[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]] ----------------------------------------------------------------------- Part LXII Securities and Exchange Commission ----------------------------------------------------------------------- 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