[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]


-----------------------------------------------------------------------

Part LIX





Securities and Exchange Commission





-----------------------------------------------------------------------



Semiannual Regulatory Agenda

[[Page 23616]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8783, 34-55396, IA-2596, IC-27746, File No. S7-07-07]

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 March 2, 2007, when 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 June 30, 2007.

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

Electronic comments:

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

 Send an e-mail to [email protected]. Please include File 
Number S7-07-07 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. S7-07-07. This file 
number should be included on the subject line if e-mail is used. To 
help us process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/
other.shtml). Comments are also available for public inspection and 
copying in the Commission's Public Reference Room, 100 F Street 
NE., Washington, DC 20549. All comments received will be posted 
without change; we do not edit personal identifying information 
from submissions. You should submit only information that you wish 
to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General 
Counsel, 202-551-5019.

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during 
April and October of each year, to publish in the Federal Register an 
agenda identifying rules that the agency expects to consider proposing 
or adopting that are likely to have a significant economic impact on a 
substantial number of small entities (5 U.S.C. 602(a)). The RFA 
specifically provides that publication of the agenda does not preclude 
an agency from considering or acting on any matter not included in the 
agenda and that an agency is not required to consider or act on any 
matter that is included in the agenda (5 U.S.C. 602(d)). Actions that 
do not have an estimated date are placed in the long-term category; the 
Commission may nevertheless act on items in that category within the 
next 12 months. The agenda includes new entries, entries carried over 
from prior publications, and rulemaking actions that have been 
completed (or withdrawn) since publication of the last agenda.

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

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

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

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

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

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

By the Commission.

Dated: March 5, 2007.

 Nancy M. Morris,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3741        Streamlining Rule 144.................................................................    3235-AH13
3742        Filing in Interactive Data Format.....................................................    3235-AJ71
3743        Electronic Filing of Form D...........................................................    3235-AJ46
3744        Smaller Company Regulatory Reform.....................................................    3235-AJ65
3745        Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3746        Universal Internet Availability of Proxy Materials....................................    3235-AJ79
3747        Security Holder Director Nominations..................................................    3235-AI93

[[Page 23617]]

 
3748        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3749        Industry Guide 3--Statistical Disclosure by Bank Holding Companies....................    3235-AI10
3750        Disclosure in Management's Discussion and Analysis Regarding the Application of           3235-AI44
            Critical Accounting Policies..........................................................
3751        Internet Availability of Proxy Materials..............................................    3235-AJ47
3752        Definition of Securities ``Held of Record''...........................................    3235-AJ22
3753        Termination of Reporting Obligations by Foreign Private Issuers Under the Securities      3235-AJ38
            Exchange Act of 1934..................................................................
3754        Internal Control Over Financial Reporting in Exchange Act Periodic Reports of Non-        3235-AJ64
            Accelerated Filers and Newly Public Companies.........................................
3755        Lock-Up Agreements....................................................................    3235-AI09
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3756        Books and Records To Be Maintained by Investment Advisers.............................    3235-AH24
3757        Political Contributions by Certain Investment Advisers................................    3235-AH72
3758        Disclosure and Recordkeeping Requirements for Investment Advisers Regarding Brokerage     3235-AJ45
            Allocation and Soft Dollar Practices..................................................
3759        Exchange-Traded Funds.................................................................    3235-AJ60
3760        Amendments to Registration Form and Rules for Registration of Certain Investment          3235-AI84
            Company Securities....................................................................
3761        Investment Company Portfolio Transaction Costs........................................    3235-AI94
3762        Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act..........    3235-AJ06
3763        Definition of ``Issued Ratably'' Under Section 18(d) of the Investment Company Act of     3235-AJ42
            1940..................................................................................
3764        Investment Company Disclosure Reform..................................................    3235-AJ44
3765        Frequency of Distribution of Capital Gains............................................    3235-AJ53
3766        Investment Company Governance.........................................................    3235-AJ62
3767        Rulemaking for EDGAR System; Mandatory Electronic Submission of Applications Under the    3235-AJ81
            Investment Company Act................................................................
3768        Fund of Funds Investments.............................................................    3235-AJ83
3769        Custody of Securities With Members of National Securities Exchanges and Registered        3235-AJ84
            Management Investment Companies.......................................................
3770        Amend Filing Requirements for Form N-SAR, Semiannual Report of Registered Investment      3235-AF93
            Companies.............................................................................
3771        Amendments to the Cash Solicitation Rule..............................................    3235-AH33
3772        Definition of ``Equal Voting Rights'' Under Section 18(i) of the Investment Company       3235-AJ61
            Act...................................................................................
3773        Employees' Securities Companies.......................................................    3235-AJ82
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3774        Amendments to Form ADV................................................................    3235-AI17
3775        Prohibition of Fraud by Advisers to Certain Pooled Investment Vehicles; Accredited        3235-AJ67
            Investors in Certain Private Investment Vehicles......................................
3776        Exemption From Shareholder Approval for Certain Subadvisory Contracts.................    3235-AH80
3777        Amendments to Rules Governing Pricing of Mutual Fund Shares...........................    3235-AJ01
3778        Disposal of Consumer Report Information...............................................    3235-AJ24
3779        Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31

[[Page 23618]]

 
3780        Extension of XBRL Voluntary Reporting Program on the EDGAR System to Mutual Fund Risk/    3235-AJ59
            Return Summary Information............................................................
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3781        Certain Thrift Institutions Deemed Not To Be Investment Advisers......................    3235-AI16
3782        Amendments to Investment Company Registration Statements To Protect Certain Private       3235-AJ40
            Information...........................................................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3783        Risk Assessment Recordkeeping and Reporting Requirement...............................    3235-AH06
3784        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures      3235-AI83
            Products..............................................................................
3785        Amendments to Financial Responsibility Rules for Broker-Dealers.......................    3235-AJ48
3786        Form BD and Form BDW..................................................................    3235-AJ52
3787        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.................................................................
3788        Rule 15c-101: Schedule 15D............................................................    3235-AJ14
3789        Concept Release Concerning Self-Regulation............................................    3235-AJ36
3790        Electronic Filing of Municipal Securities Disclosure..................................    3235-AJ66
3791        Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
3792        Publication or Submission of Quotations Without Specified Information.................    3235-AH40
3793        Oversight of Credit Agencies..........................................................    3235-AJ78
3794        Filings With Respect to Proposed Rule Changes Submitted Pursuant to Section               3235-AJ80
            19(b)(7)(A) of the Securities Exchange Act............................................
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3795        Municipal Securities Disclosure.......................................................    3235-AJ41
3796        Amendments to Rule 15c3-1 and Rule 17a-11 Applicable to Broker-Dealers Also Registered    3235-AJ72
            as Futures Commission Merchants.......................................................
3797        Definitions of Terms and Exemption Relating to the ``Broker'' Exceptions for Banks....    3235-AJ74
3798        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.....................................................................
3799        Rule 15c-100: Schedule 15C............................................................    3235-AJ13
3800        Fair Administration and Governance of Self-Regulatory Organizations...................    3235-AJ33
3801        Rule 105, Short Selling in Connection With a Public Offering..........................    3235-AJ75
3802        Covered Securities Pursuant to Section 18 of the Securities Act.......................    3235-AJ73
3803         Regulation SHO and Rule 10a-1........................................................    3235-AJ76
3804        Amendments to Regulation M: Anti-Manipulation Rules Concerning Securities Offerings...    3235-AJ37
3805        Regulation SHO (Short Sales)..........................................................    3235-AJ57
3806        Exemptions for Banks Under Section 3(a)(5) of the Exchange Act........................    3235-AJ77
----------------------------------------------------------------------------------------------------------------


[[Page 23619]]


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3807        Request for Comment on NASDAQ's Petition Relating to the Regulation of NASDAQ-Listed      3235-AI86
            Securities............................................................................
3808        Concept Release: Competitive Developments in the Options Markets......................    3235-AJ15
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3809        Regulation B..........................................................................    3235-AJ28
3810        Electronic Filing of Transfer Agent Forms.............................................    3235-AJ68
----------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3811        Regulation PCAOB......................................................................    3235-AJ34
3812        Inflation Adjustments.................................................................    3235-AJ69
3813        Transformation of Company Disclosures.................................................    3235-AJ70
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3814        Interpretive Release Concerning Management's Report on Internal Control Over Financial    3235-AJ58
            Reporting.............................................................................
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3815        International Accounting Standards....................................................    3235-AH65
3816        Implementation of Standards of Professional Conduct for Attorneys.....................    3235-AI72
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




3741. 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                     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/33-7391.txt

Agency Contact: Raymond A. Be, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549

[[Page 23620]]

Phone: 202 551-3430

RIN: 3235-AH13
_______________________________________________________________________




3742. 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                            12/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Brigitte Lippmann, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20016
Phone: 202 551-3430
Email: [email protected]

RIN: 3235-AJ71
_______________________________________________________________________




3743. 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                            06/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

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

RIN: 3235-AJ46
_______________________________________________________________________




3744. SMALLER COMPANY REGULATORY REFORM

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

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                            06/00/07

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
_______________________________________________________________________




3745. 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
Second NPRM                     03/00/08

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

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

RIN: 3235-AI25
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




3746. [bull] UNIVERSAL 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-7; 17 CFR 240.14a-16; 17 CFR 240.14b-1; 17 
CFR 240.14b-2; 17 CFR 240.14c-2; 17 CFR 14c-3

Legal Deadline: None

Abstract: The Commission proposed amendments to require the Internet 
availability of proxy materials.

[[Page 23621]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/29/07                     72 FR 4176
NPRM Comment Period End         03/30/07
Final Action                    09/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/2007/34-55146.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-AJ79
_______________________________________________________________________




3747. 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                    11/00/07

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
_______________________________________________________________________




3748. 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
Interim Final Rule              12/29/06                    71 FR 78338
Interim Final Rule Effective    12/29/06
Interim Final Rule Comment 
Period End                      01/29/07
Final Action                    11/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2006/33-8765.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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




3749. 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 withdrawing this item from the Unified Agenda 
because it does not expect the Commission to consider this item within 
the next 12 months, but the Commission may consider the item at a 
further date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/07

Regulatory Flexibility Analysis Required: No

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

[[Page 23622]]

_______________________________________________________________________




3750. 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 is withdrawing this item from the Unified 
Agenda because the Commission does not expect to consider this item 
within the next 12 months, but the Commission may consider the item 
further at a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/20/02                    67 FR 35620
NPRM Comment Period End         07/19/02
Withdrawn                       04/01/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

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

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

RIN: 3235-AI44
_______________________________________________________________________




3751. INTERNET AVAILABILITY OF PROXY MATERIALS

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

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 adopted rule amendments that 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                    01/29/07                     72 FR 4148
Final Action Effective          03/30/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2007/34-55146.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
_______________________________________________________________________




3752. 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 withdrawing this item from the Unified Agenda 
because it does not expect the Commission to consider this item within 
the next 12 months, but the Commission may consider the item further at 
a later date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/07

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________




3753. TERMINATION OF REPORTING OBLIGATIONS BY FOREIGN PRIVATE ISSUERS 
UNDER THE SECURITIES EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

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 adopted 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
Second NPRM                     01/11/07                     72 FR 1384
Second NPRM Comment Period End  02/12/07
Final Action                    04/05/07                    72 FR 16934
Final Action Effective          06/04/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2007/34-55540.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
_______________________________________________________________________




3754. INTERNAL CONTROL OVER FINANCIAL REPORTING IN EXCHANGE ACT PERIODIC 
REPORTS OF NON-ACCELERATED FILERS AND NEWLY PUBLIC COMPANIES

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

Legal Authority: 15 USC 7262

CFR Citation: 17 CFR 210.2-02T; 17 CFR 228.308; 17 CFR 228.308T; 17 CFR 
229.308; 17 CFR 229.308T; 17 CFR 240.13a-14; 17 CFR 240.13a-15; 17 CFR 
240.15d-14; 17 CFR 240.15d-15

Legal Deadline: None

[[Page 23623]]

Abstract: The Commission adopted amendments to 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                    12/21/06                    71 FR 76580
Final Action Effective          02/20/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2006/33-8760.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
_______________________________________________________________________




3755. 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 withdrawing this item from the Unified Agenda 
because it does not expect the Commission to consider this item within 
the next 12 months, but the Commission may consider the item at a 
further date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/07

Regulatory Flexibility Analysis Required: No

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)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




3756. 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                            12/00/07

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
_______________________________________________________________________




3757. 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
Second 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: David Blass, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6787

RIN: 3235-AH72
_______________________________________________________________________




3758. 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 that the Commission 
propose rules that would require investment advisers to create a report

[[Page 23624]]

and maintain records regarding their direction of brokerage 
transactions and receipt of research and other services in connection 
with those transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/07

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
_______________________________________________________________________




3759. 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                            06/00/07

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
_______________________________________________________________________




3760. 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                            03/00/08

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
_______________________________________________________________________




3761. 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: 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-AI94
_______________________________________________________________________




3762. INTERAGENCY PROPOSAL FOR MODEL PRIVACY FORM 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.
Pursuant to section 728 of the Financial Services Regulatory Relief 
Act, Public Law 109-351, the Agencies proposed a model form that may be 
used at the

[[Page 23625]]

option of financial institutions for the purpose of disclosure under 
title V of the Gramm-Leach-Bliley Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75165
ANPRM Comment Period End        03/29/04
NPRM                            03/29/07                    72 FR 14490
NPRM Comment Period End         05/29/07
Final Action                    12/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/34-55497.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

RIN: 3235-AJ06
_______________________________________________________________________




3763. 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
_______________________________________________________________________




3764. 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                            06/00/07

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
_______________________________________________________________________




3765. 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                            05/00/07

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
_______________________________________________________________________




3766. INVESTMENT COMPANY GOVERNANCE

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 vacated 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 had to be comprised of 
at least 75 percent independent directors. Second, the boards would 
have had to be chaired by an independent director.
In June 2006, the Commission requested additional comment regarding the 
fund governance provisions. In December 2006, the Commission reopened 
the comment period on its June 2006 request for comment in order to 
permit public comment on two papers prepared by the Office of Economic 
Analysis. The comment period for the December

[[Page 23626]]

release has only recently closed, and consequently, the Commission has 
not yet determined its next action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice                          06/19/06                    71 FR 35366
Comment Period End              08/21/06
Notice                          12/21/06                    71 FR 76618
NPRM Comment Period End         03/02/07
Supplemental NPRM               08/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/2006/ic-27600.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
_______________________________________________________________________




3767. [bull] RULEMAKING FOR EDGAR SYSTEM; MANDATORY ELECTRONIC 
SUBMISSION OF APPLICATIONS UNDER THE INVESTMENT COMPANY ACT

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

Legal Authority: 15 USC 77f through h; 15 USC 77s(a); 15 USC 78c; 15 
USC 78l through n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 78ll; 15 USC 
80a-8; 15 USC 80a-29; 15 USC 80a-30; 15 USC 80a-37

CFR Citation: 17 CFR 232; 17 CFR 270

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose rules for mandatory EDGAR submission of applications under any 
section of the Investment Company Act, as well as proposing minor 
technical corrections to the electronic filing rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  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-AJ81
_______________________________________________________________________




3768. [bull] FUND OF FUNDS INVESTMENTS

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 to the exemptive rules under the Investment Company 
Act that permit certain arrangements under which one investment company 
(``fund'') may invest in other funds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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

RIN: 3235-AJ83
_______________________________________________________________________




3769. [bull] CUSTODY OF SECURITIES WITH MEMBERS OF NATIONAL SECURITIES 
EXCHANGES AND REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-17(f); 15 USC 80a-26; 15 
USC 80a-28; 15 USC 80a-29; 15 USC 80a-30; 15 USC 80a-3700

CFR Citation: 17 CFR 270.17f-1; 17 CFR 270.17f-2

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to the rules under the Investment Company Act that 
govern investment companies' use of members of national securities 
exchanges and registered management investment companies as custodians 
for the investment companies' securities and similar investments.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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-AJ84
_______________________________________________________________________




3770. 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                            02/00/08

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

[[Page 23627]]

_______________________________________________________________________




3771. 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                            03/00/08

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3235-AH33
_______________________________________________________________________




3772. 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
_______________________________________________________________________




3773. [bull] EMPLOYEES' SECURITIES COMPANIES

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 a rule under the Investment Company Act to codify certain 
exemptions the Commission has granted to employees' securities 
companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/08

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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-AJ82
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




3774. 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                           05/00/07
Final Action                    12/00/07

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,

[[Page 23628]]

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
_______________________________________________________________________




3775. PROHIBITION OF FRAUD BY ADVISERS TO CERTAIN POOLED INVESTMENT 
VEHICLES; ACCREDITED INVESTORS IN CERTAIN PRIVATE INVESTMENT VEHICLES

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 Commission proposed a new antifraud rule under the 
Investment Advisers Act that would prohibit fraud by investment 
advisers that provide advice to certain pooled investment vehicles, 
including hedge funds. The Commission also proposed two rules that 
would, in connection with the offer and sale of interests in certain 
privately offered investment pools, revise the definition of accredited 
investor as it relates to natural persons.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/04/07                      72 FR 400
NPRM Comment Period End         03/09/07
Final Action                    07/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

URL For More Information:
www.sec.gov.rules/proposed/2006/33-8766.pdf

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

RIN: 3235-AJ67
_______________________________________________________________________




3776. 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                    05/00/07

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
Email: [email protected]

RIN: 3235-AH80
_______________________________________________________________________




3777. 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: No

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
_______________________________________________________________________




3778. 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

[[Page 23629]]

Second NPRM Comment Period End  10/20/04
Final Rule                      12/08/04                    69 FR 71322
Final Rule Effective            01/11/05
Final Action                    07/00/07

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
_______________________________________________________________________




3779. 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 adopted two new rules under the Investment 
Company Act that more closely align the definition of eligible 
portfolio company and the investment activities of business development 
companies (``BDCs'') with the Congressional purpose in establishing 
BDCs.
One rule, Rule 2a-46, defines an eligible portfolio company to include 
all private companies and companies whose securities are not listed on 
a national securities exchange. The Commission also reproposed for 
comment Rule 2a-46(b) under the Investment Company Act to expand the 
definition of eligible portfolio company to include certain companies 
that list their securities on a national securities exchange.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/08/04                    69 FR 64816
NPRM Comment Period End         01/07/05
Final Action                    10/31/06                    71 FR 64086
Final Action Effective          11/30/06
Second NPRM                     10/31/06                    71 FR 64093
Second NPRM Comment Period End  01/02/07
Final Action                    07/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

URL For More Information:
http://www.sec.gov/rules/final/2006/ic-27538.pdf

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
_______________________________________________________________________




3780. 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 239.15A; 17 CFR 
270.8b-33; 17 CFR 274.11A

Legal Deadline: None

Abstract: The Commission issued 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                            02/12/07                     72 FR 6676
NPRM Comment Period End         03/14/07
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/2007/33-8781

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




3781. 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 had proposed excepting thrift institutions 
providing investment advice to certain clients from the definition of 
investment adviser. Congress amended the Investments Advisers Act in 
the Financial Services Regulatory Relief Act of 2006, Public Law 109-
351 (Oct. 13, 2006) to give thrift institutions the relief proposed in 
the Commission's rule. Accordingly, the Commission is withdrawing this 
item from the Agenda.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/07/04                    69 FR 25778
NPRM Comment Period End         07/09/04
Withdrawn                       04/01/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

URL For More Information:

[[Page 23630]]

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
_______________________________________________________________________




3782. 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 withdrawing this item from the Unified Agenda 
because it does not expect the Commission to consider this item in the 
next 12 months, but the Commission may consider the item at a later 
ate.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       04/01/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

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

RIN: 3235-AJ40
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




3783. RISK ASSESSMENT RECORDKEEPING AND REPORTING REQUIREMENT

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

Legal Authority: 15 USC 78a(h)

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/07

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
_______________________________________________________________________




3784. 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
_______________________________________________________________________




3785. 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

[[Page 23631]]

generally strengthen the financial responsibility rules in certain 
areas.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/07

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
_______________________________________________________________________




3786. 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

________________________________________________________________________

NPRM                            04/00/07

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
_______________________________________________________________________




3787. 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
Second NPRM                     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
_______________________________________________________________________




3788. 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
Second NPRM                     06/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:

[[Page 23632]]

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
_______________________________________________________________________




3789. 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
_______________________________________________________________________




3790. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/07

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
_______________________________________________________________________




3791. 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                     02/00/08

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
_______________________________________________________________________




3792. 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               12/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

[[Page 23633]]

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
_______________________________________________________________________




3793. [bull] OVERSIGHT OF CREDIT AGENCIES

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

Legal Authority: 15 USC 78o-7; 15 USC 78w(a)

CFR Citation: 17 CFR 240.17g-1; 17 CFR 240.17g-2; 17 CFR 240.17g-3; 17 
CFR 240.17g-4; 17 CFR 240.17g-5; 17 CFR 240.17g-6

Legal Deadline: None

Abstract: The Commission proposed for comment rules to implement 
provisions of the Credit Rating Agency Reform Act of 2006 (``the 
Act''). The Act defines the term ``nationally recognized statistical 
rating organization'' as a credit rating agency registered with the 
Commission, provides the Commission with authority to implement 
registration, recordkeeping, financial reporting, and oversight rules 
with respect to registered credit rating agencies, and directs the 
Commission to adopt final rules effective no later than 270 days after 
its enactment on June 26, 2007.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/09/07                     72 FR 6378
NPRM Comment Period End         03/12/07
NPRM Comment Period Extended    03/30/07                    72 FR 15079
NPRM Comment Period End         04/30/07
Final Action                    06/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Local, State

Federalism:  Undetermined

URL For More Information:
www.sec.gov.rules/proposed/2007/34-55231.pdf

Agency Contact: Rose Wells, Division of Market Regulation, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-5527
Fax: 202 772-9271
Email: [email protected]

RIN: 3235-AJ78
_______________________________________________________________________




3794. [bull] FILINGS WITH RESPECT TO PROPOSED RULE CHANGES SUBMITTED 
PURSUANT TO SECTION 19(B)(7)(A) OF THE SECURITIES EXCHANGE ACT

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

Legal Authority: 15 USC 78s(b)(1); 15 USC 89s(b)(7)

CFR Citation: 17 CFR 240.19b-7; 17 CFR 240. 19b-4

Legal Deadline: None

Abstract: The Commission proposed to require self-regulatory 
organizations (``SROs'') that submit proposed rule changes pursuant to 
section 19(b)(7)(A) of the Exchange Act to file those rule changes 
electronically. In addition, the Commission proposed to require SROs to 
post all such proposed rule changes on their Web sites. Together, the 
proposed amendments are designed to expand the electronic filing by 
SROs of proposed rule changes, making it more efficient and cost 
effective, and to harmonize the process of filings made under section 
19(b)(7(A) with that already in place for SRO filings under section 
19(b)(1) of the Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/01/07                     72 FR 9412
NPRM Comment Period End         04/30/07
Final Action                    08/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/34-553431.pdf

Agency Contact: Michou Hai Minh Nguyen, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5634
Fax: 202 776-9274
Email: [email protected]

RIN: 3235-AJ80
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




3795. 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 Commission proposed amending Rule 240.15c2-12 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                            12/08/06                    71 FR 71109
NPRM Comment Period End         01/08/07
Final Action                    04/00/07

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Local, State, Tribal

URL For More Information:
www.sec.gov/rules/proposed/2006/34-54863.pdf

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

[[Page 23634]]

_______________________________________________________________________




3796. [bull] AMENDMENTS TO RULE 15C3-1 AND RULE 17A-11 APPLICABLE TO 
BROKER-DEALERS ALSO REGISTERED AS FUTURES COMMISSION MERCHANTS

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

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

CFR Citation: 17 CFR 240.15c3-1; 17 CFR 240.15c3-1d; 17 CFR 240.17a-11

Legal Deadline: None

Abstract: The Commission proposed for comment amendments to conform 
provisions of its net capital rule to changes to the net capital rule 
of the Commodity Futures Trading Commission (``CFTC''). The proposed 
amendments would apply to broker-dealers also registered as futures 
commission merchants with the CFTC.
The SEC is also proposing to amend certain rules related to 
subordinated debt agreements to conform those rules to the CFTC's 
amended net capital rules. Finally, the SEC is proposing to amend its 
early warning provisions to require that it be notified if a broker-
dealer also registered as a future commission merchant must warn the 
CFTC or a designated self-regulatory organization that its adjusted net 
capital has fallen below specified levels

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/13/06                    71 FR 60636
NPRM Comment Period End         11/23/06
Final Action                    04/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/2006/34-54575.pdf

Agency Contact: Bonnie L. Gauch, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5524
Fax: 202 772-9273

Related RIN: Related to 3038-AB64
RIN: 3235-AJ72
_______________________________________________________________________




3797. [bull] DEFINITIONS OF TERMS AND EXEMPTION RELATING TO THE 
``BROKER'' EXCEPTIONS FOR BANKS

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

Legal Authority: Not Yet Determined

CFR Citation: 17 CFR 242.700ff

Legal Deadline: None

Abstract: The Commission, in conjunction with the Board of Governors of 
the Federal Reserve System, proposed rules designed to define and 
clarify a number of the statutory exceptions from the definition of 
``broker'' under section 3(a)(4) of the Exchange Act, as well as grant 
new conditional exemptions from the ``broker'' definitions to banks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/26/06                    71 FR 77522
NPRM Comment Period End         03/26/07
Interim Final Rule              07/00/07

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov.rules/proposed/2006/34-54946.pdf

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]

Related RIN: Related to 3235-AJ77
RIN: 3235-AJ74
_______________________________________________________________________




3798. 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

[[Page 23635]]

_______________________________________________________________________




3799. 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

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
_______________________________________________________________________




3800. 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 national securities associations. 
The new rules would strengthen the governance and administration of 
national securities exchanges and national securities associations. In 
addition, the proposal includes amendments to SEC forms for 
registration as a national securities exchange or national securities 
association to require that those SROs include specified information 
relating to their governance, regulatory programs, financial 
statements, and ownership structure.
Further, the Commission proposed a new rule to require exchanges and 
associations to submit quarterly and annual electronic reports on 
particular aspects of their regulatory programs. Finally, the proposal 
would impose certain checks on the heightened potential conflicts that 
arise with demutualized SROs relating to the ``self-listing'' of the 
SRO's or affiliate's stock, but not otherwise seek to regulate 
controlling shareholders of an SRO.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/08/04                    69 FR 71126
NPRM Comment Period End         01/24/05
NPRM Comment Period Extended    01/18/05                     70 FR 2829
NPRM Comment Period End         03/08/05
Final Action                    12/00/07

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
_______________________________________________________________________




3801. [bull] RULE 105, SHORT SELLING IN CONNECTION WITH A PUBLIC 
OFFERING

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 Rule 105 of Regulation 
M to further facilitate market prices and offering prices that can be 
fairly determined by the natural forces of supply and demand. The 
amendments under consideration should further safeguard the integrity 
of the capital raising process and protect issuers from potentially 
manipulative activity that can reduce offering proceeds.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/10/06                    71 FR 75002
NPRM Comment Period End         02/12/07
Final Action                    06/00/07

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: None

Federalism:  Undetermined

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

[[Page 23636]]

Fax: 202 772-9355

RIN: 3235-AJ75
_______________________________________________________________________




3802. [bull] COVERED SECURITIES PURSUANT TO SECTION 18 OF THE SECURITIES 
ACT

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

Legal Authority: 15 USC 78r

CFR Citation: 17 CFR 230.146

Legal Deadline: None

Abstract: The Nasdaq Stock Market (``Nasdaq'') filed a proposed rule 
change with the Commission to amend its quantitative listing standards 
for National Capital Market (``NCM'') securities. The Commission 
believes that Nasdaq's proposed NCM listing standards would be 
substantially similar to those of a Named Market as designated in 
section 18 of the Securities Act.
The Commission proposed an amendment to Rule 146(b) under that Act to 
designate securities traded on the NCM as covered securities for 
purposes of section 18 of the Act and also proposed technical 
amendments to Rule 146(b) to account for the name changes of the 
Pacific Exchange to NYSE Arca, Inc., and the National Market System of 
the Nasdaq to Nasdaq Global Market.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/22/06                    71 FR 67762
NPRM Comment Period End         12/22/06
Final Action                    04/00/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: State

URL For More Information:
www.sec.gov/rules/proposed/2006/33-8754.pdf

Agency Contact: Michou Hai Minh Nguyen, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5634
Fax: 202 776-9274
Email: [email protected]

RIN: 3235-AJ73
_______________________________________________________________________




3803. [bull] REGULATION SHO AND RULE 10A-1

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

Legal Authority: 16 USC 78j(a)

CFR Citation: 17 CFR 240.a-1; 17 CFR 242.200; 17 CFR 242.201

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 10a-1 and 
Regulation SHO to modernize and simplify short sale regulation in light 
of current trading systems and strategies used in the marketplace, 
while providing greater regulatory consistency.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/10/06                    71 FR 75068
NPRM Comment Period End         02/17/07
Final Action                    04/00/07

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected:  Businesses

Government Levels Affected: None

Federalism:  Undetermined

URL For More Information:
www.sec.gov/rules/proposed/2006/34-54892

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-AJ76
_______________________________________________________________________




3804. 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                    06/00/07

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
_______________________________________________________________________




3805. 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

[[Page 23637]]

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                    06/00/07

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
_______________________________________________________________________




3806. [bull] EXEMPTIONS FOR BANKS UNDER SECTION 3(A)(5) OF THE EXCHANGE 
ACT

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

Legal Authority: 15 USC 78c(a)(4); 15 USC 78c(b); 15 USC 78(A); 15 USC 
781; 15 USC 78w(A); 15 USC 78mm

CFR Citation: 17 CFR 240.3a5-2; 17 CFR 240.3a5-3; 17 CFR 240.15a-6; 17 
CFR 240.15a-8; 17 CFR 240.15a-9; 17 CFR 240.15a-11

Legal Deadline: NPRM, Statutory, April 12, 2007, 180 days after October 
13, 2006, the date of enactment of the Regulatory Relief Act.

Abstract: The Commission proposed rules and rule amendments regarding 
exemptions from the definitions of ``broker'' and ``dealer'' under the 
Exchange Act for banks' securities activities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/26/06                     71 FR 7750
NPRM Comment Period End         03/26/07
Final Action                    07/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Federalism:  Undetermined

URL For More Information:
www.sec.gov.rules/proposed/2006/34-54947

Agency Contact: John Joseph Fahey, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5573
Email: [email protected]

Related RIN: Related to 3235-AJ28, Related to 3235-AJ74
RIN: 3235-AJ77
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Market Regulation



_______________________________________________________________________




3807. REQUEST FOR COMMENT ON NASDAQ'S PETITION RELATING TO THE 
REGULATION OF NASDAQ-LISTED SECURITIES

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 78f(b)(1); 15 USC 78o-3(b)(2); 15 USC 
78F(b)(5); 15 USC 78f(b)(8); 15 USC 78o-3(b)(6); 15 USC 78o-3(b)(9)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission requested comment on a petition submitted by 
the NASDAQ Stock Market, Inc. concerning the regulation of NASDAQ-
listed securities. Specifically, NASDAQ requested that the Commission 
amend the rules of all markets that trade NASDAQ-listed securities to 
establish uniform trading rules, and to ensure equal surveillance and 
enforcement of those rules; order that the exchanges' costs of 
regulation, including costs associated with proper data collection, 
surveillance, and enforcement, be aggregated and deducted from the 
market data revenue collected pursuant to the NASDAQ Unlisted Trading 
Privileges Plan; and prohibit the launch or continuation of NASDAQ 
trading by any market that fails to protect investors as required under 
the Exchange Act. 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
_______________________________________________________________________




3808. 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

[[Page 23638]]

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



_______________________________________________________________________




3809. REGULATION B

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

Unfunded Mandates: Undetermined

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

CFR Citation: 17 CFR 242.710 to 242.781

Legal Deadline: None

Abstract: The Commission proposed Regulation B, which would grant new 
exemptions for banks from the definition of the term ``broker'' and 
broaden a number of existing exemptions already available to banks, 
savings associations, and savings banks that effect transactions in 
securities.
The Commission is withdrawing this item from the Regulatory Agenda; it 
was superceded by the enactment of the Financial Services Regulatory 
Relief Act of 2006 (Pub. L. No. 109-351), which directed the Commission 
and the Federal Reserve Board to issue a joint proposal on the subject. 
That proposal was issued on December 26, 2006, under RIN 3235-AJ74.

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
Withdrawn                       12/26/06                    71 FR 77522

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, Related to 3235-AJ74
RIN: 3235-AJ28
_______________________________________________________________________




3810. ELECTRONIC FILING OF TRANSFER AGENT FORMS

Priority: Substantive, Nonsignificant

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 amended 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 rule will 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                    12/12/06                    71 FR 74698
Final Action Effective          01/11/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/final/2006/34-54864.pdf

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

[[Page 23639]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Offices and Other Programs



_______________________________________________________________________




3811. 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                            08/00/07

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
_______________________________________________________________________




3812. 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
_______________________________________________________________________




3813. 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

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Offices and Other Programs



_______________________________________________________________________




3814. INTERPRETIVE RELEASE CONCERNING MANAGEMENT'S REPORT 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 proposed interpretive guidance for 
management regarding its evaluation and assessment of internal control 
over financial reporting.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           07/18/06                    71 FR 40866
ANPRM Comment Period End        09/18/06
NPRM                            12/27/06                    71 FR 77635
NPRM Comment Period End         02/26/07
Final Action                    04/00/07

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

URL For More Information:
www.sec.gov/rules/proposed/2006/33-8762.pdf

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

RIN: 3235-AJ58

[[Page 23640]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Offices and Other Programs



_______________________________________________________________________




3815. 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
_______________________________________________________________________




3816. 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
[FR Doc. 07-01297 Filed 04-27-07; 8:45 am]
BILLING CODE 8010-01-S
