[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 XXI





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 22074]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9020, 34-59634, IA-2858, IC-28679, File No. S7-07-09]

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 25, 2009, 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 July 31, 2009.

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

Electronic comments:

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

 Send an e-mail to [email protected]. Please include File 
Number S7-07-09 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 Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

    All submissions should refer to File No. S7-07-09. 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 26, 2009.

 Elizabeth M. Murphy,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
417         Amendments to Rules Requiring Internet Availability of Proxy Materials................    3235-AK25
----------------------------------------------------------------------------------------------------------------


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


[[Page 22075]]


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
420         Interactive Data To Improve Financial Reporting.......................................    3235-AJ71
421         Electronic Shareholder Forums.........................................................    3235-AJ92
422         Modernization of Oil and Gas Reporting................................................    3235-AK00
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
423         Political Contributions by Certain Investment Advisers................................    3235-AH72
424         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
----------------------------------------------------------------------------------------------------------------


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


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
426         Interactive Data for Mutual Fund Risk/Return Summary..................................    3235-AK13
427         Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End            3235-AJ44
            Management Investment Companies.......................................................
428         Rulemaking for EDGAR System: Mandatory Electronic Submission of Applications for          3235-AJ81
            Orders Under the Investment Company Act and Filings Made Pursuant to Regulation E.....
429         Indexed Annuities and Certain Other Insurance Contracts...............................    3235-AK16
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
430         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.....................................................................
431         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.................................................................
432         Rule 15c-100: Schedule 15C............................................................    3235-AJ13
433         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
434         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
435         Amendments to Regulation SHO..........................................................    3235-AK22
436         Proposed Rules for Nationally Recognized Statistical Rating Organizations.............    3235-AK14
----------------------------------------------------------------------------------------------------------------


[[Page 22076]]


                               DIVISION OF TRADING AND MARKETS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
437         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




417.  AMENDMENTS TO RULES REQUIRING INTERNET 
AVAILABILITY OF PROXY MATERIALS

Legal Authority: 15 USC 78c(b); 15 USC 78j; 15 USC 78m; 15 USC 78n; 15 
USC 78o; 15 USC 78w(a); 15 USC 78mm; 15 USC 80a-20; 15 USC 80a-29; 15 
USC 80a-37

Abstract: The Division is considering recommending that the Commission 
propose revisions to the notice and access model for providing proxy 
materials to shareholders electronically.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/09

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: 202 551-3430

RIN: 3235-AK25
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




418. REVISIONS OF LIMITED OFFERING 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 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                    07/00/09

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
_______________________________________________________________________




419. 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 Division is considering recommending that the Commission 
propose additional measures to promote clear, cogent, and full 
disclosure of executive compensation and how compensation decisions are 
made.

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                    09/00/09

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

[[Page 22077]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




420. INTERACTIVE DATA TO IMPROVE FINANCIAL REPORTING

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 77nnn; 15 
USC 77sss; 15 USC 80a et seq; PL 107-204, 116 Stat 745

Abstract: The Commission adopted rules requiring companies to provide 
financial statement information in an interactive data form that will 
improve its usefulness to investors. Under the rules, financial 
statement information can be downloaded directly into spreadsheets, 
analyzed in a variety of ways using commercial off-the-shelf software, 
and used within investment models in other software formats.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/10/08                    73 FR 32794
NPRM Comment Period End         08/01/08
Final Action                    02/10/09                     74 FR 6776
Final Action Effective          04/19/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Mark W. Green, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-0301
Phone: 202 551-3430
Email: [email protected]

RIN: 3235-AJ71
_______________________________________________________________________




421. ELECTRONIC SHAREHOLDER FORUMS

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, including proposed 
amendments to enable shareholders to include in company proxy materials 
their proposals for bylaw amendments regarding procedures for 
nominating candidates to the board of directors, 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

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: 202 551-3430

RIN: 3235-AJ92
_______________________________________________________________________




422. MODERNIZATION OF OIL AND GAS REPORTING

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

Abstract: The Commission adopted revisions to its oil and gas reporting 
requirements in the current form in Regulation S--K and Regulation S--X 
under the Securities Act and the Exchange Act.
The revisions are intended to provide investors with a more meaningful 
and comprehensive understanding of oil and gas reserves, which should 
help investors evaluate the relative value of oil and gas companies. 
They codify Industry Guide 2 in Regulation S--K, with several additions 
to, and deletions of, current Industry Guide items. They also harmonize 
oil and gas disclosures by foreign private issuers with the proposed 
disclosures for domestic issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/12/07                    72 FR 71610
ANPRM Comment Period End        02/19/08
NPRM                            07/09/08                    73 FR 39526
NPRM Comment Period End         09/08/08
Final Action                    01/14/09                     74 FR 2158
Final Action Effective          01/01/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Melissa Duru, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3740

RIN: 3235-AK00
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




423. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

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

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. The Division is 
considering recommending that the Commission re-propose a rule related 
to political contributions made by certain investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/99                    64 FR 43556
NPRM Comment Period End         11/01/99
Second NPRM                     10/00/09

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AH72
_______________________________________________________________________




424. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY 
CLIENTS

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

Abstract: The Commission adopted an interim final temporary rule that 
will expire on December 31, 2009, to provide an alternative means for

[[Page 22078]]

investment advisers who are registered with the Commission as broker-
dealers to meet the requirements of section 206(3) of the Investment 
Advisers Act when acting in a principal capacity in transactions with 
certain of their advisory clients.
As contemplated in the temporary rule release, the Division has been 
assessing the operation of the temporary rule as well as public comment 
letters. In that connection, the Division is considering recommending 
that the Commission propose modifications to the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/28/07                    72 FR 55022
Interim Final Rule Effective    09/30/07
Interim Final Rule Comment 
Period End                      11/30/07
NPRM                            06/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Goldin, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6726
Fax: 202 772-9284
Email: [email protected]

RIN: 3235-AJ96
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Investment Management



_______________________________________________________________________




425. 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: The Commission proposed amendments to Form ADV part 2 to 
require registered investment advisers to deliver to clients and 
prospective clients a brochure written in plain English.
The amendments are designed to require advisers to provide clients and 
prospective clients with clear, current, and more meaningful disclosure 
of the business practices, conflicts of interest, and background of 
investment advisers and their advisory personnel. Under the proposal, 
advisers would file their brochures with the Commission electronically, 
and the brochures would be available to the public through the 
Commission's Web site.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/17/00                    65 FR 20524
NPRM Comment Period End         06/03/00
Second NPRM                     03/14/08                    73 FR 13958
Second NPRM Comment Period End  05/16/08
Final Action                    11/00/09

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: 202 551-6728
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




426. INTERACTIVE DATA FOR MUTUAL FUND RISK/RETURN SUMMARY

Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77j; 15 USC 77s(a); 15 
USC 77z-3; 15 USC 78c; 15 USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n; 
15 USC 78o(d); 15 USC 78w(a); 15 uSC 78jj; 15 USC 78mm; 15 USC 80a-
6(c); 15 USC 80a-8; 15 USC 80a-24(e); 15 USC 80a-29; 15 USC 80a-37

Abstract: The Commission adopted rules requiring mutual funds to 
provide risk/return summary information in an interactive data format, 
which would improve its usefulness to investors. Under the rules, risk/
return summary information could be downloaded directly into 
spreadsheets, analyzed in a variety of ways using commercial off-the-
shelf software, and used within investment models in other software 
formats.
Mutual funds will provide the risk/return summary section of their 
prospectuses to the Commission and on their Web sites in interactive 
data format using the eXtensible Business Reporting Language, XBRL. The 
interactive data would be provided as an exhibit to registration 
statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/23/08                    73 FR 35442
NPRM Comment Period End         08/01/08
Final Action                    02/19/09                     74 FR 7748
Final Action Effective          07/15/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alberto Zapata, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6929
Email: [email protected]

RIN: 3235-AK13
_______________________________________________________________________




427. ENHANCED DISCLOSURE AND NEW PROSPECTUS DELIVERY OPTION FOR 
REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES

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

Abstract: The Commission adopted comprehensive reforms of mutual fund 
disclosure requirements on Form N-1A, including streamlining the 
delivery of mutual fund information through increased use of the 
Internet and other electronic means of delivery and clarifying the 
disclosure of fees and expenses for mutual funds and exchange-traded 
funds.

[[Page 22079]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/30/07                    72 FR 67790
NPRM Comment Period End         02/28/08
NPRM Comment Period Reopened    08/06/08                    73 FR 45646
Comment Period End              08/29/08
Final Action                    01/26/09                     74 FR 4546
Final Action Effective          03/31/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Kieran Brown, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6773
Email: [email protected]

RIN: 3235-AJ44
_______________________________________________________________________




428. RULEMAKING FOR EDGAR SYSTEM: MANDATORY ELECTRONIC SUBMISSION OF 
APPLICATIONS FOR ORDERS UNDER THE INVESTMENT COMPANY ACT AND FILINGS 
MADE PURSUANT TO REGULATION E

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

Abstract: The Commission adopted rules for mandatory EDGAR submission 
of applications and Regulation E filings under any section of the 
Investment Company Act, as well as minor technical corrections to the 
electronic filing rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/09/07                    72 FR 67513
NPRM Comment Period End         12/14/07
Final Action                    11/04/08                    73 FR 65516
Final Action Effective          01/01/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Ruth Armfield Sanders, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6960
Email: [email protected]

RIN: 3235-AJ81
_______________________________________________________________________




429. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS

Legal Authority: 15 USC 77c(a)(8); 15 USC 77s(a); 15 USC 78l(h); 15 USC 
78m; 15 USC 78o; 15 USC 78w(a); 15 USC 78mm

Abstract: The Commission adopted a new rule that defines the terms 
``annuity contract'' and ``optional annuity contract'' under the 
Securities Act. The rule is intended to clarify the status under the 
federal securities laws of indexed annuities, under which payments to 
the purchaser are dependent on the performance of a securities index.
The Commission also adopted a new rule that exempts insurance companies 
from filing reports under the Exchange Act with respect to indexed 
securities and other insurance securities registered under the 
Securities Act, provided that certain conditions are satisfied, 
including that the securities are regulated under State insurance law, 
the issuing insurance company and its financial condition are subject 
to supervision and examination by a State insurance regulator, and the 
securities are not publicly traded.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/01/08                    73 FR 37762
NPRM Comment Period End         09/10/08
NPRM Comment Period Extended    10/17/08                    73 FR 61753
NPRM Comment Period End         11/17/08
Final Action                    01/16/09                     74 FR 3138
Final Action Effective          01/12/11

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Michael Kosoff, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6754
Fax: 202 772-9285
Email: [email protected]

RIN: 3235-AK16
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Trading and Markets



_______________________________________________________________________




430. 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
Second NPRM                     12/00/09

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

[[Page 22080]]

_______________________________________________________________________




431. 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                     12/00/09

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
_______________________________________________________________________




432. 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 15C 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
Second NPRM                     12/00/09

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
_______________________________________________________________________




433. 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                     12/00/09

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
_______________________________________________________________________




434. 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                     03/00/10

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

[[Page 22081]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Trading and Markets



_______________________________________________________________________




435. AMENDMENTS TO REGULATION SHO

Legal Authority: 15 USC 78b and 78c(b); 15 USC 78F; 15 USC 78j; 15 USC 
78k-1; 15 USC 78l(h); 15 USC 78o and 78o-3; 15 USC 78q and 78q-1; 15 
USC 78s; 15 USC 78w(a)

Abstract: The Commission adopted an interim final rule, Rule 204T, to 
address abusive ``naked'' short selling in all equity securities by 
requiring that participants of a clearing agency registered with the 
Commission deliver securities by settlement date, or if the 
participants have not delivered shares by settlement date, immediately 
purchase or borrow securities to close out the fail to deliver position 
by no later than the beginning of regular trading hours on the 
settlement day following the day the participant incurred the fail to 
deliver position.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              10/17/08                    73 FR 61706
Interim Final Rule Effective    10/17/08
Interim Final Rule Comment 
Period End                      12/16/08
Next Action                     07/00/09

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: 202 551-5744
Fax: 202 772-9355
Email: [email protected]

RIN: 3235-AK22
_______________________________________________________________________




436. PROPOSED RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING 
ORGANIZATIONS

Legal Authority: 15 USC 78o-7; 15 USC 89q

Abstract: The Commission adopted rule amendments that impose additional 
requirements on nationally recognized statistical rating organizations 
(``NRSROs'') in order to address concerns about the integrity of their 
credit rating procedures and methodologies in light of the role they 
played in determining credit ratings for securities collateralized by 
or linked to subprime residential mortgages.
The Commission simultaneously proposed rule amendments regarding the 
disclosure of ratings history. The proposed rules also repropose 
certain amendments to Rule 17g-5.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/25/08                    73 FR 36212
NPRM Comment Period End         07/25/08
Final Rule                      02/09/09                     74 FR 6465
Second NPRM                     02/09/09                     74 FR 6485
Second NPRM Comment Period End  03/26/09
Final Action                    09/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sheila Swartz, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5545
Fax: 202 772-9273
Email: [email protected]

RIN: 3235-AK14
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Trading and Markets



_______________________________________________________________________




437. 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 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


Next Action Undetermined

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: 202 551-5744
Fax: 202 772-9355
Email: [email protected]

RIN: 3235-AH40
[FR Doc. E9-10282 Filed 05-08-09; 8:45 am]
BILLING CODE 8010-01-S