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


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Part LIX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 74304]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8738, 34-54400, 39-2443, IA-2544, IC-27476, File No. 
S7-15-06]

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 September 1, 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 December 29, 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 S7-15-06 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. S7-15-06. 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.

Dated: September 1, 2006

By the Commission.

 Nancy M. Morris,

Secretary.

                                           3 OOD--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4124        Transformation of Company Disclosures.................................................    3235-AJ70
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4125        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
4126        Streamlining Rule 144.................................................................    3235-AH13
4127        Filing in Interactive Data Format.....................................................    3235-AJ71
4128        Definition of Securities ``Held of Record''...........................................    3235-AJ22
4129        Electronic Filing of Form D...........................................................    3235-AJ46
4130        Smaller Company Regulatory Reform.....................................................    3235-AJ65

[[Page 74305]]

 
4131        Lock-Up Agreements....................................................................    3235-AI09
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4132        Internet Availability of Proxy Materials..............................................    3235-AJ47
4133        Termination of Reporting Obligations by Foreign Private Issuers Under the Securities      3235-AJ38
            Exchange Act of 1934..................................................................
4134        Internal Control Over Financial Reporting in Exchange Act Periodic Reports of Non-        3235-AJ64
            Accelerated Filers and Newly Public Companies.........................................
4135        Security Holder Director Nominations..................................................    3235-AI93
4136        Defining ``Qualified Purchasers''.....................................................    3235-AI25
4137        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4138        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4139        Amendments to the Tender Offer Best-Price Rule........................................    3235-AJ50
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4140        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
4141        Political Contributions by Certain Investment Advisers................................    3235-AH72
4142        Disclosure and Recordkeeping Requirements for Investment Advisers Regarding Brokerage     3235-AJ45
            Allocation and Soft Dollar Practices..................................................
4143        Exchange-Traded Funds.................................................................    3235-AJ60
4144        Antifraud Rule........................................................................    3235-AJ67
4145        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
4146        Investment Company Portfolio Transaction Costs........................................    3235-AI94
4147        Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-    3235-AJ06
            Leach-Bliley Act......................................................................
4148        Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31
4149        Definition of ``Issued Ratably'' Under Section 18(d) of the Investment Company Act of     3235-AJ42
            1940..................................................................................
4150        Investment Company Disclosure Reform..................................................    3235-AJ44
4151        Frequency of Distribution of Capital Gains............................................    3235-AJ53
4152        Extension of XBRL Voluntary Reporting Program on the EDGAR System to Mutual Fund Risk/    3235-AJ59
            Return Summary Information............................................................
4153        Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment      3235-AF93
            Companies.............................................................................
4154        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
4155        Definition of ``Equal Voting Rights'' Under Section 18(i) of the Investment Company       3235-AJ61
            Act...................................................................................
----------------------------------------------------------------------------------------------------------------


[[Page 74306]]


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4156        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
4157        Amendments to Form ADV................................................................    3235-AI17
4158        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
4159        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
4160        Disposal of Consumer Report Information...............................................    3235-AJ24
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4161        Amendments to Investment Company Registration Statements To Protect Certain Private       3235-AJ40
            Information...........................................................................
4162        Investment Company Regulation.........................................................    3235-AJ62
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4163        Fund of Funds Investments.............................................................    3235-AI30
4164        Mutual Fund Redemption Fees...........................................................    3235-AJ51
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4165        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
4166        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
4167        Regulation B..........................................................................    3235-AJ28
4168        Municipal Securities Disclosure.......................................................    3235-AJ41
4169        Amendments to Financial Responsibility Rules for Broker-Dealers.......................    3235-AJ48
4170        Concept Release Concerning Self-Regulation............................................    3235-AJ36
4171        Electronic Filing of Municipal Securities Disclosure..................................    3235-AJ66
4172        Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
4173        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4174        Form BD and Form BDW..................................................................    3235-AJ52
4175        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.....................................................................
4176        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.................................................................
4177        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
4178        Rule 15c-101: Schedule 15D............................................................    3235-AJ14
4179        Fair Administration and Governance of Self-Regulatory Organizations...................    3235-AJ33
4180        Electronic Filing of Transfer Agent Forms.............................................    3235-AJ68
4181        Amendments to Regulation M: Anti-Manipulation Rules Concerning Securities Offerings...    3235-AJ37
4182        Regulation SHO (Short Sales)..........................................................    3235-AJ57
----------------------------------------------------------------------------------------------------------------


[[Page 74307]]


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4183        Request for Comment on NASDAQ's Petition Relating to the Regulation of NASDAQ-Listed      3235-AI86
            Securities............................................................................
4184        Concept Release: Competitive Developments in the Options Markets......................    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4185        Application of the Definition of Narrow-Based Security Index to Debt Securities           3235-AJ54
            Indexes and Security Futures on Debt Securities.......................................
4186        Definition of Nationally Recognized Statistical Rating Organization...................    3235-AH28
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4187        Regulation PCAOB......................................................................    3235-AJ34
4188        Inflation Adjustments.................................................................    3235-AJ69
4189        Concept Release Concerning Management's Reports on Internal Control Over Financial        3235-AJ58
            Reporting.............................................................................
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4190        International Accounting Standards....................................................    3235-AH65
4191        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4192        Amendments to the Informal and Other Procedures: Public Company Accounting Oversight      3235-AJ63
            Board Budget Approval Process.........................................................
4193        Policy Statement Concerning Subpoenas to Members of the News Media....................    3235-AJ55
4194        Amendments to Plan of Organization and Operation Effective During Emergency Conditions    3235-AJ56
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


3 OOD



_______________________________________________________________________




4124. [bull] TRANSFORMATION OF COMPANY DISCLOSURES

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 Office of Information Technology is considering 
recommending that the Commission propose rulemaking that might be 
necessary to facilitate the transformation of company and regulated 
entity disclosures from the current text-based formats to ones that 
leverage interactive data.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

[[Page 74308]]

Agency Contact: R. Corey Booth, Office of Information Technology, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-8800
Email: [email protected]

RIN: 3235-AJ70
_______________________________________________________________________




4125. INDUSTRY GUIDE 3--STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

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

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

CFR Citation: 17 CFR 229; 17 CFR 231; 17 CFR 241

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/07

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
_______________________________________________________________________




4126. 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, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AH13
_______________________________________________________________________




4127. [bull] FILING IN INTERACTIVE DATA FORMAT

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, together with the Divisions of Investment 
Management and Market Regulation, and the Office of the Chief 
Accountant, is considering recommending that the Commission propose 
rules to facilitate the filing of documents with the Commission in 
interactive data format.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Elizabeth Murphy, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430
Email: [email protected]

RIN: 3235-AJ71
_______________________________________________________________________




4128. 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                            03/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ22
_______________________________________________________________________




4129. 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                            02/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Corey Jennings, Division of Corporation Finance,

[[Page 74309]]

Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AJ46
_______________________________________________________________________




4130. [bull] SMALLER COMPANY REGULATORY REFORM

Priority: Substantive, Nonsignificant

Legal Authority: Not Yet Determined

CFR Citation: None

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments that would revise certain regulatory requirements on 
smaller companies, including addressing certain recommendations of the 
Commission's Advisory Committee on Smaller Public Companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Tony Barone, Office of Small Business Policy, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

Kevin M. O'Neill, Office of Small Business Policy, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-3460

RIN: 3235-AJ65
_______________________________________________________________________




4131. LOCK-UP AGREEMENTS

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

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

CFR Citation: 17 CFR 230; 17 CFR 240

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/07

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




4132. 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                    12/00/06

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, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3430

RIN: 3235-AJ47
_______________________________________________________________________




4133. 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 Exchange Act 
and any reporting 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                    12/00/06

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, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3450

RIN: 3235-AJ38

[[Page 74310]]

_______________________________________________________________________




4134. [bull] INTERNAL CONTROL OVER FINANCIAL REPORTING IN EXCHANGE ACT 
PERIODIC REPORTS OF NON-ACCELERATED FILERS AND NEWLY PUBLIC COMPANIES

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

Legal Authority: 15 USC 7262

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments that would further extend 
for smaller companies the dates for the internal control over financial 
reporting requirements that were published on September 22, 2005, and 
that provide a transition period for newly public companies before they 
become subject to compliance with the internal control over financial 
reporting requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/15/06                    71 FR 47060
NPRM Comment Period End         09/14/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/2006/33-8731.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-AJ64
_______________________________________________________________________




4135. SECURITY HOLDER DIRECTOR NOMINATIONS

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

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

CFR Citation: Not Yet Determined

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/23/03                    68 FR 60783
NPRM Comment Period End         12/22/03
Round Table: Announced          02/12/04                     69 FR 6928
Round Table Comments Due        03/31/04
Final Action                    09/00/07

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
_______________________________________________________________________




4136. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/01                    66 FR 66839
NPRM Comment Period End         02/25/02
Final Action                    06/00/07

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
_______________________________________________________________________




4137. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED 
PARTY TRANSACTIONS

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

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

CFR Citation: 17 CFR 228.10 et seq; 17 CFR 229.10et seq; 17 CFR 
229.402; 17 CFR 229.1100 et seq; 17 CFR 232.10 et seq; 17 CFR 245.100 
et seq; 17 CFR 240.13a-20; 17 CFR 240.14a-101; 17 CFR 240.15d-20

Legal Deadline: None

Abstract: The Commission adopted 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. 
The Commission solicited additional comments on certain aspects of the 
release.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/08/06                     71 FR 6542
NPRM Comment Period End         04/10/06
Final Rule                      09/08/06                    71 FR 53158
Final Rule Effective            11/07/06
Second NPRM                     09/08/06                    71 FR 53267
Second NPRM Comment Period End  10/23/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/2006/33-8735.pdf

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

RIN: 3235-AI80

[[Page 74311]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Corporation Finance



_______________________________________________________________________




4138. 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


Next Action Undetermined

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: Dan Greenspan, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3623

RIN: 3235-AI44
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




4139. AMENDMENTS TO THE TENDER OFFER BEST-PRICE RULE

Priority: Substantive, Nonsignificant

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; 17 CFR 240.14d-10

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                    11/03/06                    71 FR 65393
Final Action Effective          12/08/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Mara Lee Ransom, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3264
Fax: 202 772-9203
Email: [email protected]

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

[[Page 74312]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




4140. BOOKS AND RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS

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

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

CFR Citation: 17 CFR 275.204-2

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Don L. Evans, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6787

RIN: 3235-AH24
_______________________________________________________________________




4141. 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                            09/00/07

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, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6787

RIN: 3235-AH72
_______________________________________________________________________




4142. 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                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Daniel Seth Kahl, 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
_______________________________________________________________________




4143. [bull] EXCHANGE-TRADED FUNDS

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose new rules and rule amendments to codify prior exemptive relief 
granted for index-based Exchange-Traded Funds. Exchange-Traded Funds 
are investment companies registered under the Investment Company Act of 
1940 as open-end investment companies or unit investment trusts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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-AJ60
_______________________________________________________________________




4144. [bull] ANTIFRAUD RULE

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

Legal Authority: 15 USC 206(4)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose a new antifraud rule under the Investment Advisers Act that 
would prohibit fraud by investment advisers that provide advice to 
certain pooled investment vehicles.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser

[[Page 74313]]

Regulation, Division of Investment Management, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 551-6724
Email: [email protected]

RIN: 3235-AJ67
_______________________________________________________________________




4145. 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 that 
prescribe the method by which certain investment companies calculate 
and pay registration fees under the Securities Act 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                            09/00/07

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
_______________________________________________________________________




4146. 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                            09/00/07

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
_______________________________________________________________________




4147. INTERAGENCY PROPOSAL TO CONSIDER ALTERNATIVE FORMS OF PRIVACY 
NOTICES UNDER THE GRAMM-LEACH-BLILEY ACT

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

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

CFR Citation: None

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75165
ANPRM Comment Period End        03/29/04
NPRM                            04/00/07

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

RIN: 3235-AJ06
_______________________________________________________________________




4148. 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 more closely align the definition of eligible portfolio 
company with the purpose originally intended and, consequently, to 
promote the flow of capital to certain companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/08/04                    69 FR 64816

[[Page 74314]]

NPRM Comment Period End         01/07/05
Second NPRM                     10/31/06                    71 FR 64093
Second NPRM Comment Period End  01/02/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

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

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

RIN: 3235-AJ31
_______________________________________________________________________




4149. 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 when a registered investment company 
issues ratably to its shareholders rights or warrants to acquire 
additional shares.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/07

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
Email: [email protected]

RIN: 3235-AJ42
_______________________________________________________________________




4150. 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 and clarifying the 
disclosure of fees and expenses for mutual funds and exchange-traded 
funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/07

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
_______________________________________________________________________




4151. FREQUENCY OF DISTRIBUTION OF CAPITAL GAINS

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

Legal Authority: 15 USC 80a-19(a); 15 USC 80a-19(b); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.19a-1; 17 CFR 270.19b-1

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to rules governing dividend payments and 
distributions by registered investment companies under the Investment 
Company Act. Rule 19a-1 prescribes the form of the written statement, 
required under section 19(a) of the Act, that discloses the sources of 
distribution payment when distributions are made from any source other 
than income. Rule 19b-1 governs the frequency of capital gains 
distributions by registered investment companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ53
_______________________________________________________________________




4152. [bull] EXTENSION OF XBRL VOLUNTARY REPORTING PROGRAM ON THE EDGAR 
SYSTEM TO MUTUAL FUND RISK/RETURN SUMMARY INFORMATION

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

Legal Authority: Not Yet Determined

CFR Citation: 17 CFR 232.401; 17 CFR 232.402; 17 CFR 270.8b-33

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
issue a release proposing to extend the current Voluntary Financial 
Reporting Program on the EDGAR System to allow open-end management 
investment company filers to voluntarily furnish Risk/Return Summary 
information in XBRL format.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ59

[[Page 74315]]

_______________________________________________________________________




4153. 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                            09/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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-AF93
_______________________________________________________________________




4154. 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                            09/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Catherine E. Marshall, 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
_______________________________________________________________________




4155. [bull] DEFINITION OF ``EQUAL VOTING RIGHTS'' UNDER SECTION 18(I) 
OF THE INVESTMENT COMPANY ACT

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

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

CFR Citation: 17 CFR 18i-1

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose Rule 18i-1 under the Investment Company Act that would define 
the term ``equal voting rights'' under section 18(i) of the Act. The 
rule would be designed to clarify the circumstances under which voting 
stock issued by a registered investment company or a business 
development company has equal voting rights with every other 
outstanding voting stock issued by that fund as required by section 
18(i).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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
Email: [email protected]

RIN: 3235-AJ61
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




4156. 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                    05/00/07

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, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6787

RIN: 3235-AI16

[[Page 74316]]

_______________________________________________________________________




4157. 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 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                           12/00/06
Final Action                    09/00/07

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, 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
_______________________________________________________________________




4158. 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                    12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/33-8312.htm

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

RIN: 3235-AH80
_______________________________________________________________________




4159. 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                    06/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

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

RIN: 3235-AJ01
_______________________________________________________________________




4160. DISPOSAL OF CONSUMER REPORT INFORMATION

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

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

CFR Citation: 17 CFR 248

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

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

[[Page 74317]]

Final Rule                      12/08/04                    69 FR 71322
Final Rule Effective            01/11/05
Final Action                    05/00/07

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: None

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

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




4161. 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: Next Action Undetermined

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
_______________________________________________________________________




4162. [bull] INVESTMENT COMPANY REGULATION

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f); 15 USC 80a-12(b); 
15 USC 80a-17(d); 15 USC 80a-17(g); 15 USC 80a-23(c); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.0-1(a)

Legal Deadline: None

Abstract: A Federal appeals court invalidated certain amendments 
adopted by the Commission to rules under the Investment Company Act. 
The amendments, first proposed on January 15, 2004, would have imposed 
two conditions on investment companies (``funds'') relying on certain 
exemptive rules. First, fund boards would have to be comprised of at 
least 75 percent independent directors. Second, the boards would have 
to be chaired by an independent director. On June 13, 2006, the 
Commission issued a release soliciting further comment on the 
amendments and related issues.
The comment period for the release has only recently closed, and 
consequently, the Commission has not yet determined its next action. 
Although the Commission has not yet determined the date for the next 
action in this rulemaking, the Commission may act within the next 12 
months. This item is included in the long-term category solely as a 
result of requirements applicable to the Regulatory Flexibility Act 
agenda.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice                          06/19/06                    71 FR 35366
Comment Period End              08/21/06


Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/2006/ic-27395.pdf

Agency Contact: Vincent M. Meehan, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-0506
Phone: 202 551-6792

Related RIN: Related to 3235-AJ05
RIN: 3235-AJ62
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




4163. FUND OF FUNDS INVESTMENTS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 270.12d1-1; 17 CFR 270.12d1-2; 17 CFR 270.12d1-3

Legal Deadline: None

Abstract: The Commission adopted three new rules that (i) allow 
investment companies to purchase securities issued by money market 
funds in excess of limits on those investments under the Investment 
Company Act and (ii) alleviate certain investment and other 
restrictions on investment companies that invest in other investment 
companies (funds of funds). The Commission also adopted amendments to 
the forms that investment companies use to register under the 
Investment Company Act and offer their shares under the Securities Act. 
The amendments require registered

[[Page 74318]]

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                    06/27/06                    71 FR 36640
Final Action Effective          07/31/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2006/33-8713.pdf

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
_______________________________________________________________________




4164. MUTUAL FUND REDEMPTION FEES

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 270.22c-2

Legal Deadline: None

Abstract: The Commission adopted 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 enter into 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                    10/03/06                    71 FR 58257
Final Action Effective          12/04/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2006/ic-27504.pdf

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

RIN: 3235-AJ51
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




4165. 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                            09/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Thomas K. McGowan, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5520
Fax: 202 772-9273

RIN: 3235-AH06
_______________________________________________________________________




4166. 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                            09/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AI83
_______________________________________________________________________




4167. 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

[[Page 74319]]

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
Second 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/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
_______________________________________________________________________




4168. 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                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Local, State, Tribal

Agency Contact: Martha Mahan Haines, Office of Municipal Securities, 
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
_______________________________________________________________________




4169. 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 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, Division of Market Regulation, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5522

RIN: 3235-AJ48
_______________________________________________________________________




4170. 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                            06/00/07

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, 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
_______________________________________________________________________




4171. [bull] ELECTRONIC FILING OF 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 
propose amending Rule 240.15c2-12 under section 15 of the Exchange Act 
to establish the concept of a ``central post office'' (``CPO'') and to 
require the use of a CPO to satisfy the Rule 15c2-12 requirements.

[[Page 74320]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Local, State, Tribal

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

RIN: 3235-AJ66
_______________________________________________________________________




4172. 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 
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                     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/34-40386.htm

Agency Contact: Matthew Landon, 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
_______________________________________________________________________




4173. 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, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5720
Fax: 202 772-9355

RIN: 3235-AH40
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




4174. FORM BD AND FORM BDW

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

________________________________________________________________________

Final Action                    12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Haimera Abaineh Workie, 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]

RIN: 3235-AJ52

[[Page 74321]]

_______________________________________________________________________




4175. 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                    06/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Dawn Jessen, 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
_______________________________________________________________________




4176. 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                    06/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Dawn Jessen, 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
_______________________________________________________________________




4177. 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
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    06/00/07

[[Page 74322]]

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, 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
_______________________________________________________________________




4178. 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                    06/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

Agency Contact: Dawn Jessen, 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
_______________________________________________________________________




4179. 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 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                    06/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

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

Agency Contact: Susie Cho, 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
_______________________________________________________________________




4180. [bull] ELECTRONIC FILING OF TRANSFER AGENT FORMS

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

Legal Authority: 15 USC 77s(a); 15 USC 78q; 15 USC 78q-1; 16 USC w(a)

CFR Citation: 17 CFR 232.101; 17 CFR 232.104; 17 CFR 232.201; 17 CFR 
240.17Ac2-1; 17 CFR 17Ac2-2; 17 CFR 17Ac3-1; 17 CFR 239; 17 CFR 249; 17 
CFR 249b; 17 CFR 269; 17 CFR 274

Legal Deadline: None

Abstract: The Commission proposed a rulemaking to amend the rules and 
forms under section 17A of the Exchange Act to require that forms for 
transfer agent registration, annual reporting, and withdrawal from 
registration be filed with the Commission electronically. The forms 
would be accessible on the Commission's EDGAR database in XML format to 
the Commission staff and the public for search and retrieval. The

[[Page 74323]]

proposed rulemaking would improve the Commission's ability to utilize 
the information reported on the forms in performing its oversight 
function of transfer agent operations and public dissemination of the 
information on the forms.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/11/06                    71 FR 53494
NPRM Comment Period End         10/26/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Catherine Moore, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5718
Email: [email protected]

RIN: 3235-AJ68
_______________________________________________________________________




4181. 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, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5720
Fax: 202 772-9355

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




4182. [bull] REGULATION SHO (SHORT SALES)

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 amendments to Rules 200(e)(3) and 
203(b)(3) of Regulation SHO. The proposals are intended to reduce the 
frequency that stock is not delivered after it is sold, by eliminating 
the grandfather provision and narrowing the options market maker 
exception to the delivery requirement. They are also intended to update 
the market decline limitation referenced in the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/21/06                    71 FR 41710
NPRM Comment Period End         09/19/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

URL For More Information:
www.sec.gov/rules/proposed/2006/34-54154.pdf

Agency Contact: James A. Brigagliano, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5720
Fax: 202 772-9355

RIN: 3235-AJ57
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




4183. 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

[[Page 74324]]

any market that fails to protect investors as required under the 
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, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5621
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AI86
_______________________________________________________________________




4184. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

Agency Contact: Heather Seidel, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5608
Fax: 202 772-9275
Email: [email protected]

RIN: 3235-AJ15
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




4185. [bull] APPLICATION OF THE DEFINITION OF NARROW-BASED SECURITY 
INDEX TO DEBT SECURITIES INDEXES AND SECURITY FUTURES ON DEBT SECURITIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78(c)(55)(C)(vi); 15 USC 78c(b); 15 USC 78f(h); 
15 USC 78w(e); 15 USC 78mm

CFR Citation: 17 CFR 240.3a55-4; 17 CFR 240.6h-2

Legal Deadline: None

Abstract: The Commission, in concert with parallel action by the 
Commodity Futures Trading Commission, adopted two new rules under the 
Exchange Act to exclude from the definition of ``narrow-based security 
index'' debt securities indexes that satisfy specified criteria. A 
future on a debt securities index that is excluded from the definition 
of ``narrow-based security index'' will not be a security future and 
may trade subject to the exclusive jurisdiction of the CFTC. In 
addition, the rules modify the statutory listing standards requirements 
to permit security futures to be based on individual debt securities or 
a narrow-based security indexes composed of debt securities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/10/06                    71 FR 18030
NPRM Comment Period End         05/11/06
Final Action                    07/13/06                    71 FR 39534
Final Action Effective          08/14/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/final/2006/34-54106.pdf

Agency Contact: Yvonne Fraticelli, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5654
Fax: 202 727-9275
Email: [email protected]

Related RIN: Related to 3038-AB86
RIN: 3235-AJ54
_______________________________________________________________________




4186. 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 had proposed a rule to define the term 
``nationally recognized statistical rating organization.'' However, 
this rulemaking has been superseded by the enactment of the Credit 
Rating Agency Reform Act of 2006, Pub. L. 109-291 (September 29, 2006). 
Accordingly, the Commission is withdrawing this item from the Agenda.

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

[[Page 74325]]

NPRM                            04/25/05                    70 FR 21306
NPRM Comment Period End         06/09/05
Withdrawn                       10/01/06

Regulatory Flexibility Analysis Required: No

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: Thomas K. McGowan, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5520
Fax: 202 772-9273

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


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




4187. 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                            06/00/07

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
Fax: 202 772-9251
Email: [email protected]

RIN: 3235-AJ34
_______________________________________________________________________




4188. [bull] INFLATION ADJUSTMENTS

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 Office of the General Counsel is considering recommending 
that the Commission propose a rule setting forth inflation-based 
adjustments to dollar amounts contained in certain rules administered 
by the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Owen Donley, Office of the General Counsel, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5134

RIN: 3235-AJ69
_______________________________________________________________________




4189. [bull] CONCEPT RELEASE CONCERNING MANAGEMENT'S REPORTS ON INTERNAL 
CONTROL OVER FINANCIAL REPORTING

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

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

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission published a concept release to understand 
better the extent and nature of public interest in the development of 
additional guidance for management regarding its evaluation and 
assessment of internal control over financial reporting so that any 
guidance the Commission develops addresses the needs and concerns of 
public companies consistent with the protection of investors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           07/18/06                    71 FR 40866
ANPRM Comment Period End        09/18/06
NPRM                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/concept/2006/34-54122.pdf

Agency Contact: Michael G. Gaynor, Office of Chief Accountant, 
Securities and Exchange Commission, 100 F Street NE, Washington, CT 
20549
Phone: 202 551-5929

RIN: 3235-AJ58

[[Page 74326]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




4190. 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


Next Action Undetermined

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
_______________________________________________________________________




4191. IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 205

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

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM for Professional Standard 
Rules                           12/02/02                    67 FR 71670
NPRM for Professional Standard 
Rules 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

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



_______________________________________________________________________




4192. [bull] AMENDMENTS TO THE INFORMAL AND OTHER PROCEDURES: PUBLIC 
COMPANY ACCOUNTING OVERSIGHT BOARD BUDGET APPROVAL PROCESS

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 7202 et seq

CFR Citation: 17 CFR 202

Legal Deadline: None

Abstract: The Commission adopted Rule 11 to its Informal and Other 
Procedures to provide guidance regarding the Commission's review and 
approval of the budget and accounting support fee for the PCAOB, as 
required by section 109 of the Sarbanes-Oxley Act of 2002 (``the 
Act''). The PCAOB is funded primarily through an accounting support 
fee, assessed annually on issuers. Section 109 of the Act directs the 
PCAOB to establish and adopt an annual budget at least 1 month prior to 
the commencement of each fiscal year (which is the calendar year for 
the PCAOB). The Board is required to then submit its budget and 
proposed accounting support fee to the Commission for review and 
approval.
New Rule 11 provides, among other things, a timetable for the 
preparation and submission of the PCAOB budget and information 
regarding the

[[Page 74327]]

Commission's ability to promote changes to the budget during its 
approval process.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    07/24/06                    71 FR 41998
Final Action Effective          08/23/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Federal

URL For More Information:
www.sec.gov/rules/final/2006/33-8724.pdf

Agency Contact: Melanie Jacobsen, Office of Chief Accountant, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5320
Fax: 202 772-9251
Email: [email protected]

RIN: 3235-AJ63
_______________________________________________________________________




4193. [bull] POLICY STATEMENT CONCERNING SUBPOENAS TO MEMBERS OF THE 
NEWS MEDIA

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77s ; 15 USC 77t; 15 USC 78d-1; 15 USC 78u; 15 
USC 78w; 15 USC 78ll(d); 15 USC 79r; 15 USC 79t; 15 USC 77sss; 15 USC 
77uuu; 15 USC 80a-37; 15 USC 80a-41; 15 USC 80b-9; 15 USC 80b-11

CFR Citation: 17 CFR 202.10

Legal Deadline: None

Abstract: The Commission issued a policy statement that sets forth 
guidelines for the Agency's professional staff to ensure that vigorous 
enforcement of the Federal securities laws is conducted completely 
consistently with the principles of the First Amendment's guarantee of 
freedom of the press, and specifically to avoid the issuance of 
subpoenas to members of the media that might impair the news gathering 
and reporting functions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    04/20/06                    71 FR 20340
Final Action Effective          04/12/06

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/policy/2006/34-53638.pdf

Agency Contact: Joan McKown, Division of Enforcement, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-4933

RIN: 3235-AJ55
_______________________________________________________________________




4194. [bull] AMENDMENTS TO PLAN OF ORGANIZATION AND OPERATION EFFECTIVE 
DURING EMERGENCY CONDITIONS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77s; 15 USC 78w; 15 USC 77sss; 15 USC 80a-37; 
15 USC 80b-11

CFR Citation: 17 CFR 200.201; 17 CFR 200.202; 17 CFR 200.203

Legal Deadline: None

Abstract: The Commission amended its rules that operate in the event of 
emergency conditions. The amendments provide guidance on terms used in 
subpart G of part 200 of title 17 of the CFR, regarding the operation 
of the Commission in certain specified emergency conditions. They also 
provide for the delivery of requests, filings, reports, and other 
submittals during emergencies and revise the line of succession to the 
Chairman in the event of the Chairman's incapacity or unavailability 
during emergency conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    06/09/06                    71 FR 33384
Final Action Effective          06/09/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Federal

URL For More Information:
www.sec.gov/rule/final/2006/34-53937.pdf

Agency Contact: Stephen Jung, Office of General Counsel, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5162

RIN: 3235-AJ56
[FR Doc. 06-7691 Filed 12-08-06; 8:45 am]
BILLING CODE 8010-01-S