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


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Part LXI





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 74260]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8491, 34-50445, 35-27893, 39-2427, IA-2306, IC-26621, 
File No. S7-34-04]

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 September 24, 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 December 30, 2004.

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

    Electronic comments:

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

 Send an email to [email protected]. Please includeFile 
Number S7-34-04 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 refer to File No. S7-34-04. 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, in April and October of each year, to publish in the 
Federal Register an agenda identifying rules that the agency expects to 
propose or adopt that are likely to have a significant economic impact 
on a substantial number of small entities (5 U.S.C. 602(a)). The RFA 
specifically provides that publication of the agenda does not preclude 
an agency from considering or acting on any matter not included in the 
agenda and that an agency is not required to consider or act on any 
matter that is included in the agenda (5 U.S.C. 602(d)). Actions that 
do not have an estimated date are placed in the long-term category; the 
Commission may nevertheless act on items in that category within the 
next 12 months. The agenda includes new entries, entries carried over 
from 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: September 24, 2004.

By the Commission.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4171        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
4172        Streamlining Rule 144.................................................................    3235-AH13
4173        Electronic Signatures Act and Information Delivery Under the Securities Act of 1933...    3235-AI82
4174        Revision to Accelerated Filer Definition..............................................    3235-AJ29
4175        Definition of Securities ``Held of Record''...........................................    3235-AJ22
4176        XBRL Voluntary Financial Reporting Program on the EDGAR System........................    3235-AJ32
4177        Lock-Up Agreements....................................................................    3235-AI09
4178        Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under       3235-AJ23
            the Securities Exchange Act of 1934...................................................
4179        Securities Act Reform.................................................................    3235-AI11
4180        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 74261]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4181        Asset-Backed Securities Disclosure....................................................    3235-AF74
4182        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
4183        Additional Form F-6 Eligibility Requirement Related to the Listed Status of Deposited     3235-AI89
            Securities Underlying American Depositary Receipts....................................
4184        First Time Application of International Financial Reporting Standards.................    3235-AI92
4185        Temporary Postponement of the Phase-In Period for Acceleration of Periodic Report         3235-AJ30
            Filing Dates..........................................................................
4186        Use of Form S-8 and Form 8-K by Public Shell Companies................................    3235-AH88
4187        Security Holder Director Nominations..................................................    3235-AI93
4188        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AJ27
4189        Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4190        Exemption of Certain Classes of Debt Securities From the Section 12(a) Registration       3235-AJ21
            Requirement of the Securities Exchange Act of 1934....................................
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4191        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
4192        Investment Company Portfolio Transaction Costs........................................    3235-AI94
4193        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3235-AJ06
            Leach-Bliley Act......................................................................
4194        Expanding the Definition of ``Eligible Portfolio Company'' for Business Development       3235-AJ31
            Companies.............................................................................
4195        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies........    3235-AF93
4196        Regional Transmission Organizations and Independent Transmission Companies............    3235-AI27
4197        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding         3235-AI59
            Officers and Directors of Registered Holding Companies................................
4198        Exemption of Holding Companies Which Are Intrastate or Predominantly Operating            3235-AJ35
            Companies.............................................................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4199        Political Contributions by Certain Investment Advisers................................    3235-AH72
4200        Certain Broker-Dealers Deemed Not To Be Investment Advisers...........................    3235-AH78
4201        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
4202        Amendments to Form ADV................................................................    3235-AI17
4203        Registration Under the Advisers Act of Certain Hedge Fund Advisers....................    3235-AJ25
4204        Fund of Funds Investments.............................................................    3235-AI30
4205        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
4206        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
4207        Disclosure Regarding Portfolio Managers of Registered Management Investment Companies.    3235-AJ16
4208        Mandatory Redemption Fees for Redeemable Fund Securities..............................    3235-AJ17
4209        Privacy of Consumer Financial Information.............................................    3235-AJ24
4210        Rulemaking for EDGAR System...........................................................    3235-AI18
4211        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries      3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.......................
----------------------------------------------------------------------------------------------------------------


[[Page 74262]]


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4212        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
4213        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4214        Principal Transactions With Investment Advisory Clients...............................    3235-AH34
4215        Investment Adviser Codes of Ethics....................................................    3235-AJ08
4216        Disclosure Regarding Approval of Investment Advisory Contracts by Directors of            3235-AJ10
            Investment Companies..................................................................
4217        Disclosure of Breakpoint Discounts by Mutual Funds....................................    3235-AI95
4218        Prohibition on the Use of Brokerage Commissions To Finance Distribution...............    3235-AJ07
4219        Investment Company Governance.........................................................    3235-AJ05
----------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4220        Concept Release on SRO Structure......................................................    3235-AJ36
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4221        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
4222        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
4223        Self-Regulatory Organization Fair Administration, Governance, and Disclosure..........    3235-AJ33
4224        Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
4225        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally        3235-AH28
            Recognized Statistical Rating Organization............................................
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4226        Regulation B..........................................................................    3235-AJ28
4227        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.....................................................................
4228        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....................................................
4229        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
4230        Rule 15c-101: Schedule 15D............................................................    3235-AJ14
4231        Regulation NMS........................................................................    3235-AJ18
4232        Amendments to the Penny Stock Rules...................................................    3235-AI02
4233        Removal From Listing and Registration of Securities Pursuant to Section 12(d) of the      3235-AJ04
            Securities Exchange Act of 1934.......................................................
4234        Issuer Restrictions or Prohibitions on Ownership by Securities Intermediaries.........    3235-AJ26
----------------------------------------------------------------------------------------------------------------


[[Page 74263]]


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4235        Request for Comment on the Regulation of NASDAQ Petition Relating to NASDAQ Listed        3235-AI86
            Securities............................................................................
4236        Securities Transactions Settlement....................................................    3235-AJ19
4237        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
4238        Concept Release: Competitive Developments in the Options Markets......................    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4239        Alternative Net Capital Requirements for Broker-Dealers That Are Part of Consolidated     3235-AI96
            Supervised Entities...................................................................
4240        Supervised Investment Bank Holding Companies..........................................    3235-AI97
4241        Rule 15c3-3 Reserve Requirements for Margin Related to Security Futures Products......    3235-AI61
4242        Collection Practices Under Section 31 of the Exchange Act.............................    3235-AJ02
4243        Short Sales...........................................................................    3235-AJ00
4244        Covered Securities for Purposes of the Securities Act of 1933.........................    3235-AJ03
4245        Proposed Rule Changes of Self-Regulatory Organizations................................    3235-AJ20
4246        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..................................................................................
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4247        Regulation PCAOB......................................................................    3235-AJ34
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4248        International Accounting Standards....................................................    3235-AH65
4249        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4171. 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

[[Page 74264]]

_______________________________________________________________________




4172. 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                     02/00/05

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
_______________________________________________________________________




4173. 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
_______________________________________________________________________




4174.  REVISION TO ACCELERATED FILER DEFINITION

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

Legal Authority: Not Yet Determined

CFR Citation: 17 CFR 240.12b-2

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering 
recommending that the Commission propose rules that would revise the 
definition of an ``accelerated filer'' in Rule 12b-2 under the Exchange 
Act to allow a company to exit accelerated filer status if it no longer 
has an aggregate market value of voting or non-voting common equity 
held by non-affiliates as of the end of a fiscal year.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AJ29
_______________________________________________________________________




4175. 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                            11/00/04

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
_______________________________________________________________________




4176.  XBRL VOLUNTARY FINANCIAL REPORTING PROGRAM ON 
THE EDGAR SYSTEM

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 Divisions of Corporation Finance and Investment 
Management and the Offices of the Chief Accountant and Information 
Technology are considering recommending that the Commission propose 
rules that enable registrants to submit voluntarily supplemental tagged 
financial information using Extensible Business Reporting Language 
Format as exhibits to their EDGAR filings under the Exchange Act and 
the Investment Company Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/01/04                    69 FR 59094

[[Page 74265]]

NPRM Comment Period End         11/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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: 202 942-2910
Fax: 202 942-9624
Email: [email protected]

RIN: 3235-AJ32
_______________________________________________________________________




4177. 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 applicable rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/05

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
_______________________________________________________________________




4178. 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                            11/00/04

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
_______________________________________________________________________




4179. 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                            11/00/04

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
_______________________________________________________________________




4180. 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                            02/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI80

[[Page 74266]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4181. 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                    12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

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

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
_______________________________________________________________________




4182. DISCLOSURE IN MANAGEMENT'S DISCUSSION AND ANALYSIS REGARDING THE 
APPLICATION OF CRITICAL ACCOUNTING POLICIES

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

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

CFR Citation: 17 CFR 228.303; 17 CFR 229.303

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/20/02                    67 FR 35620
NPRM Comment Period End         07/19/02
Final Action                    03/00/05

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
_______________________________________________________________________




4183. ADDITIONAL FORM F-6 ELIGIBILITY REQUIREMENT RELATED TO THE LISTED 
STATUS OF DEPOSITED SECURITIES UNDERLYING AMERICAN DEPOSITARY 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                    03/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Agency Contact: Michael Coco, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-3010

RIN: 3235-AI89
_______________________________________________________________________




4184. 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                    11/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Agency Contact: Michael Coco, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549

[[Page 74267]]

Phone: 202 942-3010

RIN: 3235-AI92
_______________________________________________________________________




4185.  TEMPORARY POSTPONEMENT OF THE PHASE-IN PERIOD 
FOR ACCELERATION OF PERIODIC REPORT FILING DATES

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

Legal Authority: 15 USC 77c(b); 15 USC 77s(a); 15 USC 78m; 15 USC 
78o(d); 15 USC 78w(a)

CFR Citation: 17 CFR 210.3-01; 17 CFR 210.3-09; 17 CFR 210.3-12; 17 CFR 
240.13a-10; 17 CFR 240.15d-10

Legal Deadline: None

Abstract: The Commission proposed amendments to its rules that would 
postpone for one year the final phase-in period for acceleration of the 
due dates of quarterly and annual reports required to be filed under 
the Exchange Act by companies that are ``accelerated filers,'' as 
defined in Exchange Act Rule 12-2.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/01/04                    69 FR 53550
NPRM Comment Period End         10/01/05
Final Action                    11/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8477.htm

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

RIN: 3235-AJ30
_______________________________________________________________________




4186. 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                    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/33-8407.htm

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
_______________________________________________________________________




4187. 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 regarding the inclusion of 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                    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/34-48626.htm

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

RIN: 3235-AI93
_______________________________________________________________________




4188.  OWNERSHIP REPORTS AND TRADING BY OFFICERS, 
DIRECTORS, AND PRINCIPAL SECURITY HOLDERS

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

Legal Authority: 15 USC 78c(b); 15 USC 78p; 15 USC 78w(a); 15 USC 
79q(a); 15 USC 80a-29(b)

CFR Citation: 17 CFR 228.405; 17 CFR 229.405; 17 CFR 240.16b-3; 17 CFR 
240.16b-7

Legal Deadline: None

Abstract: The Commission proposed amendments to Rules 16b-3 and 16b-7, 
which exempt certain transactions from the private right of action to 
recover short-swing profit provided by section 16(b) of the Exchange 
Act. The amendments clarify the exemptive scope of these rules, 
consistent with statements in previous Commission releases. The 
Commission also proposed amendments to Item 405 of Regulation S-K and 
S-B to harmonize that item with the 2 business day Form 4 due date and 
mandated electronic filing and website posting of section 16 reports.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/25/04                    69 FR 35982
NPRM Comment Period End         08/09/04
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-49895.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-AJ27

[[Page 74268]]

_______________________________________________________________________




4189. 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                    03/00/05

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: Lerold Laporte, Securities and Exchange Commission, 
Division of Corporation Finance,, 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



_______________________________________________________________________




4190. 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 withdrawing this item from the Unified Agenda 
because the Division does not expect to recommend Commission 
consideration of the item within the next 12 months, but the Commission 
may nonetheless consider this item further at some date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ21
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4191. 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                            01/00/05

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
_______________________________________________________________________




4192. INVESTMENT COMPANY PORTFOLIO TRANSACTION COSTS

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: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend to the Commission amendments to investment company 
registration statements to improve 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

[[Page 74269]]

Government Levels Affected: Undetermined

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

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

RIN: 3235-AI94
_______________________________________________________________________




4193. 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 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
NPRM                            04/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Agency Contact: Vincent M. Meehan, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549-0506
Phone: 202 942-0690

RIN: 3235-AJ06
_______________________________________________________________________




4194.  EXPANDING THE DEFINITION OF ``ELIGIBLE 
PORTFOLIO COMPANY'' FOR BUSINESS DEVELOPMENT COMPANIES

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

Legal Authority: 15 USC 80a-2(a)(46)(C)(iv); 15 USC 80a-37(a); 15 USC 
80a-6(a)

CFR Citation: 17 CFR 270.2a-46; 17 CFR 270.55a-1

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose new Rule 2a-46 under the Investment Company Act to modernize 
the definition of ``eligible portfolio company'' by creating a new 
standard for delineating those companies that do not have ready access 
to the public capital markets. The Division is also considering 
recommending that the Commission propose new Rule 55a-1 under the 
Investment Company Act to permit business development companies to make 
follow-on investments in certain companies that once met the definition 
of eligible portfolio company under Rule 2a-46 but no longer do so.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Rochelle Kauffman-Plesset, Office of the Chief Counsel, 
Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 942-0660

RIN: 3235-AJ31
_______________________________________________________________________




4195. 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

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                            03/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AF93
_______________________________________________________________________




4196. 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.

[[Page 74270]]

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: 202 942-0565
Email: [email protected]

RIN: 3235-AI27
_______________________________________________________________________




4197. 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                            10/00/05

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
_______________________________________________________________________




4198.  EXEMPTION OF HOLDING COMPANIES WHICH ARE 
INTRASTATE OR PREDOMINANTLY OPERATING COMPANIES

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

Legal Authority: 15 USC 79c

CFR Citation: None

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose an amendment to Form U-3A-2 under Rule 2 under the Public 
Utility Holding Company Act to determine the exempt status of certain 
holding companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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: 202 942-0565
Email: [email protected]

RIN: 3235-AJ35
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4199. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

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

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

CFR Citation: 17 CFR 275

Legal Deadline: None

Abstract: The Commission has proposed new Rule 206(4)-5, which would 
prohibit an investment adviser from providing advisory services for 
compensation to a Government client for 2 years after the adviser or 
any of its partners, executive officers, or solicitors makes a 
contribution to certain elected officials or candidates.
The Commission also has proposed rule amendments that would require a 
registered adviser that has Government clients to maintain certain 
records of the political contributions made by the adviser or any of 
its partners, executive officers, or solicitors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/99                    64 FR 43556
NPRM Comment Period End         11/01/99
Final Action                    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
_______________________________________________________________________




4200. 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.

[[Page 74271]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/10/99                    64 FR 61226
NPRM Comment Period End         01/14/00
NPRM Comment Period Reopened    08/20/04                    69 FR 51620
Comment Period End              09/22/04
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/34-50213.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
_______________________________________________________________________




4201. 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                    11/00/04
Final Action Effective          02/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
http://www.sec.gov/rules/proposed/34.49639.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-AI16
_______________________________________________________________________




4202. 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                    11/00/04

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
_______________________________________________________________________




4203. 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 Commission has proposed Rule 203(b)(3)-2 and related 
amendments that would require registration under the Investment 
Advisers Act of 1940 by certain advisers to hedge funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/28/04                    69 FR 45172
NPRM Comment Period End         09/15/04
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
http://www.sec.gov/rules/proposed/ia-2266.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-AJ25
_______________________________________________________________________




4204. 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

[[Page 74272]]

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                    03/00/05

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 5th Street NW, Washington, DC 20549-0506
Phone: 202 942-0690

RIN: 3235-AI30
_______________________________________________________________________




4205. 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                    04/00/05

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
_______________________________________________________________________




4206. 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                    12/00/04

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
_______________________________________________________________________




4207. 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 274.11a-1; 17 
CFR 274.11b ; 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 adopted amendments that require improved 
disclosure regarding fund portfolio managers, including disclosure 
regarding the structure of portfolio manager compensation, ownership of 
shares of the funds, 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 Rule                      08/27/04                    69 FR 52788
Final Rule Effective            10/01/04
Second NPRM                     08/27/04                    69 FR 52788
Second NPRM Comment Period End  10/01/04
Final Action                    10/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/final/33-8458.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

[[Page 74273]]

_______________________________________________________________________




4208. 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                    11/00/04

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

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
_______________________________________________________________________




4209. 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 Commission proposed 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                            07/14/04                    69 FR 42302
NPRM Comment Period End         08/13/04
Second NPRM                     09/20/04                    69 FR 56304
Second NPRM Comment Period End  10/20/04
Final Action                    11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-49985.htm

Agency Contact: Vincent Meehan, Division of Investment Management, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-0690

RIN: 3235-AJ24
_______________________________________________________________________




4210. 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                    02/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

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

RIN: 3235-AI18
_______________________________________________________________________




4211. 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.

[[Page 74274]]

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                    09/00/05

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 5th Street NW, Washington, DC 
20549
Phone: 202 942-0545

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


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4212. 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                             To Be                       Determined

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
_______________________________________________________________________




4213. 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                             To Be                       Determined

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: 202 942-0719
Email: [email protected]

RIN: 3235-AH33
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4214. 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 withdrawing this 
item from the Unified Agenda because the Division does not expect to 
recommend Commission consideration of the item within the next 12 
months, but the Commission may nonetheless consider this item further 
at some date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/04

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
_______________________________________________________________________




4215. INVESTMENT ADVISER CODES OF ETHICS

Priority: Substantive, Nonsignificant

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 adopted Rule 204A-1 under the Investment 
Adviser Act of 1940 (Advisers Act) to require investment advisers to 
establish, maintain, and enforce written

[[Page 74275]]

codes of ethics. The Commission also adopted conforming amendments to 
related rules under the Advisers Act, and to Rule 17j-1 under the 
Investment Company Act of 1940.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/27/04                     69 FR 4040
NPRM Comment Period End         03/15/04
Final Action                    07/09/04                    69 FR 41696
Final Action Effective          08/31/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ia-2256.htm

Agency Contact: Robert Tuleya, 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-AJ08
_______________________________________________________________________




4216. DISCLOSURE REGARDING APPROVAL OF INVESTMENT ADVISORY CONTRACTS BY 
DIRECTORS OF INVESTMENT COMPANIES

Priority: Substantive, Nonsignificant

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 274.11b; 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a

Legal Deadline: None

Abstract: The Commission adopted rule and form amendments under the 
Securities Act, the Securities Exchange Act, and the Investment Company 
Act 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. Item 
12 of Form N1-A, Item 18 of Form N-2, and Item 20 of Form N-3 do not 
become effective until January 31, 2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/19/04                     69 FR 7852
NPRM Comment Period End         05/26/04
Final Action                    06/30/04                    69 FR 39798
Final Action Effective          08/05/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8433.htm

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
_______________________________________________________________________




4217. DISCLOSURE OF BREAKPOINT DISCOUNTS BY MUTUAL FUNDS

Priority: Substantive, Nonsignificant

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 Commission adopted amendments to Form N-1A to 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                    06/14/04                    69 FR 33262
Final Action Effective          07/23/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8427.htm

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

RIN: 3235-AI95
_______________________________________________________________________




4218. PROHIBITION ON THE USE OF BROKERAGE COMMISSIONS TO FINANCE 
DISTRIBUTION

Priority: Substantive, Nonsignificant

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 adopted an amendment to Rule 12b-1 to prohibit 
funds from using brokerage commissions to pay for distribution of open-
end management investment company shares.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/01/04                     69 FR 9726
NPRM Comment Period End         05/10/04
Final Action                    09/09/04                    69 FR 54728
Final Action Effective          10/14/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ic-26591.htm

Agency Contact: William C. Middlebrooks Jr., Office of Regulatory 
Policy, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0690
Email: [email protected]

RIN: 3235-AJ07
_______________________________________________________________________




4219. INVESTMENT COMPANY GOVERNANCE

Priority: Substantive, Nonsignificant

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 amended certain exemptive rules under the 
Investment Company Act to require

[[Page 74276]]

registered investment companies (funds) to satisfy enhanced fund 
governance standards in order to rely on those rules, and a 
recordkeeping rule under the Investment Company Act to require each 
fund to retain materials that the fund board considers in approving the 
fund's advisory contracts. The amendments strengthen the independence 
and effectiveness of fund 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                    08/02/04                    69 FR 46378
Final Action Effective          09/07/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ic-26250.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: 202 942-0719
Email: [email protected]

RIN: 3235-AJ05
_______________________________________________________________________


Securities and Exchange Commission (SEC)                  Prerule Stage


Division of Market Regulation



_______________________________________________________________________




4220.  CONCEPT RELEASE ON SRO STRUCTURE

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

Legal Authority: not applicable

CFR Citation: None

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
issue a concept release on SRO structure to solicit public comment on a 
wide range of issues related to the efficacy of the system.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/00/04
NPRM                            10/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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-AJ36
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4221. 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                            10/00/05

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
_______________________________________________________________________




4222. 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                            12/00/04

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

[[Page 74277]]

_______________________________________________________________________




4223.  SELF-REGULATORY ORGANIZATION FAIR 
ADMINISTRATION, GOVERNANCE, AND DISCLOSURE

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

Legal Authority: 15 USC 78c; 15 USC 78o-3; 15 USC 78q; 15 USC 78w

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Market Regulation is considering recommending 
that the Commission propose new rules and amendments to existing rules 
and forms under the Securities Exchange Act. The proposals pertain to 
the oversight and operation of self-regulatory organizations (SROs) 
that are national securities exchanges or a national securities 
association. The new rules would strengthen the governance and 
administration of national securities exchanges and national securities 
associations. In addition, the proposal would include amendments to SEC 
forms for registration as a national securities exchange or national 
securities association to require that those SROs include specified 
information relating to their governance, regulatory programs, 
financial statements, and ownership structure. Further, the proposal 
would include a new rule to require exchanges and associations to 
submit quarterly and annual electronic reports on particular aspects of 
their regulatory programs. Finally, the proposal would impose certain 
checks on the heightened potential conflicts that arise with 
demutualized SROs relating to the ``self-listing'' of the SRO's or 
affiliate's stock, but not otherwise seek to regulate controlling 
shareholders of an SRO.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Susie Cho, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington , DC 20549
Phone: 202 942-0748
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ33
_______________________________________________________________________




4224. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE 
OFFERS

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                     10/00/05

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: Matthew Landon, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549-1001
Phone: 202 942-5267
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________




4225. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS--DEFINITION OF THE 
TERM NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION

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

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

CFR Citation: 17 CFR 240.15c3-1

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/97                    62 FR 68018
NPRM Comment Period End         03/02/98
ANPRM                           06/12/03                    68 FR 35258
ANPRM Comment Period End        07/28/03
NPRM                            03/00/05

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

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

[[Page 74278]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4226.  REGULATION B

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 77g; 15 USC 77q(a); 15 USC 77s(a); 15 USC 78b ; 
15 USC 78c; 15 USC 78g(c)(2); 15 USC 78i(a); 15 USC 78j; 15 USC 78k-
1(c); 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(b); 15 USC 78o(c); 
15 USC 78o(g); 15 USC 78q(a); 15 USC 78q(b); 15 USC 78q(h); 15 USC 
78w(a); 15 USC 78dd-1; 15 USC 78mm; 15 USC 80a-23; 15 USC 80a-29; 15 
USC 80a-37

CFR Citation: 17 CFR 242.710 to 242.781

Legal Deadline: None

Abstract: The Commission proposed under Regulation B new exemptions for 
banks from the definition of the term ``broker'' to broaden a number of 
exemptions already available to banks, savings associations, and 
savings banks that effect transactions in securities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/30/04                    69 FR 39682
NPRM Comment Period Extended    07/28/04                    69 FR 44988
NPRM Comment Period End         09/01/04
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/34-49879.htm

Agency Contact: Linda Stamp Sundberg, Attorney Fellow, Division of 
Market Regulation, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549
Phone: 202 942-0073
Fax: 202 942-9645

Related RIN: Related to 3235-AI19
RIN: 3235-AJ28
_______________________________________________________________________




4227. 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                    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/33-8358.htm

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0073

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




4228. 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                    12/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:

[[Page 74279]]

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: 202 942-0073

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




4229. 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 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                    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/33-8358.htm

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0073

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




4230. 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                    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/33-8358.htm

Agency Contact: David Blass, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0073

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




4231. REGULATION NMS

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 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

[[Page 74280]]

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
NPRM Comment Period Extended    05/26/04                    69 FR 30142
NPRM Comment Period End         06/30/04
Final Action                    12/00/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

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
_______________________________________________________________________




4232. AMENDMENTS TO THE PENNY STOCK RULES

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                    03/00/05

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
_______________________________________________________________________




4233. 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 proposed 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 proposed 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 also proposed 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                            06/22/04                    69 FR 34860
NPRM Comment Period End         07/22/04
Final Action                    04/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-49858.htm

Agency Contact: Susie Cho, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0748
Fax: 202-942-9695
Email: [email protected]

RIN: 3235-AJ04
_______________________________________________________________________




4234. ISSUER 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 proposed 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                            06/10/04                    69 FR 32784
NPRM Comment Period End         07/12/04
Final Action                    11/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

[[Page 74281]]

Agency Contact: Jerry Carpenter, Division of Market Regulation, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-4187
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ26
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4235. REQUEST FOR COMMENT ON THE REGULATION OF 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
_______________________________________________________________________




4236. 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
NPRM                             To Be                       Determined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

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

Agency Contact: Jerry Carpenter, Division of Market Regulation, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-4187
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ19
_______________________________________________________________________




4237. 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:

[[Page 74282]]

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
_______________________________________________________________________




4238. CONCEPT RELEASE: COMPETITIVE DEVELOPMENTS 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 sought 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



_______________________________________________________________________




4239. ALTERNATIVE NET CAPITAL REQUIREMENTS FOR BROKER-DEALERS THAT ARE 
PART OF CONSOLIDATED SUPERVISED ENTITIES

Priority: Substantive, Nonsignificant. Major under 5 USC 801.

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                    06/21/04                    69 FR 34428
Final Action Effective          08/20/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-49830.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
_______________________________________________________________________




4240. SUPERVISED INVESTMENT BANK HOLDING COMPANIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78a; 15 USC 78q; 15 USC 78w; 15 USC 78x(b)

CFR Citation: 17 CFR 240.17a-12; 17 CFR 240.17h-1T; 17 CFR 240.17h-2T; 
17 CFR 240.17i-1; 17 CFR 240.17i-2; 17 CFR 240.17i-3; 17 CFR 240.17i-4; 
17 CFR 240.17i-5; 17 CFR 240.17i-6; 17 CFR 240.17i-7; 17 CFR 240.17i-8

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                    06/21/04                    69 FR 34472
Final Action Effective          08/20/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-49831.htm

[[Page 74283]]

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
_______________________________________________________________________




4241. RULE 15C3-3 RESERVE REQUIREMENTS FOR MARGIN RELATED TO SECURITY 
FUTURES PRODUCTS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.15c3-3a

Legal Deadline: None

Abstract: The Commission adopted 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 amendments set forth the Reserve Formula 
treatment of customer margin that a broker-dealer deposits with a 
clearing agency registered with the Securities and Exchange Commission 
or a derivatives clearing organization registered with the Commodity 
Futures Trading Commission to clear and settle customer transactions in 
security futures products conducted through securities accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/23/02                    67 FR 59748
NPRM Comment Period End         10/23/02
Final Action                    09/07/04                    69 FR 54182
Final Action Effective          10/07/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-50295.htm

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
_______________________________________________________________________




4242. COLLECTION PRACTICES UNDER SECTION 31 OF THE EXCHANGE ACT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78a et seq, particularly; 15 USC 78f; 15 USC 
78o-3; 15 USC 78s; 15 USC 78u

CFR Citation: 17 CFR 240.31; 17 CFR 240.31T

Legal Deadline: None

Abstract: New Rule 31 establishes a procedure whereby the SEC will 
obtain data on covered transactions subject to section 31 of the 
Securities Exchange Act of 1934 on new Form R31, and calculate the 
amounts due from the Self-Regulatory Organizations. The Commission also 
adopted temporary Rule 31T to govern the calculation and collection of 
section 31 fees using the new procedures for the whole of its fiscal 
year 2004.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/27/04                     69 FR 4018
NPRM Comment Period End         02/26/04
Final Action                    07/07/04                    69 FR 41059
Final Action Effective          08/06/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-49928.htm

Agency Contact: Frank Genco, Division of Market Regulation, Securities 
and Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0198
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ02
_______________________________________________________________________




4243. SHORT SALES

Priority: Substantive, Nonsignificant

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; 17 CFR 241

Legal Deadline: None

Abstract: The Commission adopted new Regulation SHO to regulate short 
sales, which incorporates Rules 3b-3 and 10a-2. Additionally, 
Regulation SHO amends Rule 105 of Regulation M. The Commission will 
defer any further action on proposals to replace the current ``tick'' 
test and proposed exceptions to the uniform bid tests after completion 
of a pilot established by the Regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/06/03                    68 FR 62972
NPRM Comment Period End         01/05/04
Final Action                    08/06/04                    69 FR 48008
Final Action Effective          09/07/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ic-26520.htm

Agency Contact: Alexandra Albright, Special Counsel, Division of Market 
Regulation, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-7302
Email: [email protected]

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




4244. COVERED SECURITIES FOR PURPOSES OF THE SECURITIES ACT OF 1933

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 230.146

Legal Deadline: None

Abstract: The Commission amended 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 is 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                    07/20/04                    69 FR 43295
Final Action Effective          08/19/04

Regulatory Flexibility Analysis Required: No

[[Page 74284]]

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8442.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
_______________________________________________________________________




4245. PROPOSED RULE CHANGES OF SELF-REGULATORY ORGANIZATIONS

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                    10/08/04                    69 FR 60288
Final Action Effective          11/08/04

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

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
_______________________________________________________________________




4246. 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 has also proposed Regulation B, which would 
amend the guidance regarding definitions of terms within the bank 
``broker'' exceptions and extend the implementation date for that 
guidance until January 6, 2004.

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
Effective Date for Dealer Rule  09/30/03

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4247.  REGULATION PCAOB

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 7201 et seq

CFR Citation: 17 CFR 210

Legal Deadline: None

Abstract: The Office of the Chief Accountant is considering 
recommending that the Commission exercise its authority under the 
Sarbanes-Oxley Act to propose rules that would:
(1) Define the term ``PCAOB Rule;''
(2) Establish a PCAOB record retention requirement;
(3) Establish procedures for the Commission's interim review of PCAOB 
inspection reports; and
(4) Clarify certain PCAOB rulemaking requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/05

[[Page 74285]]

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Sandra Folsom Kinsey, Office of the Chief Accountant, 
Securities and Exchange Commission, 450 5th Street NW, Washington , DC 
20549
Phone: 202 942-4400
Fax: 292-942-9656
Email: [email protected]

RIN: 3235-AJ34
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4248. 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 staff has reviewed 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 monitoring the development 
and implementation of international accounting standards for 
consideration in 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
_______________________________________________________________________




4249. 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 
12 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
[FR Doc. 04-22647 Filed 12-10-04; 8:45 am]
BILLING CODE 8010-01-S