[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]


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Part LXII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 74016]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8316, 34-48717, 35-27746, 39-2411, IA-2187, IC-26233, 
File No. S7-24-03]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Securities and Exchange Commission is publishing an agenda 
of its rulemaking actions, pursuant to the Regulatory Flexibility Act. 
Information in the agenda was accurate on October 2, 2003, 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 30, 2003.

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. S7-24-03 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]. The Commission does not edit personal identifying 
information, such as names or electronic mail addresses, from 
electronic submissions. Interested persons submitting comments should 
only submit information that they wish to make publicly available.

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 that 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)). Actions that do not have an estimated date are placed in the 
long-term category; the Commission may nevertheless act on items in 
that category within the next 12 months. 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: October 30, 2003.

By the Commission.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4341        Industry Guide 3--Statistical Disclosure by Bank Holding Companies..................    3235--AI10
4342        Asset--Backed Securities Disclosure.................................................    3235--AF74
4343        Streamlining Rule 144...............................................................    3235--AH13
4344        Electronic Signatures Act and Information Delivery Under the Securities Act of 1933.    3235--AI82
4345        Additional Form F--6 Eligibility Requirement Related to the Listed Status of            3235--AI89
            Deposited Securities Underlying American Depository Receipts........................
4346        First Time Mandated Application of International Financial Reporting Standards......    3235--AI92
4347        Revision of Multijurisdictional Disclosure System...................................    3235--AH99
4348        Lock--Up Agreements.................................................................    3235--AI09
4349        Security Holder Director Nominations................................................    3235--AI93
4350        Securities Act Communications Reform................................................    3235--AI11
4351        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions....    3235--AI80
4352        Treatment of Foreign Banks Under Section 402 of the Sarbanes--Oxley Act.............    3235--AI81
----------------------------------------------------------------------------------------------------------------


[[Page 74017]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4353        Form 8--K Disclosure of Certain Management Transactions.............................    3235--AI43
4354        Disclosure in Management's Discussion and Analysis Regarding the Application of         3235--AI44
            Critical Accounting Policies........................................................
4355        Disclosure Regarding Nominating Committee Functions and Communications Between          3235--AI90
            Security Holders and Boards of Directors............................................
4356        Defining ``Qualified Purchasers''...................................................    3235--AI25
4357        Additional Form 8--K Disclosure Requirements and Acceleration of Filing Date........    3235--AI47
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Long--Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4358        Financial Reporting and Blank Check Companies.......................................    3235--AH88
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4359        Mandated Electronic Filing and Website Posting for Forms 3, 4, and 5................    3235--AI26
4360        Disclosure Required by Sections 404, 406, and 407 of the Sarbanes--Oxley Act of 2002    3235--AI66
4361        Certification of Disclosure in Certain Exchange Act Reports.........................    3235--AI79
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF INVESTMENT MANAGEMENT--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4362        Investment Company Portfolio Transaction Cost Concept Release.......................    3235--AI94
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4363        Books and Records To Be Maintained by Investment Advisers...........................    3235--AH24
4364        Principal Transactions With Investment Advisory Clients.............................    3235--AH34
4365        Certain Thrift Institutions Deemed Not To Be Investment Advisers....................    3235--AI16
4366        Exemption From Registration for Certain Commodity Pool Operators....................    3235--AI29
4367        Exemption To Permit Investment Companies To Invest in Other Investment Companies....    3235--AI30
4368        Substitution of Funds Underlying Variable Insurance Products........................    3235--AI58
4369        Amendments to Registration Form and Rules for Registration of Certain Investment        3235--AI84
            Company Securities..................................................................
4370        Disclosure of Breakpoint Discounts by Mutual Funds..................................    3235--AI95
4371        Exemption From Shareholder Approval for Certain Subadvisory Contracts...............    3235--AH80
4372        Amendments to Form N--SAR, Semiannual Report of Registered Investment Companies.....    3235--AF93
4373        Amendments to the Cash Solicitation Rule............................................    3235--AH33
4374        Rulemaking for EDGAR System.........................................................    3235--AI18
4375        Investment in Money Market Funds....................................................    3235--AI45
4376        Regional Transmission Organizations and Independent Transmission Companies..........    3235--AI27
4377        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding       3235--AI59
            Officers and Directors of Registered Holding Companies..............................
----------------------------------------------------------------------------------------------------------------


[[Page 74018]]


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4378        Amendments to Form ADV..............................................................    3235--AI17
4379        Compliance Programs of Investment Companies and Investment Advisers.................    3235--AI77
4380        Shareholder Report and Financial Statement Revisions................................    3235--AG64
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long--Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4381        Political Contributions by Certain Investment Advisers..............................    3235--AH72
4382        Certain Broker--Dealers Deemed Not To Be Investment Advisers........................    3235--AH78
4383        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries    3235--AF78
            Authorized To Perform Services or Construction or To Sell Goods.....................
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4384        Custody or Possession of Funds or Securities of Clients.............................    3235--AH26
4385        Proposed Amendments to Investment Company Advertising Rules.........................    3235--AH19
4386        Certain Research and Development Companies..........................................    3235--AI57
4387        Insurance Products: Equity Index Insurance Products Concept Release.................    3235--AH23
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4388        Risk Assessment Recordkeeping and Reporting Requirement.............................    3235--AH06
4389        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures    3235--AI83
            Products............................................................................
4390        Alternative Net Capital Computation for Broker--Dealers That Elect To Be Supervised     3235--AI96
            on a Consolidated Basis.............................................................
4391        Supervised Investment Bank Holding Companies........................................    3235--AI97
4392        Request for Comment on NYSE Petition for Amending the CTA and CQ Plans so as To         3235--AI78
            Delete the Participants' Fee Exemptions.............................................
4393        Tender and Reorganization Agents....................................................    3235--AH53
4394        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally      3235--AH28
            Recognized Statistical Rating Organization..........................................
4395        Short Sales.........................................................................    3235--AH84
4396        Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global     3235--AI02
            and National Commerce Act...........................................................
4397        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
----------------------------------------------------------------------------------------------------------------
4398        Rule 15c3--3 Reserve Requirements for Margin Related to Security Futures Products...    3235--AI61
4399        Purchases of Certain Equity Securities by the Issuer and Others.....................    3235--AH37
4400        Publication or Submission of Quotations Without Specified Information...............    3235--AH40
4401        Processing Requirements for Cancelled Securities Certificates.......................    3235--AH54
----------------------------------------------------------------------------------------------------------------


[[Page 74019]]


                                DIVISION OF MARKET REGULATION--Long--Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4402        Request for Comment on NASDAQ Petition Relating to NASDAQ Listed Securities.........    3235--AI86
4403        Recordkeeping Requirements for Transfer Agents......................................    3235--AI88
4404        Enhanced Confirmation Disclosure of Mutual Fund Transaction.........................    3235--AI91
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4405        Broker--Dealer Exemption From Sending Certain Financial Information to Customers....    3235--AI68
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4406        Proposal to Amendment Disclosure Requirements Related to Derivative Financial           3235--AH98
            Instruments and Derivative Commodity Instruments....................................
4407        Amendments to the Rules of Practice and Related Provisions..........................    3235--AI98
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4408        Supplemental Financial Information..................................................    3235--AH86
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Long--Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4409        International Accounting Standards..................................................    3235--AH65
4410        Implementation of Standards of Professional Conduct for Attorneys...................    3235--AI72
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4411        Rules Regarding Improper Influence on the Conduct of Audits.........................    3235--AI67
----------------------------------------------------------------------------------------------------------------


[[Page 74020]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4341. 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                            05/00/04

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
_______________________________________________________________________




4342. ASSET--BACKED SECURITIES DISCLOSURE

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

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

CFR Citation: 17 CFR 229; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR 
249

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission amendments to revise rules and forms, which 
would specify disclosure requirements for asset--backed securities 
transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/03

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
_______________________________________________________________________




4343. 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                     03/00/04

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________




4344. ELECTRONIC SIGNATURES ACT AND INFORMATION DELIVERY UNDER THE 
SECURITIES ACT OF 1933

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

Legal Authority: 15 USC 77z--3; 15 USC 78c(b)

CFR Citation: 17 CFR 230.405

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission an amendment to the definition of the term 
``graphic communication'' in Securities Rule 405 to codify the 
Commission's long--standing position that the information delivery 
requirements of the Securities Act of 1933 may be satisfied through the 
use of electronic media.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/04

Regulatory Flexibility Analysis Required: Undetermined

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-AI82
_______________________________________________________________________




4345. [bull] ADDITIONAL FORM F--6 ELIGIBILITY REQUIREMENT RELATED TO THE 
LISTED STATUS OF DEPOSITED SECURITIES UNDERLYING AMERICAN DEPOSITORY 
RECEIPTS

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

Legal Authority: 15 USC 77f; 15 USC 77q; 15 USC 77j; 15 usc 77s

CFR Citation: 17 CFR 239.36

Legal Deadline: None

Abstract: The Division is considering whether to recommend to the 
Commission a proposed amendment to Form F--6 to make the form 
unavailable to register under the Securities Act of 1933 depositary 
shares evidenced by American depository receipts if the foreign issuer 
has separately listed the deposited

[[Page 74021]]

securities on a registered national securities exchange or automated 
inter--dealer quotation system of a national securities association.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Michael Coco, Securities and Exchange Commission, 450 
Fifth Street NW, Washington, DC 20549
Phone: 202 942--3010

RIN: 3235-AI89
_______________________________________________________________________




4346. [bull] FIRST TIME MANDATED APPLICATION OF INTERNATIONAL FINANCIAL 
REPORTING STANDARDS

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

Legal Authority: 15 USC 78a

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering whether to recommend to the 
Commission a proposed amendment to Form 20--F to provide a one--time 
accommodation regarding prior period financial statements prepared 
under International Financial Reporting Standards (``IFRS''). This 
accommodation would be applicable to foreign private issuers that are 
incorporated in a country that has adopted IFRS as the official 
national accounting standard for reporting periods beginning after 
January 2005.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Michael Coco, Securities and Exchange Commission, 450 
Fifth Street NW, Washington, DC 20549
Phone: 202 942--3010

RIN: 3235-AI92
_______________________________________________________________________




4347. 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 
filers' ability to make offerings in the United States using Canadian 
offering documents and without review by Commission staff.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/04

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
_______________________________________________________________________




4348. 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 Division 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                            05/00/04

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
_______________________________________________________________________




4349. [bull] SECURITY HOLDER DIRECTOR NOMINATIONS

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

Legal Authority: 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78p; 15 USC 78w(a)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission amendments to the proxy rules and related 
rules and regulations to facilitate shareholder access to company 
materials for the purpose of nominating and electing directors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Lillian K Cummins, Securities and Exchange Commission, 
450 Fifth Street NW, Washington, DC 20549
Phone: 202 942--2920

RIN: 3235-AI93

[[Page 74022]]

_______________________________________________________________________




4350. SECURITIES ACT COMMUNICATIONS REFORM

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

Legal Authority: 5 USC 77a et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose modifications to the Securities Act restrictions on 
communications by issuers and underwriters around the time of an 
offering. The Division is focusing on the section 5 restrictions on 
pre--filing offers and free writing and the Securities Act rules that 
permit limited types of communication during those periods. The 
Division is also considering whether changes would be appropriate to 
the limitations on communications in certain exempt offerings. Finally, 
the Division is examining the requirements for delivery of final 
prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/04

Regulatory Flexibility Analysis Required: Undetermined

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-AI11
_______________________________________________________________________




4351. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED 
PARTY TRANSACTIONS

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 Corporation Finance is considering whether to 
recommend that the Commission propose amendments that would enhance 
disclosure regarding executive compensation, the independence of a 
registrant's board of directors, related party transactions between 
executive officers and directors, and related party transactions 
concerning related party transaction with an issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Kim McManus, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942--2910

RIN: 3235-AI80
_______________________________________________________________________




4352. TREATMENT OF FOREIGN BANKS UNDER SECTION 402 OF THE SARBANES--
OXLEY ACT

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 Corporation Finance is considering whether to 
recommend that the Commission propose an Exchange Act rule that would 
exempt qualified foreign banks from the insider lending prohibitions of 
Exchange Act section 13(k). Section 402 of the Sarbanes--Oxley Act 
imposed these prohibitions on both domestic and foreign issuers. 
However, it also created an exemption for federally insured banks that 
are subject to the insider lending restrictions under the Federal 
Reserve Act and its corresponding regulations. Since most foreign banks 
do not qualify for this exemption as currently written, the proposed 
Exchange Act rule would extend this exemption to foreign banks that 
meet specified criteria similar to those that exempt domestic banks 
under section 402.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI81
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4353. 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

[[Page 74023]]

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                    11/00/03

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________




4354. 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 updated quarterly.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/20/02                    67 FR 35620
NPRM Comment Period End         07/19/02
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________




4355. [bull] DISCLOSURE REGARDING NOMINATING COMMITTEE FUNCTIONS AND 
COMMUNICATIONS BETWEEN SECURITY HOLDERS AND BOARDS OF DIRECTORS

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

Legal Authority: 15 USC 78c(b); 15 USC 78c; 15 USC 78n; 15 USC 78w(a); 
15 USC 78mmm

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments to the proxy rules to 
require new disclosure regarding nominating committees and 
communications between security holders and boards of directors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/14/03                    68 FR 48724
NPRM Comment Period End         09/15/03
Final Action                    11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Lillian K Cummins, Securities and Exchange Commission, 
450 Fifth Street NW, Washington, DC 20549
Phone: 202 942--2920

RIN: 3235-AI90
_______________________________________________________________________




4356. 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 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                    05/00/04

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI25
_______________________________________________________________________




4357. ADDITIONAL FORM 8--K DISCLOSURE REQUIREMENTS AND ACCELERATION OF 
FILING DATE

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

Legal Authority: 15 USC 78 et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The 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 2 
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                    11/00/03

Regulatory Flexibility Analysis Required: Yes

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

[[Page 74024]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Corporation Finance



_______________________________________________________________________




4358. 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                            12/00/04

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4359. MANDATED ELECTRONIC FILING AND WEBSITE POSTING FOR FORMS 3, 4, AND 
5

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

Legal Authority: 15 USC 77a et seq; 15 USC 77aaa et seq; 15 USC 78a et 
seq; 15 USC 79a et seq; 15 USC 80a--1 et seq; PL 107--204, sec 3(a)

CFR Citation: 17 CFR 230; 17 CFR 232; 17 CFR 239; 17 CFR 240; 17 CFR 
249 to 250; 17 CFR 259 to 260; 17 CFR 269; 17 CFR 274

Legal Deadline: Final, Statutory, July 30, 2003, Final.

Abstract: The Commission adopted rule and form amendments to mandate 
the electronic filing and website posting by issuers with corporate 
websites of beneficial ownership reports filed by officers, directors, 
and principal security holders under section 16(a) of the Securities 
Exchange Act of 1934. The Commission also implemented changes to the 
EDGAR system in order to facilitate electronic filing. In addition, the 
Commission adopted rule changes to eliminate magnetic cartridges as a 
means of electronic filing. The intended general effect of the 
proposals is to facilitate compliance with the will of Congress, as 
reflected in amended section 16(a), and to facilitate the more 
efficient transmission, dissemination, analysis, storage, and retrieval 
of insider ownership and transaction information in a manner that will 
benefit investors, filers, and the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/02                    67 FR 79466
NPRM Comment Period End         02/10/03
Final Action                    05/13/03                    68 FR 25788
Final Action Effective          06/30/03

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________




4360. DISCLOSURE REQUIRED BY SECTIONS 404, 406, AND 407 OF THE 
SARBANES--OXLEY ACT OF 2002

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77e, 77f, 77g, 77j, 77q, 77z--3; 15 USC 78l, 
78m, 78o, 78w, 78mm; secs 3(a), 406, and 407 of the Sarbanes--Oxley Act 
of 2002

CFR Citation: 17 CFR 228.401; 17 CFR 228--406; 17 CFR 228.601; 17 CFR 
229.401; 17 CFR 229.406; 17 CFR 229.601

Legal Deadline: Final, Statutory, January 26, 2003, Final.
Sarbanes--Oxley Act of 2002.

Abstract: In January 2003, the Commission adopted rules relating to 
sections, 406 and 407 of the Sarbanes--Oxley Act of 2002. The rules 
require companies to include in their Exchange Act filings: (1) 
disclosure regarding whether a company had adopted a code of ethics 
that applies to certain senior officers and (2) disclosure regarding 
whether a company has an audit committee financial expert serving on 
its audit committee. In June 2003, the Commission adopted rules 
relating to section 404 of the Sarbanes--Oxley Act requiring companies 
to provide internal control reports and attestations by their 
independent auditors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/30/02                    67 FR 66208
NPRM Comment Period End         11/29/02
Final Action for 406 and 407 
Rules                           01/31/03                     68 FR 5110
Final Action Effective          03/03/03
Final Action for 404 Rules      06/18/03                    68 FR 36636
Final Action Effective          08/14/03

Regulatory Flexibility Analysis Required: Yes

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-AI66
_______________________________________________________________________




4361. CERTIFICATION OF DISCLOSURE IN CERTAIN EXCHANGE ACT REPORTS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 228.601; 17FR 229.601; 17 CFR 240.13a--14; 17 CFR 
240.13a--15; 17 CFR 240.15D--14; 17 CFR 240.15D--15; 17 CFR 270.30a--2; 
17 CFR 270.30a--3; 17 CFR 232.302

Legal Deadline: None

Abstract: The Commission adopted amendments to rules and forms under 
the Securities Exchange Act of 1934 and Investment Company Act of 1940 
to require issuers to provide the certifications required by sections 
302 and 906 of the Sarbanes--Oxley Act of

[[Page 74025]]

2002 as exhibits to the periodic reports to which they relate.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/31/03                    68 FR 15600
NPRM Comment Period End         05/15/03
Final Action                    06/18/03                    68 FR 36636
Final Action Effective          08/14/03

Regulatory Flexibility Analysis Required: Yes

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-AI79
_______________________________________________________________________


Securities and Exchange Commission (SEC)                  Prerule Stage


Division of Investment Management



_______________________________________________________________________




4362. [bull] INVESTMENT COMPANY PORTFOLIO TRANSACTION COST CONCEPT 
RELEASE

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

Legal Authority: 15 USC 77a et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission issue a concept release requesting 
public comment on how disclosure of investment company transaction 
costs might be improved, including whether it would be appropriate and 
feasible to require investment companies to provide their investors 
with quantitative disclosure of portfolio transaction costs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Paul Goldman, Assistant Director, Division of 
Investment Management, Securities and Exchange Commission, 901 E Street 
NW, Washington, DC 20549
Phone: 202 942--0510
Email: [email protected]

RIN: 3235-AI94
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4363. 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                            02/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AH24
_______________________________________________________________________




4364. 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                            07/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AH34
_______________________________________________________________________




4365. 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

[[Page 74026]]

institutions providing investment advice to certain clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AI16
_______________________________________________________________________




4366. 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

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                            01/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI29
_______________________________________________________________________




4367. 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 Commission proposed 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''). The Commission also proposed amendments 
to the forms that investment companies use to register under the 
Investment Company Act and offer their shares under the Securities Act 
of 1933. The proposed amendments would require registered funds to 
disclose the aggregate costs of investing in other funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/08/03                    68 FR 58226
NPRM Comment Period End         12/03/03
Final Action                    04/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

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
_______________________________________________________________________




4368. 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                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AI58
_______________________________________________________________________




4369. AMENDMENTS TO REGISTRATION FORM AND RULES FOR REGISTRATION OF 
CERTAIN INVESTMENT COMPANY SECURITIES

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

Legal Authority: 15 USC 80a--24; 15 USC 80a--37; 15 USC 77f; 15 USC 
77h; 15 USC 77j; 15 USC 77s(a)

CFR Citation: 17 CFR 230; 17 CFR 270; 17 CFR 274

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission amend the rule and the form under the 
Investment Company Act of 1940 that prescribe the method by which 
certain investment companies calculate and pay registration fees under 
the Securities Act of 1933 and Rule 457 under the Securities Act that 
allows for the offset of registration fees in cases of overpayment. The 
amendments would make clear that funds must pay interest on late 
filings at the time of the late filing, allow funds to use excess 
filing fees resulting from erroneous over payments with Form 24F--2 
filings as an offset against future registration fees due with Form

[[Page 74027]]

24F--2 filings, and make technical corrections to the form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI84
_______________________________________________________________________




4370. [bull] DISCLOSURE OF BREAKPOINT DISCOUNTS BY MUTUAL FUNDS

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 80a--24; 15 USC 80a--37

CFR Citation: 17 CFR 15A; 17 CFR 274.11A

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose new rules that would require 
improved disclosure in mutual fund prospectuses regarding 
``breakpoint'' discounts on front--end sales loads.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Christian Broadbent, Securities and Exchange 
Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942--0721

RIN: 3235-AI95
_______________________________________________________________________




4371. 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 Commission proposed 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                            10/29/03                    68 FR 61720
NPRM Comment Period End         01/08/04
Next Action Undetermined         To Be                       Determined

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
_______________________________________________________________________




4372. AMENDMENTS TO FORM N--SAR, SEMIANNUAL REPORT OF REGISTERED 
INVESTMENT COMPANIES

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

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

CFR Citation: 17 CFR 249.330; 17 CFR 274.101

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Tara Royal, Securities and Exchange Commission
Phone: 202 942--0721

RIN: 3235-AF93
_______________________________________________________________________




4373. 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 recommend revisions to the cash solicitation rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Catherine E. Marshall, Office of Investment Adviser 
Regulation, Division Of Investment Management, Securities and Exchange 
Commission
Phone: 202 942--0719

RIN: 3235-AH33
_______________________________________________________________________




4374. 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

[[Page 74028]]

USC 80a--29; 15 USC 80a--30; 15 USC 80a--37

CFR Citation: 17 CFR 232.101 to 232.601

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 and to identify series and classes for certain investment 
company filings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI18
_______________________________________________________________________




4375. 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                            02/00/04

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-AI45
_______________________________________________________________________




4376. 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                            04/00/04

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
_______________________________________________________________________




4377. 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 
under the Public Utility Holding Company Act to update the exemptions 
to reflect current industry conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/04

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4378. 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

[[Page 74029]]

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. 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                    02/00/04

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI17
_______________________________________________________________________




4379. COMPLIANCE PROGRAMS OF INVESTMENT COMPANIES AND INVESTMENT 
ADVISERS

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

Legal Authority: 15 USC 80a--30(a); 15 USC 80a--37(a); 15 USC 80b--6; 
15 USC 80b--11; 15 USC 80b--4

CFR Citation: 17 CFR 270.38a--1 (New); 17 CFR 275.204--2; 17 CFR 
275.206(4)--7

Legal Deadline: None

Abstract: The Commission proposed new Rule 38a--1 under the Investment 
Company Act, new Rule 206(4)--7 under the Investment Advisers Act, and 
amendments to Rule 204--2 under the Investment Advisers Act to require 
each investment company and investment adviser to: (i) adopt and 
implement policies and procedures reasonably designed to prevent 
violations of the Federal securities laws, (ii) review those policies 
and procedures annually, (iii) appoint a chief compliance officer, and 
(iv) maintain certain compliance records.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/11/03                     68 FR 7038
NPRM Comment Period End         04/18/03
Final Action                    12/00/03

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AI77
_______________________________________________________________________




4380. SHAREHOLDER REPORT AND FINANCIAL STATEMENT REVISIONS

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

Legal Authority: 15 USC 77e, 77f, 77g, 77h, 77j, 77s(a), 77z--3, 
78j(b), 78l, 78m, 78o(d), 78w(a); 15 USC 80a--6(c), 80a--8, 80a--24(a), 
80a--29, 80a--30, 80a--37

CFR Citation: 17 CFR 210.6--10; 17 CFR 210.12--12C; 17 CFR 239.14; 17 
CFR 239.15A; 17 CFR 239.17; 17 CFR 249.33; 17 CFR 270.30b1--4; 17 CFR 
274.11A; 17 CFR 274.11a--1; 17 CFR 274.11b; 17 CFR 274.128; 17 CFR 
274.129

Legal Deadline: None

Abstract: The Commission proposed rule and form amendments to improve 
the periodic disclosure provided by registered management investment 
companies about their portfolio investments, costs, and past 
performance, including amendments that would require quarterly 
disclosure of portfolio holdings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/02/03                      68 FR 160
NPRM Comment Period End         02/14/03
Final Action                    11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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-AG64
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4381. 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
Next Action To Be Determined     To Be                       Determined

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

[[Page 74030]]

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
_______________________________________________________________________




4382. CERTAIN BROKER--DEALERS 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); 15 USC 80b--11(a)

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                    11/00/04

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AH78
_______________________________________________________________________




4383. 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 under the Public Utility Holding Company Act 
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                    11/00/04

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)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4384. 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)(1); 15 USC 80b--4; 15 USC 80b--11(a); 
15 USC 80b--6(4)

CFR Citation: 17 CFR 275.206(4)--2

Legal Deadline: None

Abstract: The Commission adopted 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                    10/01/03                    68 FR 56692
Final Action Effective          11/05/03
Compliance Date                 04/01/04

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AH26
_______________________________________________________________________




4385. PROPOSED AMENDMENTS TO INVESTMENT COMPANY ADVERTISING RULES

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

Legal Authority: 15 USC 77b; 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 
77j; 15 USC 77s(a); 15 USC 77z--3; 15 USC 80a--8; 15 USC 78j(b); 15 USC 
78w(a); 15 USC 80a--8; 15 USC 80a--

[[Page 74031]]

24; 15 USC 80a--29; 15 USC 80a--33; 15 USC 80a--37

CFR Citation: 17 CFR 230.482; 17 CFR 230.134; 17 CFR 230.156; 17 CFR 
239.15A; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR 270.34b--1; 17 CFR 
274.11A; 17 CFR 274.11b; 17 CFR 274.11c; 17CFR 274.11d

Legal Deadline: None

Abstract: The Commission adopted amendments to 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 adopted amendments 
requiring 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                    10/06/03                    68 FR 57760
Final Action Effective          11/15/03

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AH19
_______________________________________________________________________




4386. 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 Commission adopted new Rule 3a--8 under the Investment 
Company Act of 1940 that provides a safe harbor from investment company 
status for certain research and development companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/03/02                    67 FR 71915
NPRM Comment Period End         01/15/03
Final Action                    06/20/03                    68 FR 37046
Final Action Effective          08/19/03

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Agency Contact: Karen Goldstein, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942--0646

RIN: 3235-AI57
_______________________________________________________________________




4387. 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 Division is withdrawing this item from the Unified Agenda 
because the Division does not expect to recommend that the Commission 
consider the item within the next 12 months. The Division may 
reconsider this item at a later date.

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
Withdrawn                       11/01/03

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)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4388. 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                            11/00/03

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AH06
_______________________________________________________________________




4389. REGISTRATION REQUIREMENTS FOR BANKS ACTING AS BROKERS OR DEALERS 
IN SECURITY FUTURES PRODUCTS

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

Legal Authority: 15 USC 78o(i)

CFR Citation: Not Yet Determined

Legal Deadline: None

[[Page 74032]]

Abstract: The Division is considering recommending to the Commission 
proposed Rule 15i--1, which would apply the broker--dealer registration 
requirements of the Exchange Act to banks that act as brokers or 
dealers in security futures products.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Sean P. O'Malley, Special Counsel, Securities and 
Exchange Commission
Phone: 202 942--0734

RIN: 3235-AI83
_______________________________________________________________________




4390. [bull] ALTERNATIVE NET CAPITAL COMPUTATION FOR BROKER--DEALERS 
THAT ELECT TO BE SUPERVISED ON A CONSOLIDATED BASIS

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

Legal Authority: 15 USC 78a; 15 USC 78c; 15 USC 78q(a); 15 USC 78mm

CFR Citation: 17 CFR 240.15c3--1; 17 CFR 240.15c3--4; 17 CFR 240.30--3; 
17 CFR 240.17a--5; 17 CFR 240.17a--11

Legal Deadline: None

Abstract: The Division is considering whether to recommend that the 
Commission propose rules and rule amendments under the Securities 
Exchange Act of 1934 that would establish an optional alternative 
method for computing net capital for certain broker--dealers that are 
part of a holding company group. An eligible broker--dealer may elect 
to compute its net capital using this alternative method, which 
involves the use of mathematical modeling techniques to determine 
market and credit risk capital charges, if the holding company of the 
broker--dealer consents to Commission supervision of the holding 
company and the other affiliates of the broker--dealer. As part of this 
supervision, the Commission would examine the books and records of the 
holding company and the affiliates of the broker--dealer, and the 
holding company would make periodic reports to the Commission, which 
would include group--wide financial and risk management information and 
a capital assessment in accordance with the Basel Standards.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Rose Wells, Securities and Exchange Commission
Phone: 202 942--0143

RIN: 3235-AI96
_______________________________________________________________________




4391. [bull] SUPERVISED INVESTMENT BANK HOLDING COMPANIES

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

Legal Authority: 15 USC 78a; 15 USC 78q(i); 15 USC 78w; 15 USC 78mm

CFR Citation: 17 CFR 240.17i--1; 17 CFR 240.17i--2; 17 CFR 240.17i--3; 
17 CFR 240.17i--4; 17 CFR 240.17i--5; 17 CFR 240.17i--6; 17 CFR 
240.17i--7; 17 CFR 240.17i--8; 17 CFR 240.17i--9

Legal Deadline: None

Abstract: The Division is recommending that the Commission propose 
rules to implement section 17(i) of the Securities Exchange Act of 
1934. The proposed new rules would establish an application process 
through which ``investment bank holding companies'' (``IBHCs'') could 
elect to become ``supervised investment bank holding company'' 
(``SIBHC''), as well as a process by which an SIBHC could withdraw from 
Commission supervision. In addition, the proposed new rules would 
require that an SIBHC (i) create and implement a group--wide internal 
risk management control system, (ii) create and maintain certain, 
specified records and make them available to Commission staff during 
inspections and examinations, and (iii) provide the Commission with 
periodic and special reports. Finally, the proposed new rules would 
establish remedies for non--compliance with these rules.
Pursuant to the Act, an IBHC is defined to be any person, other than a 
natural person, that owns or controls one or more broker--dealers. 
Further, an IBHC that is eligible may voluntarily submit to Commission 
supervision on a group--wide basis to become an SIBHC. An IBHC would 
not be eligible to become an SIBHC if it is (i) affiliated with an 
insured bank (with certain exceptions) or a savings association, (ii) a 
foreign bank, foreign company, foreign bank branch agency, or a State--
chartered commercial lending company, or (iii) a foreign bank that 
controls an Edge Act Corporation. Section 17(i) of the Act created a 
new framework for supervising these SIBHCs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI97
_______________________________________________________________________




4392. REQUEST FOR COMMENT ON NYSE PETITION FOR AMENDING THE CTA AND CQ 
PLANS SO AS TO DELETE THE PARTICIPANTS' FEE EXEMPTIONS

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 78k--1; 17 CFR 240.11Aa--3--2

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission has sought and is now reviewing comments from 
the public on the NYSE's petition requesting that the Commission amend 
the CTA and CQ Plans to remove provisions that exempt CTA participants 
from certain charges that generally apply for the receipt and use of 
market data.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           04/01/03                    68 FR 15688
ANPRM Comment Period End        05/01/03
NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Undetermined

[[Page 74033]]

Government Levels Affected: None

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

RIN: 3235-AI78
_______________________________________________________________________




4393. 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 within 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
Second NPRM                     01/00/04

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Agency Contact: Jennifer Amy Lucier, Attorney, Securities and Exchange 
Commission
Phone: 202 942--0173
Fax: 202 942--9553

RIN: 3235-AH53
_______________________________________________________________________




4394. 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: In June 2003, the Commission issued a concept release as part 
of its review of the role of credit rating agencies in the operation of 
the securities markets. The Commission has sought comment on various 
issues relating to credit ratings agencies including whether credit 
ratings should continue to be used for regulatory purposes under the 
federal securities laws; and, if so, the process of determining whose 
credit ratings should be used, and the level of oversight to apply to 
such credit rating agencies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/97                    62 FR 68018
NPRM Comment Period End         03/02/98
ANPRM                           06/12/03                    68 FR 35258
ANPRM Comment Period End        07/28/03
NPRM                            12/00/03

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Additional Information: This proposal was based in part on comments 
received in response to a concept release (RIN 3235--AG41; 59 FR 
46314), which is now combined in this rulemaking.

Agency Contact: Thomas K. McGowan, Office of Risk Management, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942--4886
Fax: 202 942--9553

RIN: 3235-AH28
_______________________________________________________________________




4395. 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: The Division is considering whether to recommend that the 
Commission propose rules to amend Exchange Act Rule 10a--1, the short 
sale rule. As part of its comprehensive review of Exchange Act Rule 
10a--1, the Commission published in 1999 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                            11/00/03

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AH84
_______________________________________________________________________




4396. 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)

[[Page 74034]]

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

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules 15g--2(c) and 15(g)--9(e) under the Exchange Act. The 
Division plans to recommend that the Commission propose two 
alternatives that would adapt Rules 15g--2 and 15g--9 to the 
requirements of the Electronic Signatures Act in slightly different 
ways. The Division is also considering whether to recommend that the 
Commission 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

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AI02
_______________________________________________________________________




4397. 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, Other.

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 intends to amend the guidance regarding the 
definition of ``broker'' and to extend the implementation date for the 
guidance as necessary. The Commission amended the guidance regarding 
the definition of ``dealer'' on February 24, 2003, and extended the 
implementation date for the guidance regarding the definition of 
``dealer'' until September 30, 2003.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/18/01                    66 FR 27760
Interim Final Rule Comment 
Period End                      07/17/01
Comment Period Extended         07/24/01                    66 FR 38370
Interim Final Rule Extended     07/24/01                    66 FR 38370
Comment Period End              09/04/01
Interim Final Rule Extended     05/08/02
NPRM for Dealer Rules           11/05/02                    67 FR 67495
Comment Period for Dealer Rule 
End                             12/05/02
Final Dealer Rule               02/24/03                     68 FR 8686
Compliance Date for Dealer Rule 09/30/03
NPRM for Broker Rules           11/00/03

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

RIN: 3235-AI19
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4398. 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 Commission proposed 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 
conducted through securities accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/23/02                    67 FR 59748
NPRM Comment Period End         10/23/02
Final Action                    11/00/03

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

RIN: 3235-AI61
_______________________________________________________________________




4399. 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 Commission has proposed simplifying and updating Rule 
10b--18's provisions in light of

[[Page 74035]]

market developments since the Rule's adoption. Rule 10b--18 provides a 
safe harbor from liability under the anti--manipulation provisions of 
sections 9(a)(2) and 10(b) of the Exchange Act, and Rule 10b--5 
thereunder, for issuer purchases of its common stock made in compliance 
with Rule 10b--18's manner, timing, price, and volume conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/18/02                    67 FR 77594
NPRM Comment Period End         02/18/03
Final Action                    11/00/03

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

RIN: 3235-AH37
_______________________________________________________________________




4400. 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 proposed 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                    04/00/04

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

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

RIN: 3235-AH40
_______________________________________________________________________




4401. 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                    05/00/04

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AH54
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4402. [bull] REQUEST FOR COMMENT ON NASDAQ PETITION RELATING TO NASDAQ 
LISTED SECURITIES

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 78f(b)(1); 15 USC 78o--3(b)(2); 15 USC 
78F(b)(5); 15 USC 78f(b)(8); 15 USC 78o--3(b)(6); 15 USC 78o--3(b)(9)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission has requested comment on a petition submitted 
by the Nasdaq Stock Market, Inc. (``NASDAQ'') concerning the regulation 
of Nasdaq--listed securities. Specifically, Nasdaq requested that the 
Commission amend the rules of all markets that trade Nasdaq--listed 
securities to establish uniform trading rules, and to ensure equal 
surveillance and enforcement of those rules; order that the exchanges' 
costs of regulation, including costs associated with proper data 
collection, surveillance, and enforcement, be aggregated and deducted 
from the market data revenue collected pursuant to the Nasdaq Unilisted 
Trading Privileges Plan (``UTP Plan''); and, prohibit the launch or 
continuation of Nasdaq trading by any market that fails to protect 
investors as required under the Securities Exchange Act of 1934 
(``Act''). In addition, the Commission requested comment on whether the 
same actions would be appropriate for the regulation and trading of 
exchange--listed securities.

[[Page 74036]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           05/20/03                    68 FR 27722
ANPRM Comment Period End        06/19/03


Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Theodore R. Lazo, Securities and Exchange Commission, 
Division of Market Regulation
Phone: 202 942--0745
Fax: 202 942--9695
Email: [email protected]

RIN: 3235-AI86
_______________________________________________________________________




4403. [bull] RECORDKEEPING REQUIREMENTS FOR TRANSFER AGENTS

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

Legal Authority: 15 USC 78q--1

CFR Citation: 17 CFR 240.17Ad--7(f)

Legal Deadline: None

Abstract: The Commission proposed amending Rule 17AD--7(f) to clarify 
that registered transfer agents may use electronic, microfilm, and 
micrographic media as a substitute for hard copy records for complying 
with the Commission's recordkeeping rules and that a third party on 
behalf of a transfer agent may place into escrow the required software 
information.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/20/03                    68 FR 36951
NPRM Comment Period End         07/21/03
Final Action                     To Be                       Determined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Federal

Federalism:  Undetermined

Agency Contact: David Karasik, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942--0786
Fax: 202 942--9695
Email: [email protected]

RIN: 3235-AI88
_______________________________________________________________________




4404. [bull] ENHANCED CONFIRMATION DISCLOSURE OF MUTUAL FUND TRANSACTION

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

Legal Authority: 15 USC 78o(c)(2)

CFR Citation: 17 CFR 240.15c2--2; 17 CFR 240.10b--10

Legal Deadline: None

Abstract: The Division is considering recommending to the Commission a 
proposal to issue new rule 15c2--2 under the Securities Exchange Act of 
1934, and amend current rule 10b--10 to provide for improved 
confirmation disclosure of costs associated with mutual fund 
transaction and distribution arrangements that have the potential to 
cause conflicts of interest.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Joshua Kans, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942--0079
Fax: 202 942--9645
Email: [email protected]

RIN: 3235-AI91
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4405. BROKER--DEALER EXEMPTION FROM SENDING CERTAIN FINANCIAL 
INFORMATION TO CUSTOMERS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78q(e)(1)(c)

CFR Citation: 17 CFR 240.17a--5

Legal Deadline: None

Abstract: The Commission adopted an amendment to Rule 17a--5(c) under 
the Securities Exchange Act of 1934 that provides a conditional 
exemption from the Rule's requirement that a broker--dealer that 
carries customer accounts send its full balance sheet to each of its 
customers twice a year. A broker--dealer taking advantage of the 
exemption is required to post its full balance sheet to its website and 
provide a toll--free telephone number to call for a free copy.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/03/02                    67 FR 71909
NPRM Comment Period End         01/02/03
Final Action                    08/06/03                    68 FR 46446
Final Action Effective          09/05/03

Regulatory Flexibility Analysis Required: No

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

RIN: 3235-AI68

[[Page 74037]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4406. 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                            12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH98
_______________________________________________________________________




4407. [bull] AMENDMENTS TO THE RULES OF PRACTICE AND RELATED PROVISIONS

Priority: Info./Admin./Other. Major status under 5 USC 801 is 
undetermined.

Legal Authority: 15 USC 7207; 15 USC 77s; 15 USC 78s; 15 USC 78w; 15 
USC 79t; 15 USC 77sss; 15 USC 80a--37; 15 USC 80a--39; . . .

CFR Citation: 17 CFR 200.21(b)(2); 17 CFR 200.43(c)(3); 17 CFR 200.111; 
17 CFR 201.100(a); 17 CFR 201.101(a); 17 CFR 201.102(d)(4); 17 CFR 
201.111(h); 17 CFR 201.141; 17 CFR 201.150(c)(4)

Legal Deadline: None

Abstract: The Office of General Counsel is recommending that the 
Commission propose for public comment amendments to its Rules of 
Practice and related provisions in light of the Sarbanes--Oxley Act of 
2002. The Sarbanes--Oxley Act, among other things, authorizes the 
Commission to review disciplinary actions of the Public Company 
Accounting Oversight Board and to create ``Fair Funds'' in Commission 
administrative proceedings. The Office is also considering whether to 
propose for comment amendments to other provisions of the Rules of 
Practice as a result of its experience with those rules and to correct 
certain citations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Diane V White, Senior Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942--0950

RIN: 3235-AI98
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Offices and Other Programs



_______________________________________________________________________




4408. 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                    11/00/03

Regulatory Flexibility Analysis Required: Yes

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

[[Page 74038]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4409. 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, Office of the Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942--4400

RIN: 3235-AH65
_______________________________________________________________________




4410. IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 7202, 7245, 7262; 15 USC 77s; 15 USC 78c(b), 
78d--3, 78m, 78w; 15 USC 80a--37, 80a--38; 15 USC 80b--11

CFR Citation: 17 CFR 205

Legal Deadline: Final, Statutory, January 26, 2003, Final.

Abstract: The Commission adopted a rule establishing standards of 
professional conduct for attorneys who appear and practice before the 
Commission on behalf of issuers in accordance with section 307 of the 
Sarbanes--Oxley Act 2002. The standards include a rule requiring an 
attorney to report evidence of a material violation of securities or 
breach of fiduciary duty or similar violation by the issuer up--the--
ladder within the company to the chief legal counsel or the chief 
executive officer of the company (or the equivalent thereof) and, if 
they do not respond appropriately to the evidence, requiring the 
attorney to report the evidence to the audit committee, another 
committee of independent directors, or the full board of directors. The 
Commission is still considering the ``noisy withdrawal'' provisions of 
the original proposal under which attorneys would be required under 
certain circumstances to withdraw from representing an issuer and 
disclose that fact to the Commission. In the related proposing release, 
the Commission discusses that part of the original proposal and seeks 
comment on additional alternatives. Although the Commission has not yet 
determined the date for the next action in this rulemaking, placement 
in the Long--Term category does not necessarily mean that the 
Commission will not act within the next twelve months.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM for Professional Standard 
Rules                           12/02/02                    67 FR 71670
NPRM Comment Period End         12/18/02
NPRM for ``Noisy Withdrawal'' 
Rule                            02/06/03                     68 FR 6324
Final Action for Professional 
Standard Rules                  02/06/03                     68 FR 6296
NPRM for ``Noisy Withdrawal'' 
Rule Comment Period End         04/07/03
Final Action for Professional 
Standard Rules Effective        08/05/03
Final Action of ``Noisy 
Withdrawal'' Rule                To Be                       Determined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Timothy N McGarey, Securities and Exchange Commission
Phone: 202 942--0835

RIN: 3235-AI72
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Offices and Other Programs



_______________________________________________________________________




4411. RULES REGARDING IMPROPER INFLUENCE ON THE CONDUCT OF AUDITS

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

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

CFR Citation: 17 CFR 240

Legal Deadline: Final, Statutory, April 26, 2003, Final.

Abstract: The Commission adopted rules to prohibit officers and 
directors of an issuer, and persons acting under their direction, from 
taking any action to influence, coerce, manipulate, or mislead the 
auditor of the issuer's financial statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/24/02                    67 FR 65325
NPRM Comment Period End         11/25/02
Final Action                    05/28/03                    68 FR 31820
Final Action Effective          06/27/03

Regulatory Flexibility Analysis Required: Yes

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Michael J. Kigin, Associate Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942--4400

RIN: 3235-AI67
[FR Doc. 03-28000 Filed 12-19-03; 8:45 am]
BILLING CODE 8010-01-S
