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


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Part XXVII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 70208]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8840, 34-56387, IA-2645, IC-27967, File No. S7-21-07]

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) (Sep. 19, 1980). Information 
in the agenda was accurate on September 11, 2007, the day on which the 
Commission's staff completed compilation of the data. To the extent 
possible, rulemaking actions by the Commission since that date have 
been reflected in the agenda. The Commission invites questions and 
public comment on the agenda and on the individual agenda entries.

     The Commission is now printing in the Federal Register, along 
with our preamble, only those agenda entries for which we have 
indicated that preparation of a Regulatory Flexibility Act analysis 
is required.

     The Commission's complete RFA agenda will be available online 
at www.reginfo.gov.

DATES: Comments should be received on or before December 31, 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 S7-21-07 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. S7-21-07. 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, on official business days between the 
hours of 10:00 a.m. and 3:00 p.m. 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 invites public comment on the agenda and on the 
individual agenda entries.

By the Commission.

Dated: September 11, 2007.

 Florence E. Harmon,

Deputy Secretary.

                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
582         Streamlining Rule 144.................................................................    3235-AH13
583         Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-    3235-AJ89
            3 and F-3.............................................................................
584         Shareholder Proposals.................................................................    3235-AJ92
585         Smaller Reporting Company Regulatory Relief and Simplification........................    3235-AJ86
586         Electronic Filing and Simplification of Form D........................................    3235-AJ87
587         Revisions of Limited Offerings Exemptions in Regulation D.............................    3235-AJ88
588         Shareholder Proposals Relating to the Election of Directors...........................    3235-AJ95
589         Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 70209]]


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
590         Shareholder Choice Regarding Proxy Materials..........................................    3235-AJ79
591         Security Holder Director Nominations..................................................    3235-AI93
592         Defining ``Qualified Purchasers''.....................................................    3235-AI25
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
593         Amendments to Form ADV................................................................    3235-AI17
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
594         Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
595         Political Contributions by Certain Investment Advisers................................    3235-AH72
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
596         Extension of Interactive Data Voluntary Reporting Program on the EDGAR System To          3235-AJ59
            Include Mutual Fund Risk/Return Summary Information...................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
597         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.................................................................
598         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
599         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
600         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
601         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.....................................................................
602         Rule 15c-100: Schedule 15C............................................................    3235-AJ13

[[Page 70210]]

 
603         Regulation SHO (Short Sales)..........................................................    3235-AJ57
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
604         Regulation SHO and Rule 10a-1.........................................................    3235-AJ76
605         Oversight of Credit Agencies..........................................................    3235-AJ78
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
606         Management's Report on Internal Controls Over Financial Reporting; Definition of Term     3235-AJ58
            Significant Deficiency................................................................
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




582. STREAMLINING RULE 144

Legal Authority: 15 USC 77a et seq

Abstract: The Commission reproposed revisions to Rule 144, Rule 145, 
and Form 144 to make the rules and form easier to understand and apply, 
to shorten the holding period, to increase the Form 144 filing 
thresholds, and to 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                     07/05/07                    72 FR 36822
Second NPRM Comment Period End  09/04/07
Final Action                    12/00/07

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AH13
_______________________________________________________________________




583.  REVISIONS TO THE ELIGIBILITY REQUIREMENTS FOR 
PRIMARY SECURITIES OFFERINGS ON FORMS S-3 AND F-3

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 
77s

Abstract: The Commission proposed amendments to the eligibility 
requirements of Form S-3 and Form F-3 to allow domestic and foreign 
private issuers to conduct primary securities offerings on those forms 
without regard to the size of their public float or of the rating of 
debt they are offering, so long as they satisfy other eligibility 
conditions of the form and do not sell more than the equivalent of 20 
percent of their public float in primary offerings pursuant to the new 
instructions on these forms over any period of 12 calendar months.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/26/07                    72 FR 35118
NPRM Comment Period End         08/27/07
Final Action                    12/00/07

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Daniel Greenspan, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3623
Fax: 202 772-9207

RIN: 3235-AJ89
_______________________________________________________________________




584.  SHAREHOLDER PROPOSALS

Legal Authority: 15 USC 77c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78p; 15 USC 78w(a)

Abstract: The Commission proposed amendments to the proxy rules under 
the Exchange Act concerning shareholder bylaw proposals to establish 
procedures for shareholder director nominations. The amendments also 
would require disclosure about shareholder proponents of such bylaws 
and shareholders who make a nomination under an adopted bylaw, and 
would establish a new rule regarding electronic shareholder forums.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/03/07                    72 FR 43466
NPRM Comment Period End         10/02/07
Next Action                      To Be                       Determined

Regulatory Flexibility Analysis Required: Yes

[[Page 70211]]

Agency Contact: Steven Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3248
Email: [email protected]

RIN: 3235-AJ92
_______________________________________________________________________




585.  SMALLER REPORTING COMPANY REGULATORY RELIEF AND 
SIMPLIFICATION

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 
s(a); 15 USC 78c(b); 15 USC 78j(b); 15 USC 78l; 15 USC 78m; 15 USC 78n; 
15 USC 78o(d); 15 USC 78w; 15 USC 80a-3; 15 USC 80a-8; 15 USC 80a-
20(a); 15 USC 80a-24(a); 15 USC 80a-29; 15 USC 80a-37

Abstract: The Commission proposed amendments to the optional disclosure 
and reporting requirements for ``small business issuers'' under the 
Securities Act and the Exchange Act. The proposals would allow 
companies with a public float less than $75 million to qualify for 
smaller reporting company requirements, instead of the $25 million 
threshold currently in use. The proposals would also combine the 
``small business issuer'' and ``non-accelerated filer'' categories of 
smaller companies into a single ``smaller reporting company`` category. 
Finally, the proposals would integrate the smaller company disclosure 
requirements of Regulation S-B into amended Regulation S-K.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/19/07                    72 FR 39670
NPRM Comment Period End         09/17/07
Final Action                    11/00/07

Regulatory Flexibility Analysis Required: Yes

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

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-AJ86
_______________________________________________________________________




586.  ELECTRONIC FILING AND SIMPLIFICATION OF FORM D

Legal Authority: 15 USC 77b; 15 USC 77d(2); 15 USC 77c(b); 15 USC 77f; 
15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s(c); 15 USC 77z-3; 15 USC 
78c(b); 15 USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o(d); 
15 USC 78w(a); 15 USC 77sss(a); 15 USC 80a-8; 15 USC 80a-29; 15 USC 
80a-30; 15 USC 80a-37

Abstract: The Commission proposed amendments that would mandate 
electronic filing of information required under Form D. The Commission 
also proposed revisions to Form D and Regulation D in connection with 
electronic filing to simplify and restructure Form D and update and 
revise its information requirements. The information required by Form D 
would be filed electronically through a new on-line system accessible 
from any computer with Internet access. The Form D would be available 
on the Commission's website, and its data would be searchable.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/09/07                    72 FR 37376
NPRM Comment Period End         09/07/07
Final Action                    11/00/07

Regulatory Flexibility Analysis Required: Yes

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-AJ87
_______________________________________________________________________




587.  REVISIONS OF LIMITED OFFERINGS EXEMPTIONS IN 
REGULATION D

Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77c(b); 15 
USC 77d; 15 USC 77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z-3

Abstract: The Commission proposed a new exemption from the registration 
provisions of the Securities Act for offers and sales of securities to 
``large accredited'' investors in offerings where each purchaser meets 
that definition. The Commission also proposed changes to the underlying 
definition of the term ``accredited investor'' in Regulation D to 
reflect developments since its first adoption. Finally, the Commission 
proposed shortening the timing required by the integration safe harbor 
in Regulation D and applying uniform updated disqualification 
provisions to all offerings under Regulations A, D, and E.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/07                    72 FR 45116
NPRM Comment Period End         10/09/07
Final Action                    12/00/07

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AJ88
_______________________________________________________________________




588.  SHAREHOLDER PROPOSALS RELATING TO THE ELECTION 
OF DIRECTORS

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

Abstract: The Commission published a release on Rule 14a-8(i)(8) 
regarding the meaning of the exclusion of shareholder proposals 
relating to the election of directors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/03/07                    72 FR 43488
NPRM Comment Period End         10/02/07
Next Action                      To Be                       Determined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Steven Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3248
Email: [email protected]

RIN: 3235-AJ95
_______________________________________________________________________




589. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY 
TRANSACTIONS

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

Abstract: The Commission adopted rule amendments to enhance disclosure 
regarding executive compensation, the

[[Page 70212]]

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                    05/00/08

Regulatory Flexibility Analysis Required: Yes

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



_______________________________________________________________________




590. SHAREHOLDER CHOICE REGARDING PROXY MATERIALS

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

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/29/07                     72 FR 4176
NPRM Comment Period End         03/30/07
Final Action                    08/01/07                    72 FR 42222
Final Action Effective          01/01/08

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________




591. SECURITY HOLDER DIRECTOR NOMINATIONS

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

Abstract: The Commission is withdrawing this item from the agenda 
because it has determined not to consider adoption of the amendments as 
proposed in this release.
Instead the Commission is addressing amendments to the proxy rules and 
other Exchange Act rules and regulations regarding the inclusion of 
shareholder director nominations in company proxy materials in the 
context of rulemaking matters that are included in this agenda under 
RIN 3235-AJ92 and 3235-AJ95.

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
Withdrawn                       10/01/07

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________




592. DEFINING ``QUALIFIED PURCHASERS''

Legal Authority: 15 USC 78r

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. The 
Commission is now withdrawing this proposal because the contents of 
this item are included in this agenda under RIN No. 3235-AJ88.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/01                    66 FR 66839
NPRM Comment Period End         02/25/02
Withdrawn                       10/01/07

Regulatory Flexibility Analysis Required: Yes

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)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




593. AMENDMENTS TO FORM ADV

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)

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

[[Page 70213]]

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
Second NPRM                     11/00/07

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Robert Tuleya, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6730
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




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

Legal Authority: 15 USC 80a-2(a)(46)(C)(iv); 15 USC 80a-37(a); 15 USC 
80a-6(c)

Abstract: The Commission adopted two new rules under the Investment 
Company Act to 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 Rule                      10/31/06                    71 FR 64086
Final Rule Effective            11/30/06
Second NPRM                     10/31/06                    71 FR 64093
Second NPRM Comment Period End  01/02/07
Final Action                    11/00/07

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Investment Management



_______________________________________________________________________




595. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

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

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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

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

[[Page 70214]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




596. EXTENSION OF INTERACTIVE DATA VOLUNTARY REPORTING PROGRAM ON THE 
EDGAR SYSTEM TO INCLUDE MUTUAL FUND RISK/RETURN SUMMARY INFORMATION

Legal Authority: 15 USC 77e to 77f; 15 USC 77j; 15 USC 77s(a); 15 USC 
77z-3; 15 USC 80a-6c; 15 USC 80a-8; 15 USC 80a-24(a); 15 USC 80a-29; 15 
USC 80a-37

Abstract: The Commission adopted an extension of 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                    07/17/07                    72 FR 39290
Final Action Effective          08/20/07

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Tara Buckley, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6839
Email: [email protected]

RIN: 3235-AJ59
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Market Regulation



_______________________________________________________________________




597. 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

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

Abstract: The Commission proposed new Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule15D. Proposed Rule 15c2-3 and 
Schedule 15D would provide for 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.

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                     12/00/07

Regulatory Flexibility Analysis Required: Yes

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]

RIN: 3235-AJ12
_______________________________________________________________________




598. RULE 15C-101: SCHEDULE 15D

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

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                     12/00/07

Regulatory Flexibility Analysis Required: Yes

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]

RIN: 3235-AJ14
_______________________________________________________________________




599. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE 
OFFERS

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)

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

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

[[Page 70215]]

_______________________________________________________________________




600. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

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

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

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

RIN: 3235-AH40
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Market Regulation



_______________________________________________________________________




601. 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

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

Abstract: The Commission proposed new Rule 15c2-2 under the Exchange 
Act, together with accompanying Schedule 15C. The Commission also 
proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2 and 
Schedule 15C would provide for improved confirmation 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 rule 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                    11/00/07

Regulatory Flexibility Analysis Required: Yes

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]

RIN: 3235-AJ11
_______________________________________________________________________




602. RULE 15C-100: SCHEDULE 15C

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

Abstract: The Commission proposed new Rules 15c2-2 and 15c2-3 under the 
Exchange Act, together with accompanying Schedules 15C and 15D. The 
Commission also proposed related amendments to Rule 10b-10. Proposed 
Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would provide for 
improved confirmation and pre-transaction ``point of sale'' disclosure 
of distribution costs and conflicts of interest associated with 
transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rules and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Final Action                    12/00/07

Regulatory Flexibility Analysis Required: Yes

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]

RIN: 3235-AJ13
_______________________________________________________________________




603. REGULATION SHO (SHORT SALES)

Legal Authority: 15 USC 78(a)

Abstract: The Commission proposed amendments to Rules 200(e)(3) and 
203(b)(3) of Regulation SHO. The proposed amendments were intended to 
reduce the frequency that stock is not delivered after it is sold, by 
eliminating a grandfather provision and narrowing the options market 
maker exception to the close-out requirements of Regulation SHO. The 
proposed amendments were also intended to

[[Page 70216]]

update the market decline limitation referenced in Rule 200(e)(3).
After considering the comments received in response to the proposed 
amendments, the Commission adopted amendments eliminating the 
grandfather provision of Rule 203(b)(3) and updating the market decline 
limitation referenced in Rule 200(e)(3)substantially in the form 
proposed. The Commission re-proposed amendments to Rule 203(b)(3) to 
eliminate the market maker exception to the close-out requirements. The 
Commission also proposed amendments to Rule 200(g) to require that 
brokers and dealers marking orders as ``long'' sales document the 
present location of the securities being sold.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/21/06                    71 FR 41710
NPRM Comment Period End         09/19/06
NPRM Comment Period Extended    03/30/07                    72 FR 15079
NPRM Comment Period End         04/30/07
Final Rule                      08/14/07                    72 FR 45544
Final Rule Effective            10/15/07
Second NPRM                     08/14/07                    72 FR 45558
Second NPRM Comment Period End  09/13/07
Final Action                    11/00/07

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AJ57
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Market Regulation



_______________________________________________________________________




604. REGULATION SHO AND RULE 10A-1

Legal Authority: 15 USC 78j(a)

Abstract: The Commission adopted amendments to Rule 10a-1 and Rules 200 
and 201 of 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                    07/03/07                    72 FR 36348
Final Action Effective          07/03/07

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AJ76
_______________________________________________________________________




605. OVERSIGHT OF CREDIT AGENCIES

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

Abstract: The Commission adopted 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, 2006.

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                    06/18/07                    72 FR 33564
Final Action Effective          06/18/07

Regulatory Flexibility Analysis Required: Yes

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Offices and Other Programs



_______________________________________________________________________




606. MANAGEMENT'S REPORT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING; 
DEFINITION OF TERM SIGNIFICANT DEFICIENCY

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

Abstract: The Commission adopted interpretive guidance for management's 
evaluation and assessment of internal control over financial reporting, 
Rule Release 33-8809, and published and proposed a definition of the 
term ``significant deficiency,'' as used in the governing legislation.

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 Rule                      06/27/07                    72 FR 35310
Final Rule Effective            08/27/07
Second NPRM                     06/27/07                    72 FR 35346
Second NPRM Comment Period End  07/18/07
Final Action                    08/09/07                    72 FR 44924
Final Action Effective          09/10/07

Regulatory Flexibility Analysis Required: Yes

[[Page 70217]]

Agency Contact: Josh K. Jones, Office of Chief Accountant, Securities 
and Exchange Commission, 100 F Street NE, Washington , DC 20549
Phone: 202 551-5334

RIN: 3235-AJ58
[FR Doc. 07-04637 Filed 12-07-07; 8:45 am]
BILLING CODE 8010-01-S