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


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Part XXIII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 21964]]



SECURITIES AND EXCHANGE COMMISSION (SEC)






_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9112, 34-61714, IA-3001, IC-29175, File No. S7-06-10]

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 12, 2010, 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, 2010.

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 S7-06-10 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. S7-06-10. 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 website viewing and 
printing 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 16, 2010.

 Elizabeth M. Murphy,

Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
418         Voluntary Filers......................................................................    3235-AK59
419         Risk Disclosures......................................................................    3235-AK58
420         Revisions to Regulation D.............................................................    3235-AK52
----------------------------------------------------------------------------------------------------------------


[[Page 21965]]


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
421         Proxy Solicitation Enhancements.......................................................    3235-AK28
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
422         Amendments to Rules Requiring Internet Availability of Proxy Materials................    3235-AK25
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
423         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
424         Indexed Annuities and Certain Other Insurance Contracts...............................    3235-AK49
----------------------------------------------------------------------------------------------------------------


                               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         Custody of Funds or Securities of Clients by Investment Advisers......................    3235-AK32
427         Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act..........    3235-AJ06
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
428         Amendments to Rule 17a-5..............................................................    3235-AK56
429         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF TRADING AND MARKETS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
430         Proposed Amendment to Municipal Securities Disclosure.................................    3235-AJ66
431         Nationally Recognized Statistical Rating Organizations................................    3235-AK14
----------------------------------------------------------------------------------------------------------------


[[Page 21966]]


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


                               DIVISION OF TRADING AND MARKETS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
437         Amendments to Regulation SHO..........................................................    3235-AK35
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Corporation Finance



_______________________________________________________________________




418.  VOLUNTARY FILERS

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission 
propose amendments to require registrants who do not have a filing 
obligation under the Exchange Act to file any reports with the 
Commission in compliance with Commission rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/00/11

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK59
_______________________________________________________________________




419.  RISK DISCLOSURES

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission 
propose amendments to its rules and forms to consolidate and enhance 
the risk disclosures provided by registrants.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jennifer Zapraka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20016
Phone: 202 551-3430

RIN: 3235-AK58
_______________________________________________________________________




420. REVISIONS TO REGULATION D

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

Abstract: The Division is considering recommending that the Commission 
propose revisions to Regulation D, including, among other things, 
revisions to the accredited investor eligibility standards.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/10

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK52
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Corporation Finance



_______________________________________________________________________




421. PROXY SOLICITATION ENHANCEMENTS

Legal Authority: 15 USC 78n

Abstract: The Commission proposed amendments to its proxy rules to 
clarify the manner in which they operate and address issues that have 
arisen in the proxy solicitation process. The Division is considering 
recommending that the Commission adopt amendments relating to the 
proposals.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/17/09                    74 FR 35076
NPRM Comment Period End         09/15/09
Final Action                    12/23/09                    74 FR 68334

[[Page 21967]]

Final Action Effective          02/28/10
Final Action                    04/00/10

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: 202 551-3440
Email: [email protected]

RIN: 3235-AK28
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Corporation Finance



_______________________________________________________________________




422. 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 Commission adopted revisions to the notice and access 
model for providing proxy materials to shareholders electronically.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/21/09                    74 FR 53954
NPRM Comment Period End         11/20/09
Final Action                    02/27/10                     75 FR 9074
Final Action Effective          03/29/10

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)            Proposed Rule Stage


Division of Investment Management



_______________________________________________________________________




423. 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 
was set to expire on December 31, 2009, to provide an alternative means 
for 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. In December 2009, 
the Commission extended the expiration date until December 2010.
As contemplated in the temporary rule release, the Division has been 
assessing the operation of the temporary rule as well as public comment 
letters, and will consider whether to propose to continue the rule 
beyond the revised sunset date and, if so, what if any modifications 
should be proposed 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
Interim Final Rule Extension    12/30/09                   74 FR 690009
Interim Final Rule Effective    12/30/09
NPRM                            05/00/10

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
_______________________________________________________________________




424. INDEXED ANNUITIES AND CERTAIN OTHER INSURANCE CONTRACTS

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

Abstract: A Federal appeals court issued an opinion on July 21, 2009, 
remanding SEC Rule 151A. A party has petitioned the court for panel 
rehearing, and that petition is currently pending. The Commission staff 
is evaluating what recommendation to make to the Commission on how to 
respond to the court's decision.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/10

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-AK49

[[Page 21968]]

_______________________________________________________________________


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), 80b-ll(a), 80b-3(c)(1); 15 USC 
77s(a); 15 USC 78(wa), 78bb(e)(2); 15 USC 77sss(a); 15 USC 78a-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                    07/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sarah Ten Siethoff, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6729
Email: [email protected]

RIN: 3235-AI17
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Investment Management



_______________________________________________________________________




426. CUSTODY OF FUNDS OR SECURITIES OF CLIENTS BY INVESTMENT ADVISERS

Legal Authority: 15 USC 80b-6(4); 15 USC 80b-4; 15 USC 80b-11; 15 USC 
80b-3(c)(1)

Abstract: The Commission adopted amendments that revise the rule 
governing custody of funds or securities of clients by investment 
advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/27/09                    74 FR 25354
NPRM Comment Period End         07/28/09
Final Action                    01/11/10                     75 FR 1456
Final Action Effective          03/12/10

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-AK32
_______________________________________________________________________




427. INTERAGENCY PROPOSAL FOR MODEL PRIVACY FORM UNDER THE GRAMM-LEACH-
BLILEY ACT

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

Abstract: The Commission, together with the Federal Reserve Board, 
Federal Deposit Insurance Corporation, Federal Trade Commission, 
National Credit Union Administration, Office of the Comptroller of the 
Currency, Office of Thrift Supervision and Commodity Futures Trading 
Commission (the Agencies), requested comment on whether the Agencies 
should consider amending the regulations that implement the privacy 
provisions of the Gramm-Leach-Bliley Act (``GLBA'') to allow or require 
financial institutions to provide alternative types of privacy notices 
that would be easier for consumers to understand.
Pursuant to the Financial Services Regulatory Relief Act, the Agencies 
proposed a model form that may be used at the option of financial 
institutions to comply with disclosures required under the privacy 
provision of GLBA. The Commission reopened the comment period on the 
proposed model privacy notice to solicit public comment on data and a 
report on consumer testing of a revised version of the proposed model 
privacy form. The Agencies published a final model privacy notice on 
November 16, 2009.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/30/03                    68 FR 75165
ANPRM Comment Period End        03/29/04
NPRM                            03/29/07                    72 FR 14490
NPRM Comment Period End         05/29/07
Second NPRM                     04/20/09                    74 FR 17925
Second NPRM Comment Period End  05/20/09
Final Action                    12/01/09                    74 FR 62890
Final Action Effective          12/31/09

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AJ06
_______________________________________________________________________


Securities and Exchange Commission (SEC)            Proposed Rule Stage


Division of Trading and Markets



_______________________________________________________________________




428.  AMENDMENTS TO RULE 17A-5

Legal Authority: 15 USC 78q

Abstract: The Division is considering recommending that the Commission 
propose amendments to Rule 17a-5 dealing with, among other things, 
broker-dealer custody of assets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/10

[[Page 21969]]

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Rebekah Goshorn, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5514
Fax: 202 772-9333
Email: [email protected]

RIN: 3235-AK56
_______________________________________________________________________




429. 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
Third NPRM                      12/00/10

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
_______________________________________________________________________


Securities and Exchange Commission (SEC)               Final Rule Stage


Division of Trading and Markets



_______________________________________________________________________




430. PROPOSED AMENDMENT TO MUNICIPAL SECURITIES DISCLOSURE

Legal Authority: 15 USC 78b; 15 USC 78c(b); 15 USC 78j; 15 USC 78o(c); 
15 USC 78o-4; 15 USC 78q; 15 USC 78w(a)(1)

Abstract: The Commission proposed amending Rule 15c2-12 under section 
15 of the Exchange Act to improve the system of continuing disclosure 
previously established by Rule 15c2-12. The Division and the Division 
of Corporation Finance are considering recommending that the Commission 
publish an interpretive release for the municipal securities markets 
that would update previously published guidance to reflect changes in 
that market.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/24/09                    74 FR 36832
NPRM Comment Period End         09/08/09
Final Action                    07/00/10

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Martha Mahan Haines, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5681
Fax: 703 772-9274
Email: [email protected]

RIN: 3235-AJ66
_______________________________________________________________________




431. 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 at NRSROs. The Commission 
simultaneously proposed rule amendments and a new rule that would 
require an NRSRO to furnish a new annual report by the firm's 
designated compliance officers to disclose additional information about 
firm sources of revenue, and to make publicly available a consolidated 
report about revenues attributable to persons paying the NRSRO for the 
issuance or maintenance of a credit rating.

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 Rule                      12/04/09                    74 FR 63832
Final Rule Effective            02/01/10
Third NPRM                      12/04/09                    74 FR 63866
Third NPRM Comment Period End   02/02/10
Final Action                    06/00/10

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

[[Page 21970]]

_______________________________________________________________________


Securities and Exchange Commission (SEC)              Long-Term Actions


Division of Trading and Markets



_______________________________________________________________________




432. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ11
_______________________________________________________________________




433. 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 Schedule 15D. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ12
_______________________________________________________________________




434. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ13
_______________________________________________________________________




435. 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 Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule 15D. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alicia Goldin, Division of Trading and Markets,

[[Page 21971]]

Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5618
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AJ14
_______________________________________________________________________




436. 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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jerry Carpenter, Division of Market Regulation, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5710
Fax: 202 772-9270
Email: [email protected]

RIN: 3235-AH53
_______________________________________________________________________


Securities and Exchange Commission (SEC)              Completed Actions


Division of Trading and Markets



_______________________________________________________________________




437. AMENDMENTS TO REGULATION SHO

Legal Authority: 15 USC 78j(a); 15 USC 78w(a)

Abstract: The Commission proposed two approaches to restrictions on 
short selling: Short sale price test restrictions that would apply on a 
market-wide and permanent basis, or short sale circuit breaker 
restrictions that would apply only to a particular security during 
severe market declines in the price of that security. It adopted a 
short sale circuit breaker that, if triggered, prohibits (with limited 
exceptions) short selling at any price that is at or below the national 
best bid (``short sale price test'' or ``short sale price test 
restriction'').

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/20/09                    74 FR 18042
NPRM Comment Period End         06/19/09
NPRM Comment Period Reopened    08/20/09                    74 FR 42033
NPRM Comment Period End         09/21/09
Final Action                    03/10/10                    75 FR 11232
Final Action Effective          05/10/10

Regulatory Flexibility Analysis Required: Yes

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

RIN: 3235-AK35
[FR Doc. 2010-8964 Filed 04-23-10; 8:45 am]
BILLING CODE 8011-01-S