[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 LIX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 23714]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8663, 34-53374, 39-2442, IA-2490, IC-27230, File No. 
S7-05-06]

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 
(RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (September 19, 1980). 
Information in the agenda was accurate on February 24, 2006, the date 
on which the Commission's staff completed compilation of the data. To 
the extent possible, rulemaking actions by the Commission since that 
date have been reflected in the agenda. The Commission invites 
questions and public comment on the agenda and on the individual agenda 
entries.

DATES: Comments should be received on or before July 30, 2006.

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 S7-05-06 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 Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

     All submissions should refer to File No. S7-05-06. 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 RFA 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 consider proposing 
or adopting 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

``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.

By the Commission.

Dated: February 27, 2006.

 Nancy M. Morris,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4037        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
4038        Streamlining Rule 144.................................................................    3235-AH13
4039        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
4040        Definition of Securities ``Held of Record''...........................................    3235-AJ22
4041        Electronic Filing of Form D...........................................................    3235-AJ46
4042        Lock-Up Agreements....................................................................    3235-AI09
4043        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4044        Internet Availability of Proxy Materials..............................................    3235-AJ47

[[Page 23715]]

 
4045        Termination of Reporting Obligations by Foreign Private Issuers Under the Securities      3235-AJ38
            Exchange Act of 1934..................................................................
4046        Security Holder Director Nominations..................................................    3235-AI93
4047        Amendments to the Tender Offer Best-Price Rule........................................    3235-AJ50
4048        Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4049        Revision to Accelerated Filer Definition..............................................    3235-AJ29
4050        Equal Treatment of Security Holders Pursuant to Rule 14d-10 and Rule 13e-4(f) Under       3235-AJ23
            the Securities Exchange Act of 1934...................................................
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4051        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
4052        Political Contributions by Certain Investment Advisers................................    3235-AH72
4053        Disclosure and Recordkeeping Requirements for Investment Advisers Regarding Brokerage     3235-AJ45
            Allocation and Soft Dollar Practices..................................................
4054        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
4055        Investment Company Portfolio Transaction Costs........................................    3235-AI94
4056        Amendments to Investment Company Registration Statements To Protect Certain Private       3235-AJ40
            Information...........................................................................
4057        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3235-AJ06
            Leach-Bliley Act......................................................................
4058        Definition of ``Issued Ratably'' Under Section 18(d) of the Investment Company Act of     3235-AJ42
            1940..................................................................................
4059        Investment Company Disclosure Reform..................................................    3235-AJ44
4060        Mutual Fund Redemption Fees...........................................................    3235-AJ51
4061        Frequency of Distribution of Capital Gains............................................    3235-AJ53
4062        Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment      3235-AF93
            Companies.............................................................................
4063        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4064        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
4065        Amendments to Form ADV................................................................    3235-AI17
4066        Fund of Funds Investments.............................................................    3235-AI30
4067        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
4068        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
4069        Disposal of Consumer Report Information...............................................    3235-AJ24
4070        Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4071        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
4072        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
4073        Municipal Securities Disclosure.......................................................    3235-AJ41

[[Page 23716]]

 
4074        Amendments to Financial Responsibility Rules for Broker-Dealers.......................    3235-AJ48
4075        Form BD and Form BDW..................................................................    3235-AJ52
4076        Concept Release Concerning Self-Regulation............................................    3235-AJ36
4077        Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
4078        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4079        Regulation B..........................................................................    3235-AJ28
4080        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.....................................................................
4081        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.................................................................
4082        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
4083        Rule 15c-101: Schedule 15D............................................................    3235-AJ14
4084        Fair Administration and Governance of Self-Regulatory Organizations...................    3235-AJ33
4085        Definition of Nationally Recognized Statistical Rating Organization...................    3235-AH28
4086        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
----------------------------------------------------------------------------------------------------------------
4087        Request for Comment on NASDAQ's Petition Relating to the Regulation of NASDAQ-Listed      3235-AI86
            Securities............................................................................
4088        Concept Release: Competitive Developments in the Options Markets......................    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4089        Regulation PCAOB......................................................................    3235-AJ34
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4090        International Accounting Standards....................................................    3235-AH65
4091        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4092        Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror              3235-AJ49
            Countermeasures to the Federal Government.............................................
----------------------------------------------------------------------------------------------------------------


[[Page 23717]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4037. 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                            12/00/06

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
_______________________________________________________________________




4038. STREAMLINING RULE 144

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

Legal Authority: 15 USC 77a et seq

CFR Citation: 17 CFR 230.144

Legal Deadline: None

Abstract: The Commission proposed revisions to Rule 144, Rule 145, and 
Form 144 to make the rules and form easier to understand and apply. The 
Division is considering recommending that the Commission repropose 
amendments that would, among other things, add a bright line test to 
the Rule 144 definition of affiliate, increase the Form 144 filing 
thresholds, and codify certain interpretive positions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/20/97                     62 FR 9246
NPRM Comment Period End         04/29/97
Second NPRM                     03/00/07

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
_______________________________________________________________________




4039. 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 accounting estimates resulting from the application of 
critical accounting policies and the initial adoption of accounting 
policies that have a material impact on a company's financial 
presentation. The proposed disclosure requirements would apply to all 
companies except small business issuers that have not had revenues from 
operations during the last 2 fiscal years. They would also cover the 
most recent fiscal year and any subsequent interim period for which 
financial statements are required to be reported, and be included in 
the MD&A section of a company's annual reports, registration 
statements, and proxy and information statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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
_______________________________________________________________________




4040. 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                            02/00/07

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

[[Page 23718]]

_______________________________________________________________________




4041. 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 recommending that the Commission 
propose amendments that would provide for the electronic filing of Form 
D.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/06

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
_______________________________________________________________________




4042. 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                            12/00/06

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
_______________________________________________________________________




4043. 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 Commission proposed rule amendments to enhance disclosure 
regarding executive compensation, the independence of a registrant's 
board of directors, related party transactions between executive 
officers and directors, and related party transactions with an issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/08/06                     71 FR 6542
NPRM Comment Period End         04/10/06

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4044. INTERNET AVAILABILITY OF PROXY MATERIALS

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

Legal Authority: 15 USC 78c(b); 15 USC 78j; 15 USC 78m; 15 USC 78n; 15 
USC 78o; 15 USC 78w; 15 USC 78mm; 15 USC 80a-19; 15 USC 80a-29; 15 USC 
80a-37

CFR Citation: 17 CFR 240.14a-2; 17 CFR 240.14a-3; 17 CFR 240.14a-4; 17 
CFR 240.14a-7; 17 CFR 240.14a-8; 17 CFR 240.14a-12; 17 CFR 240.14a-13; 
17 CFR 240.14c-2; 17 CFR 240.14c-3

Legal Deadline: None

Abstract: The Commission proposed amendments that would relax existing 
requirements regarding the Internet availability of proxy materials.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/15/05                    70 FR 74597
NPRM Comment Period End         02/13/06
Final Action                    06/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-52926.pdf

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
_______________________________________________________________________




4045. 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: 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 
78c(b); 15 USC 78l; 15 USC 78m; 15 USC 78w; 15 USC 78mm

CFR Citation: 17 CFR 240.12g-4; 17 CFR 240.12h-3

Legal Deadline: None

Abstract: The Commission proposed revisions relating to the 
circumstances under which foreign private issuers are permitted to 
terminate their registration under section 12(g) of the Securities 
Exchange Act and any reporting

[[Page 23719]]

obligation under section 15(d) of that Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/05                    70 FR 77688
NPRM Comment Period End         02/28/06
Final Action                    06/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-53020.pdf

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
_______________________________________________________________________




4046. SECURITY HOLDER DIRECTOR NOMINATIONS

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

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

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments to the proxy rules and 
related rules and regulations regarding the inclusion of shareholder 
director nominations in company proxy materials.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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
_______________________________________________________________________




4047.  AMENDMENTS TO THE TENDER OFFER BEST-PRICE RULE

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

Legal Authority: 15 USC 77e(b)(10); 15 USC 77m; 15 USC 77n; 15 USC 77w; 
15 USC 77mm; 15 USC 80a-23(c)

CFR Citation: 17 CFR 240.13e-4(f)(8)(ii); 17 CFR 240.14d-10(a)(2); 17 
CFR 240.14d-10(c); 17 CFR 240.14d-10(d)(2)

Legal Deadline: None

Abstract: The Commission proposed amendments to the tender offer best-
price rule to clarify that the rule applies only with respect to the 
consideration offered and paid for securities tendered in an issuer or 
third-party tender offer and should not apply to consideration offered 
and paid according to employment compensation, severance, or other 
employee benefit arrangements entered into with employees or directors 
of the subject company. The proposed rule also would provide a safe 
harbor in the context of third-party tender offers that would allow the 
compensation committee or a committee performing similar functions of 
the subject company's or bidder's board of directors, depending upon 
whether the subject company or the bidder is the party to the 
arrangement, to approve an employment compensation, severance, or other 
employee benefit arrangement and thereby deem it to be such an 
arrangement within the meaning of the proposed safe harbor. These 
amendments are intended to facilitate the negotiation and execution of 
employment compensation, severance, and other employee benefit 
arrangements with employees and directors of the subject company by 
excluding these arrangements from the application of the best-price 
rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/22/05                    70 FR 76115
NPRM Comment Period End         02/21/06
Final Action                    05/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/34-52968.pdf

Agency Contact: Mara Lee Ransom, Securities and Exchange Commission, 
Division of Corporation Finance, 100 F Street NE, Washington, DC 10549
Phone: 202 551-3264
Fax: 202 772-9203
Email: [email protected]

Related RIN: Previously reported as 3235-AJ23
RIN: 3235-AJ50
_______________________________________________________________________




4048. DEFINING ``QUALIFIED PURCHASERS''

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

Legal Authority: 15 USC 78r

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 146 to provide a 
definition of ``qualified purchaser'' to expand the definition of 
``covered securities'' in section 18 of the Securities Act of 1933.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/01                    66 FR 66839
NPRM Comment Period End         02/25/02
Final Action                    03/00/07

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

[[Page 23720]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4049. REVISION TO ACCELERATED FILER DEFINITION

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.12b-2

Legal Deadline: None

Abstract: The Commission adopted rules that revise the definition of an 
``accelerated filer'' in Rule 12b-2 under the Exchange Act so that an 
accelerated filer that is no longer 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, is no longer 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
Final Action                    12/27/05                    70 FR 76626
Final Action Effective          12/27/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rule/final/33-8644.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
_______________________________________________________________________




4050. 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: On December 22, 2005, the Commission proposed amendments to 
the tender offer best-price rule under a different RIN 3235-AJ50. This 
matter, RIN 3235-AJ23, also concerned the tender offer best-price rule. 
Therefore, the Division is withdrawing this RIN.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/06

Regulatory Flexibility Analysis Required: No

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

Related RIN: Merged with 3235-AJ50
RIN: 3235-AJ23
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4051. 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                            09/00/06

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
_______________________________________________________________________




4052. 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 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 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
NPRM                            03/00/07

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

[[Page 23721]]

Phone: 202 551-6787

RIN: 3235-AH72
_______________________________________________________________________




4053. 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 is considering recommending 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                            07/00/06

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
_______________________________________________________________________




4054. 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                            12/00/06

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
_______________________________________________________________________




4055. 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                            12/00/06

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
_______________________________________________________________________




4056. 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                            03/00/07

Regulatory Flexibility Analysis Required: No

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 23722]]

_______________________________________________________________________




4057. 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                            12/00/06

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
_______________________________________________________________________




4058. 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                            11/00/06

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
_______________________________________________________________________




4059. INVESTMENT COMPANY DISCLOSURE REFORM

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

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

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division 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: 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-AJ44
_______________________________________________________________________




4060.  MUTUAL FUND REDEMPTION FEES

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

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

CFR Citation: 17 CFR 270.22c-2

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 22c-2 under the Investment Company Act that 
would (i) limit the types of intermediaries that hold shares on behalf 
of mutual fund investors and with which funds must negotiate 
information-sharing agreements, (ii) address the rule's application 
when there are chains of intermediaries, and (iii) clarify the effect 
of a fund's failure to obtain an agreement from any of its 
intermediaries.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/07/06                    71 FR 11351
NPRM Comment Period End         04/10/06
Final Action                    06/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Thoreau Adrian Bartmann, Securities and Exchange 
Commission, Division of Invesment Management,, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6792
Fax: 202 628-0760
Email: [email protected]

RIN: 3235-AJ51
_______________________________________________________________________




4061.  FREQUENCY OF DISTRIBUTION OF CAPITAL GAINS

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

Legal Authority: 15 USC 80a-19(b)

[[Page 23723]]

CFR Citation: 17 CFR 270.19b-1

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 19b-1 under the Investment Company Act, 
which governs the frequency of capital gains distributions by 
registered investment companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

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

RIN: 3235-AJ53
_______________________________________________________________________




4062. 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                            06/00/06

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
_______________________________________________________________________




4063. AMENDMENTS TO THE CASH SOLICITATION RULE

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

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

CFR Citation: 17 CFR 275.206(4)-3

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to update and modernize the cash solicitation rule, 
Rule 206(4)-3 under the Investment Company Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/06

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



_______________________________________________________________________




4064. CERTAIN THRIFT INSTITUTIONS DEEMED NOT TO BE INVESTMENT ADVISERS

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

Legal Authority: 15 USC 80b-2(a)(11)(F)

CFR Citation: 17 CFR 275

Legal Deadline: None

Abstract: The Commission proposed excepting from the definition of 
investment adviser thrift institutions providing investment advice to 
certain clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/07/04                    69 FR 25778
NPRM Comment Period End         07/09/04
Final Action                    09/00/06

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
_______________________________________________________________________




4065. 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 
(parts 1 and 2) 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 final

[[Page 23724]]

amendments to part 1 of Form ADV under RIN 3235-AD21.
The Commission deferred adoption of final amendments to part 2 of Form 
ADV. The Division is considering recommending that the Commission seek 
further public comment under RIN 3235-AI17.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/05/00                    65 FR 20524
NPRM Comment Period End         06/13/00
Other                           05/00/06
Final Action                    11/00/06

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: Robert Tuleya, 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
_______________________________________________________________________




4066. 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                    05/00/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

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

RIN: 3235-AI30
_______________________________________________________________________




4067. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY 
CONTRACTS

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

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

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/03                    68 FR 61720
NPRM Comment Period End         01/08/04
Final Action                    07/00/06

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
_______________________________________________________________________




4068. AMENDMENTS TO RULES GOVERNING PRICING OF MUTUAL FUND SHARES

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

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

CFR Citation: 17 CFR 270.22c-1

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/17/03                    68 FR 70388
NPRM Comment Period End         02/06/04
Final Action                    08/00/06

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
_______________________________________________________________________




4069. 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.

[[Page 23725]]

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 is considering recommending 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                    12/00/06

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
_______________________________________________________________________




4070. 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                    05/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

Agency Contact: Rochelle Kauffman-Plesset, Office of the Chief Counsel, 
Division of Investment Management, Securities and Exchange Commission, 
100 F Street NE, Washington, DC 20549
Phone: 202 551-6840

RIN: 3235-AJ31
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4071. 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                            12/00/06

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
_______________________________________________________________________




4072. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/06

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

[[Page 23726]]

Fax: 202 772-9270

RIN: 3235-AI83
_______________________________________________________________________




4073. 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 considering recommending that the Commission 
amend Rule 240.15c-12 under section 15 of the Exchange Act 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                            05/00/06

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
_______________________________________________________________________




4074. 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                            12/00/06

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
_______________________________________________________________________




4075.  FORM BD AND FORM BDW

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 78a, et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Forms BD and BDW, the uniform broker-dealer 
registration form and the uniform request for withdrawal from broker-
dealer registration, respectively. The proposed amendments would update 
the forms in light of market, legal, and technological developments; 
clarify provisions of the forms; and make them easier to complete.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Haimera Abaineh Workie, Securities and Exchange 
Commission, Division of Market Regulation, 100 F Street NE, Washington, 
DC 20549
Phone: 202 551-5583
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ52
_______________________________________________________________________




4076. 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                            12/00/06

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

[[Page 23727]]

_______________________________________________________________________




4077. 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. The amendments would require the establishment 
of book-entry accounts in connection with reorganization events and 
would give securities depositories up to 3 business days after the 
expiration of a tender offer, exchange offer, or reorganization event 
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                     07/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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




4078. 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 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
Supplemental NPRM               12/00/06

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



_______________________________________________________________________




4079. REGULATION B

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

Unfunded Mandates: Undetermined

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

CFR Citation: 17 CFR 242.710 to 242.781

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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

[[Page 23728]]

_______________________________________________________________________




4080. 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 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. They 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                    12/00/06

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: Dawn Jessen, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]

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




4081. 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. They 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                    12/00/06

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: Dawn Jessen, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]

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




4082. 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. They 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

[[Page 23729]]

NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    12/00/06

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: Dawn Jessen, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]

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




4083. 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. They 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                    12/00/06

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: Dawn Jessen, Office of Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: [email protected]

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




4084. 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                    12/00/06

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
_______________________________________________________________________




4085. 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 that would define the term ``nationally 
recognized statistical rating organization'' (``NRSRO''). The proposed 
definition contains three components that must

[[Page 23730]]

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
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                    12/00/06

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: Rachael 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
_______________________________________________________________________




4086. 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                    12/00/06

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



_______________________________________________________________________




4087. REQUEST FOR COMMENT ON NASDAQ'S PETITION RELATING TO THE 
REGULATION OF 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

[[Page 23731]]

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

RIN: 3235-AI86
_______________________________________________________________________




4088. 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)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4089. 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 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                            06/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AJ34
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4090. 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
_______________________________________________________________________




4091. 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

[[Page 23732]]

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



_______________________________________________________________________




4092.  COMMISSION GUIDANCE REGARDING ACCOUNTING FOR 
SALES OF VACCINES AND BIOTERROR COUNTERMEASURES TO THE FEDERAL 
GOVERNMENT

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et 
seq; 15 USC 80a et seq; 15 USC 7201 et seq

CFR Citation: None

Legal Deadline: None

Abstract: The Commission issued interpretive guidance with respect to 
accounting for sales of vaccines and bioterror countermeasures to the 
Federal Government for placement into the Pediatric Vaccine Stockpile 
or the National Strategic Stockpile. Usually, revenue is not recognized 
in financial statements until a product is delivered. The interpretive 
guidance allows revenue recognition for sales of enumerated vaccines to 
the Federal Government for placement into a Federal Governmental 
vaccine stockpile, even though certain criteria otherwise required for 
revenue recognition by the SEC have not been met. Because of the unique 
characteristics of the vaccine program, the guidance provides that the 
SEC will not object if vaccine manufacturers recognize revenue, if the 
arrangements otherwise meet the applicable revenue recognition criteria 
specified under generally accepted accounting principles and SEC rules 
and regulations, other than product delivery and inventory segregation 
requirements, so long as the manufacturers fully disclose the nature of 
the transactions, the related accounting, and the effect of this 
alternative accounting method in the financial statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/05/05                    70 FR 73343
Final Action Effective          12/05/05

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/interp/33-8642.pdf

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

RIN: 3235-AJ49
[FR Doc. 06-2532 Filed 04-21-06; 8:45 am]
BILLING CODE 8010-01-S
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