(a); 15 USC 78c; 15 USC 781; 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: In connection with the ongoing modernization of the 
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, the 
staff is considering recommending that the Commission propose 
amendments to existing rules and forms to make technical and clarifying 
corrections and to expand the categories of mandatory electronic 
filings to include investment company exemptive applications and 
certain other investment company filings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Shaswat K. Das, Senior Counsel, Division of Investment 
Management, Securities and Exchange Commission
Phone: 202 942-0650

RIN: 3235-AI18
_______________________________________________________________________




4467. 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: Proposed rule 55 is intended to provide a safe harbor for 
those acquisitions of one or more foreign utility companies by a 
registered holding company that meet specified criteria. Proposed rule 
56, previously considered in RIN 3235-AF79, 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 a foreign utility 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
Second NPRM                     02/07/01                     66 FR 9247
Second NPRM Comment Period End  04/09/01
Next Action                     03/00/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Additional Information: Related to RIN 3235-AF79

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

RIN: 3235-AF78
_______________________________________________________________________




4468.  ELECTRONIC RECORDKEEPING BY PUBLIC UTILITY HOLDING 
COMPANIES

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

Legal Authority: 15 USC 79o; 15 USC 79t

CFR Citation: 17 CFR 257.1

Legal Deadline: Other, Statutory, March 1, 2001, Under the Electronic 
Signatures in Global and National Commerce Act of 2000, an agency can 
announce, propose, or initiate rulemaking with respect to its 
recordkeeping provisions by March 1, 2001.

Abstract: The Commission announced on March 1, 2001, that the staff of 
the Division of Investment Management is considering proposals to the 
Commission to revise and update the

[[Page 26629]]

recordkeeping requirements for Public Utility Holding Companies to 
include the usage of electronic media. Subsequently, the Commission has 
proposed rule amendments that would expand the approved recordkeeping 
methods to allow the use of modern information technology.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/23/01                    66 FR 16158
NPRM Comment Period End         04/23/01
Final Action                    06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Victoria J. Adraktas, Office of Public Utility 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0545

RIN: 3235-AI12
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4469. 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 2 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                    08/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH72
_______________________________________________________________________




4470. 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, 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/10/99                    64 FR 61226
NPRM Comment Period End         01/14/00
Final Action                    08/00/01

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
_______________________________________________________________________




4471.  AMENDMENTS TO FORM ADV

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

Legal Authority: 15 USC 80b-4, 80b-6(4), 80bll(a), 80b-3(c)(1); 15 USC 
77s(a); 15 USC 78(a), 78bbb(e)(2); 15 USC 77sss(a); 15 USC 78(s)-37(a)

CFR Citation: 17 CFR 275.204-2; 17 CFR 275.204-3; 17 CFR 275.206(4)-4; 
17 CFR 279.1

Legal Deadline: None

Abstract: Last year, the Commission proposed amendments to Form ADV and 
related rules to create an electronic filing system for investment 
advisers and to improve the quality of information that advisers must 
provide to clients and prospective clients. The proposed amendments to 
Form ADV and the final amendments to Part 1 of Form ADV were published 
under RIN 3235-AD21. The Commission deferred adoption of the final 
amendments to Part 2 of Form ADV, however. Final action on amendments 
to Part 2 of the Form ADV (and related rules), if approved by the 
Commission, will be published under the new RIN.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/05/00                    65 FR 20524
NPRM Comment Period End         06/13/00
Final Action                    05/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Marticha L. Cary, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, Room 5013, 450 5th Street NW, Washington, DC 20549

[[Page 26630]]

Phone: 202 942-0716
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________




4472. 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 5b-3 that would permit 
investment companies to ``look through'' specific repurchase agreements 
to the securities that collateralize them for the purposes of section 
5(b)(1) 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(b)(1) 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                    04/00/01

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
_______________________________________________________________________




4473. EXEMPTION FOR THE ACQUISITION OF SECURITIES DURING THE EXISTENCE 
OF AN UNDERWRITING OR SELLING 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 Commission proposed amendments to Rule 10f-3 under the 
Investment Company Act (i) to permit investment companies to purchase 
Government securities during the existence of an underwriting or 
selling syndicate in which an affiliate is participating and (ii) for 
purposes of calculating the rule's percentage limit to require 
aggregation of the purchase made by an investment company in reliance 
on the rule with purchases by any other investment company advised by 
the investment company's investment adviser and any other account over 
which the adviser exercises control.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/06/00                    65 FR 76189
NPRM Comment Period End         02/15/01
Final Action                    08/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH57
_______________________________________________________________________




4474. INSURANCE PRODUCTS: NEW FORM N-6 FOR REGISTRATION OF SEPARATE 
ACCOUNTS OFFERING VARIABLE LIFE INSURANCE CONTRACTS

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

Legal Authority: 15 USC 77a et seq; 15 USC 80a-1 et seq; 15 USC 77g; 15 
USC 77j; 15 USC 77s; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-37

CFR Citation: Not Yet Determined

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/23/98                    63 FR 13988
NPRM Comment Period End         07/01/98
Final Action                    05/00/01

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

[[Page 26631]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4475.  ELECTRONIC RECORDKEEPING RULES

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

Legal Authority: 15 USC 80a; 15 USC 80b; 15 USC 79; 15 USC 78a

CFR Citation: 17 CFR 270.31a-2; 17 CFR 275.204-2; 17 CFR 257.1; 17 CFR 
240.17a-4; 17 CFR 240.17a-3; 17 CFR 240.17Aa-7

Legal Deadline: Other, Statutory, March 1, 2001, Under the Electronic 
Signatures in Global and National Commerce Act of 2000, an agency can 
announce, propose, or initiate rulemaking with respect to its 
recordkeeping provisions by March 1, 2001.

Abstract: Under the Federal securities laws, regulated entities, 
including registered broker-dealers, transfer agents, investment 
companies, and investment advisers, and public utility holding 
companies, must keep certain records of their activities. The 
Commission currently allows these entities to keep certain records 
electronically, subject to standards designed to protect investors' 
interests, the financial stability of regulated entities, and generally 
to further the purposes of the Federal securities laws. The Electronic 
Signatures in Global and National Commerce Act of 2000 (``ESign'') is 
intended to remove unnecessary impediments to the use of electronic 
records in commerce, while preserving the ability of agencies like the 
Commission to reconcile ESign's policy with the statutes they 
administer. The Commission will act shortly to provide interpretive 
guidance and, where appropriate, propose or adopt rules consistent with 
ESign.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/01/01
Next Action                      To Be                       Determined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Additional Information: This action has been jointly prepared by the 
staffs from the Divisions of Investment Management, and Market 
Regulation and Corporation Finance

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

Randall W. Roy, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0798

David Sieradzki, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0135
Email: [email protected]

Mark Borges, Office of Rulemaking, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2900

RIN: 3235-AI14
_______________________________________________________________________




4476. 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: Next Action Undetermined

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
_______________________________________________________________________




4477. 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: Paul Cellupica, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AH93
_______________________________________________________________________




4478. 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

[[Page 26632]]

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
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4479. ROLE OF INDEPENDENT DIRECTORS OF INVESTMENT COMPANIES

Priority: Substantive, Nonsignificant

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 adopted new rules and form amendments 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 form amendments 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                    01/02/01                     66 FR 3734
Final Action Effective          02/15/01
Final Action Effective 
(Rescission of 270.2a19-1)      05/12/01

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-AH75
_______________________________________________________________________




4480.  ELECTRONIC FILING BY INVESTMENT ADVISERS; AMENDMENTS TO 
FORM ADV; TECHNICAL AMENDMENTS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80b-3(c)(1), 80b-11(a), 80b-4; 15 USC 77s(a); 
15 USC 78w(a) and 78bb(e)(2); 15 USC 77sss(a); 15 USC 78a-37(a)

CFR Citation: 17 CFR 275.203-1, 203-3, 204-1; 17 CFR 279.1, 279.2, 
279.3, 279.4

Legal Deadline: None

Abstract: The Commission made technical revisions to forms and rules 
under the Investment Advisers Act of 1940, correcting amendments 
adopted in September 2000.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/21/00                    65 FR 81737
Final Action Effective          01/01/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3235-AI04
_______________________________________________________________________




4481. INVESTMENT COMPANY NAMES

Priority: Substantive, Nonsignificant

Legal Authority: PL 104-290, sec 208

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

Legal Deadline: None

Abstract: The Commission adopted a rule that requires a registered 
investment company with a name that suggests certain investments to 
invest at least 80 percent of its assets in the types of investments 
suggested by its name.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/27/97                    62 FR 10955
NPRM Comment Period End         06/09/97
Final Action                    02/01/01                     66 FR 8509
Final Action Effective          03/31/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH11
_______________________________________________________________________




4482. MUTUAL FUND FEE DISCLOSURE

Priority: Substantive, Nonsignificant

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

[[Page 26633]]

Legal Deadline: None

Abstract: The Commission is withdrawing this item from the Agenda 
because it will be considered in connection with RIN 3235-AG64

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Merged With RIN 3235-AG64       04/01/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

RIN: 3235-AI00
_______________________________________________________________________




4483. MUTUAL FUND AFTER-TAX RETURNS

Priority: Substantive, Nonsignificant

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 adopted form and rule amendments that 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 amendments also require funds to include 
standardized after tax returns in advertisements and other sales 
materials that either include after-tax returns or that represent or 
imply that the fund is managed to limit or control the effect of taxes 
on performance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/22/00                    65 FR 15500
NPRM Comment Period End         06/30/00
Final Action                    02/05/01                     66 FR 9002
Final Action Effective          04/16/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH77
_______________________________________________________________________




4484. 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 Division is withdrawing this proposed rule which would 
have clarified 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. This proposal will be considered in connection with RIN 3235-
AF78.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/08/93                    58 FR 13719
NPRM Comment Period End         04/14/93
Withdrawn                       04/01/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Additional Information: This RIN is being withdrawn because the project 
is merged with 3235-AF78

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

RIN: 3235-AF79
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)                  Prerule Stage


Division of Market Regulation



_______________________________________________________________________




4485. 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 2 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 2 business days after receiving the 
agreement to execute a penny stock transaction for a customer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/00/01

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

[[Page 26634]]

_______________________________________________________________________




4486. 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                           06/00/01

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



_______________________________________________________________________




4487. 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                            05/00/01

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
_______________________________________________________________________




4488. 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 2001.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/01

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
_______________________________________________________________________




4489. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kenneth M. Rosen, Office of the Chief Counsel, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0096
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH17

[[Page 26635]]

_______________________________________________________________________




4490. 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                            06/00/01

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
_______________________________________________________________________




4491.  PROPOSED RULE CHANGES OF ``SELF-REGULATORY 
ORGANIZATIONS''

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 77z-3; 15 USC 77eee; 15 USC 77ggg; 15 
USC 77nnn; 15 USC 77sss; 15 USC 77ttt; 15 USC 78a; 15 USC 78c; 15 USC 
78d; 15 USC 78f; 15 USC 78i; 15 USC 78j; 15 USC 78j-1; 15 USC 78d; 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 78dd; 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 240.19b-6; 17 CFR 249.818; 17 CFR 249.820

Legal Deadline: None

Abstract: The Securities and Exchange Commission is proposing to adopt 
Rule 19b-6 to streamline the self-regulatory organization rule filing 
process. Proposed Rule 19b-6 would (1) require the Commission to 
publish proposed self-regulatory organization rules within a set time 
period after the proposed rules are filed with the Commission and (2) 
permit a greater number of self-regulatory organization rules to become 
effective upon filing.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/05/01                     66 FR 8912
NPRM Comment Period End         04/06/01
Final Action                    07/00/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Jack Drogin, Assistant Director, Securities and 
Exchange Commission, Division of Market Regulation
Phone: 202 942-0163

RIN: 3235-AI06
_______________________________________________________________________




4492.  METHODS OF DETERMINING MARKET CAPITALIZATION AND DOLLAR 
VALUE OF AVERAGE DAILY TRADING VOLUME; APPLICATION OF THE DEFINITION OF 
NARROW BASED SECURITY INDEX

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

Legal Authority: 15 USC 78c

CFR Citation: 17 CFR 240.3a55-1; 17 CFR 240.3a55-2

Legal Deadline: None

Abstract: Proposed Rule 3a55-1 will provide methods of calculating 
market capitalization and dollar value of average daily trading volume 
for purposes of determining whether a securities index is narrow-based 
pursuant to the definition in the Commodity Futures Modernization Act 
of 2000. Proposed Rule 3a55-2 will exempt from the definition of a 
narrow-based index certain securities indexes that have traded on 
futures markets for less than 30 days.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Sapna C. Patel, Office of Market Supervision, 
Securities and Exchange Commission
Phone: 202 942-0166
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AI13
_______________________________________________________________________




4493. 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 manner, timing, 
price, and volume conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01

Regulatory Flexibility Analysis Required: No

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

[[Page 26636]]

_______________________________________________________________________




4494. 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 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                            02/00/02

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
_______________________________________________________________________




4495. 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                            05/00/01

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
_______________________________________________________________________




4496. 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                            05/00/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Gregory J. Dumark, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-4176
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH84

[[Page 26637]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4497. 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                    05/00/01

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-AD79
_______________________________________________________________________




4498. 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              05/00/01

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
_______________________________________________________________________




4499. 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
Second NPRM                     10/09/98                    63 FR 54404
Second NPRM Comment Period End  11/09/98
Final Action                    05/00/01

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
_______________________________________________________________________




4500. 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,

[[Page 26638]]

that may be caused by poor turnaround performance, substandard or 
inaccurate recordkeeping practices, and inadequate safekeeping 
procedures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/08/94                    59 FR 63662
NPRM Comment Period End         02/06/95
Final Action                    06/00/01

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
_______________________________________________________________________




4501. ELECTRONIC SUBMISSION OF SECURITIES TRANSACTION INFORMATION 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 require registered broker-dealers to submit securities 
transaction information 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 transaction information 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                    06/00/01

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
_______________________________________________________________________




4502. 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                    06/00/01

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: Nancy Sanow, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0796
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH76
_______________________________________________________________________




4503. 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 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                    12/00/01

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

[[Page 26639]]

_______________________________________________________________________




4504. 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                    05/00/01

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
_______________________________________________________________________




4505. PUBLICATION OR SUBMISSION 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 and manipulation 
in the microcap securities market, the Division submitted for 
Commission consideration final amendments to Rule 15c2-11. These 
amendments would limit the Rule's piggyback provision and increase 
public availability of issuer information. The amendments would 
modestly expand the information review requirements for non-reporting 
issuers and the documentation required for significant relationships 
between the broker-dealer and the issuer of the security to be quoted. 
Finally the amendments would exclude from the rule securities of 
larger, more liquid issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Second NPRM                     03/08/99                    64 FR 11124
Second NPRM Comment Period End  04/07/99
Second NPRM Comment Period 
Extended to                     05/08/99                    64 FR 18393
Final Action                    06/00/01

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
_______________________________________________________________________




4506. 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                    05/00/01

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
_______________________________________________________________________




4507. 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                    05/00/01

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 26640]]

_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4508. 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
_______________________________________________________________________




4509.  DEFINITION OF TERMS IN SECTIONS 3(A)(4) AND 3(A)(5) OF 
THE SECURITIES AND EXCHANGE ACT OF 1934

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

Legal Authority: PL 106-102

CFR Citation: 17 CFR 240.3a4-2; 17 CFR 240.3a4-3; 17 CFR 240.3a-51; 17 
CFR 240.3b-17; 17 CFR 240.3b-18

Legal Deadline: Other, Statutory, May 12, 2001, Title II of the Gramm-
Leach-Bliley Act requires banks to shift certain securities activities 
to registered broker-dealers by May 12, 2001.

Abstract: The Commission is considering issuing guidance to the meaning 
of terms added to the Securities Exchange Act of 1934 by the Gramm-
Leach-Bliley Act of 1999.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0098
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AI19
_______________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4510. AMENDMENT TO RULE 11AC1-1

Priority: Substantive, Nonsignificant

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/29/96                    61 FR 48333
Final Action                    09/12/96                    61 FR 48290
NPRM Comment Period End         11/12/96
Final Action Effective          01/10/97

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John Polise, Office of Market Structure, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0068
Fax: 202 942-9643
Email: [email protected]

RIN: 3235-AH00
_______________________________________________________________________




4511. AMENDMENTS TO NATIONAL MARKET SYSTEM PLAN

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78k-1(a)(3)(B)

CFR Citation: 17 CFR 240.11Aa3-2

Legal Deadline: None

Abstract: The Commission adopted 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                    11/27/00                    65 FR 75563
Final Action Effective          02/01/01

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John Roeser, Office of Market Supervision, Division of 
Market

[[Page 26641]]

Regulation, Securities and Exchange Commission
Phone: 202 942-0762
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH92
_______________________________________________________________________




4512. DISCLOSURE OF ORDER ROUTING AND EXECUTION PRACTICES

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

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 adopted two rules to improve public disclosure 
of order routing and execution practices. Under Rule 11Ac1-5 of the 
Securities Exchange Act of 1934 (``Exchange Act'') market centers that 
trade national market system securities are required to make electronic 
reports relating to execution quality publicly available. Under Rule 
11Ac1-6 of the Exchange Act, broker-dealers that route orders in equity 
securities and options on behalf of customers are required 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                    12/01/00                    65 FR 75414
Final Action Effective (Rule 
llAcl-5)                        04/02/01
Final Action Effective (Rule 
llAcl-6)                        07/02/01

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
_______________________________________________________________________




4513. THE FIRM QUOTE AND TRADE-THROUGH DISCLOSURE RULES FOR OPTIONS

Priority: Substantive, Nonsignificant

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 adopted amendments to Rule 11Ac1-1 under the 
Securities Exchange Act of 1934 (``Exchange Act'') that require options 
exchanges and options market makers to publish firm quotes. In 
addition, the Commission adopted Rule 11Ac1-7, which requires 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                    11/17/00                    65 FR 75439
Final Action Effective          02/01/01

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
_______________________________________________________________________




4514. AMENDMENTS TO RULE 9B-1 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
(``EXCHANGE ACT'') RELATING TO THE OPTIONS DISCLOSURE DOCUMENT

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.9b-1

Legal Deadline: None

Abstract: The Commission adopted amendments to Exchange Act Rule 9b-1, 
which requires that an Options Disclosure Document (ODD) be sent to a 
customer opening an options account. The amendments make certain 
technical changes and codify practice as it has evolved over time. In 
paragraph (a)(3) of the Rule, the definition of ``Options Disclosure 
Document'' has been amended to explicitly state that amendments and 
supplements to the ODD are included as part of the ODD. Paragraphs 
(b)(2)(i), (b)(2)(ii), (c)(2), and (c)(3) have been amended to better 
reflect the type of information appropriately included in the ODD. 
Paragraphs (c)(4) and (c)(7) have been similarly amended. Paragraphs 
(d)(1)and (d)(2) have been amended to reflect a revised definition of 
``definitive options disclosure document.'' Finally, Paragraphs (d)(2) 
has been amended to make it consistent with technical changes to 
paragraphs (b)(2)(i) and (b)(2)(ii).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/01/98                    63 FR 36136
NPRM Comment Period End         07/31/98
Final Action                    10/26/00                    65 FR 64137

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Nancy J. Sanow, Office of Risk Management and Market 
Supervision, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0796
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH30

[[Page 26642]]

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4515. 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                            06/00/01

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
_______________________________________________________________________




4516. 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                            06/00/01

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
_______________________________________________________________________




4517. 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                            04/00/01

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
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SECURITIES AND EXCHANGE COMMISSION (SEC)               Final Rule Stage


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4518. 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                    04/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

[[Page 26643]]

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

RIN: 3235-AH86
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SECURITIES AND EXCHANGE COMMISSION (SEC)              Completed Actions


Offices and Other Programs



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4519. AUDITOR INDEPENDENCE

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

Unfunded Mandates: This action may affect State, local or tribal 
governments.

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 adopted amendments to its auditor independence 
regulations. The rule relates 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                    11/21/00                    65 FR 76008

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Governmental Jurisdictions

Government Levels Affected: None

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
_______________________________________________________________________




4520.  ADJUSTMENTS TO CIVIL MONETARY PENALTIES

Priority: Substantive, Nonsignificant

Legal Authority: 28 USC 2461

CFR Citation: 17 CFR 201.1001; 17 CFR 201.1002; 17 CFR 201, subpart E

Legal Deadline: Final, Statutory, November 9, 2000, The Federal Civil 
Penalties Inflation Adjustment Act of 1990, as amended by the Debt 
Collection Improvement Act of 1996, requires the Commission to adjust 
the penalties for inflation every 4 years.

Abstract: On January 17, 2001, the Commission adopted a final rule 
adjusting the maximum amounts of the civil monetary penalties for the 
Securities Act of 1933, Securities Exchange Act of 1934, Investment 
Adviser Act of 1940, and the Investment Company Act of 1940. This rule 
implements the Federal Civil Penalties Inflation Adjustment Act of 
1990, as amended by the Debt Collection Improvement Act of 1996, which 
requires the Commission, at least once every 4 years, to adopt a 
regulation adjusting for inflation the maximum amount of civil monetary 
penalties provided for in statutes administered by the Commission. The 
purpose of the inflationary adjustment is that of maintaining the level 
of deterrence effectuated by the civil monetary penalties and not 
allowing such deterrent effect to be diminished by inflation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    01/17/01                     66 FR 8761
Final Action Effective          02/02/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Federal

Agency Contact: Scot E. Draeger, Office of General Counsel, Securities 
and Exchange Commission
Phone: 202 942-0852
Fax: 202 942-9625
Email: [email protected]

RIN: 3235-AI07
[FR Doc. 01-9496 Filed 05-11-01; 8:45 am]
BILLING CODE 8010-01-S
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