[Federal Register Volume 62, Number 6 (Thursday, January 9, 1997)]
[Proposed Rules]
[Pages 1301-1303]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-488]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-7377, 34-38118, 35-26641, 39-2345, IC-22439, IA-1603; 
File No. S7-2-97]


List of Rules To Be Reviewed Pursuant to the Regulatory 
Flexibility Act

AGENCY: Securities and Exchange Commission.

ACTION: Publication of list of rules scheduled for review.

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SUMMARY: The Securities and Exchange Commission is today publishing a 
list of rules to be reviewed pursuant to Section 610 of the Regulatory 
Flexibility Act. The list is published to provide the public with 
notice that these rules are scheduled for review by the agency and to 
invite public comment on them.

DATES: Public comments are due by January 31, 1997.

ADDRESSES: Persons wishing to submit written comments should file three 
copies with Jonathan G. Katz, Secretary, Securities and Exchange 
Commission, 450 Fifth Street, N.W., Room 6184, Stop 6-9, Washington, 
D.C. 20549. All submissions should refer to File No. S7-2-97, and will 
be available for public inspection and copying at the Commission's 
Public Reference Room, Room 1026, at the same address.

FOR FURTHER INFORMATION CONTACT: Anne H. Sullivan, Office of the 
General Counsel, Securities and Exchange Commission, 202-942-0954.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (``RFA'') 
(Pub. L. No. 96-354, 94 Stat. 1165) (September 19, 1980) requires that 
each agency review every ten years each of its rules that has a 
significant economic impact upon a substantial number of small 
entities. The purpose of the review is ``to determine whether such 
rules should be continued without change, or should be amended or 
rescinded * * * to minimize any significant economic impact of the 
rules upon a substantial number of small entities'' (5 U.S.C. 610(a)).
    The RFA stipulates the following specific considerations that must 
be

[[Page 1302]]

addressed in the review of each rule: (1) the continued need for the 
rule; (2) the nature of complaints or comments received concerning the 
rule from the public; (3) the complexity of the rule; (4) the extent to 
which the rule overlaps, duplicates or conflicts with other Federal 
rules, and, to the extent feasible, with State and local governmental 
rules; and (5) the length of time since the rule has been evaluated or 
the degree to which technology, economic conditions, or other factors 
have changed in the area affected by the rule (5 U.S.C. 610(c)).
    Pursuant to the RFA, the rules and forms listed below are scheduled 
for review by staff of the Commission during the next twelve months. 
The rules are grouped according to which Division or Office of the 
Commission has responsibility for, and will review, each rule.

Rules To Be Reviewed by the Office of the Chief Accountant

    Title: Article 5 of Regulation S-X (Commercial and Industrial 
Companies).
    Citation: 17 CFR 210.5-01 through 210.5-04.
    Authority: 15 U.S.C. 77f, 77g, 77s(a), 77aa (25) to (26). 78l, 78m, 
78o(d), 78w(a), 79e(b), 79n, 79t(a), 80a-8, and 80a-29.

Rules and Forms To Be Reviewed by the Division of Corporation 
Finance

    Title: Guide 3 (Statistical disclosure by bank holding companies).
    Citation: 17 CFR 299.801(c) and 229.802(c).
    Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq.

Rules To Be Reviewed by the Division of Market Regulation

    Title: Rule 10b-6 (Prohibition against trading by persons 
interested in a distribution).
    Citation: 17 CFR 240.10b-6.
    Authority: 15 U.S.C. 78b, 78c, 78i(a)(6), 78(b), 78m(e), 78o(c), 
and 78w(a).

    Title: Rule 11Aa2-1 (Designation of national market system 
securities).
    Citation: 17 CFR 240.11Aa2-1.
    Authority: 15 U.S.C. 78b, 78c, 78f, 78i, 78j, 78o, 78q, and 78w.

    Title: Rule 11Aa3-1 (Dissemination of transaction reports and last 
sale data with respect to transactions in reported securities).
    Citation: 17 CFR 11Aa3-1.
    Authority: 15 U.S.C. 78b, 78c, 78f, 78i, 78j, 78o, 78q, and 78w.

    Title: Rule 15b2-2 (Inspection of newly registered brokers and 
dealers).
    Citation: 17 CFR 240.15b2-2.
    Authority: 15 U.S.C. 78c, 78o(b), 78o-5(a), and 78w.

    Title: Rule 15C Cal-1 (Notice of government securities broker-
dealer activities).
    Citation: 17 CFR 240.15Cal-1.
    Authority: 15 U.S.C. 78c, 78o, 78o-5(a), and 78w.

    Title: Rule 15Cal-1 (Application for registration as a government 
securities broker or government securities dealer).
    Citation: 17 CFR 240.15Ca2-1.
    Authority: 15 U.S.C. 78c, 78o(b), 78o-5(a), and 78w.

    Title: Rule 15Ca2-3 (Registration of successor to registered 
government securities broker or government securities dealer).
    Citation: 17 CFR 240.15Ca2-3.
    Authority: 15 U.S.C. 78c, 78o(b), 78o-5(a), and 78w.

    Title: Rule 15Ca2-4 (Registration of fiduciaries).
    Citation: 17 CFR 240.15Ca2-4.
    Authority: 15 U.S.C. 78c, 78o(b), 78o-5(a, and 78w.

    Title: Rule 15Ca2-5 (Consent to service of process to be furnished 
by non-resident government securities brokers or government securities 
dealers and by non-resident general partners or managing agents of 
government securities brokers or government securities dealers).
    Citation: 17 CFR 240.15Ca2-5.
    Authority: 15 U.S.C. 78c, 78o(b), 78o-5(a), and 78w.

    Title: Rule 15Cc1-1 (Withdrawal from registration of government 
securities brokers or government securities dealers).
    Citation: 17 CFR 240.15Cc1-1.
    Authority: 15 U.S.C. 78c, 78o(b), 78o-5(a), and 78w.

Rules and Forms To Be Reviewed by the Division of Investment 
Management

    Title: Public Utility Holding Company Act (``PUHCA''), Rule 29 
(Filing of reports to State Commissions).
    Citation: 17 CFR 250.29.
    Authority: 15 U.S.C. 79t.

    Title: PUHCA Rule 40 (Exemption of certain acquisitions from 
nonaffiliates).
    Citation: 17 CFR 250.40.
    Authority: 15 U.S.C. 79g, 79h, 79i, 79j, and 79s.

    Title: PUHCA Rule 42 (Acquisition, retirement and redemption of 
securities by the issuer thereof).
    Citation: 17 CFR 250.42.
    Authority: 15 U.S.C. 79e, 79e(b), 79f, 79g,79j, 79j(a), 79l, 79m, 
79n, 79q, 79t, and 79t(a).

    Title: PUHCA Rule 43 (Sales to affiliates).
    Citation: 17 CFR 250.43.
    Authority: 15 U.S.C. 79e, 79e(b), 79f, 79g,79j, 79j(a), 79l, 79m, 
79n, 79q, 79t, and 79t(a).

    Title: PUHCA Rule 44 (Sales of securities and assets).
    Citation: 17 CFR 250.44.
    Authority: 15 U.S.C. 79e, 79e(b), 79f, 79g, 79j, 79j(a), 79l, 79m, 
79n, 79q, 79t, and 79t(a).

    Title: PUHCA Rule 46 (Dividend declarations and payments on certain 
indebtedness).
    Citation: 17 CFR 250.46.
    Authority: 15 U.S.C. 79b(a)(7).

    Title: PUHCA Rule 65 (Exependitures in connection with solicitation 
of proxies).
    Citation: 17 CFR 150.65.
    Authority: 15 U.S.C. 79l.

    Title: PUHCA Rule 71 (Statements to be filed pursuant to section 
12(i)).
    Citation: 17 CFR 250.71.
    Authority: 14 U.S.C. 79l.

    Title: PUHCA Rule 83 (Exemption in the case of transactions with 
foreign associates).
    Citation: 17 CFR 250.83.
    Authority: 15 U.S.C. 79e, 79e(b), 79f, 79g, 79j, 79j(a), 79l, 79m, 
79n, 79q, 79t, and 79t(a).

    Title: PUHCA Rule 87 (Subsidiaries authorized to perform services 
or construction or to sell goods).
    Citation: 17 CFR 250.87.
    Authority: 15 U.S.C. 79e, 79e(b), 79f, 79g, 79j, 79j(a), 79l, 79m, 
79n, 79q, 79t, and 79t(a).

    Title: Rule 17f-5 (Custody of investment company assets outside the 
United States).
    Citation: 17 CFR 270.17f-5.
    Authority: 15 U.S.C. 80a-6(c) and 80a-37(a).

    Title: Investment Company Act Rule 32a-2 (Exemption for initial 
period from vote of security holders on independent public accountant 
for certain registered separate accounts).
    Citation: 17 CFR 270.32a-2.
    Authority: 15 U.S.C. 80a-6.

    Title: Rule 17f-1 (Custody of securities with members of national 
securities exchanges).
    Citation: 17 CFR 270.17f-1.
    Authority: 15 U.S.C. 80a-37 and 80a-39.

    Title: Form N-6EI-1 (Notification of claim of exemption pursuant to 
Rule 6e-2 or Rule 6e-3(T) under the Investment Company Act).
    Citation: 17 CFR 274.301.
    Authority: 15 U.S.C. 80a-6(e) and 80a-37(a).

    Title: Form N-27I-1 (Notice of right of withdrawal and refund for 
variable life insurance contractholders).
    Citation: 17 CFR 274.302.
    Authority: 15 U.S.C. 80a-6(c), 80a-6(e), and 80a-37(a).


[[Page 1303]]


    Title: Investment Advisers Act Rule 202(a)(1)-1 (Certain 
transactions not deemed assignments).
    Citation: 17 CFR 275.202(a)(1)-1.
    Authority: 15 U.S.C. 80b-3, 80b-4, 80b-6A, and 80b-11.

    Title: Investment Advisers Act Rule 206(4)-4 (Financial and 
disciplinary information that investment advisers must disclose to 
clients).
    Citation: 17 CFR 275.206(4)-4.
    Authority: 15 U.S.C. 80b-3, 80b-4, 80b-6A, and 80b-11.

    Title: Form ADV-W (Notice of withdrawal from registration as 
investment adviser).
    Citation: 17 CFR 279.2.
    Authority: 15 U.S.C. 80b-3, 80b-4, 80b-6A, and 80b-11.
    The Commission invites public comment on both the list and the 
rules to be reviewed.

    Dated: January 3, 1997.

    By the Commission.

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-488 Filed 1-8-97; 8:45 am]
BILLING CODE 8010-01-M