<DOC>
[May 27, 2003 (Volume 68, Number 101)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]

[Page 31434-31458]


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Part LXII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

[[Page 31434]]

SECURITIES AND EXCHANGE COMMISSION (SEC)

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8217, 34-47606, 35-27663, 39-2406, IA-2121, IC-25987, 
File No. S7-08-03]

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. 
Information in the agenda was accurate on April 1, 2003, the date 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 provides notice under section 610 of the Regulatory 
Flexibility Act.

DATES: Public comments are due by June 27, 2003.

ADDRESSES: Persons wishing to submit written comments should file three 
copies of their comments with Jonathan G. Katz, Secretary, Securities 
and Exchange Commission, 450 5th Street NW., Washington, DC 20549-0609. 
All submissions should refer to File No. S7-08-03 and will be available 
for public inspection and copying at the Commission's Public Reference 
Room, Room 1026, at the same address. Interested persons may also 
submit comments electronically at the following e-mail address: rule-
comments@sec.gov. The Commission does not edit personal identifying 
information, such as names or electronic mail addresses, from 
electronic submissions. Interested persons submitting comments should 
only submit information that they wish to make publicly available.

FOR FURTHER INFORMATION CONTACT: David R. Fredrickson or Constancio B. 
Cater, Office of the General Counsel, 202-942-0890.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub. 
L. No. 96-354, 94 Stat. 1164) (September 19, 1980) requires each 
Federal agency, during April and October of each year, to publish in 
the Federal Register an agenda identifying rules which the agency 
expects to propose or adopt 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)). The agenda includes new entries, entries carried over from 
previous 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

    ``PUHCA'' - Public Utility Holding Company Act of 1935

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

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

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

Dated: April 1, 2003.

By the Commission.

 Margaret H. McFarland,

Deputy Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4164        Industry Guide 3--Statistical Disclosure by Bank Holding Companies..................     3235-AI10
4165        Asset-Backed Securities Disclosure..................................................     3235-AF74
4166        Streamlining Rule 144...............................................................     3235-AH13
4167        Electronic Signatures Act and Information Delivery Under the Securities Act of 1933.     3235-AI82
4168        Revision of Multijurisdictional Disclosure System...................................     3235-AH99
4169        Financial Reporting and Blank Check Companies.......................................     3235-AH88
4170        Lock-Up Agreements..................................................................     3235-AI09
4171        Securities Act Communications Reform................................................     3235-AI11
4172        Certification of Disclosure in Certain Exchange Act Reports.........................     3235-AI79
4173        Proxy Disclosure Regarding Executive Compensation and Related Party Transactions....     3235-AI80
4174        Treatment of Foreign Banks Under Section 402 of the Sarbanes-Oxley Act..............     3235-AI81
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4175        Form 8-K Disclosure of Certain Management Transactions..............................     3235-AI43
4176        Disclosure in Management's Discussion and Analysis Regarding the Application of          3235-AI44
            Critical Accounting Policies........................................................

[[Page 31435]]


4177        Mandated Electronic Filing and Website Posting for Forms 3, 4, and 5................     3235-AI26
4178        Defining ``Qualified Purchasers''...................................................     3235-AI25
4179        Additional Form 8-K Disclosure Requirements and Acceleration of Filing Date.........     3235-AI47
4180        Disclosure Required by Sections 404, 406, and 407 of the Sarbanes-Oxley Act of 2002.     3235-AI66
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4181        Sections 401(b) and 409 of the Sarbanes-Oxley Act of 2002...........................     3235-AI69
4182        Exemption for Standardized Options From Provisions of the Securities Act of 1933 and     3235-AI55
            From the Registration Requirements of the Securities Exchange Act of 1934...........
4183        Sarbanes-Oxley Rulemaking for Disclosure in Management's Discussion and Analysis         3235-AI70
            About Off-Balance Sheet Arrangements................................................
4184        Insider Trades During Pension Fund Blackout Periods.................................     3235-AI71
4185        Standards Relating to Listed Company Audit Committees...............................     3235-AI75
----------------------------------------------------------------------------------------------------------------


                             DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4186        Books and Records To Be Maintained by Investment Advisers...........................     3235-AH24
4187        Principal Transactions With Investment Advisory Clients.............................     3235-AH34
4188        Certain Thrift Institutions Deemed Not To Be Investment Advisers....................     3235-AI16
4189        Exemption From Registration for Certain Commodity Pool Operators....................     3235-AI29
4190        Exemption To Permit Investment Companies To Invest in Other Investment Companies....     3235-AI30
4191        Substitution of Funds Underlying Variable Insurance Products........................     3235-AI58
4192        Amendments to Registration Form and Rules for Registration of Certain Investment         3235-AI84
            Company Securities..................................................................
4193        Exemption From Shareholder Approval for Certain Subadvisory Contracts...............     3235-AH80
4194        Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies......     3235-AF93
4195        Amendments to the Cash Solicitation Rule............................................     3235-AH33
4196        Rulemaking for EDGAR System.........................................................     3235-AI18
4197        Investment in Money Market Funds....................................................     3235-AI45
4198        Regional Transmission Organizations and Independent Transmission Companies..........     3235-AI27
4199        Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding        3235-AI59
            Officers and Directors of Registered Holding Companies..............................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4200        Custody or Possession of Funds or Securities of Clients.............................     3235-AH26
4201        Certain Broker-Dealers Deemed Not To Be Investment Advisers.........................     3235-AH78
4202        Amendments to Form ADV..............................................................     3235-AI17
4203        Compliance Programs of Investment Companies and Investment Advisers.................     3235-AI77
4204        Shareholder Report and Financial Statement Revisions................................     3235-AG64
4205        Proposed Amendments to Investment Company Advertising Rules.........................     3235-AH19
4206        Certain Research and Development Companies..........................................     3235-AI57
4207        PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries     3235-AF78
            Authorized To Perform Services or Construction or To Sell Goods.....................
----------------------------------------------------------------------------------------------------------------


[[Page 31436]]


                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4208        Political Contributions by Certain Investment Advisers..............................     3235-AH72
4209        Insurance Products: Equity Index Insurance Products Concept Release.................     3235-AH23
----------------------------------------------------------------------------------------------------------------


                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4210        Exemption for Certain Investment Advisers Operating Through the Internet............     3235-AI15
4211        Transactions of Investment Companies With Portfolio and Subadviser Affiliates.......     3235-AI28
4212        Disclosure of Proxy Voting Policies and Results by Investment Companies.............     3235-AI64
4213        Certification of Disclosure in Management Investment Companies' Reports to               3235-AI63
            Shareholders........................................................................
4214        Proxy Voting Policies and Procedures for Investment Advisers........................     3235-AI65
4215        Custody of Investment Company Assets With a Securities Depository...................     3235-AG71
4216        Disclosure of Costs and Expenses for Variable Annuities.............................     3235-AI39
----------------------------------------------------------------------------------------------------------------


                                                 DIVISION OF INVESTMENT MANAGEMENT--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AH93        Exemption From Section 101(c)(1) of the Electronic Signatures in Global and National           05/01/2003   Withdrawn
                 Commerce Act for Registered Investment Companies
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                  DIVISION OF MARKET REGULATION--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4217        Request for Comment on NYSE Petition for Amending the CTA and CQ Plans so as To          3235-AI78
            Delete the Participants' Fee Exemptions.............................................
4218        Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally       3235-AH28
            Recognized Statistical Rating Organization..........................................
----------------------------------------------------------------------------------------------------------------


                               DIVISION OF MARKET REGULATION--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4219        Risk Assessment Recordkeeping and Reporting Requirement.............................     3235-AH06
4220        Concept Release: Short Sales........................................................     3235-AH84
4221        Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global      3235-AI02
            and National Commerce Act...........................................................
4222        Definition of Terms in and Specific Exemptions for Banks, Savings Associations, and      3235-AI19
            Savings Banks Under Sections 3(a)(4) and 3(a)(5) of the Securities and Exchange Act
            of 1934.............................................................................
----------------------------------------------------------------------------------------------------------------


                                 DIVISION OF MARKET REGULATION--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4223        Rule 15c3-3 Reserve Requirements for Margin Related to Security Futures Products....     3235-AI61
4224        Broker-Dealer Exemption From Sending Certain Financial Information to Customers.....     3235-AI68
4225        Purchases of Certain Equity Securities by the Issuer and Others.....................     3235-AH37
4226        Tender and Reorganization Agents....................................................     3235-AH53

[[Page 31437]]


4227        Publication or Submission of Quotations Without Specified Information...............     3235-AH40
4228        Processing Requirements for Cancelled Securities Certificates.......................     3235-AH54
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4229        Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures     3235-AI83
            Products............................................................................
----------------------------------------------------------------------------------------------------------------


                                DIVISION OF MARKET REGULATION--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4230        Amendment to Rule 15c3-3 To Expand the Categories of Permissible Collateral.........     3235-AI51
4231        Research Analyst Certification......................................................     3235-AI60
4232        Repeal of Rule 11Ac1-7 Under the Securities Exchange Act of 1934....................     3235-AI52
----------------------------------------------------------------------------------------------------------------


                                                   DIVISION OF MARKET REGULATION--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AI48        Structural Change in the Settlement of Government Securities: Issues and Options               05/01/2003   Withdrawn
--------------------------------------------------------------------------------------------------------------------------------------------------------


                                 OFFICES AND OTHER PROGRAMS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4233        Proposal to Amendment Disclosure Requirements Related to Derivative Financial            3235-AH98
            Instruments and Derivative Commodity Instruments....................................
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4234        Supplemental Financial Information..................................................     3235-AH86
4235        Rules Regarding Improper Influence on the Conduct of Audits.........................     3235-AI67
4236        Implementation of Standards of Professional Conduct for Attorneys...................     3235-AI72
----------------------------------------------------------------------------------------------------------------


                                  OFFICES AND OTHER PROGRAMS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4237        International Accounting Standards..................................................     3235-AH65
----------------------------------------------------------------------------------------------------------------


[[Page 31438]]


                                  OFFICES AND OTHER PROGRAMS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4238        Rule to Strengthen the Commission's Requirements Regarding Auditor Independence.....     3235-AI73
4239        Rules on Retention of Records Relevant to Audits and Reviews Implementing Section        3235-AI74
            802 of the Sarbanes-Oxley Act of 2002...............................................
----------------------------------------------------------------------------------------------------------------


                                                    OFFICES AND OTHER PROGRAMS--Discontinued Entries
--------------------------------------------------------------------------------------------------------------------------------------------------------
  Regulation
Identification                                             Title                                                  Date                 Comments
    Number
--------------------------------------------------------------------------------------------------------------------------------------------------------
3235-AI56        Revision of the Commission's Auditor Independence Regulations and Related Disclosure           05/01/2003   Withdrawn
                 Requirements
--------------------------------------------------------------------------------------------------------------------------------------------------------

_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Corporation Finance
_______________________________________________________________________

4164. INDUSTRY GUIDE 3--STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

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

Legal Authority: 5 USC 77a et seq; 5 USC 78a et seq

CFR Citation: 17 CFR 229; 17 CFR 231; 17 CFR 241

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Securities Act Industry Guide 3 and Exchange Act 
Industry Guide 3, Statistical Disclosure by Banking Holding Companies, 
to update them and apply them more broadly to registrants engaging in 
lending, investing, or deposit-taking activities, in addition to banks 
and bank holding companies. The revisions also would likely take into 
account changes in financial reporting rules and the increasingly 
diverse lending and investing activities that expose registrants to 
credit risk.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Carol Stacey, Securities and Exchange Commission, 
Division of Corporation Finance
Phone: 202 942-2960

RIN: 3235-AI10
_______________________________________________________________________

4165. ASSET-BACKED SECURITIES DISCLOSURE

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

Legal Authority: 15 USC 77e; 15 USC 78o; 15 USC 78w; 15 USC 77f; 15 USC 
77g; 15 USC 77h; 15 USC 77j; 15 USC 77s; 15 USC 78l; 15 USC 78m; 15 USC 
78n

CFR Citation: 17 CFR 229; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR 
249

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission amendments to revise rules and forms, which 
would specify disclosure requirements for asset-backed securities 
transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jeffrey Minton, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2910

RIN: 3235-AF74
_______________________________________________________________________

4166. STREAMLINING RULE 144

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

Legal Authority: 15 USC 77a et seq

CFR Citation: 17 CFR 230.144

Legal Deadline: None

Abstract: The Commission proposed revisions to Rule 144, Rule 145, and 
Form 144 to make the rules and form easier to understand and apply. The 
Division is considering recommending that the Commission repropose 
amendments that would, among other things, add a bright line test to 
the Rule 144 definition of affiliate, increase the Form 144 filing 
thresholds, and codify certain interpretive positions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/20/97                     62 FR 9246
NPRM Comment Period End         04/29/97
Second NPRM                     08/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of 
Corporation Finance, Securities and Exchange Commission

[[Page 31439]]

Phone: 202 942-2910

RIN: 3235-AH13
_______________________________________________________________________

4167. [bull] ELECTRONIC SIGNATURES ACT AND INFORMATION DELIVERY UNDER 
THE SECURITIES ACT OF 1933

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

Legal Authority: 15 USC 77z-3; 15 USC 78c(b)

CFR Citation: 17 CFR 230.405

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission an amendment to the definition of the term 
``graphic communication'' in Securities Rule 405 to codify the 
Commission's long-standing position that the information delivery 
requirements of the Securities Act of 1933 may be satisfied through the 
use of electronic media.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Mark Borges, Special Counsel, Securities and Exchange 
Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI82
_______________________________________________________________________

4168. REVISION OF MULTIJURISDICTIONAL DISCLOSURE SYSTEM

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

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

CFR Citation: 17 CFR 230; 17 CFR 239; 17 CFR 240

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose revisions to the Multijurisidictional Disclosure System for 
Canadian registrants that would integrate them into the Commission's 
foreign issuer disclosure system in a manner more consistent with all 
other foreign registrants. The proposals would limit the scope of the 
MJDS, including the number of companies eligible to use the system and 
the circumstances under which they may use it, while preserving MJDS 
filers' ability to make offerings in the United States using Canadian 
offering documents and without review by Commission staff.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/03

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Mary Cascio, Office of International Corporate Finance, 
Division of Corporation Finance, Securities and Exchange Commission, 
450 5th Street NW, Washington, DC 20549
Phone: 202 942-2990
Fax: 202 942-9624

RIN: 3235-AH99
_______________________________________________________________________

4169. FINANCIAL REPORTING AND BLANK CHECK COMPANIES

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

Legal Authority: 15 USC 78a et seq

CFR Citation: 17 CFR 249.308

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose amendments to Form 8-K that would remove the grace period for 
filing financial statements in a blank check company merger.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kevin O'Neill, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AH88
_______________________________________________________________________

4170. LOCK-UP AGREEMENTS

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

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

CFR Citation: 17 CFR 230; 17 CFR 240

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose a new rule under the Securities Act to clarify how to register 
securities that acquiring companies issue to certain target security 
holders who enter into lock-up agreements in connection with 
acquisition transactions. The Division also would consider recommending 
corresponding exemptions from certain Exchange Act rules to allow for 
the execution of lock-up agreements without violation of the applicable 
rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Pamela Carmody, Securities and Exchange Commission, 
Division of Corporation Finance
Phone: 202 942-2920

RIN: 3235-AI09
_______________________________________________________________________

4171. SECURITIES ACT COMMUNICATIONS REFORM

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

Legal Authority: 5 USC 77a et seq

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
propose modifications to the Securities Act restrictions on 
communications by issuers and underwriters around the time of an 
offering. The Division is focusing on the section 5 restrictions on 
pre-filing offers and free writing and the Securities Act rules that 
permit limited types of communication during those periods. The 
Division is also considering whether changes would be appropriate to 
the limitations on communications in certain exempt offerings. Finally, 
the Division is

[[Page 31440]]

examining the requirements for delivery of final prospectuses.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI11
_______________________________________________________________________

4172. [bull] CERTIFICATION OF DISCLOSURE IN CERTAIN EXCHANGE ACT REPORTS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78m; 15 USC 78o(d); 15 USC 78mm; 15 USC 80a-8; 
15 USC 80a-29; 15 USC 80a-37

CFR Citation: 17 CFR 228.601; 17FR 229.601; 17 CFR 240.13a-14; 17 CFR 
240.13a-15; 17 CFR 240.15D-14; 17 CFR 240.15D-15; 17 CFR 270.30a-2; 17 
CFR 270.30a-3; 17 CFR 232.302

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend to the Commission amendments to rules and forms under the 
Securities Exchange Act of 1934 and Investment Company Act of 1940 to 
require issuers to provide the certifications required by sections 302 
and 906 of the Sarbanes-Oxley Act of 2002 as exhibits to the periodic 
reports to which they relate.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Mark Borges, Special Counsel, Securities and Exchange 
Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI79
_______________________________________________________________________

4173. [bull] PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND 
RELATED PARTY TRANSACTIONS

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend that the Commission propose amendments that would enhance 
disclosure regarding executive compensation, the independence of a 
registrant's board of directors, related party transactions between 
executive officers and directors, and related party transactions 
concerning related party transaction with an issuer.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Kim McManus, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI80
_______________________________________________________________________

4174. [bull] TREATMENT OF FOREIGN BANKS UNDER SECTION 402 OF THE 
SARBANES-OXLEY ACT

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Corporation Finance is considering whether to 
recommend that the Commission propose an Exchange Act rule that would 
exempt qualified foreign banks from the insider lending prohibitions of 
Exchange Act section 13(k). Section 402 of the Sarbanes-Oxley Act 
imposed these prohibitions on both domestic and foreign issuers. 
However, it also created an exemption for federally insured banks that 
are subject to the insider lending restrictions under the Federal 
Reserve Act and its corresponding regulations. Since foreign banks do 
not qualify for this exemption as currently written, the proposed 
Exchange Act rule would extend this exemption to foreign banks that 
meet specified criteria similar to those that exempt domestic banks 
under section 402.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Elliot Staffin, Special Counsel, Securities and 
Exchange Commission, Division of Corporation Finance
Phone: 202 942-2990

RIN: 3235-AI81
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Corporation Finance
_______________________________________________________________________

4175. FORM 8-K DISCLOSURE OF CERTAIN MANAGEMENT TRANSACTIONS

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

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

CFR Citation: 17 CFR 230.144; 17 CFR 239.12; 17 CFR 239.13; 17 CFR 
239.16b; 17 CFR 249.308

Legal Deadline: None

Abstract: The Commission proposed amendments that would require some 
public companies to file current reports on Form 8-K describing: 
Directors' and executive officers' transactions in company equity 
securities, directors' and executive officers' arrangements for the 
purchase and sale of company equity securities, and loans of money to a 
director or executive officer made or guaranteed by the company or an 
affiliate of the company. In Release 34-46313, the Commission stated 
that, in

[[Page 31441]]

light of the Sarbanes-Oxley Act of 2002 amendment of section 16(a) of 
the Securities Exchange Act of 1934, the Commission does not intend to 
consider further proposed Form 8-K reporting of directors' and 
executive officers' transactions in company equity securities. The 
Division continues to consider the proposed Form 8-K reporting of 
directors' and executive officers' arrangements for the purchase and 
sale of company equity securities and company loans and loan guarantees 
to directors and executive officers that are not prohibited by the 
Sarbanes-Oxley Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19914
NPRM Comment Period End         06/24/02
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Anne M. Krauskopf, Special Counsel, Securities and 
Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI43
_______________________________________________________________________

4176. DISCLOSURE IN MANAGEMENT'S DISCUSSION AND ANALYSIS REGARDING THE 
APPLICATION OF CRITICAL ACCOUNTING POLICIES

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

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

CFR Citation: 17 CFR 228.303; 17 CFR 229.303

Legal Deadline: None

Abstract: The Commission proposed rule provisions to require a company 
to discuss the application of its critical accounting policies. The 
proposals would encompass both critical accounting estimates that a 
company makes and the initial adoption by a company of an accounting 
policy with a material impact on its financial presentation. The new 
disclosure would be included in the MD&A section of a company's annual 
reports, registration statements, and proxy and information statements 
and would be updated quarterly.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/20/02                    67 FR 35620
NPRM Comment Period End         07/19/02
Final Action                    06/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI44
_______________________________________________________________________

4177. MANDATED ELECTRONIC FILING AND WEBSITE POSTING FOR FORMS 3, 4, AND 
5

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

Legal Authority: 15 USC 77a et seq; 15 USC 77aaa et seq; 15 USC 78a et 
seq; 15 USC 79a et seq; 15 USC 80a-1 et seq; PL 107-204, sec 3(a)

CFR Citation: 17 CFR 230; 17 CFR 232; 17 CFR 239; 17 CFR 240; 17 CFR 
249 to 250; 17 CFR 259 to 260; 17 CFR 269; 17 CFR 274

Legal Deadline: Final, Statutory, July 30, 2003, Sarbanes-Oxley Act of 
2002.

Abstract: The Commission proposed rule and form amendments to mandate 
the electronic filing and website posting by issuers with corporate 
websites of beneficial ownership reports filed by officers, directors, 
and principal security holders under section 16(a) of the Sarbanes-
Oxley Act of 2002. The Commission is also implementing changes to the 
EDGAR system in order to facilitate electronic filing. In addition, the 
Commission proposed rule changes to eliminate magnetic cartridges as a 
means of electronic filing. The intended general effect of the 
proposals is to facilitate compliance with the will of Congress, as 
reflected in amended section 16(a), and to facilitate the more 
efficient transmission, dissemination, analysis, storage, and retrieval 
of insider ownership and transaction information in a manner that will 
benefit investors, filers, and the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/02                    67 FR 79466
NPRM Comment Period End         02/10/03
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Mark W. Green, Senior Special Counsel, Securities and 
Exchange Commission, Washington, DC 20549
Phone: 202 942-1940
Fax: 202 942-9624

RIN: 3235-AI26
_______________________________________________________________________

4178. DEFINING ``QUALIFIED PURCHASERS''

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

Legal Authority: 15 USC 78r

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 146 to provide a 
definition of ``qualified purchaser'' to fully implement the ``covered 
securities'' portion of section 18 of the Securities Act of 1933.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/27/01                    66 FR 66839
NPRM Comment Period End         02/25/02
Final Action                    09/00/03

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Marva Simpson, Special Counsel, Securities and Exchange 
Commission, Washington, DC 20549
Phone: 202 942-2950
Fax: 202 942-9516

RIN: 3235-AI25
_______________________________________________________________________

4179. ADDITIONAL FORM 8-K DISCLOSURE REQUIREMENTS AND ACCELERATION OF 
FILING DATE

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

Legal Authority: 15 USC 78 et seq

[[Page 31442]]

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Commission proposed amendments to Form 8-K to add several 
new disclosure items to Form 8-K, amend many of the existing Form 8-K 
disclosure items, shorten the Form 8-K filing deadline to 2 business 
days, and reorganize the disclosure items into logical categories.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/25/02                    67 FR 42914
NPRM Comment Period End         08/26/02
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AI47
_______________________________________________________________________

4180. [bull] DISCLOSURE REQUIRED BY SECTIONS 404, 406, AND 407 OF THE 
SARBANES-OXLEY ACT OF 2002

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77e, 77f, 77g, 77j, 77q, 77z-3; 15 USC 78l, 
78m, 78o, 78w, 78mm; secs 3(a), 406, and 407 of the Sarbanes-Oxley Act 
of 2002

CFR Citation: 17 CFR 228.401; 17 CFR 228-406; 17 CFR 228.601; 17 CFR 
229.401; 17 CFR 229.406; 17 CFR 229.601; ...

Legal Deadline: Final, Statutory, January 26, 2003.
Sarbanes-Oxley Act of 2002.

Abstract: The Commission adopted rules relating to sections 406 and 407 
of the Sarbanes-Oxley Act of 2002. The proposed rules would require 
companies to include in their Exchange Act filings: (1) Disclosure 
regarding whether a company had adopted a code of ethics that applies 
to certain senior officers and (2) disclosure regarding whether a 
company has an audit committee financial expert serving on its audit 
committee. The Commission continues to consider the adoption of rules 
relating to section 404 of the Sarbanes-Oxley Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/30/02                    67 FR 66208
NPRM Comment Period End         11/29/02
Final Action for 406 and 407 
Rules                           01/31/03                     68 FR 5110
Final Action Effective          03/03/03
Final Action for 404 Rules      05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Raymond A. Be, Office of Rulemaking, Division of 
Corporation Finance, Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AI66
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Corporation Finance
_______________________________________________________________________

4181. [bull] SECTIONS 401(B) AND 409 OF THE SARBANES-OXLEY ACT OF 2002

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 
77s; 15 USC 77z-3; 15 USC 78c; 15 USC 78d; 15 USC 78j; 15 USC 78L; 15 
USC 78m; 15 USC 78o; 15 USC 78w; 15 USC 78mm

CFR Citation: 17 CFR 228.10; 17 CFR 229.10; 17 CFR 244.100; 17 CFR 
244.101; 17 CFR 244.102;; 17 CFR 249.308

Legal Deadline: Final, Statutory, January 26, 2003.
Sarbanes-Oxley Act of 2002.

Abstract: The Commission adopted new rules and amendments to implement 
section 401(b) of the Sarbanes-Oxley Act of 2002, regarding use of pro 
forma financial information. Additionally, consistent with section 409 
of Sarbanes-Oxley Act the Commission adopted a new requirement for 
companies to furnish earnings announcement or release on Form 8-K.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/13/02                    67 FR 68790
NPRM Comment Period End         12/13/02
Final Action                    01/30/03                     68 FR 4820
Final Action Effective          03/28/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Joseph P. Babits, Division of Corporation Finance, 
Securities and Exchange Commission
Phone: 202 942-2910

RIN: 3235-AI69
_______________________________________________________________________

4182. EXEMPTION FOR STANDARDIZED OPTIONS FROM PROVISIONS OF THE 
SECURITIES ACT OF 1933 AND FROM THE REGISTRATION REQUIREMENTS OF THE 
SECURITIES EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77z-3; 15 USC 78l(h); 15 USC 78w(3); 15 USC 
78mm

CFR Citation: 17 CFR 230.238; 17 CFR 240.9b-1; 17 CFR 240.12a-9; 17 CFR 
240.12h-1

Legal Deadline: None

Abstract: The Commission adopted amendments that exempt transactions in 
most standardized options from provisions of the Securities Act of 1933 
and from the registration requirements of the Securities and Exchange 
Act of 1934.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/01/02                    67 FR 50326
NPRM Comment Period End         09/03/02
Final Action                    01/02/03                      68 FR 188
Final Action Effective          01/02/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Sean Harrison, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549

[[Page 31443]]

Phone: 202 942-2910

RIN: 3235-AI55
_______________________________________________________________________

4183. [bull] SARBANES-OXLEY RULEMAKING FOR DISCLOSURE IN MANAGEMENT'S 
DISCUSSION AND ANALYSIS ABOUT OFF-BALANCE SHEET ARRANGEMENTS

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

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

CFR Citation: 17 CFR 228.303; 17 CFR 229.303; 17 CFR 249.220f; 17 CFR 
249.240f

Legal Deadline: Final, Statutory, January 26, 2003.
Sarbanes-Oxley Act of 2002.

Abstract: On January 28, 2003, the Commission adopted rule amendments 
mandated by section 401(a) of the Sarbanes-Oxley Act of 2002. The rules 
require a public company to provide in the ``Management's Discussion 
and Analysis'' section of its Commission filings: (1) A discussion of 
off-balance sheet arrangements and (2) a table of payments under 
specified contractual obligations due in short- and long-term periods.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/08/02                    67 FR 68054
NPRM Comment Period End         12/09/02
Final Action                    02/05/03                     68 FR 5982
Final Action Effective          04/07/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange 
Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI70
_______________________________________________________________________

4184. [bull] INSIDER TRADES DURING PENSION FUND BLACKOUT PERIODS

Priority: Substantive, Nonsignificant

Legal Authority: secs 3, 13, 23(a), and 36 of Exchange Act; secs 30 and 
38 of Investment Company Act; secs 3(a) and 306(a) of Sarbanes-Oxley 
Act

CFR Citation: 17 CFR 245.100 to 245.104

Legal Deadline: Final, Statutory, January 26, 2003, Sarbanes-Oxley Act 
of 2002.

Abstract: The Commission adopted Regulation BTR, which clarifies the 
application and prevents evasion of section 306(a) of Sarbanes-Oxley 
Act of 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/15/02                    67 FR 69430
NPRM Comment Period End         12/16/02
Final Action Effective          01/26/03
Final Action                    01/28/03                     68 FR 4338

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Mark Borges, Special Counsel, Securities and Exchange 
Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI71
_______________________________________________________________________

4185. [bull] STANDARDS RELATING TO LISTED COMPANY AUDIT COMMITTEES

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

Legal Authority: 15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 
77j; 15 USC 77q; 15 USC 77s; 15 USC 78c; 15 USC 78 j-1; 15 USC 78l; 15 
USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78w; 15 USC 78mm; 15 USC 80a-8; 
15 USC 80a-20; 15 USC 80a-24; 15 USC 80A-29; 15 USC 80a-37; 15 USC 7202

CFR Citation: 17 CFR 228; 17 CFR 229; 17 CFR 240; 17 CFR 249; 17 CFR 
274

Legal Deadline: Final, Statutory, April 26, 2003.
Sarbanes-Oxley Act of 2002.

Abstract: Pursuant to section 10A(m) of the Securities Act of 1934, as 
added by section 301 of the Sarbanes-Oxley Act of 2002, the Commission 
must, by rule, direct the national securities exchanges and national 
securities associations to prohibit the listing of any security of an 
issuer that is not in compliance with the audit committee requirements 
established in section 10A(m).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/17/03                     68 FR 2638
NPRM Comment Period End         02/18/03
Final Action                    04/16/03                    68 FR 18788
Final Action Effective          04/25/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jeffrey Minton, Division of Corporation Finance, 
Securities and Exchange Commission, 450 5th Street NW, Washington, DC 
20549
Phone: 202 942-2910

RIN: 3235-AI75

[[Page 31444]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Investment Management
_______________________________________________________________________

4186. BOOKS AND RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS

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

Legal Authority: 15 USC 80b-4; 15 USC 80b-6(4); 15 USC 80b-11(a)

CFR Citation: 17 CFR 275.204-2

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission update the books and records 
requirements for investment advisers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Don L. Evans, Office of Investment Adviser Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0719

RIN: 3235-AH24
_______________________________________________________________________

4187. PRINCIPAL TRANSACTIONS WITH INVESTMENT ADVISORY CLIENTS

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

Legal Authority: 15 USC 80b-6a

CFR Citation: 17 CFR 275

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission revise the conditions under which 
investment advisers may enter into principal transactions with their 
clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/04

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AH34
_______________________________________________________________________

4188. CERTAIN THRIFT INSTITUTIONS DEEMED NOT TO BE INVESTMENT ADVISERS

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

Legal Authority: 15 USC 80b-2(a)(11)(F)

CFR Citation: 17 CFR 275

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending a proposal to the Commission to except from the definition 
of investment adviser thrift institutions providing investment advice 
to certain clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI16
_______________________________________________________________________

4189. EXEMPTION FROM REGISTRATION FOR CERTAIN COMMODITY POOL OPERATORS

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

Legal Authority: 15 USC 80b-6a

CFR Citation: 17 CFR 275.203(b)(6)-1

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission propose a rule exempting certain 
commodity pool operators from investment adviser registration and 
addressing issues related to the Commodity Futures Modernization Act 
amendments to the Investment Adviser Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI29
_______________________________________________________________________

4190. EXEMPTION TO PERMIT INVESTMENT COMPANIES TO INVEST IN OTHER 
INVESTMENT COMPANIES

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(j)

CFR Citation: 17 CFR 12d1-1, 12d1-2, 12d1-3

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending to the Commission new rules that would (i) allow 
investment companies to purchase securities issued by money market 
funds in excess of limits on those investments under the Investment 
Company Act of 1940 and (ii) alleviate certain investment and other 
restrictions on investment companies that invest in other investment 
companies (``fund of funds'').

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Penelope W. Saltzman, Office of Regulatory Policy, 
Division of Investment Management, Securities and Exchange Commission, 
450 Fifth Street NW, Washington, DC 20549-0506
Phone: 202 942-0690

RIN: 3235-AI30

[[Page 31445]]

_______________________________________________________________________

4191. SUBSTITUTION OF FUNDS UNDERLYING VARIABLE INSURANCE PRODUCTS

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

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose a rule to permit substitutions 
of funds underlying variable insurance products without a Commission 
approval order under section 26(c) of the Investment Company Act and 
related relief form section 17(a) for in-kind transactions in 
connection with the substitutions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Keith Carpenter, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0679

RIN: 3235-AI58
_______________________________________________________________________

4192. [bull] AMENDMENTS TO REGISTRATION FORM AND RULES FOR REGISTRATION 
OF CERTAIN INVESTMENT COMPANY SECURITIES

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

Legal Authority: 15 USC 80a-24; 15 USC 80a-37; 15 USC 77f; 15 USC 77h; 
15 USC 77j; 15 USC 77s(a)

CFR Citation: 17 CFR 230; 17 CFR 270; 17 CFR 274

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending that the Commission amend the rule and the form under the 
Investment Company Act of 1940 that prescribe the method by which 
certain investment companies calculate and pay registration fees under 
the Securities Exchange Act of 1933 and Rule 457 under the Securities 
Act that allows for the offset of registration fees in cases of 
overpayment. The amendments would make clear that funds must pay 
interest on late filings at the time of the late filing, allow funds to 
use excess filing fees resulting from erroneous over payments with Form 
24F-2 filings as an offset against future registration fees due with 
Form 24F-2 filings, and make technical corrections to the form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Ruth Armfield Sanders, Division of Investment 
Management, Securities and Exchange Commission
Phone: 202 942-0633

RIN: 3235-AI84
_______________________________________________________________________

4193. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY 
CONTRACTS

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

Legal Authority: 15 USC 80a-6(c)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending to the Commission a new rule to allow certain types of 
funds or their investment advisers to enter into subadvisory agreements 
for investment management services without obtaining shareholder 
approval.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AH80
_______________________________________________________________________

4194. AMENDMENTS TO FORM N-SAR, SEMIANNUAL REPORT OF REGISTERED 
INVESTMENT COMPANIES

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

Legal Authority: 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 80a-
8; 15 USC 80a-29; 15 USC 80a-37

CFR Citation: 17 CFR 249.330; 17 CFR 274.101

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission amend Form N-SAR, the semiannual 
report for registered investment companies, to update the items of the 
form.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Carolyn A. Miller, Office of Financial Analysis, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0510

RIN: 3235-AF93
_______________________________________________________________________

4195. AMENDMENTS TO THE CASH SOLICITATION RULE

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

Legal Authority: 15 USC 80b-4; 15 USC 80b-6; 15 USC 80-11(a)

CFR Citation: 17 CFR 275.206(4)-3

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend revisions to the cash solicitation rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser

[[Page 31446]]

Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AH33
_______________________________________________________________________

4196. RULEMAKING FOR EDGAR SYSTEM

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

Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 
77s(a); 15 USC 78c; 15 USC 781; 15 USC 78m; 15 USC 78n; 15 USC 78o(d); 
15 USC 78w(a); 15 USC 78ll; 15 USC 77sss; 15 USC 79c; 15 USC 79e; 15 
USC 79f; 15 USC 79g; 15 USC 79j; 15 USC 79l; 15 USC 79m; 15 USC 79n; 15 
USC 79q; 15 USC 79t; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-30; 15 USC 
80a-37

CFR Citation: 17 CFR 232.101 to 232.601

Legal Deadline: None

Abstract: In connection with the ongoing modernization of the 
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, the 
Division is considering recommending that the Commission propose 
amendments to existing rules and forms to make technical and clarifying 
corrections and to expand the categories of mandatory electronic 
filings and to identify series and classes for certain investment 
company filings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0633

RIN: 3235-AI18
_______________________________________________________________________

4197. INVESTMENT IN MONEY MARKET FUNDS

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a 37(a)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose a new rule that would permit a 
company to treat money market fund shares as cash items for purposes of 
determining whether the company is an investment company under the 
Investment Company Act of 1940.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Sarah Ackerson, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-2910

RIN: 3235-AI45
_______________________________________________________________________

4198. REGIONAL TRANSMISSION ORGANIZATIONS AND INDEPENDENT TRANSMISSION 
COMPANIES

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

Legal Authority: 15 USC 79c

CFR Citation: 17 CFR 250.18; 17 CFR 250.40; 17 CFR 250.44; 17 CFR 250.6

Legal Deadline: None

Abstract: The Division of Investment Management is considering 
recommending a proposal to the Commission to deem an ``independent 
transmission company'' as defined by the rule not to be a 
``subsidiary,'' ``company,'' or ``affiliate'' of a registered holding 
company. The rule is intended to facilitate the Federal Energy 
Regulatory Commission's Order No. 2000, Regional Transmission 
Organizations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Victoria J. Adraktas, Office of Public Utility 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0545
Email: adraktasv@sec.gov

RIN: 3235-AI27
_______________________________________________________________________

4199. EXEMPTIONS FROM SECTION 17(C) OF THE PUBLIC UTILITY HOLDING 
COMPANY ACT REGARDING OFFICERS AND DIRECTORS OF REGISTERED HOLDING 
COMPANIES

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

Legal Authority: 15 USC 79q(c)

CFR Citation: 17 CFR 250.70

Legal Deadline: None

Abstract: The Division of Investment Management is considering whether 
to recommend that the Commission propose revisions to existing Rule 70 
to update the exemptions to reflect current industry conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/04

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: David B. Smith, Securities and Exchange Commission, 
Office of Public Utility Regulation, Division of Investments 
Management, Washington, DC 20549
Phone: 202 942-0525

RIN: 3235-AI59

[[Page 31447]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Investment Management
_______________________________________________________________________

4200. CUSTODY OR POSSESSION OF FUNDS OR SECURITIES OF CLIENTS

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

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

CFR Citation: 17 CFR 275.206(4)-2

Legal Deadline: None

Abstract: The Commission proposed revisions to the custody rule under 
the Investment Advisers Act of 1940. The proposed amendments are 
designed to conform the rule to modern custodial practices and enhance 
protections for client assets while reducing burdens on advisers that 
have custody of client assets.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/25/02                    67 FR 48579
NPRM Comment Period End         09/25/02
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Vivian Liu, Office of Investment Adviser Regulation, 
Division of Investment Management, Securities and Exchange Commission
Phone: 202 942-0719

RIN: 3235-AH26
_______________________________________________________________________

4201. CERTAIN BROKER-DEALERS DEEMED NOT TO BE INVESTMENT ADVISERS

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

Legal Authority: 15 USC 80b-2(a)(11)(F); 15 USC 80b-11(a)

CFR Citation: 17 CFR 275.202(a)(11)-1

Legal Deadline: None

Abstract: The Commission has proposed new Rule 202(a)(11)-1, which 
would exempt from the definition of investment adviser those broker-
dealers offering nondiscretionary, full-service brokerage programs so 
long as the investment advice provided is solely incidental to the 
brokerage services and other conditions are satisfied.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/10/99                    64 FR 61226
NPRM Comment Period End         01/14/00
Final Action                    06/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AH78
_______________________________________________________________________

4202. AMENDMENTS TO FORM ADV

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

Legal Authority: 15 USC 80b-4, 80b-6(4), 80bll(a), 80b-3(c)(1); 15 USC 
77s(a); 15 USC 78(a), 78bbb(e)(2); 15 USC 77sss(a); 15 USC 78(s)-37(a)

CFR Citation: 17 CFR 275.204-2; 17 CFR 275.204-3; 17 CFR 275.206(4)-4; 
17 CFR 279.1

Legal Deadline: None

Abstract: In 2000, the Commission proposed amendments to Form ADV and 
related rules to create an electronic filing system for investment 
advisers and to improve the quality of information that advisers must 
provide to clients and prospective clients. The proposed amendments to 
Form ADV and the final amendments to part 1 of Form ADV were published 
under RIN 3235-AD21. The Commission deferred adoption of the final 
amendments to part 2 of Form ADV. Final action on amendments to part 2 
of the Form ADV (and related rules), if approved by the Commission, 
will be published under the new RIN.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/05/00                    65 FR 20524
NPRM Comment Period End         06/13/00
Final Action                    07/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI17
_______________________________________________________________________

4203. [bull] COMPLIANCE PROGRAMS OF INVESTMENT COMPANIES AND INVESTMENT 
ADVISERS

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

Legal Authority: 15 USC 80a-30(a); 15 USC 80a-37(a); 15 USC 80b-6; 15 
USC 80b-11; 15 USC 80b-4

CFR Citation: 17 CFR 270.38a-1 (New); 17 CFR 275.204-2; 17 CFR 
275.206(4)-7

Legal Deadline: None

Abstract: The Commission proposed new Rule 38a-1 under the Investment 
Company Act, new Rule 206(4)-7 under the Investment Advisers Act, and 
amendments to Rule 204-2 under the Investment Advisers Act to require 
each investment company and investment adviser to: (i) Adopt and 
implement policies and procedures reasonably designed to prevent 
violations of the Federal securities laws, (ii) review those policies 
and procedures annually, (iii) appoint a chief compliance officer, and 
(iv) maintain certain compliance records.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/11/03                     68 FR 7038
NPRM Comment Period End         04/18/03
Final Action                    10/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: Hester M. Peirce, Office of Regulatory Policy, Division 
of Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AI77

[[Page 31448]]

_______________________________________________________________________

4204. SHAREHOLDER REPORT AND FINANCIAL STATEMENT REVISIONS

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

Legal Authority: 15 USC 77e, 77f, 77g, 77h, 77j, 77s(a), 77z-3, 78j(b), 
78l, 78m, 78o(d), 78w(a); 15 USC 80a-6(c), 80a-8, 80a-24(a), 80a-29, 
80a-30, 80a-37

CFR Citation: 17 CFR 210.6-10; 17 CFR 210.12-12C; 17 CFR 239.14; 17 CFR 
239.15A; 17 CFR 239.17; 17 CFR 249.33; 17 CFR 270.30b1-4; 17 CFR 
274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b; 17 CFR 274.128; 17 CFR 
274.129

Legal Deadline: None

Abstract: The Commission proposed rule and form amendments to improve 
the periodic disclosure provided by registered management investment 
companies about their portfolio investments, costs, and past 
performance, including amendments that would require quarterly 
disclosure of portfolio holdings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/02/03                      68 FR 160
NPRM Comment Period End         02/14/03
Final Action                    06/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Katy Mobedshahi, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AG64
_______________________________________________________________________

4205. PROPOSED AMENDMENTS TO INVESTMENT COMPANY ADVERTISING RULES

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

Legal Authority: 15 USC 77b; 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 
77j; 15 USC 77s(a); 15 USC 77z-3; 15 USC 80a-8; 15 USC 78j(b); 15 USC 
78w(a); 15 USC 80a-8; 15 USC 80a-24; 15 USC 80a-29; 15 USC 80a-33; 15 
USC 80a-37; ...

CFR Citation: 17 CFR 230.482; 17 CFR 230.134; 17 CFR 230.156; 17 CFR 
239.15A; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR 270.34b-1; 17 CFR 
274.11A; 17 CFR 274.11b; 17 CFR 274.11c; 17CFR 274.11d; ...

Legal Deadline: None

Abstract: The Commission proposed to amend Rule 482, to permit fund 
advertisements that are not subject to restrictions limiting the 
content of the advertisement to information ``the substance of which'' 
is in a fund's prospectus. The Commission also proposed amendments that 
would require enhanced disclosure in fund advertisements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/24/02                    67 FR 36712
NPRM Comment Period End         07/31/02
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: Undetermined

Agency Contact: David Schwartz, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AH19
_______________________________________________________________________

4206. CERTAIN RESEARCH AND DEVELOPMENT COMPANIES

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

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.3a-8

Legal Deadline: None

Abstract: The Commission has proposed new Rule 3a-8 under the 
Investment Company Act of 1940 that would provide a safe harbor from 
investment company status for certain research and development 
companies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/03/02                    67 FR 71915
NPRM Comment Period End         01/15/03
Final Action                    06/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Karen Goldstein, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0646

RIN: 3235-AI57
_______________________________________________________________________

4207. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY 
COMPANIES; SUBSIDIARIES AUTHORIZED TO PERFORM SERVICES OR CONSTRUCTION 
OR TO SELL GOODS

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

Legal Authority: 15 USC 79e; 15 USC 79f(b); 15 USC 79i(c)(3); 15 USC 
79t; 15 USC 79z-5a; 15 USC 79z-5b; 15 USC 79; 15 USC 79j; 15 USC 79l; 
15 USC 79m; 15 USC 79n; 15 USC 79o

CFR Citation: 17 CFR 250.55 (New); 17 CFR 250.87 (Revision); 17 CFR 
259.5s (Revision); 17 CFR 259.207 (Revision)

Legal Deadline: None

Abstract: Proposed rule 55 is intended to provide a safe harbor for 
those acquisitions of one or more foreign utility companies by a 
registered holding company that meet specified criteria. Proposed rule 
56, previously considered in RIN 3235-AF79, clarifies that a subsidiary 
of a registered holding company that is engaged exclusively in the 
business of owning an interest in one or more foreign utility companies 
will be deemed a foreign utility company. The proposed amendment to 
rule 87 would require registered holding companies to obtain Commission 
approval of intrasystem agreements involving foreign utility companies 
and exempt wholesale generators.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/15/93                    58 FR 13719
NPRM Comment Period End         04/14/93
Second NPRM                     02/07/01                     66 FR 9247
Second NPRM Comment Period End  04/09/01
Final Action                    04/00/04

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Additional Information: Related to RIN 3235-AF79

[[Page 31449]]

Agency Contact: Alberto Zapata, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0545

RIN: 3235-AF78
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Long-Term Actions
Division of Investment Management
_______________________________________________________________________

4208. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

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

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

CFR Citation: 17 CFR 275

Legal Deadline: None

Abstract: The Commission has 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 has proposed rule amendments that would require a 
registered adviser that has Government clients to maintain certain 
records of the political contributions made by the adviser or any of 
its partners, executive officers, or solicitors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/99                    64 FR 43556
NPRM Comment Period End         11/01/99
Final Action                    06/00/04

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jennifer L. Sawin, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AH72
_______________________________________________________________________

4209. INSURANCE PRODUCTS: EQUITY INDEX INSURANCE PRODUCTS CONCEPT 
RELEASE

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

Legal Authority: 15 USC 77a et seq

CFR Citation: 17 CFR 230.151

Legal Deadline: None

Abstract: The Commission issued a release requesting public comment on 
the structure of equity index insurance products, the manner in which 
they are marketed, and any other matters the Commission should consider 
in addressing Federal securities law issues raised by equity index 
insurance products.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           08/27/97                    62 FR 45359
ANPRM Comment Period End        11/20/97
NPRM                            11/21/97                    62 FR 62273
NPRM Comment Period End         01/05/98


Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: William Kotapish, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0670

RIN: 3235-AH23
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Investment Management
_______________________________________________________________________

4210. EXEMPTION FOR CERTAIN INVESTMENT ADVISERS OPERATING THROUGH THE 
INTERNET

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80b-3a(c)

CFR Citation: 17 CFR 275.203A-2(f)

Legal Deadline: None

Abstract: The Commission adopted new Rule 203A-2(f), which permits 
certain investment advisers operating through the Internet to register 
with the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/19/02                    67 FR 19500
NPRM Comment Period End         06/06/02
Final Action                    12/18/02                    67 FR 77620
Final Action Effective          01/20/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Marilyn Barker, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI15
_______________________________________________________________________

4211. TRANSACTIONS OF INVESTMENT COMPANIES WITH PORTFOLIO AND SUBADVISER 
AFFILIATES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f); 15 USC 80-17(b); 15 
USC 80a-17(d); 15 USC 80a-30(a); 15 USC 80a 37(a)

CFR Citation: 17 CFR 270.10f-3; 17 CFR 270.12d3-1; 17 CFR 270.17a-6; 17 
CFR 270.17a-10; 17 CFR 270.17d-1; 17 CFR 270.17e-1

Legal Deadline: None

Abstract: The Commission adopted one rule and amendments to five 
existing rules to expand the circumstances

[[Page 31450]]

under which a registered investment company may engage in transactions 
and joint enterprises with certain affiliated persons and affiliated 
persons of affiliated persons of the investment company.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/08/02                    67 FR 31081
NPRM Comment Period End         07/19/02
Final Action                    01/22/03                     68 FR 2142
Final Action Effective          02/24/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: William C. Middlebrooks, Jr., Attorney, Office of 
Regulatory Policy, Securities and Exchange Commission, 450 5th Street 
NW, Washington, DC 20549-0506
Phone: 202 942-0690

RIN: 3235-AI28
_______________________________________________________________________

4212. DISCLOSURE OF PROXY VOTING POLICIES AND RESULTS BY INVESTMENT 
COMPANIES

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

Legal Authority: 15 USC 77e to 77g; 15 USC 77J; 15 USC 77S(a); 15 USC 
77z-3; 15 USC 80a-8; 15 USC 80-24a; 15 USC 80a-29; 15 USC 80a-30; 15 
USC 80a-37

CFR Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 
249.331; 17 CFR 270.30b1-4; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR 
274.11b; 17 CFR 274.129

Legal Deadline: None

Abstract: The Commission adopted amendments that require registered 
management investment companies to disclose their policies and 
procedures that they use to determine how to vote proxies of portfolio 
securities. The amendments also require the investment companies to 
file with the Commission and to make available to shareholders the 
specific proxy votes that they cast.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/26/02                    67 FR 60828
NPRM Comment Period End         12/06/02
Final Action                    02/07/03                     68 FR 6564
Final Action Effective          04/14/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Christian Broadbent, Attorney-Adviser, Securities and 
Exchange Commission, 450 Fifth Street NW, Washington, DC 20549
Phone: 202 942-7972

RIN: 3235-AI64
_______________________________________________________________________

4213. CERTIFICATION OF DISCLOSURE IN MANAGEMENT INVESTMENT COMPANIES' 
REPORTS TO SHAREHOLDERS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78j(b), 78m, 78o(d), 78w(a), 78mm; 15 USC 80a-
6(c), 80a-8, 80a-24(a), 80a-29, and 80a-37; PL 107-204, 116 Stat 745 
(2002)

CFR Citation: 17 CFR 240.12b-25; 17 CFR 240.13a-15; 17 CFR 240.15d-15; 
17 CFR 249.322; 17 CFR 249.330; 17 CFR 249.331; 17 CFR 270.8b-15; 17 
CFR 270.30a-1; 17 CFR 270.30a-2; 17 CFR 270.30a-3; 17 CFR 270.30b1-1; 
17 CFR 270.30b1-3; 17 CFR 270.30b2-1; 17 CFR 270.30d-1; 17 CFR 
2741.101; 17 CFR 274.128

Legal Deadline: None

Abstract: The Commission adopted rule and form amendments that require 
registered management investment companies to file certified 
shareholder reports on Form N-CSR with the Commission and designate 
these certified reports as reports that are required under section 
13(a) and 15(d) of the Securities Exchange Act of 1934. The amendments 
require each registered management investment company's principal 
executive and financial officers to certify the information contained 
in these reports in the manner required by section 302 of the Sarbanes-
Oxley Act of 2002. In addition, the amendments require registered 
management investment companies to include new disclosures on Form N-
CSR or Form N-SAR to implement the requirements of sections 406 and 407 
of the Sarbanes-Oxley Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/09/02                    67 FR 57298
NPRM Comment Period End         10/16/02
Final Action                    02/03/03                     68 FR 5348
Final Action Effective          03/01/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: John M. Faust, Office of Disclosure Regulation, 
Securities and Exchange Commission, Division of Investment Management, 
451 5th Street NW, Washington, DC 20549
Phone: 202 942-0721

RIN: 3235-AI63
_______________________________________________________________________

4214. PROXY VOTING POLICIES AND PROCEDURES FOR INVESTMENT ADVISERS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80b-2(a); 15 USC 80b-4; 15 USC 80b-6(4); 15 USC 
80b-11(a)

CFR Citation: 17 CFR 275.204; 17 CFR 206(4)-6

Legal Deadline: None

Abstract: The staff adopted new Rule 206-4(6) and amended Rule 204-2 
under the Investment Advisers Act of 1940 to require investment 
advisers that exercise discretionary voting authority with respect to 
client securities to adopt proxy voting policies and procedures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/26/02                    67 FR 60841
NPRM Comment Period End         12/06/02
Final Action                    02/07/03                     68 FR 6585
Final Action Effective          08/06/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Daniel Seth Kahl, Office of Investment Adviser 
Regulation, Division of Investment Management, Securities and Exchange 
Commission
Phone: 202 942-0719

RIN: 3235-AI65

[[Page 31451]]

_______________________________________________________________________

4215. CUSTODY OF INVESTMENT COMPANY ASSETS WITH A SECURITIES DEPOSITORY

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80a-17(f); 15 USC 80a-06(c); 15 USC 80a-37(a)

CFR Citation: 17 CFR 270.17f-4

Legal Deadline: None

Abstract: The Commission adopted amendments to Rule 17f-4, the rule 
that governs investment companies' use of securities depositories. The 
amendments, among other things, update and simplify the rule's 
compliance requirements to reflect changes in commercial law, and 
expand the types of investment companies that can rely on the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/21/01                    66 FR 58412
NPRM Comment Period End         01/31/02
Final Action                    02/20/03                     68 FR 8438
Final Action Effective          03/28/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Hugh P. Lutz, Office of Regulatory Policy, Division of 
Investment Management, Securities and Exchange Commission
Phone: 202 942-0690

RIN: 3235-AG71
_______________________________________________________________________

4216. DISCLOSURE OF COSTS AND EXPENSES FOR VARIABLE ANNUITIES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77e; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 
77s(a); 15 USC 80a-8; 15 USC 80a-24; 15 USC 80a-29; 15 USC 80a-37

CFR Citation: 17 CFR 239.17b; 17 CFR 274.11c

Legal Deadline: None

Abstract: The Commission adopted revisions to Form N-4, the 
registration form for insurance company separate accounts that are 
registered as unit investment trusts and that offer variable annuity 
contracts. The amendments revise the format of the fee table of Form N-
4 to require disclosure of the range of expenses for all of the mutual 
funds offered through the separate account.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/23/02                    67 FR 19886
NPRM Comment Period End         06/14/02
Final Action                    11/19/02                    67 FR 69974
Final Action Effective          12/23/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Katy Mobedshahi, Division of Investment Management, 
Securities and Exchange Commission
Phone: 202 942-0721

RIN: 3235-AI39
_______________________________________________________________________
Securities and Exchange Commission (SEC)                  Prerule Stage
Division of Market Regulation
_______________________________________________________________________

4217. [bull] REQUEST FOR COMMENT ON NYSE PETITION FOR AMENDING THE CTA 
AND CQ PLANS SO AS TO DELETE THE PARTICIPANTS' FEE EXEMPTIONS

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 78k-1; 17 CFR 240.11Aa-3-2

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering a recommendation that the 
Commission request general comments from the public on the NYSE's 
petition requesting that the Commission amend the CTA and CQ Plans to 
remove provisions that exempt CTA participants from certain charges 
that generally apply for the receipt and use of market data.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           05/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Sapna C. Patel, Office of Market Supervision, 
Securities and Exchange Commission
Phone: 202 942-0166
Fax: 202 942-9695

RIN: 3235-AI78
_______________________________________________________________________

4218. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS--DEFINITION OF THE 
TERM NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION

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

Legal Authority: 15 USC 78c; 15 USC 78o; 15 USC 78q; 15 USC 78w

CFR Citation: 17 CFR 240.15c3-1

Legal Deadline: None

Abstract: In January 2003, the Commission issued its report on the role 
and function of Credit Rating Agencies in the operation of the 
securities markets. The report stated that the Commission plans to 
publish a concept release within 60 days of the report to address 
concerns related to credit rating agencies and expects to issue 
proposed rules after reviewing and evaluating the comments received on 
the concept release.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/97                    62 FR 68018
NPRM Comment Period End         03/02/98
ANPRM                           05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Additional Information: This proposal was based in part on comments 
received in response to a concept release (RIN 3235-AG41; 59 FR 46314), 
which is now combined in this rulemaking.

Agency Contact: Thomas K. McGowan, Office of Risk Management, Division 
of

[[Page 31452]]

Market Regulation, Securities and Exchange Commission
Phone: 202 942-4886
Fax: 202 942-9553

RIN: 3235-AH28
_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Market Regulation
_______________________________________________________________________

4219. RISK ASSESSMENT RECORDKEEPING AND REPORTING REQUIREMENT

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

Legal Authority: 15 USC 78a(h)

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

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas K. McGowan, Office of Risk Management, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-4886
Fax: 202 942-9553

RIN: 3235-AH06
_______________________________________________________________________

4220. CONCEPT RELEASE: SHORT SALES

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

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

CFR Citation: 17 CFR 240.10a-1

Legal Deadline: None

Abstract: As part of its comprehensive review of Exchange Act Rule 10a-
1, the short sale rule, the Commission published a concept release 
soliciting public comment on, among other things: Lifting the limits on 
short sales of exchange listed securities under advancing market 
conditions; providing an exception for actively traded securities; 
focusing short sale restrictions on certain market events and trading 
strategies; removing short sale restrictions on hedging transactions; 
revising short sale regulation in response to certain market 
developments; revising the definition of ``short sale''; extending 
short sale regulation to non-exchange listed securities; and 
eliminating short sale regulation altogether.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/28/99                    64 FR 57996
ANPRM Comment Period End        12/28/99
NPRM                            07/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Gregory J. Dumark, Division of Market Regulation, 
Securities and Exchange Commission
Phone: 202 942-4176
Fax: 202 942-9695

RIN: 3235-AH84
_______________________________________________________________________

4221. AMENDMENTS TO THE PENNY STOCK RULES IN LIGHT OF THE ELECTRONIC 
SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT

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

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

CFR Citation: 17 CFR 240.15g-2(c); 17 CFR 240.15g-9(e)

Legal Deadline: None

Abstract: The Division is considering recommending to the Commission 
proposed rules 15g-2(c) and 15(g)-9(e) under the Exchange Act. The 
Division plans to recommend that the Commission propose two 
alternatives that would adapt Rules 15g-2 and 15g-9 to the requirements 
of the Electronic Signatures Act in slightly different ways. The 
Division is also considering whether to recommend that the Commission 
amend the definition of ``penny stock'' in rule 3a51-1 in light of the 
NASDAQ application to become a national securities exchange, and in 
light of the CFMA.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Norman Reed, Securities and Exchange Commission, 
Division of Market Regulation
Phone: 202 942-7901

RIN: 3235-AI02
_______________________________________________________________________

4222. DEFINITION OF TERMS IN AND SPECIFIC EXEMPTIONS FOR BANKS, SAVINGS 
ASSOCIATIONS, AND SAVINGS BANKS UNDER SECTIONS 3(A)(4) AND 3(A)(5) OF 
THE SECURITIES AND EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

Legal Authority: PL 106-102

CFR Citation: 17 CFR 240.3a4-2; 17 CFR 240.3a4-3; 17 CFR 240.3a-51; 17 
CFR 240.3b-17; 17 CFR 240.3b-18; 17 CFR 200.30-3; 17 CFR 240.3a4-4 to 
3a4.6; 17 CFR 240.15a-7 to 15a-9; ...

Legal Deadline: Other, Statutory, May 12, 2001, Title II of the Gramm-
Leach-Bliley Act required banks to shift certain securities activities 
to registered broker-dealers by May 12, 2001.

Abstract: The Commission issued guidance to the meaning of terms added 
to the Securities Exchange Act

[[Page 31453]]

of 1934 by the Gramm-Leach-Bliley Act of 1999. The Commission intends 
to amend the guidance regarding the definition of ``broker'' and to 
extend the implementation date for the guidance as necessary. The 
Commission amended the guidance regarding the definition of ``dealer'' 
on February 24, 2003, and extended the implementation date for the 
guidance regarding the definition of ``dealer'' until September 30, 
2003.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/18/01                    66 FR 27760
Interim Final Rule Comment 
Period End                      07/17/01
Interim Final Rule Extended     07/24/01                    66 FR 38370
Comment Period Extended         07/24/01                    66 FR 38370
Comment Period End              09/04/01
Interim Final Rule Extended     05/08/02
NPRM for Dealer Rules           11/05/02                    67 FR 67495
Comment Period for Dealer Rule 
End                             12/05/02
Final Dealer Rule               02/24/03                     68 FR 8686
NPRM for Broker Rules           07/00/03
Compliance Date for Dealer Rule 09/30/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0073
Fax: 202 942-9645

RIN: 3235-AI19
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Market Regulation
_______________________________________________________________________

4223. RULE 15C3-3 RESERVE REQUIREMENTS FOR MARGIN RELATED TO SECURITY 
FUTURES PRODUCTS

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

Legal Authority: 15 USC 78o(c)(3); 15 USC 78w

CFR Citation: 17 CFR 240.15c3-3a

Legal Deadline: None

Abstract: The Division is considering recommending that the Commission 
adopt final amendments designed to delineate the manner in which a 
broker-dealer would calculate its customer reserve requirement under 
Rule 15c3-3a (the ``Reserve Formula'') to the Exchange Act in light of 
enactment of the Commodity Futures Modernization Act of 2000 
(``CFMA''). Specifically, the proposed amendments would set forth the 
Reserve Formula treatment of customer margin that a broker-dealer 
deposits with a clearing agency registered with the Securities and 
Exchange Commission or a derivatives clearing organization registered 
with the Commodity Futures Trading Commission to clear and settle 
customer transactions in security futures products conducted through 
securities accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/23/02                    67 FR 59748
NPRM Comment Period End         10/23/02
Final Action                    11/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Matthew Bruce Comstock, Attorney, Securities and 
Exchange Commission, 450 5th Street NW, Washington, DC 20549
Phone: 202 942-0156
Fax: 202 942-9553

RIN: 3235-AI61
_______________________________________________________________________

4224. [bull] BROKER-DEALER EXEMPTION FROM SENDING CERTAIN FINANCIAL 
INFORMATION TO CUSTOMERS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78q(e)(1)(c)

CFR Citation: 17 CFR 240.17a-5

Legal Deadline: None

Abstract: The Commission proposed an amendment to Rule 17a-5(c)under 
the Securities Exchange Act of 1934 that would provide a conditional 
exemption from the Rule's requirement that a broker-dealer that carries 
customer accounts send its full balance sheet to each of its customers 
twice a year. A broker-dealer taking advantage of the exemption would 
be required to post its full balance sheet to its website and provide a 
toll-free telephone number to call for a free copy.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/03/02                    67 FR 71909
NPRM Comment Period End         01/02/03
Final Action                    07/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Thomas K. McGowan, Office of Risk Management, Division 
of Market Regulation, Securities and Exchange Commission
Phone: 202 942-4886
Fax: 202 942-9553

RIN: 3235-AI68
_______________________________________________________________________

4225. PURCHASES OF CERTAIN EQUITY SECURITIES BY THE ISSUER AND OTHERS

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

Legal Authority: 15 USC 78b; 15 USC 78c; 15 USC 78i(a)(6); 15 USC 
78j(b); 15 USC 78m(e); 15 USC 78o(c); 15 USC 78w(a)

CFR Citation: 17 CFR 240.10b-18

Legal Deadline: None

Abstract: The Commission has proposed simplifying and updating Rule 
10b-18's provisions in light of market developments since the Rule's 
adoption. Rule 10b-18 provides a safe harbor from liability under the 
anti-manipulation provisions of sections 9(a)(2) and 10(b) of the 
Exchange Act, and Rule 10b-5 thereunder, for issuer purchases of its 
common stock made in compliance with Rule 10b-18's

[[Page 31454]]

manner, timing, price, and volume conditions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/18/02                    67 FR 77594
NPRM Comment Period End         02/18/03
Final Action                    11/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Joan Collopy, Office of Risk Management, Division of 
Market Regulation, Securities and Exchange Commission
Phone: 202 942-0772
Fax: 202 942-9695

RIN: 3235-AH37
_______________________________________________________________________

4226. TENDER AND REORGANIZATION AGENTS

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

Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4); 
15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-
1(d)(1); 15 USC 78w(a)

CFR Citation: 17 CFR 240.17Ad-14

Legal Deadline: None

Abstract: The Commission proposed amendments to Rule 17Ad-14 under the 
Securities Exchange Act of 1934. The amendments would require the 
establishment of book-entry accounts in connection with reorganization 
events and would provide securities depositories with 3 business days 
after the expiration of a tender offer, exchange offer, or 
reorganization event in which 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
Final Action                    09/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Jennifer Amy Lucier, Attorney, Securities and Exchange 
Commission
Phone: 202 942-0173
Fax: 202 942-9553

RIN: 3235-AH53
_______________________________________________________________________

4227. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

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

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

CFR Citation: 17 CFR 240.15c2-11

Legal Deadline: None

Abstract: As part of its efforts to respond to fraud and manipulation 
in the microcap securities market, the Division is considering 
recommending final amendments to Rule 15c2-11. These amendments would 
limit the Rule's piggyback provision and increase public availability 
of issuer information. The amendments would modestly expand the 
information review requirements for non-reporting issuers and the 
documentation required for significant relationships between the 
broker-dealer and the issuer of the security to be quoted. Finally the 
amendments would exclude from the rule securities of larger, more 
liquid issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Second NPRM                     03/08/99                    64 FR 11124
Second NPRM Comment Period End  04/07/99
Second NPRM Comment Period 
Extended to                     04/14/99                    64 FR 18393
Final Action                    12/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas D. Eidt, Office of Risk Management and Control, 
Division of Market Regulation, Securities and Exchange Commission
Phone: 202 942-0159
Fax: 202 942-0553

RIN: 3235-AH40
_______________________________________________________________________

4228. PROCESSING REQUIREMENTS FOR CANCELLED SECURITIES CERTIFICATES

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

Legal Authority: 15 USC 78q-1

CFR Citation: 17 CFR 240.17Ad-19

Legal Deadline: None

Abstract: The Commission proposed Rule 17Ad-19 to establish regulations 
for the processing of cancelled securities certificates and to require 
each transfer agent to establish written procedures for the storage and 
destruction of cancelled securities certificates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/06/00                    65 FR 59766
NPRM Comment Period End         12/05/00
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Thomas C. Etter Jr., Office of Risk Management and 
Control, Division of Market Regulation, Securities and Exchange 
Commission
Phone: 202 942-0178
Fax: 202 942-9695

RIN: 3235-AH54

[[Page 31455]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)              Long-Term Actions
Division of Market Regulation
_______________________________________________________________________

4229. [bull] REGISTRATION REQUIREMENTS FOR BANKS ACTING AS BROKERS OR 
DEALERS IN SECURITY FUTURES PRODUCTS

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

Legal Authority: 15 USC 78o(i)

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: The Division is considering recommending to the Commission 
proposed Rule 15i-1, which would apply the broker-dealer registration 
requirements of the Exchange Act to banks that act as brokers or 
dealers in security futures products.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: Undetermined

Agency Contact: Sean P. O'Malley, Special Counsel, Securities and 
Exchange Commission
Phone: 202 942-0734

RIN: 3235-AI83
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Market Regulation
_______________________________________________________________________

4230. AMENDMENT TO RULE 15C3-3 TO EXPAND THE CATEGORIES OF PERMISSIBLE 
COLLATERAL

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 78o(c)(3), 78w, 78mm

CFR Citation: 17 CFR 240.15c3-3

Legal Deadline: None

Abstract: The Commission adopted a rule that would permit the expansion 
of the categories of collateral broker-dealers may pledge when 
borrowing securities from customers. Currently broker-dealers are 
required to pledge U.S. Treasury bills and notes and irrevocable bank 
letters of credit. The amendment allows them also to pledge such other 
collateral as the Commission, by order, designates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/10/02                    67 FR 39642
NPRM Comment Period End         07/25/02
Final Action                    03/17/03                    68 FR 12780
Final Action Effective          04/16/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Randall Roy, Securities and Exchange Commission, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-0798
Fax: 202 942-9553

RIN: 3235-AI51
_______________________________________________________________________

4231. RESEARCH ANALYST CERTIFICATION

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77q; 15 USC 77s; 15 USC 78c; 15 USC 78o; 15 USC 
78q; 15 USC 78w

CFR Citation: 17 CFR 242

Legal Deadline: None

Abstract: The Commission adopted a regulation requiring analysts to 
provide certain certifications and disclosures regarding research 
reports and compensation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/08/02                    67 FR 51510
NPRM Comment Period End         09/23/02
Final Action                    02/27/03                     68 FR 9482
Final Action Effective          04/14/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Racquel Russell, Securities and Exchange Commission
Phone: 202 942-0764
Fax: 202 942-9553

RIN: 3235-AI60
_______________________________________________________________________

4232. REPEAL OF RULE 11AC1-7 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Priority: Substantive, Nonsignificant

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

CFR Citation: 17 CFR 240.11Ac1-7

Legal Deadline: None

Abstract: On December 27, 2002, the Commission repealed the rule that 
requires a broker-dealer to disclose to its customer when the 
customer's order for listed options is executed at a price inferior to 
a better published quote, unless the transaction was effected on a 
market that is a participant in an intermarket options linkage plan 
approved by the Commission or the customer order was executed as part 
of a block trade.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/15/02                    67 FR 38610
NPRM Comment end                07/22/02
Repealed                        12/27/02                    67 FR 79454

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Debbie Flynn, Securities and Exchange Commission
Phone: 202 942-0075

RIN: 3235-AI52

[[Page 31456]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Offices and Other Programs
_______________________________________________________________________

4233. PROPOSAL TO AMENDMENT DISCLOSURE REQUIREMENTS RELATED TO 
DERIVATIVE FINANCIAL INSTRUMENTS AND DERIVATIVE COMMODITY INSTRUMENTS

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

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et 
seq; 15 USC 80a-1 et seq

CFR Citation: 17 CFR 210; 17 CFR 228; 17 CFR 229

Legal Deadline: None

Abstract: The Office of the Chief Accountant is considering 
recommending that the Commission publish a release proposing amendments 
that would conform the Commission's disclosure requirements with 
Financial Accounting Standards No.133.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Jenifer Minke-Girard, Securities and Exchange 
Commission
Phone: 202 942-4400
Fax: 202 942-9656
Email: minke-girardj@sec.gov

RIN: 3235-AH98
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Offices and Other Programs
_______________________________________________________________________

4234. SUPPLEMENTAL FINANCIAL INFORMATION

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

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et 
seq; 15 USC 80a-1 et seq

CFR Citation: 17 CFR 210; 17 CFR 229

Legal Deadline: None

Abstract: The Commission has proposed amendments to reposition within 
its regulation the requirement for certain registrants to disclose 
changes in their valuation and loss accrual accounts and to clarify the 
type of information to be disclosed. The Commission also has proposed 
amendments to its rules to require disclosure of information concerning 
tangible and intangible assets and related accumulated depreciation, 
depletion, and amortization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/31/00                     65 FR 4585
NPRM Comment Period End         04/17/00
Final Action                    10/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: John W. Albert, Associate Chief Accountant, Securities 
and Exchange Commission
Phone: 202 942-4400
Fax: 202 942-9656

RIN: 3235-AH86
_______________________________________________________________________

4235. [bull] RULES REGARDING IMPROPER INFLUENCE ON THE CONDUCT OF AUDITS

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

Legal Authority: 15 USC 78a et seq; 15 USC 80a-1 et seq

CFR Citation: 17 CFR 240

Legal Deadline: Final, Statutory, April 26, 2003, Sarbanes-Oxley Act of 
2002.

Abstract: The Commission proposed rules to prohibit officers and 
directors of an issuer, and persons acting under their direction, from 
taking any action to influence, coerce, manipulate, or mislead the 
auditor of the issuer's financial statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/24/02                    67 FR 65325
NPRM Comment Period End         11/25/02
Final Action                    05/00/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Michael J. Kigin, Associate Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942-4400

RIN: 3235-AI67
_______________________________________________________________________

4236. [bull] IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR 
ATTORNEYS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 7202, 7245, 7262; 15 USC 77s; 15 USC 78c(b), 
78d-3, 78m, 78w; 15 USC 80a-37, 80a-38; 15 USC 80b-11

CFR Citation: 17 CFR 205

Legal Deadline: Final, Statutory, January 26, 2003.

Abstract: The Commission adopted a rule establishing standards of 
professional conduct for attorneys who appear and practice before the 
Commission on behalf of issuers in accordance with section 307 of the 
Sarbanes-Oxley Act 2002. The standards include a rule requiring an 
attorney to report evidence of a material violation of securities or 
breach of fiduciary duty or similar violation by the issuer up-the-
ladder within the company to the chief legal counsel of the chief 
executive officer of the company (or the equivalent thereof) and, if 
they do not respond appropriately to the evidence, requiring the 
attorney to report the evidence to the audit committee, another 
committee of independent directors, or the full board of directors. The 
Commission is still considering the ``noisy withdrawal'' provisions of 
our original proposal under section 307; in the related proposing 
release, we discuss that part of the original proposal and seek comment 
on additional alternatives.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/02/02                    67 FR 71670

[[Page 31457]]

NPRM Comment Period End         12/18/02
NPRM for ``Noisy Withdrawal'' 
Rule                            02/06/03                     68 FR 6324
Final Action for Professional 
Standard Rules                  02/06/03                     68 FR 6296
NPRM for ``Noisy Withdrawal'' 
Rule Comment Period End         04/07/03
Final Action for ``Noisy 
Withdrawal'' Rule               06/00/03
Final Action for Professional 
Standard Rules Effective        08/05/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Timothy N McGarey, Securities and Exchange Commission
Phone: 202 942-0835

RIN: 3235-AI72
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Long-Term Actions
Offices and Other Programs
_______________________________________________________________________

4237. INTERNATIONAL ACCOUNTING STANDARDS

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

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

CFR Citation: 17 CFR 210; 17 CFR 249.220f

Legal Deadline: None

Abstract: The Commission is reviewing comments received in response to 
a concept release on whether the Commission should recognize accounting 
standards promulgated by the International Accounting Standards 
Committee for purposes of cross-border offerings and listings by 
foreign companies. The staff is considering drafting appropriate rule 
proposals and recommendations to the Commission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           02/23/00                     65 FR 8896
ANPRM Comment Period End        05/23/00
NPRM                             To Be                       Determined

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Susan Koski-Grafer, Office of the Chief Accountant, 
Securities and Exchange Commission
Phone: 202 942-4400

RIN: 3235-AH65
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Offices and Other Programs
_______________________________________________________________________

4238. [bull] RULE TO STRENGTHEN THE COMMISSION'S REQUIREMENTS REGARDING 
AUDITOR INDEPENDENCE

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 80b-3; 15 USC 80b-11; 15 USC 78w; 15 USC 78mm; 
15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-37; 15 USC 77g; 15 USC 77h; 15 
USC 77j; 15 USC 77s; 15 USC 77z-3; 15 USC 78c; 15 USC 78j; 15 USC 78L; 
15 USC 78m; 15 USC 78n; 15 USC 78q

CFR Citation: 17 CFR 210; 17 CFR 240; 17 CFR 249; 17 CFR 274

Legal Deadline: Final, Statutory, January 26, 2003, Sarbanes-Oxley Act 
of 2002.

Abstract: The Commission adopted rules that conform the Commission's 
auditor independence rules to the requirements of the Sarbanes-Oxley 
Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NRPM                            12/13/02                    67 FR 76780
NPRM Comment Period End         01/12/03
Final Action                    02/05/03                     68 FR 6006
Final Action Effective          05/06/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Samuel L. Burke, Securities and Exchange Commission, 
Office of the Chief Accountant
Phone: 202 942-4400

RIN: 3235-AI73
_______________________________________________________________________

4239. [bull] RULES ON RETENTION OF RECORDS RELEVANT TO AUDITS AND 
REVIEWS IMPLEMENTING SECTION 802 OF THE SARBANES-OXLEY ACT OF 2002

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et 
seq; 15 USC 80a-1 et seq

CFR Citation: 17 CFR 210

Legal Deadline: Final, Statutory, Sarbanes-Oxley Act of 2002.

Abstract: The Commission adopted rules to require accountants to retain 
for 7 years certain records relevant to their audits and reviews of 
issuer's financial statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/27/02                    67 FR 71018
NPRM Comment Period End         12/27/02
Final Action                    01/30/03                     68 FR 4862
Final Action Effective          03/03/03

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Robert E. Burns, Office of the Chief Accountant, 
Securities and Exchange Commission, Office of the Chief Accountant, 450 
5th Street NW, Washington, DC 20549
Phone: 202 942-4400

[[Page 31458]]

Email: burnsr@sec.gov

RIN: 3235-AI74
[FR Doc. 03-9005 Filed 05-23-03; 8:45 am]
BILLING CODE 8010-01-S