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


[[Page 75645]]

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Part LXII






Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 75646]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8130, 34-46512, 35-27569, 39-2402, IC-25735, IA-2058, 
File No. S7-35-02]

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 September 17, 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 December 15, 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. S7-35-02 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 website www.sec.gov.

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

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(or withdrawn) since publication of the last agenda.

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

    ``Securities Act'' - Securities Act of 1933

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

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

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

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

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

Dated: September 18, 2002.

By the Commission.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4278        Industry Guide 3--Statistical Disclosure by Bank Holding Companies..................     3235-AI10
4279        Asset-Backed Securities Disclosure..................................................     3235-AF74
4280        Streamlining Rule 144...............................................................     3235-AH13
4281        Mandated EDGAR Filing for Forms 3, 4, 5, and 144....................................     3235-AI26
4282        Revision of Multijurisdictional Disclosure System...................................     3235-AH99
4283        Financial Reporting and Blank Check Companies.......................................     3235-AH88
4284        Lock-Up Agreements..................................................................     3235-AI09
4285        Securities Act Communications Reform................................................     3235-AI11
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4286        Form 8-K Disclosure of Certain Management Transactions..............................     3235-AI43
4287        Disclosure in Management's Discussion and Analysis Regarding the Application of          3235-AI44
            Critical Accounting Policies........................................................
4288        Defining ``Qualified Purchasers''...................................................     3235-AI25
4289        Additional Form 8-K Disclosure Requirements and Acceleration of Filing Date.........     3235-AI47
4290        Exemption for Standardized Options From Provisions of the Securities Act of 1933 and     3235-AI55
            From the Registration Requirements of the Securities Exchange Act of 1934...........
----------------------------------------------------------------------------------------------------------------


[[Page 75647]]


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4291        Accelerating Periodic Report Disclosure and Requiring Disclosure on Company Websites     3235-AI33
4292        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders     3235-AI62
4293        Mandated EDGAR Filing for Foreign Issuers...........................................     3235-AI08
4294        Certification of Disclosure in Companies' Quarterly and Annual Reports..............     3235-AI54
----------------------------------------------------------------------------------------------------------------


                                                  DIVISION OF CORPORATION FINANCE--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AG94        Addressing Abuses of Form S-8 by Companies Using Consultants To Raise Capital                  09/24/2002   Withdrawn
3235-AH87        Updating the Regulation A Offering Circular                                                    09/24/2002   Withdrawn
--------------------------------------------------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4295        Books and Records To Be Maintained by Investment Advisers...........................     3235-AH24
4296        Principal Transactions With Investment Advisory Clients.............................     3235-AH34
4297        Certain Thrift Institutions Deemed Not To Be Investment Advisers....................     3235-AI16
4298        Exemption From Registration for Certain Commodity Pool Operators....................     3235-AI29
4299        Disclosure of Proxy Voting Policies and Results by Investment Companies.............     3235-AI64
4300        Shareholder Report and Financial Statement Revisions................................     3235-AG64
4301        Exemption To Permit Investment Companies To Invest in Other Investment Companies....     3235-AI30
4302        Certain Research and Development Companies..........................................     3235-AI57
4303        Substitution of Funds Underlying Variable Insurance Products........................     3235-AI58
4304        Proxy Voting Policies and Procedures for Investment Advisers........................     3235-AI65
4305        Exemption From Shareholder Approval for Certain Subadvisory Contracts...............     3235-AH80
4306        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies......     3235-AF93
4307        Amendments to the Cash Solicitation Rule............................................     3235-AH33
4308        Rulemaking for EDGAR System.........................................................     3235-AI18
4309        Investment in Money Market Funds....................................................     3235-AI45
4310        Regional Transmission Organizations and Independent Transmission Companies..........     3235-AI27
4311        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding        3235-AI59
            Officers and Directors of Registered Holding Companies..............................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4312        Custody or Possession of Funds or Securities of Clients.............................     3235-AH26
4313        Certain Broker-Dealers Not Deemed To Be Investment Advisers.........................     3235-AH78
4314        Exemption for Certain Investment Advisers Operating Through the Internet............     3235-AI15
4315        Amendments to Form ADV..............................................................     3235-AI17
4316        Transactions of Investment Companies With Portfolio and Subadvisory Affiliates......     3235-AI28
4317        Proposed Amendments to Investment Company Advertising Rules.........................     3235-AH19
4318        Certification of Disclosure in Management Investment Companies' Reports to               3235-AI63
            Shareholders........................................................................
4319        Custody of Investment Company Assets With a Securities Depository...................     3235-AG71
4320        Disclosure of Costs and Expenses for Variable Annuities.............................     3235-AI39
4321        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries     3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.....................
----------------------------------------------------------------------------------------------------------------


[[Page 75648]]


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4322        Political Contributions by Certain Investment Advisers..............................     3235-AH72
4323        Exemption From Section 101(c)(1) of the Electronic Signatures in Global and National     3235-AH93
            Commerce Act for Registered Investment Companies....................................
4324        Insurance Products: Equity Index Insurance Products Concept Release.................     3235-AH23
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4325        Exemption for the Acquisition of Securities During the Existence of an Underwriting      3235-AH57
            or Selling Syndicate................................................................
4326        Mergers of Certain Affiliated Investment Companies..................................     3235-AH81
4327        Technical Amendments to Rules and Forms Due to the National Securities Markets           3235-AI53
            Improvement Act of 1996 and the Gramm-Leach-Bliley Act..............................
----------------------------------------------------------------------------------------------------------------


                                                 DIVISION OF INVESTMENT MANAGEMENT--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AI35        Actively Managed Exchange Traded Funds                                                         09/18/2002   Withdrawn
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4328        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
----------------------------------------------------------------------------------------------------------------
4329        Risk Assessment Recordkeeping and Reporting Requirement.............................     3235-AH06
4330        Purchases of Certain Equity Securities by the Issuer and Others.....................     3235-AH37
4331        Concept Release: Short Sales........................................................     3235-AH84
4332        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--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4333        Amendment to Rule 15c3-3 To Expand the Categories of Permissible Collateral.........     3235-AI51
4334        Research Analyst Certification......................................................     3235-AI60
4335        Rule 15c3-3 Reserve Requirements for Margin Related to Security Futures Products....     3235-AI61
4336        Tender and Reorganization Agents....................................................     3235-AH53
4337        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally       3235-AH28
            Recognized Statistical Rating Organization..........................................
4338        Publication or Submission of Quotations Without Specified Information...............     3235-AH40
4339        Processing Requirements for Cancelled Securities Certificates.......................     3235-AH54

[[Page 75649]]

 
4340        Structural Change in the Settlement of Government Securities: Issues and Options....     3235-AI48
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4341        Repeal of Rule 11Acl-7 Under the Securities Exchange Act of 1934....................     3235-AI52
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4342        Customer Margin Rules Relating to Security Futures Products.........................     3235-AI22
4343        Cash Settlement and Regulatory Halt Requirements for Security Future Products.......     3235-AI24
4344        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.................................................
4345        Confirmation Requirements of Transactions of Security Futures Products Affected in       3235-AI50
            Futures Accounts....................................................................
4346        Assessment on Security Futures Transactions and Fees on Sales of Securities              3235-AI49
            Resulting From Physical Settlement of Security Futures Pursuant to Section 31 of the
            Exchange Act........................................................................
----------------------------------------------------------------------------------------------------------------


                                                   DIVISION OF MARKET REGULATION--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AG18        Market Risk Haircuts for Instruments Subject to Interest Rate Risk                             09/10/2002   Withdrawn
3235-AG24        Proposed Amendments to Transfer Agent Rules                                                    09/01/2002   Withdrawn
3235-AH05        Net Capital Rule: Customer Protection Rule                                                     09/10/2002   Withdrawn
3235-AH17        Exemption of Certain Foreign Brokers and Dealers                                               09/09/2002   Withdrawn
3235-AH38        Untimely Announcement of Record Dates                                                          09/10/2002   Withdrawn
3235-AH58        Exemption From Exchange Act Section 11(d)(1) for Securities of Foreign Issuers Sold on an      09/10/2002   Withdrawn
                 Installment Basis
3235-AI23        Request for Comments on the Effects of Decimal Trading in Sub-Pennies                          09/10/2002   Withdrawn
3235-AI42        Possible Amendment of Form BD                                                                  09/09/2002   Withdrawn
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4347        Proposal to Amendment Disclosure Requirements Related to Derivative Financial            3235-AH98
            Instruments and Derivative Commodity Instruments....................................
4348        Revision of the Commission's Auditor Independence Regulations and Related Disclosure     3235-AI56
            Requirements........................................................................
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4349        Supplemental Financial Information..................................................     3235-AH86
----------------------------------------------------------------------------------------------------------------


[[Page 75650]]


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4350        International Accounting Standards..................................................     3235-AH65
----------------------------------------------------------------------------------------------------------------


                                                    OFFICES AND OTHER PROGRAMS--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AI41        Framework for Enhancing the Quality of Financial Information Through Improvement of            07/30/2002   Withdrawn
                 Oversight of the Auditing Process
--------------------------------------------------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4278. 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                            03/00/03

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
_______________________________________________________________________




4279. 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                            03/00/03

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
_______________________________________________________________________




4280. 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                     11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH13

[[Page 75651]]

_______________________________________________________________________




4281. 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. The Division will also 
review this rulemaking in light of the Sarbanes-Oxley Act of 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/02

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
_______________________________________________________________________




4282. 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                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

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
_______________________________________________________________________




4283. 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                            01/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kevin O'Neill, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AH88
_______________________________________________________________________




4284. 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                            11/00/02

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
_______________________________________________________________________




4285. 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

[[Page 75652]]

examining the requirements for delivery of final prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/03

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4286. 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 proposed amendments that would require some 
public companies to file current reports on Form 8-K 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. In Release 34-46313, the Commission stated 
that, in light of the Sarbanes-Oxley Act of 2002 amendment of section 
16(a) of the Securities Exchange Act of 1934, the Commission does not 
intend to consider further proposed Form 8-K reporting of directors' 
and executive officers' transactions in company equity securities. The 
Division continues to consider the proposed Form 8-K reporting of 
directors' and executive officers' arrangements for the purchase and 
sale of company equity securities and company loans and loan guarantees 
to directors and executive officers that are not prohibited by the 
Sarbanes-Oxley Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19914
NPRM Comment Period End         06/24/02
Final Action                    11/00/02

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
_______________________________________________________________________




4287. DISCLOSURE IN MANAGEMENT'S DISCUSSION AND ANALYSIS REGARDING 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 Commission proposed rule provisions to require a company 
to discuss the application of its critical accounting policies. The 
proposals would encompass both critical accounting estimates that a 
company makes and the initial adoption by a company of an accounting 
policy with a material impact on its financial presentation. The new 
disclosure would be included in the MD&A section of a company's annual 
reports, registration statements, and proxy and information statements 
and would be update quarterly.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/20/02                    67 FR 35620
NPRM Comment Period End         07/19/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI44
_______________________________________________________________________




4288. DEFINING ``QUALIFIED PURCHASERS''

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

Legal Authority: 15 USC 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                    12/00/02

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
_______________________________________________________________________




4289. 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

[[Page 75653]]

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments to Form 8-K to add several 
new disclosure items to Form 8-K, amend many of the existing Form 8-K 
disclosure items, shorten the Form 8-K filing deadline to two business 
days, and reorganize the disclosure items into logical categories.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/25/02                    67 FR 42914
NPRM Comment Period End         08/26/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AI47
_______________________________________________________________________




4290. [bull] EXEMPTION FOR STANDARDIZED OPTIONS FROM PROVISIONS OF THE 
SECURITIES ACT OF 1933 AND FROM THE REGISTRATION REQUIREMENTS OF THE 
SECURITIES EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77z-3; 15 USC 78l(h); 15 USC 78w(3); 15 USC 
78mm

CFR Citation: 17 CFR 230.238; 17 CFR 240.9b-1; 17 CFR 240.12a-9; 17 CFR 
240.12h-1

Legal Deadline: None

Abstract: The Commission proposed amendments that would exempt 
transactions in most standardized options from provisions of the 
Securities Act of 1933 and from the registration requirements of the 
Securities and Exchange Act of 1934.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/01/02                    67 FR 50326
NPRM Comment Period End         09/03/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Sean Harrison, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI55
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4291. ACCELERATING PERIODIC REPORT DISCLOSURE AND REQUIRING DISCLOSURE 
ON COMPANY WEBSITES

Priority: Substantive, Nonsignificant

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 adopted 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                    09/13/02                    67 FR 58480
Final Action Effective          11/15/02

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
_______________________________________________________________________




4292. [bull] OWNERSHIP REPORTS AND TRADING BY OFFICERS, DIRECTORS, AND 
PRINCIPAL SECURITY HOLDERS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.16a-3; 17 CFR 240.16a-6; 17 CFR 249.103; 17 
CFR 249.104; 17 CFR 249.105

Legal Deadline: Final, Statutory, August 29, 2002.

Abstract: The Commission adopted rules necessary to implement 
amendments to section 16(a) of Securities Exchange Act of 1934 made by 
section 403 of Sarbanes-Oxley Act of 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action Effective          08/29/02
Final Action                    09/03/02                    67 FR 56462

Regulatory Flexibility Analysis Required: No

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-AI62
_______________________________________________________________________




4293. MANDATED EDGAR FILING FOR FOREIGN ISSUERS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 232

Legal Deadline: None

Abstract: The Commission adopted amendments that require foreign 
issuers to file electronically on EDGAR their Securities Act and 
Exchange Act registration statements and their Exchange Act reports and 
other documents.

[[Page 75654]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/01                    66 FR 50744
NPRM Comment Period End         12/03/01
Final Action                    05/24/02                    67 FR 36678
Final Action Effective          11/04/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3235-AI08
_______________________________________________________________________




4294. [bull] CERTIFICATION OF DISCLOSURE IN COMPANIES' QUARTERLY AND 
ANNUAL REPORTS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 232; 17 CFR 240; 17 CFR 249

Legal Deadline: Final, Statutory, August 29, 2002.

Abstract: The Commission adopted rules that would require a company's 
principal executive officer and principal financial officer to certify 
the company's quarterly and annual reports. In addition, the new rules 
would require companies to regularly maintain their procedures that 
enable them to fulfill their periodic and current reporting 
obligations. These rules were revised to be consistent with the 
requirements of the Sarbanes-Oxley Act of 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/20/02                    67 FR 41877
NPRM Comment Period End         08/19/02
Final Action Effective          08/29/02
Final Action                    09/09/02                    67 FR 57276

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Mark Borges, Special Counsel, Securities and Exchange 
Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI54
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4295. 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                            02/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: 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
_______________________________________________________________________




4296. 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 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                            02/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH34
_______________________________________________________________________




4297. 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 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                            12/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AI16

[[Page 75655]]

_______________________________________________________________________




4298. 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                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Daniel Seth Kahl, Senior Counsel, Securities and 
Exchange Commission, Room 5219, Mail Stop 0506, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0665
Fax: 202 942-9659
Email: [email protected]

RIN: 3235-AI29
_______________________________________________________________________




4299. [bull] DISCLOSURE OF PROXY VOTING POLICIES AND RESULTS BY 
INVESTMENT COMPANIES

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

Legal Authority: 15 USC 77e to 77g; 15 USC 77J; 15 USC 77S(a); 15 USC 
80a-8; 15 USC 80-a24; 15 USC 80a-29; 15 USC 80a-37; ...

CFR Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17; 17 CFR 
270.30b2-1; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b

Legal Deadline: None

Abstract: The proposed rules would require investment companies to 
disclose in their registration statements their policies, practices, 
and procedures that they use to determine how to vote proxies of 
portfolio securities. The proposed rules would also require the 
investment companies to disclose proxy voting results to shareholders 
and to file these results with the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/26/02                    67 FR 60828
NPRM Comment Period End         12/06/02
Final Action                    01/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Christian Broadbent, Attorney-Adviser, Securities and 
Exchange Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942-7972

RIN: 3235-AI64
_______________________________________________________________________




4300. 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                            12/00/02

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
_______________________________________________________________________




4301. EXEMPTION TO PERMIT INVESTMENT COMPANIES TO INVEST IN OTHER 
INVESTMENT COMPANIES

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 12d1-1,12d1-2, 12d1-3

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending to the Commission new rules that would (i) allow 
investment companies to purchase securities issued by money market 
funds in excess of limits on those investments under the Investment 
Company Act of 1940 and (ii) alleviate certain investment and other 
restrictions on investment companies that invest in other investment 
companies (``fund of funds'').

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

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
_______________________________________________________________________




4302. [bull] CERTAIN RESEARCH AND DEVELOPMENT COMPANIES

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.3a-8

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose new Rule 3a-8 under the 
Investment Company Act of 1940 that would provide a safe harbor from 
investment company status for certain research and development 
companies.

[[Page 75656]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI57
_______________________________________________________________________




4303. [bull] SUBSTITUTION OF FUNDS UNDERLYING VARIABLE INSURANCE 
PRODUCTS

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 Division of Investment Management is considering whether 
to recommend that the Commission propose a rule to permit substitutions 
of funds underlying variable insurance products without a Commission 
approval order under section 26(c) of the Investment Company Act and 
related relief form section 17(a) for in-kind transactions in 
connection with the substitutions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Keith Carpenter, Office of Insurance Products, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0679

RIN: 3235-AI58
_______________________________________________________________________




4304. [bull] PROXY VOTING POLICIES AND PROCEDURES FOR 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; 17 CFR 275.206

Legal Deadline: None

Abstract: The staff of the Division of Investment Management is 
considering whether to recommend that the Commission propose new Rule 
206-4(6) and amend Rule 204-2 under the Investment Advisers Act of 1940 
that would require investment advisers that exercise discretionary 
voting authority with respect to client securities to adopt proxy 
voting policies and procedures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/26/02                    67 FR 60841
NPRM Comment Period End         12/06/02
Final Action                    01/00/03

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Daniel Seth Kahl, Senior Counsel, Securities and 
Exchange Commission, Room 5219, Mail Stop 0506, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0665
Fax: 202 942-9659
Email: [email protected]

RIN: 3235-AI65
_______________________________________________________________________




4305. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY 
CONTRACTS

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                            11/00/02

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
_______________________________________________________________________




4306. 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                            08/00/03

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
_______________________________________________________________________




4307. 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 Division of Investment Management is considering whether 
to

[[Page 75657]]

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

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
_______________________________________________________________________




4308. RULEMAKING FOR EDGAR SYSTEM

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

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 
77s(a); 15 USC 78c; 15 USC 781; 15 USC 78m; 15 USC 78n; 15 USC 78o(d); 
15 USC 78w(a); 15 USC 78ll; 15 USC 77sss; 15 USC 79c; 15 USC 79e; 15 
USC 79f; 15 USC 79g; 15 USC 79j; 15 USC 79l; 15 USC 79m; 15 USC 79n; 15 
USC 79q; 15 USC 79t; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-30; 15 USC 
80a-37

CFR Citation: 17 CFR 232.101 to 601

Legal Deadline: None

Abstract: In connection with the ongoing modernization of the 
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, the 
Division 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                            12/00/02

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
_______________________________________________________________________




4309. 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 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                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Sean Harrison, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI45
_______________________________________________________________________




4310. 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 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                            06/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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
Email: [email protected]

RIN: 3235-AI27
_______________________________________________________________________




4311. [bull] EXEMPTIONS FROM SECTION 17(C) OF THE PUBLIC UTILITY HOLDING 
COMPANY ACT REGARDING OFFICERS AND DIRECTORS OF REGISTERED HOLDING 
COMPANIES

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

Legal Authority: 15 USC 79q(c)

CFR Citation: 17 CFR 250.70

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose revisions to existing Rule 70 
to update the exemptions to reflect current industry conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/03

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: David B. Smith, Securities and Exchange Commission, 
Office of Public Utility Regulation, Division of Investments 
Management, Washington, DC 20549
Phone: 202 942-0525

RIN: 3235-AI59

[[Page 75658]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4312. 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-3(c)(i); 15 USC 80b-4; 15 USC 80b-11; 15 
USC 80b-6(4)

CFR Citation: 17 CFR 275.206(4)-2

Legal Deadline: None

Abstract: The Commission proposed revisions to the custody rule under 
the Investment Advisers Act of 1940. The proposed amendments are 
designed to conform the rule to modern custodial practices and enhance 
protections for client assets while reducing burdens on advisers that 
have custody of client assets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/25/02                    67 FR 48579
NPRM Comment Period End         09/25/02
Final Action                    12/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH26
_______________________________________________________________________




4313. 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                    11/00/02

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-AH78
_______________________________________________________________________




4314. 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                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AI15
_______________________________________________________________________




4315. 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                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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
_______________________________________________________________________




4316. 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 Commission proposed new rules and rule amendments to

[[Page 75659]]

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                            05/08/02                    67 FR 31081
NPRM Comment Period End         07/19/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

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
_______________________________________________________________________




4317. PROPOSED AMENDMENTS TO INVESTMENT COMPANY ADVERTISING RULES

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

Legal Authority: 15 USC 77e; 15 USC 77b; 15 USC 77 2-3; 15 USC 77g; 15 
USC 77h; 15 USC 77j; 15 USC 77s(a); 15 USC 80a-8; 15 USC 78j(b); 15 USC 
78w(a); 15 USC 80a-24; 15 USC 80a-29; 15 USC 80a-37; 15 USC 80a-33; ...

CFR Citation: 17 CFR 230.482; 17 CFR 230.134; 17 CFR 230.15E; 17 CFR 
270.34b-1

Legal Deadline: None

Abstract: The Commission proposed to amend Rule 482, to permit fund 
advertisements that are not subject to restrictions limiting the 
content of the advertisement to information ``the substance of which'' 
is in a fund's prospectus. The Commission also proposed amendments that 
would require enhanced disclosure in fund advertisements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/24/02                    67 FR 36712
NPRM Comment Period End         07/31/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

RIN: 3235-AH19
_______________________________________________________________________




4318. [bull] CERTIFICATION OF DISCLOSURE IN MANAGEMENT INVESTMENT 
COMPANIES' REPORTS TO SHAREHOLDERS

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

Legal Authority: 15 USC 77e, 77f, 77g, 77q, and 77s(a); 15 USC 78j*b), 
78m, 78o(d), and 78w(a); 15 USC 80a-8, 80a-24(a), 80a-29, and 80a-37; 
PL 107-204, 116 Stat 745 (2002)

CFR Citation: 17 CFR 249.330; 17 CFR 249.331; 17 CFR 270.8b-15; 17 CFR 
270.30a-1; 17 CFR 270.30a-2; 17 CFR 270.30a-3; 17 CFR 270.30b1-1; 17 
CFR 270.30b2-1; 17 CFR 274.128

Legal Deadline: None

Abstract: The Division of Investment Management is recommending 
proposed rule amendments that would require registered management 
investment companies to file certified shareholder reports with the 
Commission and would designate these certified reports as reports that 
are required under section 13(a) and 15(d) of the Securities Exchange 
Act of 1934. This proposal would require each registered management 
investment company's principal executive and financial officers to 
certify the information contained in these reports in the manner 
required by section 302 of the Sarbanes-Oxley Act of 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/09/02                    67 FR 57298
NPRM Comment Period End         10/16/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John M. Faust, Office of Disclosure Regulation, 
Securities and Exchange Commission, Division of Investment Management, 
451 5th Street NW, Washington, DC 20549
Phone: 202 942-0721

RIN: 3235-AI63
_______________________________________________________________________




4319. 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 depositories. 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                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

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
_______________________________________________________________________




4320. 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

[[Page 75660]]

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                    11/00/02

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
_______________________________________________________________________




4321. 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
Final 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



_______________________________________________________________________




4322. 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                    11/00/03

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
_______________________________________________________________________




4323. EXEMPTION FROM SECTION 101(C)(1) OF THE ELECTRONIC SIGNATURES IN 
GLOBAL AND NATIONAL COMMERCE ACT FOR REGISTERED INVESTMENT COMPANIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77s(a)

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

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

Abstract: The Commission adopted interim final rule 160 under the 
Securities Act of 1933 to exempt from the consumer consent requirements 
of the Electronic Signatures in Global and National Commerce Act 
prospectuses of registered investment companies that are used for the 
sole purpose of permitting supplemental sales literature to be provided 
to prospective investors.

[[Page 75661]]

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
_______________________________________________________________________




4324. 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: No

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



_______________________________________________________________________




4325. EXEMPTION FOR THE ACQUISITION OF SECURITIES DURING THE EXISTENCE 
OF AN UNDERWRITING OR SELLING SYNDICATE

Priority: Substantive, Nonsignificant

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 adopted 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/06/00                    65 FR 76189
NPRM Comment Period End         02/15/01
Final Action                    05/08/02                    67 FR 31076
Final Action Effective          05/10/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH57
_______________________________________________________________________




4326. MERGERS OF CERTAIN AFFILIATED INVESTMENT COMPANIES

Priority: Substantive, Nonsignificant

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 adopted amendments to Rule 17a-8 under the 
Investment Company Act, which exempt from the prohibitions of section 
17(a) mergers and other combinations of certain affiliated investment 
companies. The amendments expand the rule to make it available in a 
broader range of circumstances and 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                    07/24/02                    67 FR 48512
Final Action Effective          07/26/02
Compliance date                 10/25/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

RIN: 3235-AH81
_______________________________________________________________________




4327. [bull] TECHNICAL AMENDMENTS TO RULES AND FORMS DUE TO THE NATIONAL 
SECURITIES MARKETS IMPROVEMENT ACT OF 1996 AND THE GRAMM-LEACH-BLILEY 
ACT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80a-b(c); 15 USC 80a-37(a); 15 USC 78(a); 15 
USC 78(w)(a)

CFR Citation: 17 CFR 270.3a-1; 17 CFR 270.3a-2; 17 CFR 270.3a-3; 17 CFR 
270.3a-5; 17 CFR 270.3a-6; 17 CFR 270.6c-6; 17 CFR 270.6e-2; 17 CFR 
270.6e-3(7); 17 CFR 240.16a-2; 17 CFR 240.16c-3; 17 CFR 200.206; 17 CFR 
270.30f-1; ...

Legal Deadline: None

[[Page 75662]]

Abstract: The Commission has adopted technical amendments to rules and 
forms under the Investment Company Act of 1940 and the Securities 
Exchange Act of 1934. The amendments correct statutory references 
currently included in the rules and forms.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    06/28/02                    67 FR 43534
Final Action Effective          07/08/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3235-AI53
_______________________________________________________________________


Securities and Exchange Commission (SEC)                  Prerule Stage


Division of Market Regulation



_______________________________________________________________________




4328. 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, and in light of 
the CFMA.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/00/02

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



_______________________________________________________________________




4329. 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                            03/00/03

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
_______________________________________________________________________




4330. PURCHASES OF CERTAIN EQUITY SECURITIES BY THE ISSUER AND OTHERS

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

Legal Authority: 15 USC 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

[[Page 75663]]

manner, timing, price, and volume conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/02

Regulatory Flexibility Analysis Required: Undetermined

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
_______________________________________________________________________




4331. 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                            11/00/02

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
_______________________________________________________________________




4332. 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 to 
3a4.6; 17 CFR 240.15a-7 to 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, 2003, for the definition of ``broker'' and November 12, 
2002, for the definition of ``dealer.''

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
Interim Final Rule Extended     05/08/02
NPRM for Dealer Rules           11/00/02
NPRM for Broker Rules           01/00/03

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)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4333. [bull] AMENDMENT TO RULE 15C3-3 TO EXPAND THE CATEGORIES OF 
PERMISSIBLE COLLATERAL

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78o(c)(3), 78w, 78mm

CFR Citation: 17 CFR 240.15c3-3

Legal Deadline: None

Abstract: The Commission proposed the expansion of the categories of 
collateral broker-dealers may pledge when borrowing securities from 
customers. Currently broker-dealers are required to pledge U.S. 
Treasury bills and notes and irrevocable bank letters of credit. The 
amendment would allow them also to pledge such other collateral as the 
Commission, by order, designates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/10/02                    67 FR 39642
NPRM Comment Period End         07/25/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Randall Roy, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-0798
Fax: 202 942-9553

[[Page 75664]]

Email: [email protected]

RIN: 3235-AI51
_______________________________________________________________________




4334. [bull] RESEARCH ANALYST CERTIFICATION

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 proposed a regulation requiring analysts to 
provide certain certifications and disclosures regarding research 
reports and compensation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/08/02                    67 FR 51510
NPRM Comment Period End         09/23/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Randall Roy, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-0798
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AI60
_______________________________________________________________________




4335. [bull] RULE 15C3-3 RESERVE REQUIREMENTS FOR MARGIN RELATED TO 
SECURITY FUTURES PRODUCTS

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

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

CFR Citation: 17 CFR 240.15c3-3a

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments designed to delineate the manner in which a broker-
dealer would calculate its customer reserve requirement under Rule 
15c3-3a (the ``Reserve Formula'') to the Exchange Act in light of 
enactment of the Commodity Futures Modernization Act of 2000 
(``CFMA''). Specifically, the proposed amendments would set forth the 
Reserve Formula treatment of customer margin that a broker-dealer 
deposits with a clearing agency registered with the Securities and 
Exchange Commission or a derivatives clearing organization registered 
with the Commodity Futures Trading Commission to clear and settle 
customer transactions in security futures products conduct through 
securities accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/23/02                    67 FR 59748
NPRM Comment Period End         10/23/02
Final Action                    01/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Matthew Bruce Comstock, Attorney, Securities and 
Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0156
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AI61
_______________________________________________________________________




4336. TENDER AND REORGANIZATION AGENTS

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

Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4); 
15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-
1(d)(1); 15 USC 78w(a)

CFR Citation: 17 CFR 240.17Ad-14

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 17Ad-14 under the 
Securities Exchange Act of 1934. The amendments would require the 
establishment of book-entry accounts in connection with reorganization 
events and would provide securities depositories with 3 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                    11/00/02

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
_______________________________________________________________________




4337. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS--DEFINITION OF THE 
TERM NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION

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

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

CFR Citation: 17 CFR 240.15c3-1

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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

[[Page 75665]]

Market Regulation, Securities and Exchange Commission
Phone: 202 942-4886
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH28
_______________________________________________________________________




4338. 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                    12/00/02

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
_______________________________________________________________________




4339. 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 processing 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                    11/00/02

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AH54
_______________________________________________________________________




4340. [bull] STRUCTURAL CHANGE IN THE SETTLEMENT OF GOVERNMENT 
SECURITIES: ISSUES AND OPTIONS

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

Legal Authority: 15 USC 78q-1, 78s

CFR Citation: 17 CFR 240.17Ad-2

Legal Deadline: None

Abstract: The white paper ``Structural Change in the Settlement of 
Government Securities: Issues and Options,'' facilitates exploration of 
structural change in settlements of Government securities by describing 
more concretely some approaches to organizing and industry utility. The 
staff of the Securities and Exchange Commission and the Federal Reserve 
Board believe further discussion of structural change is warranted 
because enhanced contingency backup arrangements alone do not eliminate 
the financial and structural vulnerabilities that the market faces. The 
paper also identifies possible criteria for assessing the approaches 
and, to encourage further discussion, offers a preliminary evaluation 
of the various approaches using the assessment criteria.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/13/02                    67 FR 32043
NPRM Comment Period End         08/12/02
Final Action                    11/00/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Jennifer Amy Lucier, Attorney, Securities and Exchange 
Commission
Phone: 202 942-0173
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AI48

[[Page 75666]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4341. [bull] REPEAL OF RULE 11ACL-7 UNDER THE SECURITIES EXCHANGE ACT OF 
1934

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78c(b); 15 USC 78o; 15 USC 78K-1; 15 USC 78q; 
15 USC 78w(a)

CFR Citation: 17 CFR 240.11Ac1-7

Legal Deadline: None

Abstract: The Commission proposed repealing the rule that requires a 
broker-dealer to disclose to its customer when the customer's order for 
listed options is executed at a price inferior to a better published 
quote, unless the transaction was effected on a market that is a 
participant in an intermarket options linkage plan approved by the 
Commission or the customer order was executed as part of a block trade.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/15/02                    67 FR 38610
NPRM Comment end                07/22/02


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Debbie Flynn, Securities and Exchange Commission
Phone: 202 942-0075

RIN: 3235-AI52
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4342. CUSTOMER MARGIN RULES RELATING TO SECURITY FUTURES PRODUCTS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78g(c)

CFR Citation: 17 CFR 242.400 to 242.404

Legal Deadline: None

Abstract: The Commission adopted rules 400 through 404 that 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
Comment Period Extended to 12/
05/2001                         11/02/01                    66 FR 55608
NPRM Comment Period End         11/05/01
Final Action                    08/14/02                    67 FR 53146
Final Action Effective          09/13/02

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
_______________________________________________________________________




4343. CASH SETTLEMENT AND REGULATORY HALT REQUIREMENTS FOR SECURITY 
FUTURE PRODUCTS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78f; 15 USC 78i; 15 USC 78o-3; 15 USC 78s; 15 
USC 78w(a); 15 USC 78mm

CFR Citation: 17 CFR 240.6h-1

Legal Deadline: None

Abstract: The Commission adopted proposed Rule 6h-1 to require that the 
final settlement price for each cash-settled security futures product 
fairly reflect the opening price of the underlying security or 
securities and that trading in any security futures product halt when a 
regulatory halt is instituted with respect to a security or securities 
underlying the security future product by the national securities 
exchange or national securities association listing the security.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/30/01                    66 FR 45904
NPRM Comment Period End         10/01/01
Final Action                    05/24/02                    67 FR 36740
Final Action Effective          06/24/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Cyndi Nguyen, Securities and Exchange Commission, 
Division of Market Regulation, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-4163

RIN: 3235-AI24
_______________________________________________________________________




4344. 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

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 to 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, or 
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. Final rule amendments were approved by the CFTC 
and Securities and Exchange Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/01                    66 FR 50786
Comment Period Extended to 12/
05/2001                         11/02/01                    66 FR 55608

[[Page 75667]]

NPRM Comment Period End         11/05/01
Final Action                    09/13/02                    67 FR 58283
Final Action Effective          09/13/02
Except Sections 240.17a.4(C) and 
(M)                             05/02/03

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
_______________________________________________________________________




4345. [bull] CONFIRMATION REQUIREMENTS OF TRANSACTIONS OF SECURITY 
FUTURES PRODUCTS AFFECTED IN FUTURES ACCOUNTS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78w(a); 15 USC 
78mm(a)(1)

CFR Citation: 17 CFR 240.106-10; 17 CFR 240.11d2-1

Legal Deadline: None

Abstract: The Commission adopted amendments to Rule 10b-10 and new Rule 
11d2-1 under the Exchange Act pursuant to the authority conferred by 
the Exchange Act. The rule and the rule amendments are designed to 
clarify the disclosure broker-dealers effecting transactions in 
securities futures products in customer futures accounts must make in 
the confirmations sent to customers regarding these transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/10/02                    67 FR 39647
NPRM Comment Period End         07/10/02
Final Action                    09/13/02                    67 FR 58302
Final Action Effective          10/15/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Mark Borges, Special Counsel, Securities and Exchange Commission, 450 
Fifth Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI50
_______________________________________________________________________




4346. [bull] ASSESSMENT ON SECURITY FUTURES TRANSACTIONS AND FEES ON 
SALES OF SECURITIES RESULTING FROM PHYSICAL SETTLEMENT OF SECURITY 
FUTURES PURSUANT TO SECTION 31 OF THE EXCHANGE ACT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78ee

CFR Citation: 17 CFR 240.31-1

Legal Deadline: None

Abstract: The Commission adopted an amendment to rules to clarify how 
to calculate assessments that are required to be paid by national 
securities exchanges and associations pursuant to section 31(d) of the 
Securities Exchange Act of 1934 for security futures transactions. In 
addition, the amendment provides guidance on how to calculate fees 
required to be paid by national securities exchanges and associations 
pursuant to section 31(b) and (c) of the Exchange Act, respectively, 
for sales of securities resulting from physical settlement of security 
futures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/07/02                    67 FR 30628
NPRM Comment Period End         06/06/02
Final Action                    07/12/02                    67 FR 46104
Final Action Effective          08/12/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Daniel P. Fisher, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0784
Fax: 202 942-9645
Email: [email protected]

RIN: 3235-AI49
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4347. 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
_______________________________________________________________________




4348. [bull] REVISION OF THE COMMISSION'S AUDITOR INDEPENDENCE 
REGULATIONS AND RELATED DISCLOSURE REQUIREMENTS

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

[[Page 75668]]

CFR Citation: 17 CFR 210; 17 CFR 240

Legal Deadline: None

Abstract: The Office of the Chief Accountant will recommend rules to 
the Commission that will conform the Commission's auditor independence 
rules to the requirements of the Sarbanes-Oxley Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Samuel L. Burke, Associate Chief Accountant, Securities 
and Exchange Commission, Office of the Chief Accountant
Phone: 202 942-4400

RIN: 3235-AI56
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Offices and Other Programs



_______________________________________________________________________




4349. 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                    04/00/03

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



_______________________________________________________________________




4350. 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
[FR Doc. 02-25197 Filed 12-06-02; 8:45 am]
BILLING CODE 8010-01-S
