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


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Part LX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 28002]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8561, 34-51444, 35-27952, 39-2435, IA-2373, IC-26825, 
File No. S7-02-05]

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 March 29, 2005, 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 July 30, 2005.

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

    Electronic comments:

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

 Send an e-mail to [email protected]. Please include File 
Number S7-02-05 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 Fifth Street 
NW,Washington, DC 20549-0609.

     All submissions should refer to File No. S7-02-05. This file 
number should be included on the subject line if e-mail 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 Web site (http://www.sec.gov/rules/
other.shtml). Comments are also available for public inspection and 
copying in the Commission's Public Reference Room, 450 Fifth Street 
NW, Washington, DC 20549. All comments received will be posted 
without change; we do not edit personal identifying information 
from submissions. You should submit only information that you wish 
to make available publicly.

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

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub. 
L. No. 96-354, 94 Stat. 1164) (September 19, 1980) requires each 
Federal agency, during the spring and fall of each year, to publish in 
the Federal Register an agenda identifying rules that the agency 
expects to propose or adopt that are likely to have a significant 
economic impact on a substantial number of small entities (5 U.S.C. 
602(a)). The RFA specifically provides that publication of the agenda 
does not preclude an agency from considering or acting on any matter 
not included in the agenda and that an agency is not required to 
consider or act on any matter that is included in the agenda (5 U.S.C. 
602(d)). Actions that do not have an estimated date are placed in the 
long-term category; the Commission may nevertheless act on items in 
that category within the next 12 months. The agenda includes new 
entries, entries carried over from prior publications, and rulemaking 
actions that have been completed (or withdrawn) since publication of 
the last agenda.

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

    ``Securities Act''--Securities Act of 1933

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

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

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

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

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

Dated: March 29, 2005.

By the Commission.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4017        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
4018        Streamlining Rule 144.................................................................    3235-AH13
4019        Revision to Accelerated Filer Definition..............................................    3235-AJ29
4020        Definition of Securities ``Held of Record''...........................................    3235-AJ22
4021        Termination of Reporting Obligations by Foreign Private Issuers Under the Securities      3235-AJ38
            Exchange Act of 1934..................................................................
4022        Lock-Up Agreements....................................................................    3235-AI09
4023        Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under       3235-AJ23
            the Securities Exchange Act of 1934...................................................
4024        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 28003]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4025        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
4026        Use of Form S-8 and Form 8-K by Public Shell Companies................................    3235-AH88
4027        Security Holder Director Nominations..................................................    3235-AI93
4028        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AJ27
4029        Securities Offering Reform............................................................    3235-AI11
4030        Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4031        Asset-Backed Securities...............................................................    3235-AF74
4032        Electronic Signatures Act and Information Delivery Under the Securities Act of 1933...    3235-AI82
4033        Additional Form F-6 Eligibility Requirement Related to the Listed Status of Deposited     3235-AI89
            Securities Underlying American Depositary Receipts....................................
4034        First Time Application of International Financial Reporting Standards.................    3235-AI92
4035        Temporary Postponement of the Phase-In Period for Acceleration of Periodic Report         3235-AJ30
            Filing Dates..........................................................................
4036        XBRL Voluntary Financial Reporting Program on the EDGAR System........................    3235-AJ32
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4037        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
4038        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
4039        Investment Company Portfolio Transaction Costs........................................    3235-AI94
4040        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3235-AJ06
            Leach-Bliley Act......................................................................
4041        Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment      3235-AF93
            Companies.............................................................................
4042        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
4043        Regional Transmission Organizations and Independent Transmission Companies............    3235-AI27
4044        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding         3235-AI59
            Officers and Directors of Registered Holding Companies................................
4045        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
----------------------------------------------------------------------------------------------------------------
4046        Political Contributions by Certain Investment Advisers................................    3235-AH72
4047        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
4048        Amendments to Form ADV................................................................    3235-AI17
4049        Fund of Funds Investments.............................................................    3235-AI30
4050        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
4051        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
4052        Disposal of Consumer Report Information...............................................    3235-AJ24
4053        Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31
4054        Rulemaking for EDGAR System...........................................................    3235-AI18
4055        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries      3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.......................
----------------------------------------------------------------------------------------------------------------


[[Page 28004]]


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4056        Certain Broker-Dealers Deemed Not To Be Investment Advisers...........................    3235-AH78
4057        Registration Under the Advisers Act of Certain Hedge Fund Advisers....................    3235-AJ25
4058        Disclosure Regarding Portfolio Managers of Registered Management Investment Companies.    3235-AJ16
4059        Mutual Fund Redemption Fees...........................................................    3235-AJ17
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4060        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
4061        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
4062        Securities Transactions Settlement....................................................    3235-AJ19
4063        Concept Release Concerning Self-Regulation............................................    3235-AJ36
4064        Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
4065        Rating Agencies and the Use of Credit Ratings Under the Federal Securities Laws.......    3235-AH28
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4066        Regulation B..........................................................................    3235-AJ28
4067        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.....................................................................
4068        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....................................................
4069        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
4070        Rule 15c-101: Schedule 15D............................................................    3235-AJ14
4071        Regulation NMS........................................................................    3235-AJ18
4072        Fair Administration and Governance of Self-Regulatory Organizations...................    3235-AJ33
4073        Amendments to the Penny Stock Rules...................................................    3235-AI02
4074        Removal From Listing and Registration of Securities Pursuant to Section 12(d) of the      3235-AJ04
            Securities Exchange Act of 1934.......................................................
4075        Amendments to Regulation M: Anti-Manipulation Rules Concerning Securities Offerings...    3235-AJ37
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4076        Request for Comment on the Regulation of NASDAQ Petition Relating to NASDAQ Listed        3235-AI86
            Securities............................................................................
4077        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
4078        Concept Release: Competitive Developments in the Options Markets......................    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4079        Issuer Restrictions or Prohibitions on Ownership by Securities Intermediaries.........    3235-AJ26
----------------------------------------------------------------------------------------------------------------


[[Page 28005]]


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4080        Regulation PCAOB......................................................................    3235-AJ34
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4081        International Accounting Standards....................................................    3235-AH65
4082        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4017. INDUSTRY GUIDE 3--STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

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 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                            04/00/06

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
_______________________________________________________________________




4018. 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                     04/00/06

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
_______________________________________________________________________




4019. 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 so that an accelerated filer that no longer is subject to Exchange 
Act reporting with respect to any class of common equity securities, 
but that remains subject to Exchange Act reporting with respect to one 
or more other classes of securities, would no longer be subject to the 
definition and therefore would be able to stop complying with the 
accelerated filing requirements on or after the date that the company 
no longer is subject to Exchange Act reporting with respect to its 
common equity.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

[[Page 28006]]

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
_______________________________________________________________________




4020. 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                            09/00/05

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
_______________________________________________________________________




4021. [bull] TERMINATION OF REPORTING OBLIGATIONS BY FOREIGN PRIVATE 
ISSUERS 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: 17 CFR 240.12g-4; 17 CFR 240.12h-3

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering 
recommending that the Commission propose revisions relating to the 
circumstances under which foreign private issuers are permitted to 
terminate their registration under section 12(g) of the Securities 
Exchange Act and any reporting obligation under section 15(d) of that 
Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AJ38
_______________________________________________________________________




4022. 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                            04/00/06

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
_______________________________________________________________________




4023. 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                            06/00/05

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
_______________________________________________________________________




4024. 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.

[[Page 28007]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/05

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4025. 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                    12/00/05

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: Consuelo Hitchcock, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2810

RIN: 3235-AI44
_______________________________________________________________________




4026. 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                    06/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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




4027. 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                    09/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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




4028. 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

[[Page 28008]]

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                    05/00/05

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
_______________________________________________________________________




4029. SECURITIES OFFERING 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 Commission proposed modifications to the Securities Act 
restrictions on communications by issuers and underwriters around the 
time of an offering. The proposals also include procedural changes in 
registration forms and their use to further capital formation. Finally, 
the proposals address the requirements for delivery of final 
prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/17/04                    69 FR 67392
NPRM Comment Period End         01/31/05
Final Action                    07/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8501.htm

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

RIN: 3235-AI11
_______________________________________________________________________




4030. 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                    04/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

Agency Contact: Gerald J. Laporte, Office of Small Business Policy, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2973

RIN: 3235-AI25
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4031. ASSET-BACKED SECURITIES

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

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 adopted amendments to rules and forms that 
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                    01/07/05                     70 FR 1506
Final Action Effective          03/08/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
http://www.sec.gov/rules/final/33-8518.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-AF74
_______________________________________________________________________




4032. 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

[[Page 28009]]

Legal Deadline: None

Abstract: The Division of Corporation Finance is withdrawing this item 
from the Unified Agenda because its subject matter is addressed in a 
separate proposal issued under the title Securities Offering Reform, 
RIN 3235-AI11.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       05/01/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Related RIN: Related to 3235-AI11
RIN: 3235-AI82
_______________________________________________________________________




4033. 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 Division of Corporation Finance 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

________________________________________________________________________

NPRM                            09/17/03                    68 FR 54644
NPRM Comment Period End         10/17/03
Withdrawn                       05/01/05

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
_______________________________________________________________________




4034. FIRST TIME APPLICATION OF INTERNATIONAL FINANCIAL REPORTING 
STANDARDS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78a

CFR Citation: 17 CFR 249.220f

Legal Deadline: None

Abstract: The Commission adopted 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                    04/20/05                    70 FR 20674

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

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-AI92
_______________________________________________________________________




4035. TEMPORARY POSTPONEMENT OF THE PHASE-IN PERIOD FOR ACCELERATION OF 
PERIODIC REPORT FILING DATES

Priority: Substantive, Nonsignificant

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 adopted amendments to its rules that would 
postpone for 1 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 12b-2.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/01/04                    69 FR 53550
NPRM Comment Period End         10/01/05
Final Action                    11/17/04                    69 FR 68232
Final Action Effective          11/17/04

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8507.pdf

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
_______________________________________________________________________




4036. XBRL VOLUNTARY FINANCIAL REPORTING PROGRAM ON THE EDGAR SYSTEM

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 232.401; 17 CFR 232.402; 17 CFR 232.11; 17 CFR 
232.305; 17 CFR 229.601; 17 CFR 228.601; 17 CFR 228.10 et seq; 17 CFR 
240.13a-14; 17 CFR 240.15d-14; 17 CFR 270.8b-1; 17 CFR 270.8b-2; 17 CFR 
270.30a-2; 17 CFR 249.220f; 17 CFR 249.306

Legal Deadline: None

Abstract: The Commission adopted 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.

[[Page 28010]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/01/04                    69 FR 59094
NPRM Comment Period End         11/01/04
Final Action                    02/08/05                     70 FR 6556
Final Action Effective          03/16/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
http://www.sec.gov/rules/final/33-8529.htm

Agency Contact: Mark W. Green, Senior Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549-0301
Phone: 202 942-2910
Fax: 202 942-9624
Email: [email protected]

RIN: 3235-AJ32
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4037. 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                            10/00/05

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: 202 551-6787

RIN: 3235-AH24
_______________________________________________________________________




4038. 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                            06/00/05

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: 202 551-6960

RIN: 3235-AI84
_______________________________________________________________________




4039. 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 Commission sought public comment on ways to improve 
disclosure of portfolio transaction costs. The Division of Investment 
Management is considering whether to recommend to the Commission 
amendments to investment company registration statements to make those 
improvements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/24/03                    68 FR 74820
ANPRM Comment Period End        02/23/04
NPRM                            05/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

Agency Contact: David Schwartz, Division of Investment Management, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 551-6784

RIN: 3235-AI94
_______________________________________________________________________




4040. 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

[[Page 28011]]

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                            04/00/06

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: 202 551-6792

RIN: 3235-AJ06
_______________________________________________________________________




4041. AMEND FILING REQUIREMENTS FOR 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 the information filed on Form N-
SAR, the semiannual report for registered investment companies, to 
incorporate series and class (contract) identifiers and to make other 
software related improvements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division 
of Investment Management, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 551-6960

RIN: 3235-AF93
_______________________________________________________________________




4042. 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                            08/00/05

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: 202 551-6786
Email: [email protected]

RIN: 3235-AH33
_______________________________________________________________________




4043. REGIONAL TRANSMISSION ORGANIZATIONS AND INDEPENDENT TRANSMISSION 
COMPANIES

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

Legal Authority: 15 USC 79c

CFR Citation: 17 CFR 250.18; 17 CFR 250.40; 17 CFR 250.44; 17 CFR 250.6

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending a proposal to the Commission to deem an ``independent 
transmission company'' as defined by the rule not to be a 
``subsidiary,'' ``company,'' or ``affiliate'' of a registered holding 
company. The rule is intended to facilitate the Federal Energy 
Regulatory Commission's Order No. 2000, Regional Transmission 
Organizations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/06

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: 202 551-6944
Email: [email protected]

RIN: 3235-AI27
_______________________________________________________________________




4044. 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                            03/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: David B. Smith, Office of Public Utility Regulation,

[[Page 28012]]

Division of Investment Management, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 551-6944

RIN: 3235-AI59
_______________________________________________________________________




4045. 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                            09/00/05

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: 202 551-6944
Email: [email protected]

RIN: 3235-AJ35
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4046. 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                    04/00/06

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: 202 551-6787

RIN: 3235-AH72
_______________________________________________________________________




4047. 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 proposed excepting 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                    09/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
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: 202 551-6787

RIN: 3235-AI16
_______________________________________________________________________




4048. 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. The Division of Investment Management 
plans to recommend that the Commission seek further public comment. 
Final action on amendments to part 2 of the Form ADV (and related 
rules), if approved by

[[Page 28013]]

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
Other                           05/00/05
Final Action                    12/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-42620.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: 202 551-6787

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




4049. FUND OF FUNDS INVESTMENTS

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(J); 15 USC 80a-
37(a)

CFR Citation: 17 CFR 12d1-1; 17 CFR 12d1-2; 17 CFR 12d1-3

Legal Deadline: None

Abstract: The Commission proposed new rules that would (i) allow 
investment companies to purchase securities issued by money market 
funds in excess of limits on those investments under the Investment 
Company Act of 1940 and (ii) alleviate certain investment and other 
restrictions on investment companies that invest in other investment 
companies (funds 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                    07/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Agency Contact: Dalia Osman Blass, Division of Investment Management, 
Securities and Exchange Commission, 450 5th Street, Washington, DC 
20549-0506
Phone: 202 551-6792

RIN: 3235-AI30
_______________________________________________________________________




4050. 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                    07/00/05

Regulatory Flexibility Analysis Required: No

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: 202 551-6792

RIN: 3235-AH80
_______________________________________________________________________




4051. 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                    08/00/05

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: 202 551-6792

RIN: 3235-AJ01
_______________________________________________________________________




4052. DISPOSAL OF CONSUMER REPORT 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 adopted amendments to Regulation S-P to 
implement sections 214 and 216 of the Fair and Accurate Credit 
Transactions Act of 2003 (FACT Act).

[[Page 28014]]

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 Rule                      12/08/04                    69 FR 71322
Final Rule Effective            01/11/05
Final Action                    09/00/05

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-50781.pdf

Agency Contact: Vincent Meehan, Division of Investment Management, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 551-6792

RIN: 3235-AJ24
_______________________________________________________________________




4053. DEFINITION OF ELIGIBLE PORTFOLIO COMPANY UNDER THE INVESTMENT 
COMPANY ACT OF 1940

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(c)

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

Legal Deadline: None

Abstract: The Commission proposed two new rules 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 rules 
are designed to realign the definition of eligible investment company 
in a manner that would promote the flow of capital to small, 
developing, and financially troubled companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/08/04                    69 FR 64816
NPRM Comment Period End         01/07/05
Final Action                    09/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/ic-26647.htm

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: 202 551-6840

RIN: 3235-AJ31
_______________________________________________________________________




4054. 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                    05/00/05

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: 202 551-6960

RIN: 3235-AI18
_______________________________________________________________________




4055. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES; SUBSIDIARIES AUTHORIZED TO PERFORM SERVICES OR CONSTRUCTION 
OR TO SELL GOODS

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

Legal Authority: 15 USC 79e; 15 USC 79f(b); 15 USC 79i(c)(3); 15 USC 
79t; 15 USC 79z-5a; 15 USC 79z-5b; 15 USC 79; 15 USC 79j; 15 USC 79l; 
15 USC 79m; 15 USC 79n; 15 USC 79o

CFR Citation: 17 CFR 250.55 (New); 17 CFR 250.87 (Revision); 17 CFR 
259.56 (Revision); 17 CFR 259.207 (Revision)

Legal Deadline: None

Abstract: Proposed Rule 55 under the Public Utility Holding Company Act 
is intended to provide a safe harbor for those acquisitions of one or 
more foreign utility companies by a registered holding company that 
meet specified criteria. Proposed Rule 56, previously considered in RIN 
3235-AF79, clarifies that a subsidiary of a registered holding company 
that is engaged exclusively in the business of owning an interest in 
one or more foreign utility companies will be deemed a foreign utility 
company. The proposed amendment to Rule 87 would require registered 
holding companies to obtain Commission approval of intrasystem 
agreements involving foreign utility companies and exempt wholesale 
generators.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/15/93                    58 FR 13719
NPRM Comment Period End         04/14/93
Second NPRM                     02/07/01                     66 FR 9247
Second NPRM Comment Period End  04/09/01
Final Action                    10/00/05

[[Page 28015]]

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: 202 551-6944

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


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4056. CERTAIN BROKER-DEALERS DEEMED NOT TO BE INVESTMENT ADVISERS

Priority: Substantive, Nonsignificant

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 adopted a final rule, which excludes from the 
definition of investment adviser those broker-dealers offering certain 
nondiscretionary, full-service brokerage programs so long as the 
investment advice provided is solely incidental to the brokerage 
services and other conditions are satisfied. The final rule also 
addresses services that will be considered solely incidental to 
brokerage.

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
NPRM Comment Period End         09/22/04
Second NPRM                     01/14/05                     70 FR 2716
Second NPRM Comment Period End  02/07/05
Interim Final Rule              01/14/05                     70 FR 2712
Interim Final Rule Effective    01/06/05
Final Action                    04/19/05                    70 FR 20454
Final Action Effective          05/23/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
http://www.sec.gov/rules/proposed/34-50980.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: 202 551-6787

RIN: 3235-AH78
_______________________________________________________________________




4057. REGISTRATION UNDER THE ADVISERS ACT OF CERTAIN HEDGE FUND ADVISERS

Priority: Other Significant. Major under 5 USC 801.

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

CFR Citation: 17 CFR 203(b)(3)-2

Legal Deadline: None

Abstract: The Commission adopted Rule 203(b)(3)-2 and related 
amendments that require certain advisers to hedge funds to register 
under the Investment Advisers Act of 1940.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/28/04                    69 FR 45172
NPRM Comment Period End         09/15/04
Final Action                    12/10/04                    69 FR 72054
Final Action Effective          02/10/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ia-2333.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: 202 551-6787

RIN: 3235-AJ25
_______________________________________________________________________




4058. DISCLOSURE REGARDING PORTFOLIO MANAGERS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77a et seq; 15 USC 78a 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 Action Effective          10/01/04                    69 FR 76022

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Agency Contact: Sanjay Lamba, Senior Counsel, Division of Investment 
Management, Securities and Exchange Commission, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 551-6771

RIN: 3235-AJ16

[[Page 28016]]

_______________________________________________________________________




4059. MUTUAL FUND REDEMPTION FEES

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

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. On March 3, 2005, the Commission voted to 
adopt new Rule 22c-2, which requires boards of mutual funds that redeem 
shares within 7 days to (i) adopt a redemption fee of no more than 2 
percent or (ii) determine that a redemption fee is not necessary or 
appropriate for the fund. The rule also requires funds that redeem 
shares within 7 days to enter into agreements obligating their 
intermediaries to (i) provide certain shareholder trading information 
and (ii) enforce the fund's market timing policies. The Commission also 
requested comment to obtain further views on whether it should 
establish uniform standards for redemption fees that funds choose to 
charge under the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/11/04                    69 FR 11762
NPRM Comment Period End         05/10/04
Final Action                    03/18/05                    70 FR 13328
Final Action Effective          05/23/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/ic-26782.pdf

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: 202 551-6792
Email: [email protected]

RIN: 3235-AJ17
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4060. 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

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
_______________________________________________________________________




4061. REGISTRATION REQUIREMENTS FOR BANKS ACTING AS BROKERS OR DEALERS 
IN SECURITY FUTURES PRODUCTS

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

Legal Authority: 15 USC 78o(i)

CFR Citation: Not Yet Determined

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/05

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
_______________________________________________________________________




4062. 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                            08/00/05

Regulatory Flexibility Analysis Required: No

[[Page 28017]]

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
_______________________________________________________________________




4063. CONCEPT RELEASE CONCERNING SELF-REGULATION

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

Legal Authority: not applicable

CFR Citation: None

Legal Deadline: None

Abstract: The Commission issued a concept release on SRO structure to 
solicit public comment on a wide range of issues related to the 
efficacy of the SRO system.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/08/04                    69 FR 71256
ANPRM Comment Period End        03/08/05
NPRM                            04/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/concept/34-50700.htm

Agency Contact: Nancy J. Sanow, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission, 450 5th 
Street NW, Washington, DC 20549
Phone: 202 942-0796
Fax: 202 942-9695
Email: [email protected]

RIN: 3235-AJ36
_______________________________________________________________________




4064. 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: 202 824-5267
Fax: 202 924-9695
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________




4065. RATING AGENCIES AND THE USE OF CREDIT RATINGS UNDER THE FEDERAL 
SECURITIES LAWS

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 rating 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. On March 3, 2005, the Commission voted to 
propose a rule to define the term ``nationally recognized statistical 
rating organization.''

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                            04/25/05                    70 FR 21306
NPRM Comment Period End         06/09/05

Regulatory Flexibility Analysis Required: Undetermined

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/33-8236htm

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 28018]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4066. 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 Regulation B, which would grant new 
exemptions for banks from the definition of the term ``broker'' and 
broaden a number of existing 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                    09/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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




4067. 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
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    07/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm

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

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




4068. 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
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    07/00/05

[[Page 28019]]

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm

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

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




4069. 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
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    07/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm

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

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




4070. 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
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    07/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/33-8544.htm

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

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




4071. 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

[[Page 28020]]

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 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
Second NPRM                     12/16/04                    69 FR 77424
Second NPRM Comment Period End  01/26/05
Final Action                    05/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-50870fr.pdf

Agency Contact: David Hsu, Special Counsel, Securities and Exchange 
Commission, Division of Market Regulation, 450 5th Street NW, 
Washington, DC 20549
Phone: 202 942-0731

RIN: 3235-AJ18
_______________________________________________________________________




4072. FAIR ADMINISTRATION AND GOVERNANCE OF SELF-REGULATORY 
ORGANIZATIONS

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 Commission proposed 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 includes 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 Commission 
proposed 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                            12/08/04                    69 FR 71126
NPRM Comment Period End         01/24/05
NPRM Comment Period Extended    01/18/05                     70 FR 2829
NPRM Comment Period End         03/08/05
Final Action                    09/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:
http://www.sec.gov/rules/proposed/34-50699.html

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
_______________________________________________________________________




4073. AMENDMENTS TO THE PENNY STOCK RULES

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

Legal Authority: 15 USC 78c(a)(51)(B); 15 USC 78c(b); 15 USC 78o(g); 15 
USC 78w(a)

CFR Citation: 17 CFR 240.15g-2(c); 17 CFR 240.15g-9(e); 17 CFR 240.3a-
51A; 17 CFR 240.15g-100

Legal Deadline: None

Abstract: On January 8, 2004, the Commission proposed amending Rules 
15g-2 and 15g-9, the definition of ``penny stock'' found at Rule 3a51-1 
and the penny stock risk disclosure document set forth in Rule 15g-100, 
to address market changes, evolving communications, and recent 
legislative developments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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

[[Page 28021]]

_______________________________________________________________________




4074. 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 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 proposed 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                    08/00/05

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
_______________________________________________________________________




4075. [bull] AMENDMENTS TO REGULATION M: ANTI-MANIPULATION RULES 
CONCERNING SECURITIES OFFERINGS

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

Legal Authority: 15 USC 77g; 15 USC 77a(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 
78(o)(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 242.100; 17 CFR 242.101; 17 CFR 242.102; 17 CFR 
242.103; 17 CFR 242.104; 17 CFR 105

Legal Deadline: None

Abstract: In order to prohibit certain activities by underwriters and 
other distribution participants that can undermine the integrity and 
fairness of the offering process, particularly with respect to 
allocation of offered securities, the Commission proposed amendments to 
Regulation M. The proposal seeks to enhance the transparency of 
syndicate covering bids and prohibit the use of penalty bids. The 
amendments are also intended to update certain definitional and 
operational provisions in light of market developments since Regulation 
M's adoption.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/04                    69 FR 75774
NPRM Comment Period End         02/15/05
Final Action                    08/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

URL For More Information:
http://www.sec.gov/rules/proposed/33-8511.html

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

Related RIN: Related to 3235-AJ00, Related to 3235-AF54
RIN: 3235-AJ37
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4076. 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 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

[[Page 28022]]

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
_______________________________________________________________________




4077. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

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

Legal Authority: 15 USC 78b; 15 USC 78c; 15 USC 78j(b); 15 USC 78o(q); 
15 USC 78q(a); 15 USC 78w(a)

CFR Citation: 17 CFR 240.15c2-11

Legal Deadline: None

Abstract: As part of its efforts to respond to fraud and manipulation 
in the microcap securities market, the Commission proposed amendments 
to Rule 15c2-11. These amendments would limit the Rule's piggyback 
provision and increase public availability of issuer information. The 
amendments would modestly expand the information review requirements 
for non-reporting issuers and the documentation required for 
significant relationships between the broker-dealer and the issuer of 
the security to be quoted. Finally, the amendments would exclude from 
the rule securities of larger, more liquid issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Second NPRM                     03/08/99                    64 FR 11124
Second NPRM Comment Period End  04/07/99
Second NPRM Comment Period 
Extended to                     04/14/99                    64 FR 18393
Final Action                     To Be                       Determined

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

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

RIN: 3235-AH40
_______________________________________________________________________




4078. 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



_______________________________________________________________________




4079. ISSUER RESTRICTIONS OR PROHIBITIONS ON OWNERSHIP BY SECURITIES 
INTERMEDIARIES

Priority: Substantive, Nonsignificant

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 adopted 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 defines 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

[[Page 28023]]

of business maintains securities accounts for others. The rule also 
defines 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                    12/07/04                    69 FR 70852
Final Action Effective          03/07/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
http://www.sec.gov/rules/final/34-50758a.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-AJ26
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4080. 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                            12/00/05

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



_______________________________________________________________________




4081. 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
_______________________________________________________________________




4082. 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

[[Page 28024]]

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. 05-6974 Filed 05-13-05; 8:45 am]
BILLING CODE 8010-01-S
