[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 XXIII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 24842]]



SECURITIES AND EXCHANGE COMMISSION (SEC)                               


  



_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8905, 34-57544, IA-2723, IC-29198, File No. S7-09-08]

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 March 21, 2008, 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 June 30, 2008.

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 S7-09-08 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. S7-09-08. 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 in the 
next 12 months 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: March 21, 2008.

 Nancy M. Morris,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
386         Shareholder Proposals.................................................................    3235-AJ92
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
387         Revisions of Limited Offerings Exemptions in Regulation D.............................    3235-AJ88
388         Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------


[[Page 24843]]


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
389         Amendments to Rules 144 and 145.......................................................    3235-AH13
390         Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-    3235-AJ89
            3 and F-3.............................................................................
391         Revisions to Form S-11 to Permit Historical Incorporation by Reference................    3235-AK02
392         Smaller Reporting Company Regulatory Relief and Simplification........................    3235-AJ86
393         Electronic Filing and Simplification of Form D........................................    3235-AJ87
394         Shareholder Proposals Relating to the Election of Directors...........................    3235-AJ95
----------------------------------------------------------------------------------------------------------------


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


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
396         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
----------------------------------------------------------------------------------------------------------------
397         Political Contributions by Certain Investment Advisers................................    3235-AH72
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
398         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.................................................................
399         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
400         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
401         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
402         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.....................................................................
403         Rule 15c-100: Schedule 15C............................................................    3235-AJ13
404         Regulation SHO (Short Sales)..........................................................    3235-AJ57
----------------------------------------------------------------------------------------------------------------


[[Page 24844]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




386. 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 adopted amendments to the proxy rules under 
the Exchange Act facilitating the creation of electronic shareholder 
forums; other aspects of the proposed rulemaking remain under 
consideration.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/03/07                    72 FR 43466
NPRM Comment Period End         10/02/07
Final Rule                      01/25/08                     73 FR 4450
Final Rule Effective            02/25/08
Next Action                     07/00/08

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-AJ92
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




387. 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                    05/00/08

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
_______________________________________________________________________




388. 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 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 later adopted further changes regarding additional 
disclosure related to the method of valuing certain compensation and 
solicited additional comments on those changes.

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



_______________________________________________________________________




389. AMENDMENTS TO RULES 144 AND 145

Legal Authority: 15 USC 77a et seq

Abstract: The Commission adopted 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                    12/17/07                    72 FR 71546
Final Action Effective          02/15/08

Regulatory Flexibility Analysis Required: Yes

[[Page 24845]]

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
_______________________________________________________________________




390. 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 adopted 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 one 
third of their public float of exchange-listed securities 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                    12/27/07                    72 FR 73534
Final Action Effective          01/28/08

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-AJ89
_______________________________________________________________________




391. [bull] REVISIONS TO FORM S-11 TO PERMIT HISTORICAL INCORPORATION BY 
REFERENCE

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s(a); 15 
USC 78l; 15 USC 78m; 15 USC 78n(a); 15 USC 78o(d); 15 USC 78w(a); 15 
USC 77sss

Abstract: The Commission proposed amendments that permit certain 
entities to incorporate by reference into form S-11 information from 
its previously filed Exchange Act reports and documents. Form S-11 is 
the registration statement form used to register securities issued by 
real estate investment trusts and other issuers whose business is 
primarily that of acquiring and holding investment interests in real 
estate under the Securities Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/20/07                    72 FR 72274
NPRM Comment Period End         01/22/08
Final Action                    04/15/08                    73 FR 20512

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Michael McTiernan, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3852
Fax: 202 772-0210

RIN: 3235-AK02
_______________________________________________________________________




392. SMALLER REPORTING COMPANY REGULATORY RELIEF AND SIMPLIFICATION

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s; 15 USC 
77s(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 adopted amendments to the optional disclosure 
and reporting requirements for ``small business issuers'' under the 
Securities Act and the Exchange Act. The amendments 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 amendments also combine the ``small business 
issuer'' and ``non-accelerated filer'' categories of smaller companies 
into a single ``smaller reporting company`` category. Finally, the 
amendments 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                    01/04/08                      73 FR 934
Final Action Effective          02/04/08

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
_______________________________________________________________________




393. 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 adopted amendments that mandate electronic 
filing of information required under Form D. The Commission also 
adopted 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 
will be filed electronically through a new on-line system accessible 
from any computer with Internet access. The Form D will be available on 
the Commission's website, and its data will be searchable.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/09/07                    72 FR 37376
NPRM Comment Period End         09/07/07
Final Action                    02/27/08                    73 FR 10592
Final Action Effective          09/15/08

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

[[Page 24846]]

_______________________________________________________________________




394. 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
Final Action                    12/11/07                    72 FR 70450
Final Action Effective          01/10/08

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




395. 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 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 Commission is seeking further public comment under RIN 3235-
AI17.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/05/00                    65 FR 20524
NPRM Comment Period End         04/16/08
Second NPRM                     03/14/08                    73 FR 13958
Second NPRM Comment Period End  05/16/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Vivien Liu, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6787
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




396. 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                    05/00/08

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



_______________________________________________________________________




397. 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

[[Page 24847]]

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Trading and Markets



_______________________________________________________________________




398. 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                     06/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
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
_______________________________________________________________________




399. 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 Schedule 15D and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 15C. 
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                     06/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
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
_______________________________________________________________________




400. 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                     03/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Landon, Division of Trading and Markets, 
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
_______________________________________________________________________




401. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

Legal Authority: 15 USC 78c; 15 USC 78j(b); 15 USC 78o(c); 15 USC 
78o(g); 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

[[Page 24848]]

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                        04/14/99                    64 FR 18393
Comment Period End              05/08/99
Supplemental NPRM               12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5720
Fax: 202 772-9355

RIN: 3235-AH40
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Trading and Markets



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402. 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:
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Action                            Date                      FR Cite

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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                    12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
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
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403. 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 Schedule 15 and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 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                    12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
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
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404. REGULATION SHO (SHORT SALES)

Legal Authority: 15 USC 78b and 78c; 15 USC 78i to 78l; 15 USC 78o; 15 
USC 78q; 15 USC 78q-1; 15 USC 78s; 15 USC 78w(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 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

[[Page 24849]]

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:
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Action                            Date                      FR Cite

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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                    07/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5720
Fax: 202 772-9355

RIN: 3235-AJ57
[FR Doc. E8-7433 Filed 05-02-08; 8:45 am]
BILLING CODE 8010-01-S