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


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Part LX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 38644]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8421, 34-49706, 35-27846, 39-2421, IA-2235, IC-26447, 
File No. S7-23-04]

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 May 14, 2004, 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.

DATES: Comments should be received on or before June 30, 2004.

ADDRESSES:  Comments may be submitted by any of the following methods:

    Electronic comments:

 Use the Commission's Internet comment form (http://
www.sec.gov/rules/other.shtml); or

 Send an email to [email protected]. Please include File 
Number S7-23-04 on the subject line; or

 Use the Federal eRulemaking Portal (http://
www.regulations.gov). Follow the instructions for submitting comments.

    Paper comments:

 Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 5th Street NW., 
Washington, DC 20549-0609. All submissions should referto File No. S7-
23-04. This file number should be included on the subject line if email 
is used. To help us process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet website (http://www.sec.gov/rules/
other.shtml). Comments are also available for public inspection and 
copying in the Commission's Public Reference Room, 450 5th Street NW., 
Washington, DC 20549. All comments received will be posted without 
change; we do not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General 
Counsel, 202-942-0954.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub. 
L. No. 96-354, 94 Stat. 1164) (September 19, 1980) requires each 
Federal agency, during the spring and fall 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 prior 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 RFA agenda is set forth below. The Commission 
invites public comment on the agenda and on the individual agenda 
entries.

Dated: May 14, 2004.

By the Commission.

 J. Lynn Taylor,

Assistant Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4236        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
4237        Asset-Backed Securities Disclosure....................................................    3235-AF74
4238        Streamlining Rule 144.................................................................    3235-AH13
4239        Electronic Signatures Act and Information Delivery Under the Securities Act of 1933...    3235-AI82
4240        Exemption of Certain Classes of Debt Securities From the Section 12(a) Registration       3235-AJ21
            Requirement of the Securities Exchange Act of 1934....................................
4241        Definition of Securities ``Held of Record''...........................................    3235-AJ22
4242        Lock-Up Agreements....................................................................    3235-AI09
4243        Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under       3235-AJ23
            the Securities Exchange Act of 1934...................................................
4244        Securities Act Reform.................................................................    3235-AI11
4245        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 38645]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4246        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
4247        Additional Form F-6 Eligibility Requirement Related to the Listed Status of Deposited     3235-AI89
            Securities Underlying American Depository Receipts....................................
4248        First Time Application of International Financial Reporting Standards.................    3235-AI92
4249        Use of Form S-8 and Form 8-K by Public Shell Companies................................    3235-AH88
4250        Security Holder Director Nominations..................................................    3235-AI93
4251        Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4252        Form 8-K Disclosure of Certain Management Transactions................................    3235-AI43
4253        Mandated Electronic Filing for Form ID................................................    3235-AJ09
4254        Revision of Multijurisdictional Disclosure System.....................................    3235-AH99
4255        Disclosure Regarding Nominating Committee Functions and Communications Between            3235-AI90
            Security Holders and Boards of Directors..............................................
4256        Additional Form 8-K Disclosure Requirements and Acceleration of Filing Date...........    3235-AI47
4257        Foreign Bank Exemption From The Insider Lending Prohibition of Exchange Act Section       3235-AI81
            13(k).................................................................................
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4258        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
4259        Principal Transactions With Investment Advisory Clients...............................    3235-AH34
4260        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
4261        Registration Under the Advisers Act of Certain Hedge Fund Advisers....................    3235-AJ25
4262        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
4263        Investment Company Portfolio Transaction Costs........................................    3235-AI94
4264        Privacy of Consumer Financial Information.............................................    3235-AJ24
4265        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies........    3235-AF93
4266        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
4267        Regional Transmission Organizations and Independent Transmission Companies............    3235-AI27
4268        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding         3235-AI59
            Officers and Directors of Registered Holding Companies................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4269        Political Contributions by Certain Investment Advisers................................    3235-AH72
4270        Certain Broker-Dealers Deemed Not To Be Investment Advisers...........................    3235-AH78
4271        Amendments to Form ADV................................................................    3235-AI17
4272        Investment Adviser Codes of Ethics....................................................    3235-AJ08
4273        Disclosure Regarding Basis for Approval of Existing Investment Advisory Contracts.....    3235-AJ10
4274        Fund of Funds Investments.............................................................    3235-AI30
4275        Disclosure of Breakpoint Discounts by Mutual Funds....................................    3235-AI95
4276        Prohibition on the Use of Brokerage Commissions To Finance Distribution...............    3235-AJ07
4277        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
4278        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
4279        Enhanced Governance Standards for Investment Companies................................    3235-AJ05
4280        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3235-AJ06
            Leach-Bliley Act......................................................................

[[Page 38646]]

 
4281        Disclosure Regarding Portfolio Managers of Registered Management Investment Companies.    3235-AJ16
4282        Mandatory Redemption Fees for Redeemable Fund Securities..............................    3235-AJ17
4283        Rulemaking for EDGAR System...........................................................    3235-AI18
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4284        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                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4285        Exemption From Registration for Certain Commodity Pool Operators......................    3235-AI29
4286        Compliance Programs of Investment Companies and Investment Advisers...................    3235-AI77
4287        Shareholder Report and Financial Statement Revisions..................................    3235-AG64
4288        Substitution of Funds Underlying Variable Insurance Products..........................    3235-AI58
4289        Investment in Money Market Funds......................................................    3235-AI45
4290        Disclosure of Policies Regarding Market Timing and Selective Disclosure of Portfolio      3235-AI99
            Holdings..............................................................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4291        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
4292        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
4293        Tender and Reorganization Agents......................................................    3235-AH53
4294        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally        3235-AH28
            Recognized Statistical Rating Organization............................................
4295        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 Exchange Act of
            1934..................................................................................
4296        Removal From Listing and Registration of Securities Pursuant to Section 12(d) of the      3235-AJ04
            Securities Exchange Act of 1934.......................................................
4297        Restrictions or Prohibitions on Ownership by Securities Intermediaries................    3235-AJ26
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4298        Alternative Net Capital Computation for Broker-Dealers That Elect To Be Supervised on     3235-AI96
            a Consolidated Basis..................................................................
4299        Supervised Investment Bank Holding Companies..........................................    3235-AI97
4300        Rule 15c3-3 Reserve Requirements for Margin Related to Security Futures Products......    3235-AI61
4301        Collection Practices Under Section 31 of the Exchange Act.............................    3235-AJ02
4302        Rule 15c2-2: Confirmation of Transactions in Open-End Management Investment Company       3235-AJ11
            Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for
            Education Savings.....................................................................
4303        Rule 15c2-3: Point-of-Sale Disclosure for Purchase Transactions in Open-End Management    3235-AJ12
            Investment Company Shares, Unit Investment Trust Interests, and Municipal Fund
            Securities Used for Education Svgs....................................................
4304        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
4305        Rule 15c-101: Schedule 15D............................................................    3235-AJ14

[[Page 38647]]

 
4306        Regulation NMS Proposal...............................................................    3235-AJ18
4307        Securities Transactions Settlement....................................................    3235-AJ19
4308        Regulation SHO, 17 CFR 242.200-203 ``Short Sale Regulation''..........................    3235-AJ00
4309        Rule 146: Rules Under Section 18 of the Act Rule 146(b)--Covered Securities for           3235-AJ03
            Purposes of Section 18................................................................
4310        Proposal To Amend the Process by Which SROs File Proposed Rule Changes To Require         3235-AJ20
            Electronic Filing and To Require Posting of Proposed Rule Changes and a Current Set of
            Their Rules...........................................................................
4311        Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global       3235-AI02
            and National Commerce Act.............................................................
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4312        Request for Comment on NASDAQ Petition Relating to NASDAQ Listed Securities...........    3235-AI86
4313        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
4314        Concept Release Seeking Comment on Competitive Issues in the Options Markets..........    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4315        Request for Comment on NYSE Petition for Amending the CTA and CQ Plans so as To Delete    3235-AI78
            the Participants' Fee Exemptions......................................................
4316        Recordkeeping Requirements for Transfer Agents........................................    3235-AI88
4317        Enhanced Confirmation Disclosure of Mutual Fund Transaction...........................    3235-AI91
4318        Purchases of Certain Equity Securities by the Issuer and Others.......................    3235-AH37
4319        Processing Requirements for Cancelled Securities Certificates.........................    3235-AH54
4320        Short Sales...........................................................................    3235-AH84
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4321        International Accounting Standards....................................................    3235-AH65
4322        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4323        Supplemental Financial Information....................................................    3235-AH86
4324        Proposal To Amend Disclosure Requirements Related to Derivative Financial Instruments     3235-AH98
            and Derivative Commodity Instruments..................................................
4325        Amendments to the Rules of Practice and Related Provisions............................    3235-AI98
----------------------------------------------------------------------------------------------------------------


[[Page 38648]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4236. 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 of Corporation Finance is considering 
recommending that the Commission propose amendments to Securities Act 
Industry Guide 3 and Exchange Act Industry Guide 3, Statistical 
Disclosure by Banking Holding Companies, to update them and apply them 
more broadly to registrants engaging in lending, investing, or deposit-
taking activities, in addition to banks and bank holding companies. The 
revisions also would likely take into account changes in financial 
reporting rules and the increasingly diverse lending and investing 
activities that expose registrants to credit risk.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Carol Stacey, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2960

RIN: 3235-AI10
_______________________________________________________________________




4237. 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 Commission has proposed amendments to revise rules and 
forms that would specify disclosure requirements for asset-backed 
securities transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/13/04                    69 FR 26650
NPRM Comment Period End         07/12/04
Final Action                    10/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8419.htm

URL For Public Comments:
www.sec.gov/rules.shtml

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
_______________________________________________________________________




4238. 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                     08/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-7391.txt

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of 
Corporation Finance, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AH13
_______________________________________________________________________




4239. 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 
recommending to the Commission an amendment to the definition of the 
term ``graphic communication'' in Rule 405 to codify the Commission's 
long-standing position that the information delivery requirements of 
the Securities Act may be satisfied through the use of electronic 
media.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI82
_______________________________________________________________________




4240.  EXEMPTION OF CERTAIN CLASSES OF DEBT SECURITIES 
FROM THE SECTION 12(A) REGISTRATION REQUIREMENT OF THE SECURITIES 
EXCHANGE ACT OF 1934

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 is considering recommending that the Commission

[[Page 38649]]

propose a new Rule 3a12-12 that would permit national securities 
exchanges to trade certain debt securities that have not been 
registered under section 12(a) of the Securities Act, provided certain 
conditions are met.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ21
_______________________________________________________________________




4241.  DEFINITION OF SECURITIES ``HELD OF RECORD''

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

Legal Authority: Not Yet Determined

CFR Citation: 17 CFR 240.12g5--1

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering 
recommending that the Commission propose revisions to the definition of 
securities ``held of record'' under the Securities Exchange Act of 1934 
to include the beneficial owners of securities registered in the name 
of a broker, dealer, bank or similar nominee.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ22
_______________________________________________________________________




4242. 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 of Corporation Finance 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 applicablerules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Pamela Carmody, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2920

RIN: 3235-AI09
_______________________________________________________________________




4243.  EQUAL TREATMENT OF SECURITY HOLDERS PURSUANT TO 
RULE 14D-10 AND RULE 13E-4(F) UNDER THE SECURITIES EXCHANGE ACT OF 1934

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 
recommending to the Commission amendments to the ``best-price'' rules 
contained in tender offer Rule 14d-10 and Rule 13e-4(f) under the 
Securities Exchange Act of 1934 to address issues raised by recent 
court decisions regarding the type of consideration that these rules 
apply to.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Brian V. Breheny, Chief, Office of Mergers and 
Acquisitions, Division of Corporation Finance, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2920

RIN: 3235-AJ23
_______________________________________________________________________




4244. SECURITIES ACT 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 of Corporation Finance 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 also 
considering recommending procedural changes in registration forms and 
their use to further capital formation. Finally, the Division is 
examining the requirements for delivery of final prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI11

[[Page 38650]]

_______________________________________________________________________




4245. 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 
recommending 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 with 
an issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI80
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4246. 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 updatedquarterly.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/20/02                    67 FR 35620
NPRM Comment Period End         07/19/02
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8098.htm

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

RIN: 3235-AI44
_______________________________________________________________________




4247. 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 Commission proposed amendments to Form F-6 to make the 
form unavailable to register under the Securities Act of 1933 
depositary shares evidenced by American depositary receipts if the 
foreign issuer has separately listed the deposited securities on a 
registered national securities exchange or automated inter-dealer 
quotation system of a national securities association.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/17/03                    68 FR 54644
NPRM Comment Period End         10/17/03
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8287.htm

URL For Public Comments:
www.sec.gov/rules.shtml

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

RIN: 3235-AI89
_______________________________________________________________________




4248. FIRST TIME 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 Commission proposed amendments to Form 20-F to provide a 
one-time accommodation regarding prior period financial statements 
prepared under International Financial Reporting Standards (``IFRS''). 
This accommodation, if adopted, 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                            03/18/04                    69 FR 12904
NPRM Comment Period End         04/19/04
Final Action                    07/00/04

[[Page 38651]]

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8937a.htm

URL For Public Comments:
www.sec.gov/rule.shtml

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

RIN: 3235-AI92
_______________________________________________________________________




4249. USE OF FORM S-8 AND FORM 8-K BY PUBLIC SHELL 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 Commission proposed amendments to Form S-8 and Form 8-K 
that would affect their use by shell companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/21/04                    69 FR 21650
NPRM Comment Period End         06/07/04
Final Action                    08/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8407.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Kevin O'Neill, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2950

RIN: 3235-AH88
_______________________________________________________________________




4250. 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 Commission proposed amendments to the proxy rules and 
related rules and regulations to facilitate shareholder director 
nominations in company proxy materials.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/23/03                    68 FR 60783
NPRM Comment Period End         12/22/03
Round table: Announced          02/12/04                     69 FR 6928
Round table comments due        03/31/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-48626.htm

Agency Contact: Lillian C. Brown, Division of Corporation Finance, 
Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 
20549
Phone: 202 942-2920

RIN: 3235-AI93
_______________________________________________________________________




4251. 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 expand the definition of 
``covered securities'' in Section 18 of the Securities Act of 1933.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/01                    66 FR 66839
NPRM Comment Period End         02/25/02
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8041.htm

Agency Contact: Joshua England, Division of Corporation Finance, 
Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 
20549
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AI25
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4252. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item 
further at a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19914
NPRM Comment Period End         06/24/02
Withdrawn                       05/01/04

[[Page 38652]]

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8090.htm

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

RIN: 3235-AI43
_______________________________________________________________________




4253.  MANDATED ELECTRONIC FILING FOR FORM ID

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 232; 17 CFR 239; 17 CFR 249; 17 CFR 259; 17 CFR 
269; 17 CFR 274

Legal Deadline: None

Abstract: The Commission adopted amendments that require persons to 
file electronically their Forms ID to obtain access codes for filing on 
the Commission's EDGAR system.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/22/04                    69 FR 13424
NPRM Comment Period End         04/05/04
Final Action                    04/26/04                    69 FR 22704
Final Action Effective          04/26/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8410.htm

Agency Contact: Mark W. Green, Senior Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549-0301
Phone: 202 942-1940
Fax: 202 942-9624
Email: [email protected]

RIN: 3235-AJ09
_______________________________________________________________________




4254. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item 
further at a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

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
_______________________________________________________________________




4255. DISCLOSURE REGARDING NOMINATING COMMITTEE FUNCTIONS AND 
COMMUNICATIONS BETWEEN SECURITY HOLDERS AND BOARDS OF DIRECTORS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 228.401; 17 CFR 229.401; 17 CFR 240.14a--101; 17 
CFR 249.308a; 17 CFR 249.308b; 17 CFR 270.30a--2; 17 CFR 249.331; 17 
CFR 274.128

Legal Deadline: None

Abstract: The Commission adopted 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                    11/28/03                    68 FR 66992
Final Action Effective          01/01/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8340.htm

Agency Contact: Lillian C. Brown, Division of Corporation Finance, 
Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 
20549
Phone: 202 942-2920

RIN: 3235-AI90
_______________________________________________________________________




4256. ADDITIONAL FORM 8-K DISCLOSURE REQUIREMENTS AND ACCELERATION OF 
FILING DATE

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 228.601; 17 CFR 229.601; 17 CFR 230.144; 17 CFR 
239.12; 17 CFR 239.13; 17 CFR 240.126--23; 17 CFR 240.13a--10; 17 CFR 
240.308b; 17 CFR 249.310; 17 CFR 249.310a; 17 CFR 240.308a

Legal Deadline: None

Abstract: The Commission adopted 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 4 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                    03/25/04                    69 FR 15594
Final Action Effective          08/23/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8400.htm

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of

[[Page 38653]]

Corporation Finance, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI47
_______________________________________________________________________




4257. FOREIGN BANK EXEMPTION FROM THE INSIDER LENDING PROHIBITION OF 
EXCHANGE ACT SECTION 13(K)

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.13k--1

Legal Deadline: None

Abstract: The Commission adopted a rule that exempts qualified foreign 
banks from the insider lending prohibition under Section 13(k) of the 
Securities Exchange Act of 1934, as added by Section 402 of the 
Sarbanes-Oxley Act. The rule exempts from this insider lending 
prohibition foreign banks that meet specified criteria similar to those 
that currently qualify domestic banks for this statutory exemption.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/17/03                    68 FR 54590
NPRM Comment Period End         10/17/03
Final Action                    04/30/04                    69 FR 24015
Final Action Effective          04/30/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-49616

Agency Contact: Elliot Staffin, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-2990

RIN: 3235-AI81
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4258. BOOKS AND RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS

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

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

CFR Citation: 17 CFR 275.204--2

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission update the books and records 
requirements for investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Don L. Evans, Office of Investment Adviser Regulation, 
Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

RIN: 3235-AH24
_______________________________________________________________________




4259. 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                            04/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

RIN: 3235-AH34
_______________________________________________________________________




4260. 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 Commission proposes to except from the definition of 
investment adviser thrift institutions providing investment advice to 
certain clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/07/04                    69 FR 25778
NPRM Comment Period End         07/09/04
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
http://www.sec.gov/rules/proposed/34.49639.htm

URL For Public Comments:
http://www.sec.gov/rules.shtml

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

[[Page 38654]]

Phone: 202 942-0719

RIN: 3235-AI16
_______________________________________________________________________




4261.  REGISTRATION UNDER THE ADVISERS ACT OF CERTAIN 
HEDGE FUND ADVISERS

Priority: Other Significant. Major status under 5 USC 801 is 
undetermined.

Legal Authority: 15 USC 204; 15 USC 205(e); 15 USC 206(4); 15 USC 206A; 
15 USC 211(a)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission propose rule amendments that would 
require registration under the Investment Advisers Act of 1940 by 
certain advisers to hedge funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

RIN: 3235-AJ25
_______________________________________________________________________




4262. 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 overpayments with Form 24F-2 
filings as an offset against future registration fees due with Form 
24F-2 filings, and make technical corrections to the form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Ruth Armfield Sanders, Division of Investment 
Management, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0633

RIN: 3235-AI84
_______________________________________________________________________




4263. INVESTMENT COMPANY PORTFOLIO TRANSACTION COSTS

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 Commission has issued 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                           12/24/03                    68 FR 74820
ANPRM Comment Period End        02/23/04
NPRM                            12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov.rule/concept/33-8349.htm

Agency Contact: Paul Goldman, Assistant Director, Division of 
Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0510
Email: [email protected]

RIN: 3235-AI94
_______________________________________________________________________




4264.  PRIVACY OF CONSUMER FINANCIAL INFORMATION

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

Legal Authority: PL 108-159, 117 Stat. 1952, 214, 216

CFR Citation: 17 CFR 248

Legal Deadline: Final, Statutory, September 4, 2004, Rulemaking under 
section 214.
Final, Statutory, December 4, 2004, Rulemaking under section 216.

Abstract: The Divisions of Investment Management and Market Regulation 
are considering recommending amendments to Regulation S-P to implement 
sections 214 and 216 of the Fair and Accurate Credit Transactions Act 
of 2003 (``FACT Act'').

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: None

Agency Contact: Hugh Lutz, Staff Attorney, Division of Investment 
Management, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549-0506
Phone: 202 942-0690

RIN: 3235-AJ24
_______________________________________________________________________




4265. 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 78 et seq; 15 USC 80a-1 et seq

CFR Citation: 17 CFR 249.330; 17 CFR 274.101

[[Page 38655]]

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                            12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AF93
_______________________________________________________________________




4266. 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                            12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Catherine E. Marshall, Office of Investment Adviser 
Regulation, Division Of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0690
Email: [email protected]

RIN: 3235-AH33
_______________________________________________________________________




4267. 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                            04/00/05

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, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0545
Email: [email protected]

RIN: 3235-AI27
_______________________________________________________________________




4268. 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 
recommending 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                            11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: David B. Smith, Office of Public Utility Regulation, 
Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 942-0525

RIN: 3235-AI59
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4269. 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 madeby the adviser or any of its 
partners, executive officers, or solicitors.

[[Page 38656]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/99                    64 FR 43556
NPRM Comment Period End         11/01/99
Final Action                    04/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/ia-1812.htm

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

RIN: 3235-AH72
_______________________________________________________________________




4270. 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                    12/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-42099.htm

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

RIN: 3235-AH78
_______________________________________________________________________




4271. 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 Commission adopted 
amendments to Form ADV and the final amendments to part 1 of Form ADV 
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 RIN 3235-AI17.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-42620.htm

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

Related RIN: Related to 3235-AD21
RIN: 3235-AI17
_______________________________________________________________________




4272.  INVESTMENT ADVISER CODES OF ETHICS

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

Legal Authority: 15 USC 80a-17(j); 15 USC 80a-37(a); 15 USC 80b-1 et 
seq; 15 USC 80b-2(a)(17); 15 USC 80b-4; 15 USC 80b-4a; 15 USC 80b-6(4); 
15 USC 80b-11(a)

CFR Citation: 17 CFR 270.17j--1; 17 CFR 275.204--2; 17 CFR 275.204A--1; 
17 CFR 279.1

Legal Deadline: None

Abstract: The Commission proposed:
(a) Rule 204A-1 under the Investment Adviser Act of 1940 (``Advisers 
Act'') to require investment advisers to establish, maintain, and 
enforce written codes of ethics; and
(b) conforming amendments to:
 (i) Rule 17j-1 under the Investment Company Act of 1940;
 (ii) The books and records requirements of Rule 204-2 under the
 Adviser Act; and
 (iii) Form ADV.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/27/04                     69 FR 4040
NPRM Comment Period End         03/15/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/ia-2209.htm

Agency Contact: Penelope W. Saltzman, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 942-0690

RIN: 3235-AJ08

[[Page 38657]]

_______________________________________________________________________




4273.  DISCLOSURE REGARDING BASIS FOR APPROVAL OF 
EXISTING INVESTMENT ADVISORY CONTRACTS

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 240.14a--101; 17 CFR 274.11A; 17 CFR 274.11a--1; 
17 CFR 11b; 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17

Legal Deadline: None

Abstract: The Commission proposed form amendments under the Securities 
Act of 1933, the Securities Exchange Act of 1934, and the Investment 
Company Act of 1940, to improve the disclosure provided by registered 
management investment companies about how directors of such companies 
evaluate and approve the continuance of existing investment advisory 
contracts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/19/04                     69 FR 7852
NPRM Comment Period End         05/26/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8364.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Deborah D. Skeens, Senior Counsel, Division of 
Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0721

RIN: 3235-AJ10
_______________________________________________________________________




4274. FUND OF FUNDS INVESTMENTS

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); 15 USC 80a-
37(a)

CFR Citation: 17 CFR 12d1--1; 17 CFR 12d1--2; 17 CFR 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                    08/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8297.htm

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
_______________________________________________________________________




4275. DISCLOSURE OF BREAKPOINT DISCOUNTS BY MUTUAL FUNDS

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

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

CFR Citation: 17 CFR 239.15A; 17 CFR 274.11A

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission adopt 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                            12/24/03                    68 FR 74732
NPRM Comment Period End         02/13/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8347.htm

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

RIN: 3235-AI95
_______________________________________________________________________




4276.  PROHIBITION ON THE USE OF BROKERAGE COMMISSIONS 
TO FINANCE DISTRIBUTION

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

Legal Authority: 15 USC 80a-12(b); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.12b--1

Legal Deadline: None

Abstract: The Commission proposed to amend Rule 12b-1 to prohibit funds 
from using brokerage commissions to pay for distribution of open-end 
management investment companies. The Commission also requested comment 
on whether it should propose additional changes to Rule 12b-1 or 
propose to rescind the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/01/04                     69 FR 9726
NPRM Comment Period End         05/10/04
Final Action                    07/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/ic-26356.htm

URL For Public Comments:
www.sec.gov/rules.shtml

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

[[Page 38658]]

Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0673
Fax: 202 942-0760
Email: [email protected]

RIN: 3235-AJ07
_______________________________________________________________________




4277. 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: 17 CFR 270.15a--5; 17 CFR 210.6--07; 17 CFR 274.11A; 17 
CFR 240.14a--10

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
Final Action                    08/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8372.htm

Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0690

RIN: 3235-AH80
_______________________________________________________________________




4278.  AMENDMENTS TO RULES GOVERNING PRICING OF MUTUAL 
FUND SHARES

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

Legal Authority: 15 USC 80a-22(c); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.22c--1

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 22c-1 that would 
provide that an order to purchase or redeem mutual fund shares would 
receive the current day's price only if the fund, designated transfer 
agents, or a registered securities clearing agency receives the order 
by the time the fund establishes for calculating its net asset value.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/03                    68 FR 70388
NPRM Comment Period End         02/06/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/ic-26288.htm

Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0690

RIN: 3235-AJ01
_______________________________________________________________________




4279.  ENHANCED GOVERNANCE STANDARDS FOR INVESTMENT 
COMPANIES

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f); 15 USC 80a-12(b); 
15 USC 80A-17(d); 15 USC 80a-23(c) & 80-38(a); 15 USC 80a-31(a); 15 USC 
80a-31(b) & 80a-36(b)

CFR Citation: CFR 270.0--1(a)(7); CFR 270.12b--1(c); CFR 270--17(a)--
1(f); CFR 270/17a--8(a)(4); CFR 270.17e--1(c); CFR270.18f--3(c); CFR 
270.31a--2(a)(4)--(6); CFR 270.10F--3(c)(11); CFR 270.15a--
4(b)(2)(vii); CFR 270.17a--1(f); CFR 270.17d--1(d)(7)(v); CFR 270.17g--
1(j)(3); CFR 270.23--3(b)(8)

Legal Deadline: None

Abstract: The Commission proposed to amend certain exemptive rules 
under the Investment Company Act of 1940 to require registered 
investment companies (``funds'') to satisfy enhanced fund governance 
standards in order to rely on those rules, and to amend a recordkeeping 
rule under the Investment Company Act of 1940 to require each fund to 
retain materials that the fund board considers in approving the fund's 
advisory contracts. The proposed amendments would strengthen the 
independence and effectiveness offund boards of directors so that they 
can more effectively manage conflicts of interest, monitor service 
providers, protect the interests of shareholders, and assess advisory 
contracts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/23/04                     69 FR 3472
NPRM Comment Period End         03/10/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/ic-26323.htm

Agency Contact: Catherine E. Marshall, Office of Investment Adviser 
Regulation, Division Of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0690
Email: [email protected]

RIN: 3235-AJ05
_______________________________________________________________________




4280.  INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE 
FORMS OF PRIVACY NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT

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

Legal Authority: 15 USC 6804; 15 USC 78q, 78W; 15 USC 80a-30, 80a-37; 
15 USC 80b-4, 80b-11

CFR Citation: None

Legal Deadline: None

Abstract: The Commission, together with the Board of Governors of the 
Federal Reserve System, Federal Deposit Insurance Corporation, Federal 
Trade Commission, National Credit Union Administration, Office of the 
Comptroller of the Currency, and the Office of Thrift Supervision (the 
``Agencies''), requested comment on

[[Page 38659]]

whether the Agencies should consider amending the regulations that 
implement the privacy provisions of the Gramm-Leach-Bliley Act to allow 
or require financial institutions to provide alternative types of 
privacy notices that would be easier for consumers to understand.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75165
ANPRM Comment Period End        03/29/04
Final Action                    10/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/concept/34-48966.htm

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-AJ06
_______________________________________________________________________




4281.  DISCLOSURE REGARDING PORTFOLIO MANAGERS OF 
REGISTERED MANAGEMENT INVESTMENT COMPANIES

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 270.30a--2; 17 CFR 274.11A; 17 CFR 274.128; 17 CFR 
239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 249.331

Legal Deadline: None

Abstract: The Commission proposed form amendments that would require 
improved disclosure of fund portfolio managers, including disclosure 
regarding the structure of portfolio manager compensation, ownership of 
shares of the funds that a manager advises, and other investment 
companies or accounts that are managed by a portfolio manager to a 
registered fund.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/17/04                    69 FR 12752
NPRM Comment Period End         05/21/04
Final Action                    07/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8396.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Sanjay Lamba, Attorney-Adviser, Division of Investment 
Management, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-7926

RIN: 3235-AJ16
_______________________________________________________________________




4282.  MANDATORY REDEMPTION FEES FOR REDEEMABLE FUND 
SECURITIES

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

Legal Authority: 15 USC 80a-11(a); 15 USC 80a-22(c); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.22c--2; 17 CFR 270.11a--3

Legal Deadline: None

Abstract: The Commission proposed new Rule 22c-2 under the Investment 
Company Act to require mutual funds (with certain exceptions) to impose 
a 2 percent fee on the redemption of fund shares purchased within the 
previous 5 business days.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/11/04                    69 FR 11762
NPRM Comment Period End         05/10/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/ic-26375a.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Shaswat K. Das, Senior Counsel, Division of Investment 
Management, Securities and Exchange Commission, 450 Fifth Street NW, 
Washington, DC 20549-0506
Phone: 202 942-0690
Fax: 202-942-0760

RIN: 3235-AJ17
_______________________________________________________________________




4283. RULEMAKING FOR EDGAR SYSTEM

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

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

CFR Citation: 17 CFR 232.101 to 232.601

Legal Deadline: None

Abstract: In connection with the ongoing modernization of the 
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, the 
Commission proposed 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                            03/23/04                    69 FR 13690
NPRM Comment Period End         05/24/04
Final Action                    01/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8401.htm

URL For Public Comments:
www.sec.gov/rules.shtml or [email protected]

Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division 
of Investment Management, Securities and Exchange Commission,

[[Page 38660]]

450 5th Street NW, Washington, DC 20549
Phone: 202 942-0633

RIN: 3235-AI18
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4284. 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 
259.56 (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                     To Be                       Determined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/35-27342.htm

Agency Contact: Alberto Zapata, Division of Investment Management, 
Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 
20549
Phone: 202 942-0545

Related RIN: Related to 3235-AF79
RIN: 3235-AF78
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4285. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item 
further at a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0719

RIN: 3235-AI29
_______________________________________________________________________




4286. COMPLIANCE PROGRAMS OF INVESTMENT COMPANIES AND INVESTMENT 
ADVISERS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80a-30(a); 15 USC 80a-37(a); 15 USC 80b-6; 15 
USC 80b-11; 15 USC 80b-4; 15 USC 77s(a); 15 USC 78(w)a; 15 USC 
78bb(i)(2); 15 USC 77sss(a); 15 USC 80b-3(i); 15 USC 80b-4

CFR Citation: 17 CFR 270.80a--1 (New); 17 CFR 275.204--2; 17 CFR 274--
206(4)--7(New)

Legal Deadline: None

Abstract: The Commission adopted 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. The Commission requested 
comment on certain aspects of new Rule 38a-1.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/11/03                     68 FR 7038
NPRM Comment Period End         04/18/03
Final Action                    12/17/03                    68 FR 74714
Final Action Effective          10/05/04

[[Page 38661]]

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ia-2204.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Hester M. Pierce, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0673
Fax: 202 942-0760
Email: [email protected]

RIN: 3235-AI77
_______________________________________________________________________




4287. SHAREHOLDER REPORT AND FINANCIAL STATEMENT REVISIONS

Priority: Substantive, Nonsignificant

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

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 adopted 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                    03/09/04                    69 FR 11244
Final Action Effective          05/10/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8393.htm

Agency Contact: John M. Faust, Office of Disclosure Regulation, 
Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 942-0721

RIN: 3235-AG64
_______________________________________________________________________




4288. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item 
further at a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Keith Carpenter, Division of Investment Management, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-0679

RIN: 3235-AI58
_______________________________________________________________________




4289. 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 Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item 
further at a later time.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/04

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
_______________________________________________________________________




4290.  DISCLOSURE OF POLICIES REGARDING MARKET TIMING 
AND SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR 
239.17c; 17 CFR 274.11A; 17 CFR 274.11b; 17 CFR 274.11c; 17 CFR 274.11d

Legal Deadline: None

Abstract: The Commission adopted new rules that require the disclosure 
of policies regarding market timing and selective disclosure of 
portfolio holdings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/03                    68 FR 70402
NPRM Comment Period End         02/06/04
Final Action                    04/23/04                    69 FR 22300
Final Action Effective          05/28/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8408.htm

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

RIN: 3235-AI99

[[Page 38662]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4291. 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 of Market Regulation plans to recommend that the 
Commission propose final rules replacing the temporary rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas K. McGowan, Office of Risk Management, Division 
of Market Regulation, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-4886
Fax: 202 942-9553

RIN: 3235-AH06
_______________________________________________________________________




4292. 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

Abstract: The Division of Market Regulation is considering recommending 
to the Commission to propose 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                            09/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Sean P. O'Malley, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0734

RIN: 3235-AI83
_______________________________________________________________________




4293. 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                     09/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-40386.htm

Agency Contact: Jennifer Amy Lucier, Special Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549-1001
Phone: 202 942-0173
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________




4294. 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 ratingagencies.

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                            12/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

URL For More Information:
www.sec.gov/rules/concept/33-8263.htm

Agency Contact: Thomas K. McGowan, Office of Risk Management, Division 
of Market Regulation, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549

[[Page 38663]]

Phone: 202 942-4886
Fax: 202 942-9553

Related RIN: Related to 3235-AG41
RIN: 3235-AH28
_______________________________________________________________________




4295. 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 EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

Legal Authority: PL 106-102

CFR Citation: 17 CFR 240.3a4--2; 17 CFR 240.3a4--3; 17 CFR 240.3a--51; 
17 CFR 240.3b--17; 17 CFR 240.3b--18; 17 CFR 200.30--3; 17 CFR 
240.3a4--4 to 3a4.6; 17 CFR 240.15a--7 to 15a--9

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

Abstract: The Commission issued guidance related to the meaning of 
terms added to the Exchange Act by the Gramm-Leach-Bliley Act of 1999. 
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. The Commission intends to amend the guidance regarding the 
definition of ``broker'' and to extend the implementation date for the 
guidance as necessary.

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
Interim Final Rule Extended     04/08/03
Compliance Date for Dealer Rule 09/30/03
NPRM for Broker Rule            06/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-47364.htm and www.sec.gov/rules/other/34-
47649.htm

Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-0073
Fax: 202 942-9645

RIN: 3235-AI19
_______________________________________________________________________




4296.  REMOVAL FROM LISTING AND REGISTRATION OF 
SECURITIES PURSUANT TO SECTION 12(D) OF THE SECURITIES EXCHANGE ACT OF 
1934

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

Legal Authority: 15 USC 78C; 15 USC 781; 15 USC 78W(a)

CFR Citation: 17 CFR 240.12d2--2; 17 CFR 249.25; 17 CFR 240.19d--1

Legal Deadline: None

Abstract: The Commission is proposing to streamline the procedures for 
removing from listing, and terminating from registration, securities 
under section 12(d) of the Securities Exchange Act of 1934 (``Exchange 
Act''). Specifically, the Commission is proposing to amend Rule 12d2-2 
and Form 25, so that the Commission would no longer issue an order to 
remove a security from listing and registration on a national 
securities exchange. Instead, all issuers and national securities 
exchanges seeking to delist and deregister a security in accordance 
with the rules of an exchange would file a revised Form 25 with the 
Commission. The Commission is also proposing to amend Rule 19d-1 under 
the Exchange Act to require exchanges to file revised Form 25 as notice 
to the Commission under section 19(d) of the Exchange Act. Finally, the 
Commission is proposing to exempt options and security futures from 
section 12(d) of the Exchange Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Ian Kiran Patel, Attorney, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0089
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AJ04
_______________________________________________________________________




4297.  RESTRICTIONS OR PROHIBITIONS ON OWNERSHIP BY 
SECURITIES INTERMEDIARIES

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

Legal Authority: 15 USC 78c; 15 USC 78d; 15 USC 78e; 15 USC 78f; 15 USC 
78g; 15 USC 78i; 15 USC 78j; 15 USC 78j-1; 15 USC 78k; 15 USC 78l; 15 
USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78p; 15 USC 78q; 15 USC 78q-1; 
15 USC 78s; 15 USC 78u-5; 15 USC 78w; 15 USC 78x; 15 USC 78ll; 15 USC 
78mm

CFR Citation: 17 CFR 240.17Ad--20

Legal Deadline: None

Abstract: The Commission will consider proposing a rule under section 
17A of the Exchange Act to bar registered transfer agents from 
effecting transfers in equity securities registered under sections 12 
or 15(d) of the Exchange Act to or from securities intermediaries if 
those transfers are restricted or prohibited. The rule would define a 
``securities intermediary'' as a clearing agency registered under 
section 17A of the Exchange Act or a person, bank, broker or dealer 
that in the ordinary course of business maintains securities accounts 
for others. The rule would also define equity securities for purposes 
of the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

[[Page 38664]]

Agency Contact: Jerry Carpenter, Division of Market Regulation, 
Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 
20549
Phone: 202 942-4187
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ26
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4298. ALTERNATIVE NET CAPITAL COMPUTATION FOR BROKER-DEALERS THAT ELECT 
TO BE SUPERVISED ON A CONSOLIDATED BASIS

Priority: Substantive, Nonsignificant

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; 17 CFR 240.17h--1T; 17 CFR 
240.17h--2T

Legal Deadline: None

Abstract: The Commission adopted rule amendments under the Securities 
Exchange Act of 1934 that establish a voluntary alternative method for 
computing net capital charges for certain broker-dealers that are part 
of a holding company that has a group-wide internal risk management 
system and that consents to group-wide Commission supervision (a 
``consolidated supervised entity,'' or ``CSE''). The alternative method 
of computing certain market and credit risk net capital charges 
involves the use of internal mathematical models that the broker-dealer 
uses to measure risk.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/06/03                    68 FR 62872
NPRM Comment Period End         02/04/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-48690.htm

Agency Contact: Rose Wells, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0143

Related RIN: Related to 3235-AI97
RIN: 3235-AI96
_______________________________________________________________________




4299. SUPERVISED INVESTMENT BANK HOLDING COMPANIES

Priority: Substantive, Nonsignificant

Legal Authority: Not Yet Determined

CFR Citation: None

Legal Deadline: None

Abstract: The Commission adopted rules to implement Section 17(i) of 
the Securities Exchange Act of 1934. The new rules establish an 
application process through which ``investment bank holding companies'' 
(``IBHCs'') can elect to become ``supervised investment bank holding 
company'' (``SIBHC''), as well as a process by which an SIBHC can 
withdraw from Commission supervision. In addition, the new rules 
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 new rules establish remedies 
for non-compliance with these rules.
The Commission also adopted amendments to Exchange Act Rule 240.17a-12, 
and to Exchange Act Rules 240.17h-1T and 240.17h-2T.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/06/03                    68 FR 62910
NPRM Comment Period End         02/04/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-48694.htm

Agency Contact: Bonnie Lynn Gauch, Division of Market Regulation, 
Securities and Exchange Commission, Division of Market Regulation, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-0765

Related RIN: Related to 3235-AI96
RIN: 3235-AI97
_______________________________________________________________________




4300. 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'') of 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 Commissionor 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                    08/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposal/34-46492.htm

[[Page 38665]]

Agency Contact: Matthew Bruce Comstock, Attorney, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0156
Fax: 202 942-9553

RIN: 3235-AI61
_______________________________________________________________________




4301.  COLLECTION PRACTICES UNDER SECTION 31 OF THE 
EXCHANGE ACT.

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

Legal Authority: Not Yet Determined

CFR Citation: 17 CFR 240.31--1

Legal Deadline: None

Abstract: Proposed Rule 31 establishes a procedure whereby the SEC 
would obtain data on covered transactions subject to Section 31 of the 
Securities Exchange Act of 1934 and calculate the amounts due from the 
Self-Regulatory Organizations. Accordingly, proposed temporary Rule 31T 
would govern the calculation and collection of Section 31 fees for the 
March 15, 2004, due date. SROs would provide data on Section-covered 
transactions on proposed Form R31.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/27/04                     69 FR 4018
NPRM Comment Period End         02/26/04
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/34-49104.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Christopher John Solgan, Staff Attorney, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-7937
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ02
_______________________________________________________________________




4302.  RULE 15C2-2: CONFIRMATION OF TRANSACTIONS IN 
OPEN-END MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST 
INTERESTS, AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

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

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

CFR Citation: 17 CFR 240.15c2--2; 17 CFR 240.15c2--3; 17 CFR 240.10b--
10

Legal Deadline: None

Abstract: The Commission has proposed new Rules 15c2-2 and 15c2-3 under 
the Securities and Exchange Act of 1934, together with accompanying 
Schedules 15C and 15D. The Commission also proposed related amendments 
to Rule 10b-10. Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 
15D would provide for improved confirmation and pre-transaction ``point 
of sale'' disclosure of distribution costs and conflicts of interest 
associated with transactions in mutual funds, municipal fund securities 
and unit investment trusts. The amendments to Rule 10b-10 in part would 
reflect the new rules, and would provide improved confirmation 
disclosure about certain callable securities, and also would clarify 
that the confirmation disclosure requirements do not determine broker-
dealer disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8358.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0076

Related RIN: Related to 3235-AJ12, Related to 3235-AJ13, Related to 
3235-AJ14
RIN: 3235-AJ11
_______________________________________________________________________




4303.  RULE 15C2-3: POINT-OF-SALE DISCLOSURE FOR 
PURCHASE TRANSACTIONS IN OPEN-END MANAGEMENT INVESTMENT COMPANY SHARES, 
UNIT INVESTMENT TRUST INTERESTS, AND MUNICIPAL FUND SECURITIES USED FOR 
EDUCATION SVGS

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

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

CFR Citation: 17 CFR 240.15c2--2; 17 CFR 240.15c2--3; 17 CFR 240.10b--
10

Legal Deadline: None

Abstract: The Commission has proposed new Rules 15c2-2 and 15c2-3 under 
the Securities Exchange Act of 1934, together with accompanying 
Schedules 15C and 15D. The Commission also proposed related amendments 
to Rule 10b-10. Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 
15D would provide for improved confirmation and pre-transaction ``point 
of sale'' disclosure of distribution costs and conflicts of interest 
associated with transactions in mutual funds, municipal fund securities 
and unit investment trusts. The amendments to Rule 10b-10 in part would 
reflect the new rules, and would provide improved confirmation 
disclosure about certain callable securities, and also would clarify 
that the confirmation disclosure requirements do not determine broker-
dealer disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:

[[Page 38666]]

www.sec.gov/rules/proposed/33-8358.htm

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0076

Related RIN: Related to 3235-AJ11, Related to 3235-AJ13, Related to 
3235-AJ14
RIN: 3235-AJ12
_______________________________________________________________________




4304.  RULE 15C-100: SCHEDULE 15C

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

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm; . . .

CFR Citation: 17 CFR 240.15c2--2; 17 CFR 240.15c2--3; 17 CFR 240.10b--
10

Legal Deadline: None

Abstract: The Commission has proposed new Rules 15c2-2 and 15c2-3 under 
the Securities Exchange Act of 1934, together with accompanying 
Schedules 15C and 15D. The Commission also proposed related amendments 
to rule 10b-10. Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 
15D would provide for improved confirmation and pre-transaction ``point 
of sale'' disclosure of distribution costs and conflicts of interest 
associated with transactions in mutual funds, municipal fund securities 
and unit investmenttrusts. The amendments to Rule 10b-10 in part would 
reflect the new rules, and would provide improved confirmation 
disclosure about certain callable securities, and also would clarify 
that the confirmation disclosure requirements do not determine broker-
dealer disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8358.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0076

Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to 
3235-AJ14
RIN: 3235-AJ13
_______________________________________________________________________




4305.  RULE 15C-101: SCHEDULE 15D

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

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

CFR Citation: 17 CFR 240.15c2--2; 17 CFR 240.15c2--3; 17 CFR 240.10b--
10

Legal Deadline: None

Abstract: The Commission has proposed new Rules 15c2-2 and 15c2-3 under 
the Securities Exchange Act of 1934, together with accompanying 
Schedules 15C and 15D. The Commission also proposed related amendments 
to Rule 10b-10. Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 
15D would provide for improved confirmation and pre-transaction ``point 
of sale'' disclosure of distribution costs and conflicts of interest 
associated with transactions in mutual funds, municipal fund securities 
and unit investment trusts. The amendments to Rule 10b-10 in part would 
reflect the new rules, and would provide improved confirmation 
disclosure about certain callable securities, and also would clarify 
that the confirmation disclosure requirements do not determine broker-
dealer disclosure obligations under provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8358.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0076

Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to 
3235-AJ13
RIN: 3235-AJ14
_______________________________________________________________________




4306.  REGULATION NMS PROPOSAL

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

Legal Authority: 15 USC 78b ; 15 USC 78c(b); 15 USC 78e; 15 USC 78f; 15 
USC 78k-1; 15 USC 78o; 15 USC 78e-3; 15 USC 78q(a); 15 USC 78q(b); 15 
USC 78s; 15 USC 78w(a); 15 USC 78mm

CFR Citation: 17 CFR 240.11Aa3--2(c)(i); 17 CFR 240.600--612 (new); 17 
CFR 240.11a3--1 (revision); 17 CFR 240.11Aa2--1 (repealed); 17 CFR 
200.30--3 (revision); 17 CFR 230.144 (revision); 17 CFR 230.13--1 
(revision); 17 CFR 240.11Aa2--1 to 11Ae 1--6 (redesignated); 17 CFR 
249.001 (revision)

Legal Deadline: None

Abstract: The Securities and Exchange Commission published Regulation 
NMS for public comment. In addition to redesignating the existing 
national market system rules adopted under section 11A of the 
Securities Exchange Act of 1934, Regulation NMS would incorporate four 
substantive proposals that are designed to enhance and modernize the 
regulatory structure of the U.S. equity markets. First, the Commission 
proposed a uniform rule for all NMS market centers that, subject to 
certain exceptions, would require a market center to implement policies 
and procedures reasonably designed to prevent ``trade-throughs''--the 
execution of an order in its market at a price that is inferior to a 
price displayed in another market. Second, the Commission proposed a 
market access rule that would modernize the terms of access to 
quotations and execution of orders in the national

[[Page 38667]]

market system. The third proposal would prohibit market participants 
from accepting, ranking, or displaying orders, quotes, or indications 
of interest in a pricing increment finer than a penny, except for 
securities with a share price of below $1.00. Finally, the Commission 
proposed amendments to the rules and joint industry plans for 
disseminating market information to the public that, among other 
things, would reward markets for more broadly based contributions to 
public discovery.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/09/04                    69 FR 11125
NPRM Comment Period End         05/24/04
Final Action                    09/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-49325.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Jennifer L. Colihan, Special Counsel, Division of 
Market Regulation, Securities and Exchange Commission, Division of 
Market Regulation, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0735
Email: [email protected]

RIN: 3235-AJ18
_______________________________________________________________________




4307.  SECURITIES TRANSACTIONS SETTLEMENT

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

Legal Authority: 15 USC 78q-1

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Securities and Exchange Commission is seeking comment on 
methods to improve the safety and operational efficiency of the U.S. 
clearance and settlement system and to help the U.S. securities 
industry achieve straight-through processing. The concept release 
focuses on trade confirmation and affirmation processes, shortening the 
settlement cycle, and reducing the use of physical securities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/18/04                    69 FR 12922
ANPRM Comment Period End        06/16/04
Notice                          12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/concept/33-8398.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Jennifer Amy Lucier, Special Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549-1001
Phone: 202 942-0173
Fax: 202 942-9553
Email: [email protected]

RIN: 3235-AJ19
_______________________________________________________________________




4308.  REGULATION SHO, 17 CFR 242.200-203 ``SHORT SALE 
REGULATION''

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

Legal Authority: 15 USC 78b; 15 USC 78c; 15 USC 78i; 15 USC 78j; 15 USC 
78L-l; 15 USC 78o; 15 USC 78q; 15 USC 78W(a); . . .

CFR Citation: 17 CFR 240.10a--1; 17 CFR 240.10a--2; 17 CFR 240.3b--3; 
17 CFR 242.105

Legal Deadline: None

Abstract: The Commission proposed for public comment new Regulation SHO 
to regulate short sales, which would replace Rules 3b-3, 10a-1, and 
10a-2. The Commission received numerous comments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/06/03                    68 FR 62972
NPRM Comment Period End         01/05/04
Final Action                    07/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-48709.htm

Agency Contact: Alexandra Albright, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission, 450 Fifth Street NW, 
Washington, DC 20549
Phone: 202 942-7302
Email: [email protected]

Related RIN: Related to 3235-AH48
RIN: 3235-AJ00
_______________________________________________________________________




4309.  RULE 146: RULES UNDER SECTION 18 OF THE ACT 
RULE 146(B)--COVERED SECURITIES FOR PURPOSES OF SECTION 18

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

Legal Authority: 15 USC 77r(b)(1)(B); 15 USC 77s(a)

CFR Citation: 17 CFR 230.146

Legal Deadline: None

Abstract: The Commission has proposed amending Rule 146(b) to add the 
International Securities Exchange, Inc. (``ISE'') and designate 
securities listed on that exchange as covered securities under Section 
18 of the Securities Act of 1933. The amendment would be based on a 
finding that the ISE's listing standards are substantially similar to 
those of the American Stock Exchange.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/26/04                    69 FR 16154
NPRM Comment Period End         04/26/04
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8404.htm

Agency Contact: Brian Scott Trackman, Attorney, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-7951
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ03

[[Page 38668]]

_______________________________________________________________________




4310.  PROPOSAL TO AMEND THE PROCESS BY WHICH SROS 
FILE PROPOSED RULE CHANGES TO REQUIRE ELECTRONIC FILING AND TO REQUIRE 
POSTING OF PROPOSED RULE CHANGES AND A CURRENT SET OF THEIR RULES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78a et seq.

CFR Citation: 17 CFR 240.19b--4; 17 CFR 232.101; 17 CFR 249.819

Legal Deadline: None

Abstract: The Commission proposed to amend certain requirements 
relating to proposed rule changes to require SROs to file them 
electronically with the Commission. Additionally, the Commission 
proposed to make minor technical amendments to the requirements for SRO 
rule changes to modernize the SRO rule filing process, improve the 
transparency of the rule filing process, and assure that all SRO 
members and other interested persons have ready access to an accurate, 
up-to-date version of SRO rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/05/04                    69 FR 17864
NPRM Comment Period End         06/04/04
Final Action                    08/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-49505.htm

URL For Public Comments:
www.sec.gov/rules.shtml

Agency Contact: Joseph P. Morra, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549-1001
Phone: 202 942-0781
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ20
_______________________________________________________________________




4311. AMENDMENTS TO THE PENNY STOCK RULES IN LIGHT OF THE ELECTRONIC 
SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT

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

Legal Authority: 15 USC 78c(h); 15 USC 78o(g)

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

Legal Deadline: None

Abstract: The Commission proposed Rules 15g-2(c) and 15(g)-9(e) under 
the Exchange Act. On January 8, 2004, the Commission also proposed 
adapting Rules 15g-2 and 15g-9 to the requirements of the Electronic 
Signatures Act. The Commission also proposed amending the definition of 
``penny stock'' found at Rule 3a51-1 and the penny stock risk 
disclosure document set forth in Rule 15g-100.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/08/04                     69 FR 2531
NPRM Comment Period End         03/16/04
Final Action                    02/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-49037.htm

Agency Contact: Norman Reed, Division of Market Regulation, Securities 
and Exchange Commission, Division of Market Regulation, 450 5th Street 
NW, Washington, DC 20459
Phone: 202 942-7901

RIN: 3235-AI02
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4312. 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., 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 Unlisted Trading 
Privileges 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. In addition, the Commission 
requested comment on whether the same actions would be appropriate for 
the regulation and trading of exchange-listed securities.

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

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/concept/34-47849.htm

Agency Contact: Chris Stone, Division of Market Regulation, Securities 
and Exchange Commission, Division of Market Regulation, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-7938
Email: [email protected]

RIN: 3235-AI86

[[Page 38669]]

_______________________________________________________________________




4313. 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                     To Be                       Determined

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposal/34-41110.htm

Agency Contact: James A. Brigagliano, Assistant Director, Office of 
Risk Management, Division of Market Regulation, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0772

RIN: 3235-AH40
_______________________________________________________________________




4314.  CONCEPT RELEASE SEEKING COMMENT ON COMPETITIVE 
ISSUES IN THE OPTIONS MARKETS

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission published a concept release discussing changes 
in the U.S. options market since the start of widespread multiple 
trading of options in 1999 that have had the greatest impact on 
competition. The release seeks comment on, among other things, the 
impact on the marketplace of payment for order flow, specialist 
guarantees, and internalization; whether the Commission should extend 
Exchange Act Rules 11Ac1-4 and 11Ac1-5 to the options markets; and 
whether options should be quoted in penny increments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           02/09/04                     69 FR 6124
ANPRM Comment Period End        04/09/04
NPRM                             To Be                       Determined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/concept/34-49175.htm

Agency Contact: Heather Seidel, Division of Market Regulation, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-0788
Email: [email protected]

RIN: 3235-AJ15
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4315. 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 NYSE withdrew its petition for rulemaking relating to the 
elimination of the Participant Fee Exemptions from the CTA and CQ Plans 
following Commission approval (in February 2004) of a plan amendment 
filed by the CTA participants to amend the Plans on their own to remove 
these exemptions. The action of the participants rendered the petition 
for rulemaking moot. Accordingly, the Commission is withdrawing this 
item from the Unified Agenda.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           04/01/03                    68 FR 15688
ANPRM Comment Period End        05/01/03
Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/concept/34-47571.htm

Agency Contact: Sapna C. Patel, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0166
Fax: 202 942-9695

RIN: 3235-AI78

[[Page 38670]]

_______________________________________________________________________




4316. 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 adopted amendments to 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                    12/29/03                    68 FR 75050
Final Action Effective          01/28/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.sec/gov/rules/final/34-48949.htm

Agency Contact: David Karasik, Office of Trading Practices & 
Processing, Division of Market Regulation, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-4895
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AI88
_______________________________________________________________________




4317. 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 Commission is replacing this RIN in the Unified Agenda 
with RINs-3235-AJ11, -AJ12, -AJ13, and -AJ14.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8358.htm

Agency Contact: Joshua Kans, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-0079
Fax: 202 942-9645
Email: [email protected]

Related RIN: Related to 3235-AJ11, Related to 3235-AJ12, Related to 
3235-AJ13, Related to 3235-AJ14
RIN: 3235-AI91
_______________________________________________________________________




4318. PURCHASES OF CERTAIN EQUITY SECURITIES BY THE ISSUER AND OTHERS

Priority: Substantive, Nonsignificant

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/18/02                    67 FR 77594
NPRM Comment Period End         02/18/03
Final Action                    11/17/03                    68 FR 64952
Final Action Effective          12/17/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8335.htm

Agency Contact: Joan Collopy, Office of Trading Practices, Division of 
Market Regulation, Securities and Exchange Commission, 450 Fifth Street 
NW, Washington, DC 20549
Phone: 202 942-0772
Fax: 202 942-9695

RIN: 3235-AH37
_______________________________________________________________________




4319. PROCESSING REQUIREMENTS FOR CANCELLED SECURITIES CERTIFICATES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78q-1

CFR Citation: 17 CFR 240.17Ad--19

Legal Deadline: None

Abstract: The Commission approved 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                    12/23/03                    68 FR 74390
Final Action Effective          01/22/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34.48931.htm

Agency Contact: Thomas C. Etter Jr., Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0178
Fax: 202 942-9695

RIN: 3235-AH54
_______________________________________________________________________




4320. 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

[[Page 38671]]

Abstract: The Commission is withdrawing this item from the Unified 
Agenda because the Commission has replaced it with NPRM Release No. 34-
48709, 68 FR 62972 (Nov. 6, 2003).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/28/99                    64 FR 57996
ANPRM Comment Period End        12/28/99
Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-48709.htm

Agency Contact: Alexandra Albright, Division of Market Regulation, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-7302
Fax: 202 942-9695

Related RIN: Related to 3235-AJ00
RIN: 3235-AH84
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4321. 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 Board 
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

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/concept/34-42430.htm

Agency Contact: Susan Koski-Grafer, Office of the Chief Accountant, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-4400

RIN: 3235-AH65
_______________________________________________________________________




4322. 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.

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 a securities law 
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, that 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 on ``Noisy 
Withdrawal'' Rule                To Be                       Determined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8185

Agency Contact: Timothy N. McGarey, Office of General Counsel, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-0914

RIN: 3235-AI72

[[Page 38672]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Offices and Other Programs



_______________________________________________________________________




4323. 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 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 proposed amendments to 
its rules to require disclosure of information concerning tangible and 
intangible assets and related accumulated depreciation, depletion, and 
amortization. The Commission is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item at 
a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/31/00                     65 FR 4585
NPRM Comment Period End         04/17/00
Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-42354.htm

Agency Contact: John W. Albert, Associate Chief Accountant, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-4400
Fax: 202 942-9656

RIN: 3235-AH86
_______________________________________________________________________




4324. PROPOSAL TO AMEND 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 considered recommending 
that the Commission publish a release proposing amendments that would 
conform the Commission's disclosure requirements with Financial 
Accounting Standard No.133. The Commission is withdrawing this item 
from the Unified Agenda because the Commission does not expect to 
consider this item within the next 12 months, but the Commission may 
consider the item further at a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jenifer Minke-Girard, Office of Chief Accountant, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-4400
Fax: 202 942-9656
Email: [email protected]

RIN: 3235-AH98
_______________________________________________________________________




4325. AMENDMENTS TO THE RULES OF PRACTICE AND RELATED PROVISIONS

Priority: Info./Admin./Other

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 Commission adopted 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 Commission also has amended other provisions of the 
Rules of Practice and its delegations of authority to staff as a result 
of its experience with those rules and corrected certain citations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/05/03                    68 FR 68185
NPRM Comment Period End         01/05/04
Final Action                    03/19/04                    69 FR 13165
Final Action Effective          04/19/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-49412

Agency Contact: Bari Podell, Office of General Counsel, Securities and 
Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0848

RIN: 3235-AI98
[FR Doc. 04-11857 Filed 06-25-04; 8:45 am]
BILLING CODE 8010-01-S