[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]


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Part LX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 34228]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8074, 34-45627, 35-27508, 39-2397, IC-25494, IA-2024, 
File No. S7-05-02]

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 22, 2002, 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.

DATES: Public comments are due by June 28, 2002.

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. S7-05-02 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: rule-
[email protected]. We will post electronically submitted comment letters 
on the Commission's web site 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 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: March 22, 2002.

By the Commission.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4009        Industry Guide 3--Statistical Disclosure by Bank Holding Companies..................     3235-AI10
4010        Asset-Backed Securities Disclosure..................................................     3235-AF74
4011        Streamlining Rule 144...............................................................     3235-AH13
4012        Accelerating Periodic Report Disclosure and Requiring Disclosure on Company Websites     3235-AI33
4013        Form 8-K Disclosure of Certain Management Transactions..............................     3235-AI43
4014        Discussion in Management's Discussion and Analysis of the Application of Critical        3235-AI44
            Accounting Policies.................................................................
4015        Mandated EDGAR Filing for Forms 3, 4, 5, and 144....................................     3235-AI26
4016        Revision of Multijurisdictional Disclosure System...................................     3235-AH99
4017        Updating the Regulation A Offering Circular.........................................     3235-AH87
4018        Financial Reporting and Blank Check Companies.......................................     3235-AH88
4019        Lock-Up Agreements..................................................................     3235-AI09
4020        Securities Act Communications Reform................................................     3235-AI11
4021        Additional Form 8-K Disclosure Requirements and Acceleration of Filing Date.........     3235-AI47
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4022        Addressing Abuses of Form S-8 by Companies Using Consultants To Raise Capital.......     3235-AG94
4023        Mandated EDGAR Filing for Foreign Issuers...........................................     3235-AI08

[[Page 34229]]


4024        Defining ``Qualified Purchasers''...................................................     3235-AI25
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4025        Disclosure of Equity Compensation Plan Information..................................     3235-AI01
4026        Amendment to Definition of ``Equity Security''......................................     3235-AI40
4027        Revisions to Rules Governing Options Disclosure Document............................     3235-AH31
4028        Requirements for Arthur Andersen LLP Auditing Clients...............................     3235-AI46
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF INVESTMENT MANAGEMENT--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4029        Actively Managed Exchange Traded Funds..............................................     3235-AI35
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4030        Books and Records To Be Maintained by Investment Advisers...........................     3235-AH24
4031        Custody or Possession of Funds or Securities of Clients.............................     3235-AH26
4032        Principal Transactions With Investment Advisory Clients.............................     3235-AH34
4033        Exemption for Certain Investment Advisers Operating Through the Internet............     3235-AI15
4034        Certain Thrift Institutions Deemed Not To Be Investment Advisers....................     3235-AI16
4035        Transactions of Investment Companies with Portfolio and Subadvisory Affiliates......     3235-AI28
4036        Exemption From Registration for Certain Commodity Pool Operators....................     3235-AI29
4037        Shareholder Report and Financial Statement Revisions................................     3235-AG64
4038        Proposed Amendments in Investment Company Advertising Rules.........................     3235-AH19
4039        Exemption for Investments in Money Market Funds.....................................     3235-AI30
4040        Exemption From Shareholder Approval for Certain Subadvisory Contacts................     3235-AH80
4041        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies......     3235-AF93
4042        Amendments to the Cash Solicitation Rule............................................     3235-AH33
4043        Rulemaking for EDGAR System.........................................................     3235-AI18
4044        Disclosure of Costs and Expenses for Variable Annuities.............................     3235-AI39
4045        Investment in Money Market Funds....................................................     3235-AI45
4046        Regional Transmission Organizations and Independent Transmission Companies..........     3235-AI27
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4047        Certain Broker-Dealers Not Deemed To Be Investment Advisers.........................     3235-AH78
4048        Amendments to Form ADV..............................................................     3235-AI17
4049        Custody of Investment Company Assets With a Securities Depository...................     3235-AG71
4050        Exemption for the Acquisition of Securities During the Existence of an Underwriting      3235-AH57
            or Selling Syndicate................................................................
4051        Mergers of Certain Affiliated Investment Companies..................................     3235-AH81
4052        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries     3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.....................
----------------------------------------------------------------------------------------------------------------


[[Page 34230]]


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4053        Political Contributions by Certain Investment Advisers..............................     3235-AH72
4054        Exemption From Section 101(c)(1) of the Electronic Signatures in Global and National     3235-AH93
            Commerce Act for Registered Investment Companies....................................
4055        Insurance Products: Equity Index Insurance Products Concept Release.................     3235-AH23
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4056        Insurance Products: New Form N-6 for Registration of Separate Accounts Offering          3235-AG37
            Variable Life Insurance Contracts...................................................
----------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4057        Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global      3235-AI02
            and National Commerce Act...........................................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4058        Risk Assessment Recordkeeping and Reporting Requirement.............................     3235-AH06
4059        Exemption of Certain Foreign Brokers and Dealers....................................     3235-AH17
4060        Purchases of Certain Equity Securities by the Issuers and Others....................     3235-AH37
4061        Exemption From Exchange Act Section 11(d)(1) for Securities of Foreign Issuers Sold      3235-AH58
            on an Installment Basis.............................................................
4062        Concept Release: Short Sales........................................................     3235-AH84
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4063        Amendments to Rules 15c3-3, 17a-3, 17a-4, 17a-5, 17a-7, 17a-11, and 17a-13 To            3235-AI32
            Recognize Security Futures Products.................................................
4064        Tender and Reorganization Agents....................................................     3235-AH53
4065        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally       3235-AH28
            Recognized Statistical Rating Organization..........................................
4066        Publication or Submission of Quotations Without Specified Information...............     3235-AH40
4067        Processing Requirements for Cancelled Securities Certificates.......................     3235-AH54
4068        Definition of Terms in and Specific Exemptions for Banks, Savings Associations, and      3235-AI19
            Savings Banks Under Sections 3(a)(4) and 3(a)(5) of the Securities and Exchange Act
            of 1934.............................................................................
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4069        Market Risk Haircuts for Instruments Subject to Interest Rate Risk..................     3235-AG18
4070        Net Capital Rule: Customer Protection Rule..........................................     3235-AH05
4071        Possible Amendment of Form BD.......................................................     3235-AI42

[[Page 34231]]


4072        Proposed Amendments to Transfer Agent Rules.........................................     3235-AG24
4073        Untimely Announcement of Record Dates...............................................     3235-AH38
4074        Customer Margin Rules Relating to Security Futures Products.........................     3235-AI22
4075        Request for Comments on the Effects of Decimal Trading in Sub-Pennies...............     3235-AI23
4076        Cash Settlement and Regulatory Halt Requirements for Security Future Products.......     3235-AI24
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4077        Amendments to Rule 31-1, Securities Exempt From Transaction Fees....................     3235-AI36
4078        Exemption of Transaction in Certain Options and Futures on Security Indexes From         3235-AI38
            Section 31 of the Exchange Act......................................................
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4079        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
----------------------------------------------------------------------------------------------------------------
4080        Supplemental Financial Information..................................................     3235-AH86
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4081        International Accounting Standards..................................................     3235-AH65
4082        Public Accountability Board.........................................................     3235-AI41
----------------------------------------------------------------------------------------------------------------


                                                    OFFICES AND OTHER PROGRAMS--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                             Date Withdrawn            Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AH97        Management Reports on Internal Controls                                                        03/05/2002   Withdrawn
--------------------------------------------------------------------------------------------------------------------------------------------------------


[[Page 34232]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4009. 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 them and apply them more broadly to registrants engaging in 
lending, investing, or deposit-taking activities, in addition 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                            06/00/02

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
_______________________________________________________________________




4010. 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                            12/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jeffrey Minton, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2910

RIN: 3235-AF74
_______________________________________________________________________




4011. 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                     09/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AH13
_______________________________________________________________________




4012.  ACCELERATING PERIODIC REPORT DISCLOSURE AND REQUIRING 
DISCLOSURE ON COMPANY WEBSITES

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 229.101(e); 17 CFR 240.12b-2; 17 CFR 240.13a-10; 
17 CFR 240.15d-10; 17 CFR 249.308a; 17 CFR 249.310

Legal Deadline: None

Abstract: The Commission proposed amendments to revise rules and forms 
that would accelerate the filing by some companies of their quarterly 
and annual Exchange Act reports and add a requirement that these 
companies post their Forms 10-K, 10-Q, and 8-K reports on their 
Internet websites, if they have one, as soon as reasonably practicable 
after they file or furnish their reports with the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19896
NPRM Comment Period End         05/23/02
Final Action                    07/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jeffrey Minton, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2910

RIN: 3235-AI33
_______________________________________________________________________




4013.  FORM 8-K DISCLOSURE OF CERTAIN MANAGEMENT TRANSACTIONS

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 230.144; 17 CFR 239.12; 17 CFR 239.13; 17 CFR 
239.16b; 17 CFR 249.308

Legal Deadline: None

Abstract: The Commission has proposed amendments that would

[[Page 34233]]

require some public companies to file current reports describing: 
Directors' and executive officers' transactions in company equity 
securities, directors' and executive officers' arrangements for the 
purchase and sale of company equity securities, and loans of money to a 
director or executive officer made or guaranteed by the company or an 
affiliate of the company.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19914
NPRM Comment Period End         06/24/02
Final Action                    08/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anne M. Krauskopf, Special Counsel, Securities and 
Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI43
_______________________________________________________________________




4014.  DISCUSSION IN MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
THE APPLICATION OF CRITICAL ACCOUNTING POLICIES

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

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

CFR Citation: 17 CFR 228.303; 17 CFR 229.303

Legal Deadline: None

Abstract: The Division is considering whether to recommend to the 
Commission to require a company to discuss the application of critical 
accounting policies that require subjective or complex accounting 
estimates, as well as the assumptions and methodology underlying them 
and their effect on the company's financial statements. The new 
disclosure would be included in the MD&A section of a company's annual 
registration statements and proxy and information statements with 
quarterly updates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anita Klein, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-2980
Fax: 202 942-9525

RIN: 3235-AI44
_______________________________________________________________________




4015. MANDATED EDGAR FILING FOR FORMS 3, 4, 5, AND 144

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 230; 17 CFR 232; 17 CFR 239

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments that would require persons to file electronically on 
EDGAR their Forms 3, 4, 5, and 144. This would make the information 
more readily available to the investing public.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Mark W. Green, Senior Special Counsel, Securities and 
Exchange Commission, Washington, DC 20549
Phone: 202 942-1940
Fax: 202 942-9624

RIN: 3235-AI26
_______________________________________________________________________




4016. 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 
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                            09/00/02

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
_______________________________________________________________________




4017. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

[[Page 34234]]

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

RIN: 3235-AH87
_______________________________________________________________________




4018. 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                            06/00/02

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
_______________________________________________________________________




4019. 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. The Divsion also would consider recommending 
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                            10/00/02

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
_______________________________________________________________________




4020. 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

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 an 
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. The 
Division is also considering whether changes would be appropriate to 
the limitations on communications in certain exempt offerings. Finally, 
the Division is examining the requirements for delivery of final 
prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI11
_______________________________________________________________________




4021.  ADDITIONAL FORM 8-K DISCLOSURE REQUIREMENTS AND 
ACCELERATION OF FILING DATE

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

Legal Authority: 15 USC 78 et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission amendments to shorten the filing deadline 
for Form 8-K to 2 business days after the occurrence of an event 
triggering the form's disclosure requirements. The Division is also 
considering the addition of other significant events that would require 
a company to make a Form 8-K filing.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI47

[[Page 34235]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4022. 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 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 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                    06/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Anne M. Krauskopf, Special Counsel, Securities and 
Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AG94
_______________________________________________________________________




4023. 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 Commission proposed 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, the Commission hopes to achieve the same 
efficiencies in information dissemination sought when the Commission 
adopted the mandated EDGAR filing regime for domestic issuers in 1993.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/01                    66 FR 50744
NPRM Comment Period End         12/03/01
Final Action                    05/00/02

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
_______________________________________________________________________




4024. DEFINING ``QUALIFIED PURCHASERS''

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

Legal Authority: 15 U.S.C. 78r

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission has proposed amendments to Rule 146 to provide 
a definition of ``qualified purchaser'' to fully implement the 
``covered securities'' portion of section 18 of the Securities Act of 
1933.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/01                    66 FR 66839
NPRM Comment Period End         02/25/02
Final Action                    06/00/02

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Marva Simpson, Special Counsel, Securities and Exchange 
Commission, Washington, DC 20549
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AI25
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4025. DISCLOSURE OF EQUITY COMPENSATION PLAN INFORMATION

Priority: Substantive, Nonsignificant

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 adopted amendments to Regulations S-K and 
S-B, Regulations 14A and 14C, and Forms 10K and 10KSB that 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.

[[Page 34236]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/01/01                     66 FR 8732
NPRM Comment Period End         04/02/01
Final Action                    01/02/02                      67 FR 232
Final Action Effective          02/01/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AI01
_______________________________________________________________________




4026.  AMENDMENT TO DEFINITION OF ``EQUITY SECURITY''

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

Legal Authority: 15 USC 78a et seq

CFR Citation: 17 CFR 240.3a-11

Legal Deadline: None

Abstract: The Commission amended the definition of ``Equity Security'' 
in Exchange Act Rule 3a11-1 and Securities Act Rule 405 to conform them 
to the statutory definition as amended by the Commodity Futures 
Modernization Act of 2000.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    04/23/02                    67 FR 19671
Comment Period End              05/23/02
Final Action Effective          06/07/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: N. Sean Harrison, Special Counsel, Securities and 
Exchange Commission, Division of Corporation Finance, 450 Fifth Street 
NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI40
_______________________________________________________________________




4027. REVISIONS TO RULES GOVERNING OPTIONS DISCLOSURE DOCUMENT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77a et seq

CFR Citation: 17 CFR 230.135b

Legal Deadline: None

Abstract: The Commission adopted 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                    01/02/02                      67 FR 228
Final Action Effective          02/01/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Raymond A. Be, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AH31
_______________________________________________________________________




4028.  REQUIREMENTS FOR ARTHUR ANDERSEN LLP AUDITING CLIENTS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77b; 15 USC 77d; 15 USC 77f; 15 USC 77g; 15 USC 
77h; 15 USC 77j; 15 USC 77s; 15 USC 77z-3; 15 USC 78c; 15 USC 78d; 15 
USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78w; 15 
USC 78mm; 15 USC 77ddd; 15 USC 77eee; 15 USC 77ggg; 15 USC 77hhh; 15 
USC 77jjj; 15 USC 77nnn; 15 USC 77sss

CFR Citation: 17 CFR 210.2-02; 17 CFR 210.3-01; 17 CFR 228.304T; 17 CFR 
228.310; 17 CFR 228.601T; 17 CFR 229.304T; 17 CFR 229.601T; 17 CFR 
230.401a; 17 CFR 230.427T; 17 CFR 230.428; 17 CFR 230.437a; 17 CFR 
240.12b-37; 17 CFR 249.220f; 17 CFR 260.19a-1

Legal Deadline: None

Abstract: The Securities and Exchange Commission (the ``Commission'') 
is modifying the requirements for including audited financial 
statements in registration statements under the Securities Act of 1933 
and filings required by the Trust Indenture Act of 1939 by registrants 
that are unable to or elect not to have Andersen issue a manually 
signed audit report, if the audit report was not issued on or before 
March 14, 2002. In addition, Companies to whom Andersen issues a 
manually signed audit report after March 14, 2003 must file a letter as 
an exhibit to their filings stating they have received certain 
representations from Andersen concerning audit quality controls.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action Effective          03/18/02
Final Action                    03/22/02                    67 FR 13518

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Jeffrey Minton, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2910

RIN: 3235-AI46

[[Page 34237]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)                  Prerule Stage


Division of Investment Management



_______________________________________________________________________




4029.  ACTIVELY MANAGED EXCHANGE TRADED FUNDS

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

Legal Authority: 15 USC 80a

CFR Citation: 17 CFR 270

Legal Deadline: None

Abstract: The Commission issued a release seeking public comment on 
various issues relating to the concept of actively managed exchange-
traded funds. The concept release was designed to help inform the 
Commission's consideration of any proposals for actively managed 
exchange-traded funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/15/01                    66 FR 57614
ANPRM Comment Period End        11/14/02
Next Action                      To Be                       Determined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Michael Whitney Mundt, Senior Special Counsel, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-0564

RIN: 3235-AI35
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4030. 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                            12/00/02

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: 202 942-0719

RIN: 3235-AH24
_______________________________________________________________________




4031. 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                            08/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Vivian Liu, Office of Investment Adviser Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0719

RIN: 3235-AH26
_______________________________________________________________________




4032. PRINCIPAL TRANSACTIONS WITH INVESTMENT ADVISORY CLIENTS

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

Legal Authority: 15 USC 80b-6a

CFR Citation: 17 CFR 275

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending that the Commission revise the conditions 
under which investment advisers may enter into principal transactions 
with their clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/02

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: 202 942-0719

RIN: 3235-AH34
_______________________________________________________________________




4033. EXEMPTION FOR CERTAIN INVESTMENT ADVISERS 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 Commission proposed new rule 203A-2(f), which would 
permit certain investment advisers operating through the Internet to 
register with the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/19/02                    67 FR 19500
NPRM Comment Period End         06/06/02
Final Action                    10/00/02

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: Businesses

[[Page 34238]]

Government Levels Affected: State

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

Agency Contact: Marilyn Barker, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI15
_______________________________________________________________________




4034. 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                            05/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: State

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: 202 942-0719

RIN: 3235-AI16
_______________________________________________________________________




4035. TRANSACTIONS OF INVESTMENT COMPANIES WITH PORTFOLIO AND 
SUBADVISORY AFFILIATES

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f); 15 USC 80-17(b); 15 
USC 80a-17(d); 15 USC 80a-30(a); 15 USC 80a 37(a)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering whether to recommend that the Commission propose new rules 
and rule amendments to expand the circumstances under which a 
registered investment company may engage in transactions and joint 
enterprises with certain affiliated persons and affiliated persons of 
affiliated persons of the investment company.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AI28
_______________________________________________________________________




4036. EXEMPTION FROM REGISTRATION FOR CERTAIN COMMODITY POOL OPERATORS

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

Legal Authority: 15 USC 80b-6a

CFR Citation: 17 CFR 275.203(b)(6)-1 (New)

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission propose a rule exempting certain 
commodity pool operators from investment adviser registration and 
addressing issues related to the Commodity Futures Modernization Act 
amendments to the Investment Adviser Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Daniel Seth Kahl, Attorney, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI29
_______________________________________________________________________




4037. 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                            08/00/02

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
_______________________________________________________________________




4038. PROPOSED AMENDMENTS IN INVESTMENT COMPANY ADVERTISING RULES

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

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

CFR Citation: 17 CFR 230.482; 17 CFR 230.134

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission

[[Page 34239]]

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                            05/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH19
_______________________________________________________________________




4039. EXEMPTION FOR INVESTMENTS IN MONEY MARKET FUNDS

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(j)

CFR Citation: 17 CFR 12d1-1

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending to the Commission a new rule to allow 
investment companies to acquire securities for the investment companies 
regulated as money market funds, in excess of limits on those 
investments under the Investment Company Act of 1940.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/02

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Penelope W. Saltzman, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
450 Fifth Street NW, Washington, DC 20549-0506
Phone: 202 942-0690

RIN: 3235-AI30
_______________________________________________________________________




4040. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY 
CONTACTS

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

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

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending to the Commission a proposal of a new rule 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                            05/00/02

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
_______________________________________________________________________




4041. AMENDMENTS TO FORM N-SAR, SEMIANNUAL REPORT OF REGISTERED 
INVESTMENT COMPANIES

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

Legal Authority: 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 80a-
8; 15 USC 80a-29; 15 USC 80a-37

CFR Citation: 17 CFR 249.330; 17 CFR 274.101

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission amend Form N-SAR, the semiannual 
report for registered investment companies, to update the items of the 
form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/02

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
_______________________________________________________________________




4042. AMENDMENTS TO THE CASH SOLICITATION RULE

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

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

CFR Citation: 17 CFR 275.206(4)-3

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/03

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: 202 942-0719

RIN: 3235-AH33
_______________________________________________________________________




4043. 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

[[Page 34240]]

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                            06/00/02

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
_______________________________________________________________________




4044.  DISCLOSURE OF COSTS AND EXPENSES FOR VARIABLE ANNUITIES

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

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

CFR Citation: 17 CFR 239.17b; 17 CFR 274.11c

Legal Deadline: None

Abstract: The Commission proposed revisions of Form N-4, the 
registration form for insurance company separate accounts that are 
registered as unit investment trusts and that offer variable annuity 
contracts. The proposed amendments would revise the format of the fee 
table of Form N-4 to require disclosure of the range of expenses for 
all of the mutual funds offered through the separate account.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19886
NPRM Comment Period End         06/14/02
Final Action                    10/00/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Katy Mobedshahi, Division of Investment Management, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-0721

RIN: 3235-AI39
_______________________________________________________________________




4045.  INVESTMENT IN MONEY MARKET FUNDS

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: Not Yet Determined

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering whether to recommend that the Commission propose a new rule 
that would permit a company to treat money market fund shares as cash 
items for purposes of determining whether the company is an investment 
company under the Investment Company Act of 1940.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Sarah B. Ackerson, Senior Special Counsel, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549-0506
Phone: 202 942-4780

RIN: 3235-AI45
_______________________________________________________________________




4046. REGIONAL TRANSMISSION ORGANIZATIONS AND INDEPENDENT TRANSMISSION 
COMPANIES

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

Legal Authority: 15 USC 79c

CFR Citation: 17 CFR 250.18; 17 CFR 250.40; 17 CFR 250.44; 17 CFR 250.6

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering recommending a proposal to the Commission to deem an 
``independent transmission company'' as defined by the rule not to be a 
``subsidiary,'' ``company'' or ``affiliate'' of a registered holding 
company. The rule is intended to facilitate the Federal Energy 
Regulatory Commission's Order No. 2000, Regional Transmission 
Organizations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3235-AI27

[[Page 34241]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4047. 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                    06/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: State

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: 202 942-0719

RIN: 3235-AH78
_______________________________________________________________________




4048. 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: In 2000, 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                    06/00/02

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
Phone: 202 942-0719
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________




4049. CUSTODY OF INVESTMENT COMPANY ASSETS WITH A SECURITIES DEPOSITORY

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

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

CFR Citation: 17 CFR 270.17f-4

Legal Deadline: None

Abstract: The Commission proposed amendments to rule 17f-4, the rule 
that governs investment companies' use of securities. The amendments 
would, among other things, update and simplify the rule's compliance 
requirements to reflect changes in commercial law, expand the types of 
entities that may be used as securities depositories, and permit 
investment company officers to authorize custody arrangements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/21/01                    66 FR 58412
NPRM Comment Period End         01/31/02
Final Action                    10/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AG71
_______________________________________________________________________




4050. 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                    05/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Hester M. Peirce, Office of Regulatory Policy, Division 
of

[[Page 34242]]

Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH57
_______________________________________________________________________




4051. 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 Commission proposed amendments to rule 17a-8 under the 
Investment Company Act, which exempts from the prohibitions of section 
17(a) mergers and other combinations of certain affiliated investment 
companies. The amendments would expand the rule to make it available in 
a broader range of circumstances and would alter the conditions 
required for reliance on the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/15/01                    66 FR 57602
NPRM Comment Period End         01/18/02
Final Action                    10/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Robert S. Kim, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-7961

RIN: 3235-AH81
_______________________________________________________________________




4052. 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                            03/15/93                    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                     02/00/03

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4053. 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                    10/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AH72
_______________________________________________________________________




4054. 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

[[Page 34243]]

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 Undetermined

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
_______________________________________________________________________




4055. INSURANCE PRODUCTS: EQUITY INDEX INSURANCE PRODUCTS CONCEPT 
RELEASE

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

Legal Authority: 15 USC 77a et seq

CFR Citation: 17 CFR 230.151

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           08/27/97                    62 FR 45359
ANPRM Comment Period End        11/20/97
NPRM                            11/21/97                    62 FR 62273
NPRM 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 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



_______________________________________________________________________




4056. INSURANCE PRODUCTS: NEW FORM N-6 FOR REGISTRATION OF SEPARATE 
ACCOUNTS OFFERING VARIABLE LIFE INSURANCE CONTRACTS

Priority: Substantive, Nonsignificant

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: 17 CFR 230.134b (Revision); 17 CFR 230.430 (Revision); 17 
CFR 230.430A (Revision); 17 CFR 230.495 (Revision); 17 CFR 230.496 
(Revision); 17 CFR 230.497 (Revision); 17 CFR 239.17c (New); 17 CFR 
270.8b-11 (Revision); 17 CFR 270.8b-12 (Revision); 17 CFR 274.11d 
(New); 17 CFR 274.12 (Revision)

Legal Deadline: None

Abstract: The Commission adopted 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. The Commission 
also amended Form N-1A, the registration form for mutual funds, to 
require a fee table for mutual funds that offer their shares as 
investment options for variable life insurance and variable annuity 
contracts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/23/98                    63 FR 13988
NPRM Comment Period End         07/01/98
Final Action                    04/23/02                    67 FR 19848
Comment Period End for Paperwork 
Reduction Act Purposes          06/01/02
Final Action Effective          06/01/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Paul G. Cellupica, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0554

RIN: 3235-AG37

[[Page 34244]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)                  Prerule Stage


Division of Market Regulation



_______________________________________________________________________




4057. 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: The Division is considering recommending to the Commission 
proposed rules 15g-2(c) and 15(g)-9(e) under the Exchange Act that 
would 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 would be required to wait at least 2 business days 
after receiving the agreement to execute a penny stock transaction for 
a customer. The Division is also considering whether to amend the 
definition of ``penny stock'' in rule 3a51-1 in light of the NASDAQ 
application to become a national securities exchange.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Norman Reed, Securities and Exchange Commission, 
Division of Market Regulation
Phone: 202 942-7901

RIN: 3235-AI02
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4058. 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 Division plans to recommend that the Commission propose 
final rules replacing the temporary rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/02

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
_______________________________________________________________________




4059. 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 Division is considering 
whether to recommend revising the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/03

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
_______________________________________________________________________




4060. 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 Division is considering whether to recommend a proposal 
to simplify and update Rule 10b-18's provisions in light of market 
developments 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                            06/00/02

Regulatory Flexibility Analysis Required: No

[[Page 34245]]

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
_______________________________________________________________________




4061. 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 Division is considering whether to recommend a proposal 
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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Peter Chepucavage, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-0163
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AH58
_______________________________________________________________________




4062. 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                            07/00/02

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4063. AMENDMENTS TO RULES 15C3-3, 17A-3, 17A-4, 17A-5, 17A-7, 17A-11, 
AND 17A-13 TO RECOGNIZE SECURITY FUTURES PRODUCTS

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

Legal Authority: 15 USC 78(c)(b), 78(c)(3), 78q(a), 78w(a)

CFR Citation: 17 CFR 240.15c3-3; 17 CFR 240.17a-3 - 240.17a-5; 17 CFR 
240.17a-7; 17 CFR 240.17a-11; 17 CFR 240.17a-13

Legal Deadline: None

Abstract: These amendments are designed to eliminate duplicative or 
conflicting regulations applicable to firms that are fully registered 
with the CFTC as a FCM and fully registered with the SEC as a broker-
dealer relating to the treatment of customer funds, securities of 
property, maintenance of books and records, financial reporting or 
other financial responsibility rules involving security futures 
products (``SFP''), as directed by the Commodity Futures Modernization 
Act of 2000. The amendments are also designed to eliminate certain 
conflicting or duplicative recordkeeping, reporting, telegraphic 
notice, and quarterly count requirements involving SFPs for firms that 
are ``notice'' registered with the SEC under the section 15(b)(11)(A) 
of the Exchange Act. These amendments are being developed in 
consultation with the CFTC.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/01                    66 FR 50786
NPRM Comment Period End         11/05/01
Comment Period Extended to 12/
05/2001                         11/02/01                    66 FR 55608
Final Action                    06/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Bonnie Lynn Gauch, Securities and Exchange Commission, 
Division of Market Regulation
Phone: 202 942-0756

RIN: 3235-AI32
_______________________________________________________________________




4064. 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

[[Page 34246]]

USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-1(d)(1); 
15 USC 78w(a)

CFR Citation: 17 CFR 240.17Ad-14

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 17Ad-14 under the 
Securities Exchange Act of 1934. The amendments would require the 
establishment of book-entry accounts in connection with reorganization 
events and would provide securities depositories with three business 
days after the expiration of a tender offer, exchange offer, or 
reorganization event in which to deliver physical securities 
certificates to the agents.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/04/98                    63 FR 47209
NPRM Comment Period End         11/03/98
Final Action                    06/00/02

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
_______________________________________________________________________




4065. 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                    10/00/02

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
_______________________________________________________________________




4066. 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 Commission is considering 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                     04/14/99                    64 FR 18393
Final Action                    06/00/02

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
_______________________________________________________________________




4067. PROCESSING REQUIREMENTS FOR 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                            10/06/00                    65 FR 59766
NPRM Comment Period End         12/05/00
Final Action                    06/00/02

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

[[Page 34247]]

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

RIN: 3235-AH54
_______________________________________________________________________




4068. DEFINITION OF TERMS IN AND SPECIFIC EXEMPTIONS FOR BANKS, SAVINGS 
ASSOCIATIONS, AND SAVINGS BANKS UNDER SECTIONS 3(A)(4) AND 3(A)(5) OF 
THE SECURITIES AND EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

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; 17 CFR 200.30-3; 17 CFR 240.3a4-4 - 
3a4.6; 17 CFR 240.15a-7 - 15a-9; ...

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

Abstract: The Commission issued guidance to the meaning of terms added 
to the Securities Exchange Act of 1934 by the Gramm-Leach-Bliley Act of 
1999. The Commission extended the implementation date for the guidance 
until May 12, 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/18/01                    66 FR 27760
Interim Final Rule Comment 
Period End                      07/17/01
Interim Final Rule Extended     07/24/01                    66 FR 38370
Comment Period Extended         07/24/01                    66 FR 38370
Comment Period End              09/04/01
Next Action                     05/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AI19
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4069. 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 that would revise 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                           05/10/93                    58 FR 27486
ANPRM Comment Period End        12/12/93
NPRM                            12/30/97                    62 FR 67996
Extension of Comment Period to  03/06/98                    63 FR 11173
NPRM Comment Period End         03/30/98
Interim Final Rule               To Be                       Determined

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
_______________________________________________________________________




4070. 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                             To Be                       Determined

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
_______________________________________________________________________




4071.  POSSIBLE AMENDMENT OF FORM BD

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

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

CFR Citation: None

Legal Deadline: None

Abstract: The staff is considering recommending that the Commission 
propose amendments to Form BD, the Uniform Application for Broker-
Dealer

[[Page 34248]]

Registration, in light of statutory, regulatory and technological 
developments since the form was last amended in July 1999.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Brice D. Prince, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission
Phone: 202 942-0759
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AI42
_______________________________________________________________________




4072. PROPOSED AMENDMENTS TO TRANSFER AGENT RULES

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

Legal Authority: 15 USC 77c; 15 USC 77d; 15 USC 77g; 15 USC 77j; 15 USC 
77s; 15 USC 77eee; 15 USC 77ggg; 15 USC 77nnn; 15 USC 77sss; 15 USC 
77ttt; 15 USC 78c; 15 USC 78d; 15 USC 78i; 15 USC 78j; 15 USC 78l; 15 
USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78s; 15 
USC 78w; 15 USC 78x; 15 USC 78ll(d); 15 USC 79q; 15 USC 79t; 15 USC 
80a-20; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80b-3; 15 
USC 80b-4; 15 USC 80b-11

CFR Citation: 17 CFR 240.17Ad-2(a); 17 CFR 240.17Ad-2(c); 17 CFR 
240.17Ad-2(e)(1); 17 CFR 240.17Ad-2(e)(2); 17 CFR 240.17Ad-10; 17 CFR 
240.17Ad-12

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/08/94                    59 FR 63662
NPRM Comment Period End         02/06/95
Final Action                     To Be                       Determined

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
_______________________________________________________________________




4073. 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: Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: James A. Brigagliano, Assistant Director, Office of 
Risk Management, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0772

RIN: 3235-AH38
_______________________________________________________________________




4074. CUSTOMER MARGIN RULES RELATING TO SECURITY FUTURES PRODUCTS

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

Legal Authority: 15 USC 78g(c)

CFR Citation: 17 CFR 242.400 - 242.404

Legal Deadline: None

Abstract: Proposed rules 400 through 404 will establish initial and 
maintenance customer margin requirements imposed by brokers, dealers, 
and members of national security exchanges for security futures 
products.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/01                    66 FR 50720
NPRM Comment Period End         11/05/01
Comment Period Extended to 12/
05/2001                         11/02/01                    66 FR 55608


Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Lisa N. Jones, Securities and Exchange Commission, 
Division of Market Regulation, Washington, DC
Phone: 202 942-0063

Jennifer Colihan, Securities and Exchange Commission, Division of 
Market Regulation, Washington, DC
Phone: 202 942-0735

RIN: 3235-AI22
_______________________________________________________________________




4075. REQUEST FOR COMMENTS ON THE EFFECTS OF DECIMAL TRADING IN SUB-
PENNIES

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission published a Concept Release soliciting public 
comment on the impact on fair and orderly markets and investor 
protection of trading and potentially quoting securities in an 
increment of less than a penny. In particular, the Commission sought 
comment on the effects of subpenny prices on market transparency and 
the operation and effectiveness of Commission and SRO rules that are 
dependent on trading or quoting price differentials.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

[[Page 34249]]

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-AI23
_______________________________________________________________________




4076. CASH SETTLEMENT AND REGULATORY HALT REQUIREMENTS FOR SECURITY 
FUTURE PRODUCTS

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

Legal Authority: 15 USC 78f; 15 USC 78o-3; 15 USC 78s; 15 USC 78w; 15 
USC 78mm

CFR Citation: 17 CFR 240.6h-1

Legal Deadline: None

Abstract: Proposed Rule 6h-1 would require national securities exchange 
and national securities associations trading securities futures product 
to establish (1) settlement prices for each cash-settled security 
futures product that fairly reflects the opening price of the 
underlying security or securities, and (2) a halt in trading in any 
security futures product when a regulatory halt is instituted by the 
national securities exchange or national securities association listing 
the security or securities underlying the security futures product.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/30/01                    66 FR 45904
NPRM Comment Period End         10/01/01
Final Action                     To Be                       Determined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Terri Lee Evans, Securities and Exchange Commission, 
Division of Market Regulation
Phone: 202 942-4162

RIN: 3235-AI24
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4077.  AMENDMENTS TO RULE 31-1, SECURITIES EXEMPT FROM 
TRANSACTION FEES

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.31-1

Legal Deadline: Final, Statutory, Fee Relief Act.

Abstract: The SEC rescinded subparagraph (b) of rule 31-1 under the 
Securities Exchange Act of 1934. Prior to the enactment of H.R. 1088, 
the Investor and Capital Markets Fee Relief Act (``Fee Relief Act''), 
subparagraph (b) ensured that over-the-counter (``OTC'') transactions 
in OTC securities that were subject to unlisted trading privileges were 
not subject to dual charges under both sections 31(c) and (d) of the 
Exchange Act. The Fee Relief Act combined former sections 31(c) and 
(d), making the exemption provided in subparagraph (b) unnecessary.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action Effective          01/16/02
Final Action                    01/23/02                     67 FR 3057

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Yvonne Fraticelli, Special Counsel, Securities and 
Exchange Commission, Room 10518, Mail Stop 1001, SEC, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-0197
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AI36
_______________________________________________________________________




4078.  EXEMPTION OF TRANSACTION IN CERTAIN OPTIONS AND FUTURES 
ON SECURITY INDEXES FROM SECTION 31 OF THE EXCHANGE ACT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78ee

CFR Citation: 17 CFR 240.31-1

Legal Deadline: Final, Statutory, Fee Relief Act.

Abstract: These amendments to rule 31-1 exempt transactions in options 
and futures on narrow-based security indexes from the fee and 
assessment requirements of section 31 of the Exchange Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    01/31/02                     67 FR 5199
Final Action Effective          02/01/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael Gaw, Special Counsel, Securities and Exchange 
Commission, Division of Market Regulation
Phone: 202 942-0158
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AI38

[[Page 34250]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4079. 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 proposing amendments 
that would conform the Commission's disclosure requirements with 
Financial Accounting Standards No.133.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/02

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Offices and Other Programs



_______________________________________________________________________




4080. 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 has proposed 
amendments to its rules to require disclosure of information concerning 
tangible and intangible assets and related accumulated depreciation, 
depletion, and amortization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/31/00                     65 FR 4585
NPRM Comment Period End         04/17/00
Final Action                    12/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3235-AH86
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4081. 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                             To Be                       Determined

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
_______________________________________________________________________




4082.  PUBLIC ACCOUNTABILITY BOARD

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

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et 
seq; 15 USC 80a-1 et seq

CFR Citation: 17 CFR 210

Legal Deadline: None

Abstract: The Office of the Chief Accountant is considering 
recommending that the Commission publish a release proposing that 
independent accountants be members of a private-sector, independent 
body that can direct periodic reviews of accounting firms' quality 
controls for accounting and auditing practices, and discipline auditors 
for incompetent or unethical conduct.

[[Page 34251]]

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Robert Edward Burns, Chief Counsel, Securities and 
Exchange Commission, 1103, Office of the Chief Accountant, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-4400
Email: [email protected]

RIN: 3235-AI41
[FR Doc. 02-8357 Filed 05-10-02; 8:45 am]
BILLING CODE 8010-01-S
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