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


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Part LX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 65680]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8608, 34-52378, 35-28025, 39-2438, IA-2424, IC-27055, 
File No. S7-07-05]

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 September 2, 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 December 31, 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 S7-07-05 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, 100 F Street NE., 
Washington, DC 20549-9303.

     All submissions should refer to File No. S7-07-05. 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, 100 F Street 
NE., 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, 202-551-5019.

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

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

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

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

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

Dated: September 2, 2005.

By the Commission.

 Jonathan G. Katz,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4159        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
4160        Streamlining Rule 144.................................................................    3235-AH13
4161        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
4162        Revision to Accelerated Filer Definition..............................................    3235-AJ29
4163        Electronic Delivery of Proxy Materials................................................    3235-AJ47
4164        Definition of Securities ``Held of Record''...........................................    3235-AJ22
4165        Termination of Reporting Obligations by Foreign Private Issuers Under the Securities      3235-AJ38
            Exchange Act of 1934..................................................................
4166        Electronic Filing of Form D...........................................................    3235-AJ46
4167        Lock-Up Agreements....................................................................    3235-AI09
4168        Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under       3235-AJ23
            the Securities Exchange Act of 1934...................................................
4169        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 65681]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4170        Security Holder Director Nominations..................................................    3235-AI93
4171        Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4172        Use of Form S-8, Form 8-K, and Form 20-F by Public Shell Companies....................    3235-AH88
4173        Ownership Reports and Trading by Officers, Directors, and Principal Security Holders..    3235-AJ27
4174        Securities Offering Reform............................................................    3235-AI11
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4175        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
4176        Political Contributions by Certain Investment Advisers................................    3235-AH72
4177        Disclosure and Recordkeeping Requirements for Investment Advisers Regarding Brokerage     3235-AJ45
            Allocation and Soft Dollar Practices..................................................
4178        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
4179        Investment Company Portfolio Transaction Costs........................................    3235-AI94
4180        Amendments to Investment Company Registration Statements To Protect Certain Private       3235-AJ40
            Information...........................................................................
4181        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3235-AJ06
            Leach-Bliley Act......................................................................
4182        Definition of ``Issued Ratably'' Under Section 18(d) of the Investment Company Act of     3235-AJ42
            1940..................................................................................
4183        Investment Company Disclosure Reform..................................................    3235-AJ44
4184        Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment      3235-AF93
            Companies.............................................................................
4185        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4186        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
4187        Amendments to Form ADV................................................................    3235-AI17
4188        Fund of Funds Investments.............................................................    3235-AI30
4189        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
4190        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
4191        Disposal of Consumer Report Information...............................................    3235-AJ24
4192        Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4193        Rulemaking for EDGAR System...........................................................    3235-AI18
4194        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries      3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.......................
4195        Regional Transmission Organizations and Independent Transmission Companies............    3235-AI27
4196        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding         3235-AI59
            Officers and Directors of Registered Holding Companies................................

[[Page 65682]]

 
4197        Exemption of Holding Companies Which Are Intrastate or Predominantly Operating            3235-AJ35
            Companies.............................................................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4198        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
4199        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
4200        Municipal Securities Disclosure.......................................................    3235-AJ41
4201        Amendments to Financial Responsibility Rules for Broker-Dealers.......................    3235-AJ48
4202        Concept Release Concerning Self-Regulation............................................    3235-AJ36
4203        Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
4204        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4205        Regulation B..........................................................................    3235-AJ28
4206        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.....................................................................
4207        Rule 15c2-3: Point-of-Sale Disclosure of Purchases in Open-End Management Investment      3235-AJ12
            Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used
            for Education Savings.................................................................
4208        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
4209        Rule 15c-101: Schedule 15D............................................................    3235-AJ14
4210        Fair Administration and Governance of Self-Regulatory Organizations...................    3235-AJ33
4211        Definition of Nationally Recognized Statistical Rating Organization...................    3235-AH28
4212        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
----------------------------------------------------------------------------------------------------------------
4213        Request for Comment on the Regulation of NASDAQ Petition Relating to NASDAQ Listed        3235-AI86
            Securities............................................................................
4214        Concept Release: Competitive Developments in the Options Markets......................    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4215        Regulation NMS........................................................................    3235-AJ18
4216        Securities Transactions Settlement....................................................    3235-AJ19
4217        Amendments to the Penny Stock Rules...................................................    3235-AI02
4218        Removal From Listing and Registration of Securities Pursuant to Section 12(d) of the      3235-AJ04
            Securities Exchange Act of 1934.......................................................
----------------------------------------------------------------------------------------------------------------


[[Page 65683]]


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4219        Regulation PCAOB......................................................................    3235-AJ34
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4220        International Accounting Standards....................................................    3235-AH65
4221        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4222        Amendment to Rule 4-01(a) of Regulation S-X Regarding the Compliance Date for             3235-AJ39
            Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based
            Payment...............................................................................
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4159. 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 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                            09/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Carol Stacey, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3400

RIN: 3235-AI10
_______________________________________________________________________




4160. 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, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-3430

RIN: 3235-AH13

[[Page 65684]]

_______________________________________________________________________




4161. 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
NPRM                            09/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Consuelo Hitchcock, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3115

RIN: 3235-AI44
_______________________________________________________________________




4162. 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 Commission proposed 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                            09/29/05                    70 FR 56863
NPRM Comment Period End         10/31/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rule/proposed/33-8617.pdf

Agency Contact: Katherine W. Hsu, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-3430

RIN: 3235-AJ29
_______________________________________________________________________




4163. [bull] ELECTRONIC DELIVERY OF PROXY MATERIALS

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering whether to recommend that the 
Commission propose amendments that would relax existing requirements 
regarding the electronic delivery of proxy materials.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-3430

RIN: 3235-AJ47
_______________________________________________________________________




4164. 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 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                            05/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Daniel Greenspan, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-3430

RIN: 3235-AJ22
_______________________________________________________________________




4165. 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 is considering recommending that the Commission 
propose revisions relating to the circumstances under which foreign 
private issuers are permitted to terminate their registration under

[[Page 65685]]

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

Agency Contact: Elliot Staffin, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-3450

RIN: 3235-AJ38
_______________________________________________________________________




4166. [bull] ELECTRONIC FILING OF FORM D

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering whether to recommend that the 
Commission propose amendments that would provide for the electronic 
filing of Form D.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Corey Jennings, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AJ46
_______________________________________________________________________




4167. LOCK-UP AGREEMENTS

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

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

CFR Citation: 17 CFR 230; 17 CFR 240

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose a new rule under the Securities Act to clarify how to register 
securities that acquiring companies issue to certain target security 
holders who enter into lock-up agreements in connection with 
acquisition transactions. The Division also would consider recommending 
corresponding exemptions from certain Exchange Act rules to allow for 
the execution of lock-up agreements without violation of the applicable 
rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Pamela Carmody, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3440

RIN: 3235-AI09
_______________________________________________________________________




4168. 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 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 to which these rules apply.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/05

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, 100 F Street NE, Washington, DC 20549
Phone: 202 551-3440

RIN: 3235-AJ23
_______________________________________________________________________




4169. 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 is considering recommending that the Commission 
propose amendments that would enhance disclosure regarding executive 
compensation, the independence of a registrant's board of directors, 
related party transactions between executive officers and directors, 
and related party transactions with an issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Anne Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3500

RIN: 3235-AI80

[[Page 65686]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4170. 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                    06/00/06

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, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3115

RIN: 3235-AI93
_______________________________________________________________________




4171. 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, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AI25
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4172. USE OF FORM S-8, FORM 8-K, AND FORM 20-F BY PUBLIC SHELL COMPANIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78a et seq

CFR Citation: 17 CFR 249.308

Legal Deadline: None

Abstract: The Commission adopted 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                    07/21/05                    70 FR 42234
Final Action Effective          11/07/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8587.pdf

Agency Contact: Kevin O'Neill, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AH88
_______________________________________________________________________




4173. OWNERSHIP REPORTS AND TRADING BY OFFICERS, DIRECTORS, AND 
PRINCIPAL SECURITY HOLDERS

Priority: Substantive, Nonsignificant

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 adopted amendments to Rules 16b-3 and 16b-7, 
which exempt certain transactions from the private right of action to 
recover short-swing profit provided by section 16(b) of the Exchange 
Act. The amendments clarify the exemptive scope of those rules, 
consistent with statements in previous Commission releases.
Because the Rule 16b-3(d) and (e) amendments clarify the regulatory 
conditions that applied to these exemptions since they became effective 
on August 15, 1996, they are available to any transaction on or after 
August 15, 1996 that satisfies the regulatory conditions so clarified. 
Because the Rule 16b-7 amendment clarifies regulatory conditions that 
applied to that exemptions since it was amended effective May 1, 1991, 
it is available to any transaction on or after May 1, 1991 that 
satisfied the regulatory conditions so clarified.
The Commission also amended 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                    08/09/05                    70 FR 46080
Final Action Effective          08/09/05

[[Page 65687]]

Effective Date for Item 405     09/08/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8600.pdf

Agency Contact: Anne M. Krauskopf, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-3500

RIN: 3235-AJ27
_______________________________________________________________________




4174. SECURITIES OFFERING REFORM

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

Legal Authority: 5 USC 77a et seq

CFR Citation: 17 CFR 200.30-1; 17 CFR 228.512; 17 CFR 229.512; 17 CFR 
230.134; 17 CFR 230.137 to 230.139a; 17 CFR 230.153; 17 CFR 230.158 to 
230.159A; 17 CFR 230.163 to 230.163A; 17 CFR 230.164; 17 CFR 230.168 to 
230.169; 17 CFR 230.172 to 230.174; 17 CFR 230.401; 17 CFR 230.405; 17 
CFR 230.408; 17 CFR 230.412 to 230.413; 17 CFR 230.415; 17 CFR 230.418; 
17 CFR 230.424; 17 CFR 230.426; 17 CFR 230.430A, 230.430B, 230.430C; 17 
CFR 230.433 to 230.434; 17 CFR 230.439; 17 CFR 230.456 to 230.457; 17 
CFR 230.462; 17 CFR 230.473; 17 CFR 230.497; 17 CFR 230.902; 17 CFR 
239.11 to 239.14; 17 CFR 239.25; 17 CFR 239.31 to 239.34; 17 CFR 
243.100; 17 CFR 249.210; 17 CFR 249.220f; 17 CFR 249.308a; 17 CFR 
249.310; 17 CFR 249.310b; 17 CFR 274.11a-1

Legal Deadline: None

Abstract: The Commission adopted rules modifying the Securities Act 
restrictions on communications by issuers and underwriters around the 
time of an offering. The rules also include procedural changes in 
registration forms and their use to further capital formation. Finally, 
the rules 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                    08/03/05                    70 FR 44722
Final Action Effective          12/01/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8591.pdf

Agency Contact: Amy Starr, Division of Corporation Finance, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-3830

RIN: 3235-AI11
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4175. 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 is considering recommending that the Commission 
update the books and records requirements for investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/05

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, 
100 F Street NE, Washington, DC 20549
Phone: 202 551-6787

RIN: 3235-AH24
_______________________________________________________________________




4176. 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
Other                           09/00/06

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, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6787

RIN: 3235-AH72

[[Page 65688]]

_______________________________________________________________________




4177. [bull] DISCLOSURE AND RECORDKEEPING REQUIREMENTS FOR INVESTMENT 
ADVISERS REGARDING BROKERAGE ALLOCATION AND SOFT DOLLAR PRACTICES

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

Legal Authority: 15 USC 78bb(e); 15 USC 80b-11(a); 15 USC 80b-4; 15 USC 
80a-28(a); 15 USC 80a-31(a)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division intends to recommend to the Commission that it 
propose rules that would require investment advisers to create a report 
and maintain records regarding their direction of brokerage 
transactions and receipt of research and other services in connection 
with those transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6730
Email: [email protected]

RIN: 3235-AJ45
_______________________________________________________________________




4178. 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 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                            04/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Ruth Armfield Sanders, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6960

RIN: 3235-AI84
_______________________________________________________________________




4179. 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 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                            05/00/06

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, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6784

RIN: 3235-AI94
_______________________________________________________________________




4180. [bull] AMENDMENTS TO INVESTMENT COMPANY REGISTRATION STATEMENTS TO 
PROTECT CERTAIN PRIVATE INFORMATION

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

Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 
77s(a); 15 USC 78j(b); 15 USC 78m; 15 USC 78o(d); 15 USC 78w(a); 15 USC 
78mm; 15 USC 80a-8; 15 USC 80a-24(a); 15 USC 80a-29; 15 USC 80a-37

CFR Citation: 17 CFR 239.15A; 17 CFR 249.331; 17 CFR 274.11A; 17 CFR 
274.11a-1; 17 CFR 274.11b; 17 CFR 274.128

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
issue a release proposing modifications to the disclosure requirements 
in Forms N-1A, N-2, N-3, and N-CSR to safeguard the privacy interests 
of investors qualifying as principal holders of any class of certain 
investment companies with regard to identifying information and of 
portfolio managers with regard to quantitative information about 
certain personal accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Christopher Kaiser, Division of Investment Management, 
Securities and Exchange Commission, 100 Street NE, Washington, DC 20549
Phone: 202 551-6770
Email: [email protected]

RIN: 3235-AJ40

[[Page 65689]]

_______________________________________________________________________




4181. INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE FORMS OF PRIVACY 
NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT

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

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

CFR Citation: None

Legal Deadline: None

Abstract: The Commission, together with the Board of Governors of the 
Federal Reserve System, Federal Deposit Insurance Corporation, Federal 
Trade Commission, National Credit Union Administration, Office of the 
Comptroller of the Currency, and the Office of Thrift Supervision (the 
Agencies), requested comment on whether the Agencies should consider 
amending the regulations that implement the privacy provisions of the 
Gramm-Leach-Bliley Act to allow or require financial institutions to 
provide alternative types of privacy notices that would be easier for 
consumers to understand.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75165
ANPRM Comment Period End        03/29/04
NPRM                            04/00/06

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, 
100 F Street NE, Washington, DC 20549-0506
Phone: 202 551-6792

RIN: 3235-AJ06
_______________________________________________________________________




4182. [bull] DEFINITION OF ``ISSUED RATABLY'' UNDER SECTION 18(D) OF THE 
INVESTMENT COMPANY ACT OF 1940

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 80a et seq; 15 USC 80a-37(a); 15 USC 80a-38

CFR Citation: 17 CFR 270.18d-1 (new)

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose new Rule 18d-1 under the Investment Company Act that would 
define the term ``issued ratably'' under section 18(d) of the Act. The 
rule would be designed to clarify that a registered investment company 
does not issue ratably to its shareholders rights to acquire additional 
shares when, by their terms, the rights do not entitle each owner to 
exercise the rights and obtain the additional shares.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Eric S. Purple, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6825
Fax: 202 628-0761

RIN: 3235-AJ42
_______________________________________________________________________




4183. [bull] INVESTMENT COMPANY DISCLOSURE REFORM

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

Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 
77j; 15 USC 77s(a); 15 USC 80a-8; 15 USC 80a-22; 15 USC 80a-24(a); 15 
USC 80a-24(g); 15 USC 80a-29; 15 USC 80a-37

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

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
issue a release proposing comprehensive reforms of mutual fund 
disclosure requirements on Form N-1A, including streamlining the 
delivery of mutual fund information through increased use of the 
Internet and other electronic means of delivery.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Christian Lane Broadbent, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6774
Email: [email protected]

RIN: 3235-AJ44
_______________________________________________________________________




4184. 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 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                            11/00/05

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, 100 F 
Street NE, Washington, DC 20549
Phone: 202 551-6960

RIN: 3235-AF93
_______________________________________________________________________




4185. 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

[[Page 65690]]

Legal Deadline: None

Abstract: The Division is considering whether to recommend revisions to 
the cash solicitation rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/05

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, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6786
Email: [email protected]

RIN: 3235-AH33
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4186. 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                    12/00/05

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, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6787

RIN: 3235-AI16
_______________________________________________________________________




4187. 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 part 1 of 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 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 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                           11/00/05
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/34-42620.htm

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6730
Email: [email protected]

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




4188. 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                    11/00/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

[[Page 65691]]

Agency Contact: Dalia Osman Blass, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-0506
Phone: 202 551-6792

RIN: 3235-AI30
_______________________________________________________________________




4189. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY 
CONTRACTS

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

Legal Authority: 15 USC 80a-6(c)

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

Legal Deadline: None

Abstract: The Commission proposed a new rule to allow certain types of 
funds or their investment advisers to enter into subadvisory agreements 
for investment management services without obtaining shareholder 
approval.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/03                    68 FR 61720
NPRM Comment Period End         01/08/04
Final Action                    04/00/06

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, 100 F 
Street NE, Washington, DC 20549
Phone: 202 551-6792

RIN: 3235-AH80
_______________________________________________________________________




4190. 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                    04/00/06

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, 100 F 
Street NE, Washington, DC 20549
Phone: 202 551-6792

RIN: 3235-AJ01
_______________________________________________________________________




4191. 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: Sections 214 and 216 of the Fair and Accurate Credit 
Transactions Act of 2003 (FACT Act) require the Commission to 
promulgate rules related to (i) limitations on affiliate marketing, and 
(ii) the disposal of consumer report information.
The Commission adopted amendments to Regulation S-P to implement the 
disposal rule, and proposed Regulation S-AM to implement the affiliate 
marketing provisions. The Division expects to recommend that the 
Commission adopt proposed Regulation S-AM.

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                    11/00/05

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, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6792

RIN: 3235-AJ24
_______________________________________________________________________




4192. 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                    11/00/05

Regulatory Flexibility Analysis Required: Yes

[[Page 65692]]

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, 
100 F Street NE, Washington, DC 20549
Phone: 202 551-6840

RIN: 3235-AJ31
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4193. RULEMAKING FOR EDGAR SYSTEM

Priority: Substantive, Nonsignificant

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 amended 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                    07/27/05                    70 FR 43558
Final Action Effective          09/15/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/33-8590.pdf

Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division 
of Investment Management, Securities and Exchange Commission, 100 F 
Street NE, Washington, DC 20549
Phone: 202 551-6960

RIN: 3235-AI18
_______________________________________________________________________




4194. 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 
would have provided 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, would have clarified 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 would be deemed a 
foreign utility company. The proposed amendment to Rule 87 would have 
required registered holding companies to obtain Commission approval of 
intrasystem agreements involving foreign utility companies and exempt 
wholesale generators.
These proposals are being withdrawn from the Unified Agenda because of 
the repeal of the Public Utility Holding Company Act, effective 
February 8, 2006.

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
Withdrawn                       10/01/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

Agency Contact: Victoria J. Adraktas, Office of Public Utility 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6944
Email: [email protected]

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




4195. 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 was 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 for purposes of the Public Utility 
Holding Company. The rule was intended to facilitate the Federal Energy 
Regulatory Commission's Order No. 2000, Regional Transmission 
Organizations.
This matter is being withdrawn from the Unified Agenda because of the 
repeal of the Public Utility Holding

[[Page 65693]]

Company Act, effective February 8, 2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Victoria J. Adraktas, Office of Public Utility 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6944
Email: [email protected]

RIN: 3235-AI27
_______________________________________________________________________




4196. 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 was 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.
This matter is being withdrawn from the Unified Agenda because of the 
repeal of the Public Utility Holding Company Act, effective February 8, 
2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: David B. Smith, Office of Public Utility Regulation, 
Division of Investment Management, Securities and Exchange Commission, 
100 F Steet NE, Washington, DC 20549
Phone: 202 551-6944

RIN: 3235-AI59
_______________________________________________________________________




4197. 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 was 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.
This matter is being withdrawn from the Unified Agenda because of the 
repeal of the Public Utility Holding Company Act, effective February 8, 
2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       10/01/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Victoria J. Adraktas, Office of Public Utility 
Regulation, Division of Investment Management, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6944
Email: [email protected]

RIN: 3235-AJ35
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4198. RISK ASSESSMENT RECORDKEEPING AND REPORTING REQUIREMENT

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

Legal Authority: 15 USC 78a(h)

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

Legal Deadline: None

Abstract: The Risk Assessment Recordkeeping and Reporting Requirements, 
which became effective September 30, 1992, following notice and 
comment, were adopted as temporary rules pursuant to the Market Reform 
Act of 1990. These rules contain recordkeeping and reporting 
requirements with regard to Material Associated Persons of broker-
dealers. The Division plans to recommend that the Commission propose 
final rules replacing the temporary rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/06

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, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-5520

RIN: 3235-AH06
_______________________________________________________________________




4199. 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 is considering recommending that the Commission 
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.

[[Page 65694]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Linda Stamp Sundberg, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NW, Washington, DC 
20549
Phone: 202 551-5579
Fax: 202 772-9270

RIN: 3235-AI83
_______________________________________________________________________




4200. [bull] MUNICIPAL SECURITIES DISCLOSURE

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

Legal Authority: Not Yet Determined

CFR Citation: 17 CFR 240

Legal Deadline: None

Abstract: The Division is planning to recommend that the Commission 
amend section 240.15c-12 under section 15 of the Exchange Act, as 
amended, to delete the reference to the Municipal Securities Rulemaking 
Board (MSRB) as a recipient of material event notices filed by 
municipal securities issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Local, State, Tribal

Agency Contact: Martha Mahan Haines, Chief, Office of Municipal 
Securities, Division of Market Regulation, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5681
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AJ41
_______________________________________________________________________




4201. [bull] AMENDMENTS TO FINANCIAL RESPONSIBILITY RULES FOR BROKER-
DEALERS

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

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

CFR Citation: 17 CFR 15c3-1; 17 CFR 15c3-3; 17 CFR 240.17a-3; 17 CFR 
240.17a-4; 17 CFR 17a-11

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to the broker-dealer financial responsibility rules, 
including the net capital rule (Rule 15c3-1), the customer protection 
rule (Rule 15c3-3), the books and records rules (Rules 17a-3 and 17a-
4), and the notification rule (Rule 17a-11).
Together, these rules require broker dealers to (1) maintain specified 
levels of liquid assets, (2) create reserves for amounts owed to 
customers, (3) maintain possession or control of customer fully paid 
and excess margin securities, (4) make and maintain books and records, 
and (5) provide regulators, if necessary, with notices of extreme 
events.
The amendments under consideration would facilitate the use of cross-
margining of certain customer accounts; reduce certain capital charges 
in Rule 15c3-1 to better align the requirement with the risk; and 
generally strengthen the financial responsibility rules in certain 
areas.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Randall Roy, Securities and Exchange Commission, 100 F 
Street NE, Washington, DC 20549
Phone: 202 551-5522

RIN: 3235-AJ48
_______________________________________________________________________




4202. CONCEPT RELEASE CONCERNING SELF-REGULATION

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

Legal Authority: 15 USC 78f; 15 USC 78o-3; 15 USC 78s

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, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-5621
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AJ36
_______________________________________________________________________




4203. 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

[[Page 65695]]

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                     11/00/05

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, 100 F Street NE, 
Washington, DC 20549-1001
Phone: 202 551-5716
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________




4204. 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
NPRM                            03/00/06

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, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5720

RIN: 3235-AH40
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4205. 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                    02/00/06

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, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NW, Washington, DC 
20549
Phone: 202 551-5579
Fax: 202 772-9270

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




4206. 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 proposed new Rules 15c2-2 and 15c2-3 under the 
Exchange Act, together with accompanying Schedules 15C and 15D. The 
Commission also proposed related

[[Page 65696]]

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                    05/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Joshua Kans, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5590
Fax: 202 772-9270
Email: [email protected]

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




4207. RULE 15C2-3: POINT-OF-SALE DISCLOSURE OF PURCHASES 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 proposed new Rules 15c2-2 and 15c2-3 under the 
Exchange Act, 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                    05/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Joshua Kans, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5590
Fax: 202 772-9270
Email: [email protected]

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




4208. 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 proposed new Rules 15c2-2 and 15c2-3 under the 
Exchange Act, 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                    05/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:

[[Page 65697]]

www.sec.gov/rules/proposed/33-8544.htm

Agency Contact: Joshua Kans, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5590
Fax: 202 772-9270
Email: [email protected]

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




4209. 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 proposed new Rules 15c2-2 and 15c2-3 under the 
Exchange Act, 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                    05/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Joshua Kans, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5590
Fax: 202 772-9270
Email: [email protected]

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




4210. 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                    12/00/05

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, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5639
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AJ33
_______________________________________________________________________




4211. DEFINITION OF NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATION

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

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

CFR Citation: 17 CFR 240.15c3-1

Legal Deadline: None

Abstract: The Commission published for comment a proposed new rule 
under the Exchange Act which would define the term ``nationally 
recognized statistical rating organization'' (``NRSRO''). The proposed 
definition contains three components that must each be met in order for 
a credit rating agency to be an NRSRO. In the release, the Commission 
also provided interpretations of the proposed definition of NRSRO. The 
comment period for the rule proposal closed on June 9, 2005; thirty 
comment letters were received.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/97                    62 FR 68018
NPRM Comment Period End         03/02/98

[[Page 65698]]

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
Final Action                    05/00/06

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/proposed/33-8570.pdf

Agency Contact: Rachel Grad, Office of Financial Responsibility, 
Division of Market Regulation, Securities and Exchange Commission, 100 
F Street NE, Washington, DC 20549
Phone: 202 551-5543
Fax: 202 772-9273

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




4212. 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                    12/00/05

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, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5720

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



_______________________________________________________________________




4213. 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 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: Nancy J. Sanow, Office of Market Supervision, Division 
of Market Regulation, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549
Phone: 202 551-5621
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AI86

[[Page 65699]]

_______________________________________________________________________




4214. 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, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5608
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AJ15
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4215. REGULATION NMS

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

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 Commission adopted Regulation NMS. In addition to 
redesignating the existing national market system rules adopted under 
section 11A of the Securities Exchange Act of 1934, Regulation NMS 
incorporates four substantive proposals that are designed to enhance 
and modernize the regulatory structure of the U.S. equity markets. 
First, the rule requires trading centers to establish, maintain, and 
enforce written policies and procedures reasonably designed to prevent 
the execution of trades at prices inferior to protected quotations 
displayed by other trading centers, subject to an applicable exception. 
Second, the Access Rule requires fair and nondiscriminatory access to 
quotations, establishes a limit on access fees to harmonize the pricing 
of quotations across different trading centers. The Sub-Penny Rule 
prohibits 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 amended the Market Data Rules to update the 
requirements for consolidating, distributing, and displaying market 
information.

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                    06/29/05                    70 FR 37496
Final Action Effective          08/29/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-51808.pdf

Agency Contact: David Hsu, Division of Market Regulation, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5664
Fax: 202 772-9275

RIN: 3235-AJ18
_______________________________________________________________________




4216. 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 sought 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 
focused on trade confirmation and affirmation processes, shortening the 
settlement cycle, and reducing the use of physical securities.
The Division is withdrawing this rulemaking because it 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

________________________________________________________________________

ANPRM                           03/18/04                    69 FR 12922
ANPRM Comment Period End        06/16/04
Withdrawn                       10/01/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:

[[Page 65700]]

www.sec.gov/rules/concept/33-8398.htm

Agency Contact: Jerry Carpenter, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5710
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ19
_______________________________________________________________________




4217. AMENDMENTS TO THE PENNY STOCK RULES

Priority: Substantive, Nonsignificant

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: The Commission amended 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                    07/14/05                    70 FR 40614
Final Action Effective          09/12/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-51983.pdf

Agency Contact: Norman Reed, Division of Market Regulation, Securities 
and Exchange Commission, Division of Market Regulation, 100 F Street 
NW, Washington, DC 20459
Phone: 202 551-5576
Fax: 202 772-9270

RIN: 3235-AI02
_______________________________________________________________________




4218. REMOVAL FROM LISTING AND REGISTRATION OF SECURITIES PURSUANT TO 
SECTION 12(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

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 streamlined 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 amended 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 amended 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 exempted 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                    07/22/05                    70 FR 42456
Final Action Effective          08/22/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/34-51983.pdf

Agency Contact: Susie Cho, Office of Market Supervision, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5639
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AJ04
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4219. 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 establish procedures for 
the Commission's interim review of PCAOB inspection reports, and other 
matters of PCAOB oversight.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Sandra Folsom Kinsey, Office of the Chief Accountant, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5325
Email: [email protected]

RIN: 3235-AJ34

[[Page 65701]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4220. 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, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5349

RIN: 3235-AH65
_______________________________________________________________________




4221. IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 205

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

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

Agency Contact: Timothy N. McGarey, Office of General Counsel, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5179

RIN: 3235-AI72
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Offices and Other Programs



_______________________________________________________________________




4222. [bull] AMENDMENT TO RULE 4-01(A) OF REGULATION S-X REGARDING THE 
COMPLIANCE DATE FOR STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 123 
(REVISED 2004), SHARE-BASED PAYMENT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77f; 15 USC77g; 15 USC 77h; 15 USC 77j; 15 USC 
77s; 15 USC 77z-2; 15 USC 77z-3; 15 USC 77aa(25); 15 USC 77aa(26); . . 
 

CFR Citation: 17 CFR 210.4-01

Legal Deadline: None

Abstract: The Commission amended the date for compliance with Statement 
of Financial Accounting Standards No.123 (revised 2004), Share-Based 
Payment so that each registrant that is not a small business issuer 
will be required to prepare financial statements in accordance with 
Statement 123R beginning with the first interim or annual reporting 
period of the registrant's first fiscal year beginning on or after June 
15, 2005.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    05/21/05                    70 FR 20717
Final Action Effective          05/21/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

[[Page 65702]]

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/final/33-8568.pdf

Agency Contact: Melanie Jacobsen, Office of Chief Accountant, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5320

RIN: 3235-AJ39
[FR Doc. 05-18774 Filed 10-28-05; 8:45 am]
BILLING CODE 8010-01-S