Monday, 

December 20, 2010 

Part XXIV 

Securities and 

Exchange 

Commission 

Semiannual Regulatory Agenda 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
79938 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

SECURITIES AND EXCHANGE COMMISSION (SEC) 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Ch. II 

[Release Nos. 33-9141, 34-62881, IA-3081, 

IC-29414, File No. S7-21-10] 

Regulatory Flexibility Agenda 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Semiannual regulatory agenda. 

SUMMARY: The Securities and Exchange 

Commission is publishing an agenda of 

its rulemaking actions pursuant to the 

Regulatory Flexibility Act (RFA) (Pub. 

L. No. 96-354, 94 Stat. 1164) (Sep. 19, 

1980). Information in the agenda was 

accurate on September 10, 2010, the day 

on which the Commission’s staff 

completed compilation of the data. To 

the extent possible, rulemaking actions 

by the Commission since that date have 

been reflected in the agenda. The 

Commission invites questions and 

public comment on the agenda and on 

the individual agenda entries. 

The Commission is now printing in 

the Federal Register, along with our 

preamble, only those agenda entries for 

which we have indicated that 

preparation of a Regulatory Flexibility 

Act analysis is required. 

The Commission’s complete RFA 

agenda will be available online at 

www.reginfo.gov. 

DATES: Comments should be received on 

or before December 30, 2010. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic comments: 

• Use the Commission’s Internet 

comment form 

(http://www.sec.gov/rules/ 

other.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include 

File Number S7-21-10 on the subject 

line; or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow 

the instructions for submitting 

comments. 

Paper comments: 

• Send paper comments in triplicate to 

Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549-1090. 

All submissions should refer to File 

No. S7-21-10. This file number should 

be included on the subject line if e-mail 

is used. To help us process and review 

your comments more efficiently, please 

use only one method. The Commission 

will post all comments on the 

Commission’s Internet website 

(http://www.sec.gov/rules/other.shtml). 

Comments are also available for website 

viewing and printing in the 

Commission’s Public Reference Room, 

100 F Street NE., Washington, DC 

20549, on official business days 

between the hours of 10:00 a.m. and 

3:00 p.m. All comments received will be 

posted without change; we do not edit 

personal identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Anne Sullivan, Office of the General 

Counsel, 202-551-5019. 

SUPPLEMENTARY INFORMATION: The RFA 

requires each Federal agency, during 

April and October of each year, to 

publish in the Federal Register an 

agenda identifying rules that the agency 

expects to consider in the next 12 

months that are likely to have a 

significant economic impact on a 

substantial number of small entities (5 

U.S.C. 602(a)). The RFA specifically 

provides that publication of the agenda 

does not preclude an agency from 

considering or acting on any matter not 

included in the agenda and that an 

agency is not required to consider or act 

on any matter that is included in the 

agenda (5 U.S.C. 602(d)). Actions that 

do not have an estimated date are 

placed in the long-term category; the 

Commission may nevertheless act on 

items in that category within the next 12 

months. The agenda includes new 

entries, entries carried over from prior 

publications, and rulemaking actions 

that have been completed (or 

withdrawn) since publication of the last 

agenda. 

The following abbreviations for the 

acts administered by the Commission 

are used in the agenda: 

‘‘Securities Act’’—Securities Act of 

1933 

‘‘Exchange Act’’—Securities Exchange 

Act of 1934 

‘‘Investment Company Act’’— 

Investment Company Act of 1940 

‘‘Investment Advisers Act’’— 

Investment Advisers Act of 1940 

The Commission invites public 

comment on the agenda and on the 

individual agenda entries. 

By the Commission. 

Dated: September 10, 2010. 

Elizabeth M. Murphy, 

Secretary. 

DIVISION OF CORPORATION FINANCE—Proposed Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

611 Voluntary Filers ............................................................................................................................................................. 3235–AK59 

612 Risk Disclosures ............................................................................................................................................................ 3235–AK58 

DIVISION OF CORPORATION FINANCE—Final Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

613 Proxy Solicitation Enhancements .................................................................................................................................. 3235–AK28 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79939 

SEC 

DIVISION OF CORPORATION FINANCE—Final Rule Stage (Continued) 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

614 Shareholder Approval of Executive Compensation and Golden Parachute Compensation ........................................ 3235–AK68 

DIVISION OF CORPORATION FINANCE—Completed Actions 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

615 Facilitating Shareholder Director Nominations .............................................................................................................. 3235–AK27 

616 Revisions to Regulation D ............................................................................................................................................. 3235–AK52 

DIVISION OF INVESTMENT MANAGEMENT—Final Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

617 Temporary Rule Regarding Principal Trades With Certain Advisory Clients ............................................................... 3235–AJ96 

DIVISION OF INVESTMENT MANAGEMENT—Completed Actions 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

618 Amendments to Form ADV ........................................................................................................................................... 3235–AI17 

619 Political Contributions by Certain Investment Advisers ................................................................................................ 3235–AK39 

620 Indexed Annuities and Certain Other Insurance Contracts .......................................................................................... 3235–AK49 

DIVISION OF TRADING AND MARKETS—Proposed Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

621 Amendments to Rule 17a-5 .......................................................................................................................................... 3235–AK56 

622 Publication or Submission of Quotations Without Specified Information ...................................................................... 3235–AH40 

DIVISION OF TRADING AND MARKETS—Final Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

623 Transitional Registration as a Municipal Advisor .......................................................................................................... 3235–AK69 

624 Consolidated Audit Trail ................................................................................................................................................ 3235–AK51 

625 Proposed Rules for Nationally Recognized Statistical Rating Organizations ............................................................... 3235–AK14 

DIVISION OF TRADING AND MARKETS—Long-Term Actions 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

626 Confirmation of Transactions in Open-End Management Investment Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for Education Savings ......................................................................... 3235–AJ11 

627 Point-of-Sale Disclosure of Purchases in Open-End Management Investment Company Shares, Unit Investment 

Trust Interests, and Municipal Fund Securities Used for Education Savings ............................................................. 3235–AJ12 

628 Rule 15c-100: Schedule 15C ........................................................................................................................................ 3235–AJ13 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
79940 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

SEC 

DIVISION OF TRADING AND MARKETS—Long-Term Actions (Continued) 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

629 Rule 15c-101: Schedule 15D ........................................................................................................................................ 3235–AJ14 

630 Processing of Reorganization Events, Tender Offers, and Exchange Offers .............................................................. 3235–AH53 

DIVISION OF TRADING AND MARKETS—Completed Actions 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

631 Amendment to Municipal Securities Disclosure ............................................................................................................ 3235–AJ66 

Securities and Exchange Commission (SEC) Proposed Rule Stage 

Division of Corporation Finance 

611. VOLUNTARY FILERS 

Legal Authority: Not Yet Determined 

Abstract: The Division is considering 

recommending that the Commission 

propose amendments to require 

registrants who do not have a filing 

obligation under the Exchange Act to 

file any reports with the Commission 

in compliance with Commission rules. 

Timetable: 

Action Date FR Cite 

NPRM 09/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Sean Harrison, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–3430 

RIN: 3235–AK59 

612. RISK DISCLOSURES 

Legal Authority: Not Yet Determined 

Abstract: The Division is considering 

recommending that the Commission 

propose amendments to its rules and 

forms to consolidate and enhance the 

risk disclosures provided by registrants. 

Timetable: 

Action Date FR Cite 

NPRM 07/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Jennifer Zepralka, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–3430 

RIN: 3235–AK58 

Securities and Exchange Commission (SEC) Final Rule Stage 

Division of Corporation Finance 

613. PROXY SOLICITATION 

ENHANCEMENTS 

Legal Authority: 15 USC 78n 

Abstract: The Commission adopted 

amendments in December 2009 to 

enhance proxy disclosures. In the 

proposing release for those rules, the 

Commission also proposed further 

amendments to its proxy rules to clarify 

the manner in which they operate and 

address issues that have arisen in the 

proxy solicitation process. The Division 

is considering recommending that the 

Commission adopt amendments 

relating to the outstanding proposals. 

Timetable: 

Action Date FR Cite 

NPRM 07/17/09 74 FR 35076 

Action Date FR Cite 

NPRM Comment 

Period End 

09/15/09 

Final Action 12/23/09 74 FR 68334 

Final Action Effective 02/28/10 

Final Action 11/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Mark W. Green, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–0301 

Phone: 202 551–3440 

Email: greenm@sec.gov 

RIN: 3235–AK28 

614. ∑ SHAREHOLDER APPROVAL OF 

EXECUTIVE COMPENSATION AND 

GOLDEN PARACHUTE 

COMPENSATION 

Legal Authority: PL 111–203 sec 951; 

15 USC 78c(b); 15 USC 78m; 15 USC 

78n; 15 USC 78w(a); 15 USC 78mm 

Abstract: The Commission proposed 

revisions to the proxy rules to 

implement section 951 of the DoddFrank Wall Street Reform and 

Consumer Protection Act, which 

requires issuers to conduct a separate 

shareholder advisory vote: (1) To 

approve the compensation of 

executives; (2) to determine how often 

they will conduct such votes; and (3) 

to approve golden parachute 

compensation arrangements when 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79941 

SEC—Division of Corporation Finance Final Rule Stage 

issuers are soliciting votes to approve 

merger or acquisition transactions. 

Timetable: 

Action Date FR Cite 

NPRM 10/28/10 75 FR 66590 

Action Date FR Cite 

NPRM Comment 

Period End 

11/18/10 

Final Action 01/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Scott Hodgdon, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–3430 

RIN: 3235–AK68 

Securities and Exchange Commission (SEC) Completed Actions 

Division of Corporation Finance 

615. FACILITATING SHAREHOLDER 

DIRECTOR NOMINATIONS 

Legal Authority: 15 USC 78c(b); 15 

USC 78m; 15 USC 78n; 15 USC 78o; 

15 USC 78w(a); 15 USC 78mm; 15 USC 

80a–10; 15 USC 80a–20(a); 15 USC 

80a–37 

Abstract: The Commission adopted 

amendments to the proxy and related 

rules to enable long-term shareholders 

with significant holdings to include 

nominees to the board of directors in 

company proxy materials. 

Timetable: 

Action Date FR Cite 

NPRM 06/18/09 74 FR 29024 

NPRM Comment 

Period End 

08/17/09 

Comment Period 

Extended 

12/18/09 74 FR 67145 

Action Date FR Cite 

Comment Period End 02/16/10 

Final Action 09/16/10 75 FR 56668 

Final Action Effective 11/15/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Lillian C. Brown, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–3430 

RIN: 3235–AK27 

616. REVISIONS TO REGULATION D 

Legal Authority: 15 USC 77b(a)(15); 15 

USC 77b(b); 15 USC 77d; 15 USC 77r; 

15 USC 77s; 15 USC 77s(a); 15 USC 

77z–3 

Abstract: The Commission is 

withdrawing this rulemaking because 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act requires 

rulemaking in this area. The Division 

is considering recommending action to 

the Commission that complies with the 

statutory requirements. 

Timetable: 

Action Date FR Cite 

Withdrawn 10/01/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Anthony G. Barone, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–3460 

RIN: 3235–AK52 

Securities and Exchange Commission (SEC) Final Rule Stage 

Division of Investment Management 

617. TEMPORARY RULE REGARDING 

PRINCIPAL TRADES WITH CERTAIN 

ADVISORY CLIENTS 

Legal Authority: 15 USC 80b–6a; 15 

USC 80b–11(a) 

Abstract: The Division is considering 

recommending that the Commission 

propose an amendment to extend the 

sunset date of Rule 206(3)-3T, a rule 

that provides investment advisers who 

are also registered broker-dealers an 

alternative means of compliance with 

the principal trading restrictions in 

Section 206(3) of the Investment 

Advisers Act. 

Timetable: 

Action Date FR Cite 

Interim Final Rule 09/28/07 72 FR 55022 

Interim Final Rule 

Effective 

09/30/07 

Interim Final Rule 

Comment Period 

End 

11/30/07 

Interim Final Rule 

Extension 

12/30/09 74 FR 

690009 

Interim Final Rule 

Effective 

12/30/09 

Action Date FR Cite 

Interim Final Rule 

Extension 

12/00/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Matthew Goldin, 

Division of Investment Management, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–6726 

Fax: 202 772–9284 

Email: goldinm@sec.gov 

RIN: 3235–AJ96 

Securities and Exchange Commission (SEC) Completed Actions 

Division of Investment Management 

618. AMENDMENTS TO FORM ADV 

Legal Authority: 15 USC 80b–4, 

80b–6(4), 80b–ll(a), 80b–3(c)(1); 15 USC 

77s(a); 15 USC 78(wa), 78bb(e)(2); 15 

USC 77sss(a); 15 USC 78a–37(a) 

Abstract: The Commission adopted 

amendments to Form ADV part 2 to 

require registered investment advisers 

to deliver to clients and prospective 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
79942 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

SEC—Division of Investment Management Completed Actions 

clients a brochure written in plain 

English. 

The amendments are designed to 

require advisers to provide clients and 

prospective clients with clear, current, 

and more meaningful disclosure of the 

business practices, conflicts of interest, 

and background of investment advisers 

and their advisory personnel. Advisers 

will file their brochures with the 

Commission electronically, and the 

brochures will be available to the 

public through the Commission’s Web 

site. 

Timetable: 

Action Date FR Cite 

NPRM 04/17/00 65 FR 20524 

NPRM Comment 

Period End 

06/03/00 

Second NPRM 03/14/08 73 FR 13958 

Second NPRM 

Comment Period 

End 

05/16/08 

Final Action 08/12/10 75 FR 49234 

Final Action Effective 10/12/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Vivien Liu, Division 

of Investment Management, Securities 

and Exchange Commission, 100 F 

Street NE, Washington, DC 20549 

Phone: 202 551–6728 

Email: liuy@sec.gov 

RIN: 3235–AI17 

619. POLITICAL CONTRIBUTIONS BY 

CERTAIN INVESTMENT ADVISERS 

Legal Authority: 15 USC 80b–6(4); 15 

USC 80b–11; 15 USC 80b–4 

Abstract: The Commission adopted a 

new rule under the Investment 

Advisers Act that prohibits an 

investment adviser from providing 

advisory services for compensation to 

a government client for two years after 

the adviser or certain of its executives 

or employees make a contribution to 

certain elected officials or candidates. 

Timetable: 

Action Date FR Cite 

NPRM 08/07/09 74 FR 39840 

NPRM Comment 

Period End 

10/06/09 

Final Action 07/14/10 75 FR 41018 

Final Action Effective 09/13/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Melissa Roverts, 

Division of Investment Management, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–6722 

Fax: 202 772–2934 

Email: rovertsm@sec.gov 

RIN: 3235–AK39 

620. INDEXED ANNUITIES AND 

CERTAIN OTHER INSURANCE 

CONTRACTS 

Legal Authority: 15 USC 77c(a)(8); 15 

USC 77s(a); 15 USC 78l(h); 15 USC 78o; 

15 USC 78w(a); 15 USC 78mm 

Abstract: On January 8, 2009, the 

Commission issued a release adopting 

Rule 151A under the Securities Act. 

Rule 151A defines the terms ‘‘annuity 

contract’’ and ‘‘optional annuity 

contract’’ under the Securities Act. The 

rule was intended to clarify the status 

under the federal securities laws of 

indexed annuities, under which 

payments to the purchaser are 

dependent on the performance of a 

securities index. On July 12, 2010, a 

Federal appeals court issued an order 

vacating rule 151A. The Commission 

issued a release withdrawing Rule 

151A. 

Timetable: 

Action Date FR Cite 

Withdrawn 10/01/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Michael Kosoff, 

Division of Investment Management, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–6754 

Fax: 202 772–9285 

Email: kosoffm@sec.gov 

RIN: 3235–AK49 

Securities and Exchange Commission (SEC) Proposed Rule Stage 

Division of Trading and Markets 

621. AMENDMENTS TO RULE 17A–5 

Legal Authority: 15 USC 78q 

Abstract: The Division is considering 

recommending that the Commission 

propose amendments to Rule 17a-5 

dealing with, among other things, 

broker-dealer custody of assets. 

Timetable: 

Action Date FR Cite 

NPRM 12/00/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Rebekah Goshorn, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5514 

Fax: 202 772–9333 

Email: goshornr@sec.gov 

RIN: 3235–AK56 

622. PUBLICATION OR SUBMISSION 

OF QUOTATIONS WITHOUT 

SPECIFIED INFORMATION 

Legal Authority: 15 USC 78c; 15 USC 

78j(b); 15 USC 78o(c); 15 USC 78o(g); 

15 USC 78q(a); 15 USC 78w(a) 

Abstract: As part of its efforts to 

respond to fraud and manipulation in 

the microcap securities market, the 

Commission proposed amendments to 

Rule 15c2-11. These amendments 

would limit the rule’s piggyback 

provision and increase public 

availability of issuer information. The 

amendments would expand the 

information review requirements for 

non-reporting issuers and the 

documentation required for significant 

relationships between the broker-dealer 

and the issuer of the security to be 

quoted. Finally, the amendments would 

exclude from the rule securities of 

larger, more liquid issuers. 

Timetable: 

Action Date FR Cite 

NPRM 02/25/98 63 FR 9661 

NPRM Comment 

Period End 

04/27/98 

Second NPRM 03/08/99 64 FR 11124 

Second NPRM 

Comment Period 

End 

04/07/99 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79943 

SEC—Division of Trading and Markets Proposed Rule Stage 

Action Date FR Cite 

Second NPRM 

Comment Period 

Extended 

04/14/99 64 FR 18393 

Comment Period End 05/08/99 

Third NPRM 09/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Victoria L. Crane, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5744 

Fax: 202 772–9355 

Email: cranev@sec.gov 

RIN: 3235–AH40 

Securities and Exchange Commission (SEC) Final Rule Stage 

Division of Trading and Markets 

623. ∑ TRANSITIONAL REGISTRATION 

AS A MUNICIPAL ADVISOR 

Legal Authority: PL 111–203, sec 975 

Abstract: The Commission adopted an 

interim final temporary rule to require 

all municipal advisors to register with 

it by October 1, 2010, consistent with 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act. 

Timetable: 

Action Date FR Cite 

Interim Final Rule 09/08/10 75 FR 54465 

Interim Final Rule 

Effective 

10/01/10 

Interim Final Rule 

Comment Period 

End 

10/08/10 

Interim Final Rule 

Effective Through 

12/31/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Ira Brandriss, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5681 

Email: brandrissi@sec.gov 

RIN: 3235–AK69 

624. CONSOLIDATED AUDIT TRAIL 

Legal Authority: 15 USC 78k–1(a); 15 

USC 78q(a) 

Abstract: The Commission proposed a 

rule that would require national 

securities exchanges and national 

securities associations to act jointly in 

developed a national market system 

(‘‘NMS’’) plan to develop, implement, 

and maintain a consolidated order 

tracking system, or consolidated audit 

trail, with respect to the trading of 

NMS securities. 

Timetable: 

Action Date FR Cite 

NPRM 06/08/10 75 FR 32556 

NPRM Comment 

Period End 

08/09/10 

Final Action 03/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Jennifer L. Colihan, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5642 

Email: colihanj@sec.gov 

RIN: 3235–AK51 

625. PROPOSED RULES FOR 

NATIONALLY RECOGNIZED 

STATISTICAL RATING 

ORGANIZATIONS 

Legal Authority: 15 USC 78o–7; 15 

USC 89q 

Abstract: The Commission proposed 

rule amendments and a new rule that 

would require nationally recognized 

statistical rating organizations 

(‘‘NRSROs’’) to furnish a new annual 

report by the firm’s designated 

compliance officers, to disclose 

additional information about firm 

sources of revenue, and to make 

publicly available a consolidated report 

about revenues attributable to persons 

paying the NRSRO for the issuance or 

maintenance of a credit rating. 

Timetable: 

Action Date FR Cite 

NPRM 06/25/08 73 FR 36212 

NPRM Comment 

Period End 

07/25/08 

Final Rule 02/09/09 74 FR 6465 

Second NPRM 02/09/09 74 FR 6485 

Second NPRM 

Comment Period 

End 

03/26/09 

Final Rule 12/04/09 74 FR 63832 

Final Rule Effective 02/01/10 

Third NPRM 12/04/09 74 FR 63866 

Third NPRM Comment 

Period End 

02/02/10 

Final Action 07/00/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Sheila Swartz, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5545 

Fax: 202 772–9273 

Email: swarts@sec.gov 

RIN: 3235–AK14 


jlentini on DSKJ8SOYB1PROD with PROPOSALS27
79944 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

Securities and Exchange Commission (SEC) Long-Term Actions 

Division of Trading and Markets 

626. CONFIRMATION OF 

TRANSACTIONS IN OPEN–END 

MANAGEMENT INVESTMENT 

COMPANY SHARES, UNIT 

INVESTMENT TRUST INTERESTS, 

AND MUNICIPAL FUND SECURITIES 

USED FOR EDUCATION SAVINGS 

Legal Authority: 15 USC 78j; 15 USC 

78k; 15 USC 78o; 15 USC 78q; 15 USC 

78w(a); 15 USC 78mm 

Abstract: The Commission proposed 

new Rule 15c2-2 under the Exchange 

Act, together with accompanying 

Schedule 15C. The Commission also 

proposed related amendments to Rule 

10b-10. Proposed Rule 15c2-2 and 

Schedule 15C would provide for 

improved confirmation disclosure of 

distribution costs and conflicts of 

interest associated with transactions in 

mutual funds, municipal fund 

securities, and unit investment trusts. 

The amendments to Rule 10b-10 in part 

would reflect the new rule and would 

provide improved confirmation 

disclosure about certain callable 

securities. They also would clarify that 

the confirmation disclosure 

requirements do not determine brokerdealer disclosure obligations under 

other provisions of the law. 

Timetable: 

Action Date FR Cite 

NPRM 02/10/04 69 FR 6438 

NPRM Comment 

Period End 

04/12/04 

NPRM Comment 

Period Extended 

03/04/05 70 FR 10521 

NPRM Comment 

Period End 

04/04/05 

Next Action Undetermined 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Alicia Goldin, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5618 

Fax: 202 772–9270 

Email: goldina@sec.gov 

RIN: 3235–AJ11 

627. POINT–OF–SALE DISCLOSURE 

OF PURCHASES IN OPEN–END 

MANAGEMENT INVESTMENT 

COMPANY SHARES, UNIT 

INVESTMENT TRUST INTERESTS, 

AND MUNICIPAL FUND SECURITIES 

USED FOR EDUCATION SAVINGS 

Legal Authority: 15 USC 78j; 15 USC 

78k; 15 USC 78o; 15 USC 78q; 15 USC 

78w(a); 15 USC 78mm 

Abstract: The Commission proposed 

new Rule 15c2-3 under the Exchange 

Act, together with accompanying 

Schedule 15D. Proposed Rule 15c2-3 

and Schedule 15D would provide for 

pre-transaction ‘‘point of sale’’ 

disclosure of distribution costs and 

conflicts of interest associated with 

transactions in mutual funds, 

municipal fund securities, and unit 

investment trusts. 

Timetable: 

Action Date FR Cite 

NPRM 02/10/04 69 FR 6438 

NPRM Comment 

Period End 

04/12/04 

NPRM Comment 

Period Extended 

03/04/05 70 FR 10521 

NPRM Comment 

Period End 

04/04/05 

Next Action Undetermined 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Alicia Goldin, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5618 

Fax: 202 772–9270 

Email: goldina@sec.gov 

RIN: 3235–AJ12 

628. RULE 15C–100: SCHEDULE 15C 

Legal Authority: 15 USC 78j; 15 USC 

78k; 15 USC 78o; 15 USC 78q; 15 USC 

78w(a); 15 USC 78mm 

Abstract: The Commission proposed 

new Schedule 15C and Rules 15c2-2 

and 15c2-3 under the Exchange Act, 

together with accompanying Schedule 

15D. The Commission also proposed 

related amendments to Rule 10b-10. 

Proposed Rules 15c2-2 and 15c2-3 and 

Schedules 15C and 15D would provide 

for improved confirmation and pretransaction ‘‘point of sale’’ disclosure 

of distribution costs and conflicts of 

interest associated with transactions in 

mutual funds, municipal fund 

securities, and unit investment trusts. 

The amendments to Rule 10b-10 in part 

would reflect the new rules and would 

provide improved confirmation 

disclosure about certain callable 

securities. They also would clarify that 

the confirmation disclosure 

requirements do not determine brokerdealer disclosure obligations under 

other provisions of the law. 

Timetable: 

Action Date FR Cite 

NPRM 02/10/04 69 FR 6438 

NPRM Comment 

Period End 

04/12/04 

NPRM Comment 

Period Extended 

03/04/05 70 FR 10521 

NPRM Comment 

Period End 

04/04/05 

Next Action Undetermined 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Alicia Goldin, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5618 

Fax: 202 772–9270 

Email: goldina@sec.gov 

RIN: 3235–AJ13 

629. RULE 15C–101: SCHEDULE 15D 

Legal Authority: 15 USC 78j; 15 USC 

78k; 15 USC 78o; 15 USC 78q; 15 USC 

78w(a); 15 USC 78mm 

Abstract: The Commission proposed 

new Rule 15c2-3 under the Exchange 

Act, together with accompanying 

Schedule 15D. Proposed Rule 15c2-3 

and Schedule 15D would provide for 

pre-transaction ‘‘point of sale’’ 

disclosure of distribution costs and 

conflicts of interest associated with 

transactions in mutual funds, 

municipal fund securities, and unit 

investment trusts. 

Timetable: 

Action Date FR Cite 

NPRM 02/10/04 69 FR 6438 

NPRM Comment 

Period End 

04/12/04 

NPRM Comment 

Period Extended 

03/04/05 70 FR 10521 

NPRM Comment 

Period End 

04/04/05 

Next Action Undetermined 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Alicia Goldin, 

Division of Trading and Markets, 


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Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79945 

SEC—Division of Trading and Markets Long-Term Actions 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5618 

Fax: 202 772–9270 

Email: goldina@sec.gov 

RIN: 3235–AJ14 

630. PROCESSING OF 

REORGANIZATION EVENTS, TENDER 

OFFERS, AND EXCHANGE OFFERS 

Legal Authority: 15 USC 78b; 15 USC 

78k–1(a)(1)(B); 15 USC 78n(d)(4); 15 

USC 78o(c)(3); 15 USC 78o(c)(6); 15 

USC 78q–1(a); 15 USC 78q–1(d)(1); 15 

USC 78w(a) 

Abstract: The Commission proposed 

amendments to Rule 17Ad-14 under the 

Exchange Act. The amendments would 

require the establishment of book-entry 

accounts in connection with 

reorganization events and would give 

securities depositories up to 3 business 

days after the expiration of a tender 

offer, exchange offer, or reorganization 

event to deliver physical securities 

certificates to the agents. 

Timetable: 

Action Date FR Cite 

NPRM 09/04/98 63 FR 47209 

Action Date FR Cite 

NPRM Comment 

Period End 

11/03/98 

Next Action Undetermined 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Jerry Carpenter, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549 

Phone: 202 551–5710 

Fax: 202 772–9270 

Email: carpenterj@sec.gov 

RIN: 3235–AH53 

Securities and Exchange Commission (SEC) Completed Actions 

Division of Trading and Markets 

631. AMENDMENT TO MUNICIPAL 

SECURITIES DISCLOSURE 

Legal Authority: 15 USC 78b; 15 USC 

78c(b); 15 USC 78j; 15 USC 78o(c); 15 

USC 78o–4; 15 USC 78q; 15 USC 

78w(a)(1) 

Abstract: The Commission amended 

Rule 15c2-12 under section 15 of the 

Exchange Act to improve the system of 

provided interpretive guidance for the 

municipal securities markets that 

would reflect changes in that market. 

Timetable: 

Action Date FR Cite 

NPRM 07/24/09 74 FR 36832 

NPRM Comment 

Period End 

09/08/09 

Final Action 06/01/10 75 FR 33100 

Final Action Effective 08/09/10 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Martha Mahan 

Haines, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549 

Phone: 202 551–5681 

Fax: 703 772–9274 

Email: hainesm@sec.gov 

RIN: 3235–AJ66 

[FR Doc. 2010–30469 Filed 12–17–10; 8:45 

am] 

BILLING CODE 8010–01–S 


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