[Federal Register Volume 60, Number 242 (Monday, December 18, 1995)]
[Proposed Rules]
[Pages 65046-65048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30659]



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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

Release Nos. 33-7246, 34-36572, 35-26428, 39-2337, IC-21591, IA-1540; 
File No. S7-33-95


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 

[[Page 65047]]
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, 1996.

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. S7-33-95, 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. 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continued without change, or should be amended or rescinded .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 such small entities'' (5 USC 610(a)).
    The RFA stipulates the following specific considerations that must 
be 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 USC 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 and Forms To Be Reviewed by the Division of Corporation Finance

    Title: Form S-4 (for registration of securities issued in business 
combination transactions).
    Citation: 17 CFR 239.25.
    Authority: 15 U.S.C. 77a et seq.

    Title: Form F-4 (for registration of securities of foreign private 
issuers issued in certain business combinations).
    Citation: 17 CFR 239.34.
    Authority: 15 U.S.C. 77a et seq.

    Title: General rules and regulations pursuant to Section 9(a) of 
the African Development Bank Act.
    Citation: 17 CFR Part 288.
    Authority: 15 U.S.C. 77a et seq.; 22 U.S.C. 290i-9a.

    Title: Regulation 14A; Regulation 14C.
    Citation: 17 CFR 240.14a-1 through 240.14a-104 (Regulation 14A); 17 
CFR 240.14c-1 through 240.14c-101 (Regulation 14C).
    Authority: 15 U.S.C. 78a et seq.

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

    Title: Rule 2a19-1 (investment company limited partners not deemed 
affiliated persons).
    Citation: 17 CFR 270.2a19-1.
    Authority: 15 USC 80a-6(c) and 80a-37(a).

    Title: Rule 10b-1 (definition of regular broker or dealer)
    Citation: 17 CFR 270.10b-1.
    Authority: 15 USC 80a-37(a).
    Title: Rule 22e-2 (pricing of redemption requests in accordance 
with Rule 22c-1).
    Citation: 17 CFR 270.22e-2.
    Authority: 15 USC 80a-6(c), 80a-22(e), and 80a-37(a).

    Title: Rule 20a-1 (solicitations of proxies, consents and 
authorizations).
    Citation: 17 CFR 270.20a-1.
    Authority: 15 USC 80a-20(a).

    Title: Rule 30a-1 (annual reports).
    Citation: 17 CFR 270.30a-1.
    Authority: 15 USC 80a-29.

    Title: Rule 30b1-1 (semi-annual report).
    Citation: 17 CFR 270.30b1-1.
    Authority: 15 USC 80a-29.

    Title: Rule 30b1-2 (semi-annual report for totally-owned registered 
management investment company subsidiary of registered management 
investment company).
    Citation: 17 CFR 270.30b1-2.
    Authority: 15 USC 80a-29.

    Title: Rule 30f-1 (applicability of Section 16 of the Exchange Act 
to Section 30(f)).
    Citation: 17 CFR 270.30f-1,
    Authority: 15 USC 78p.

    Title: Rule 34b-1 (sales literature deemed to be misleading).
    Citation: 17 CFR 270.34b-1.
    Authority: 15 USC 77j, 77l, 78j(b), and 80a-33(b).

    Title: Form N-2 (registration statement of closed-end management 
investment companies).
    Citation: 17 CFR 274.11a-1.
    Authority: 15 USC 77f, 77g, 77h, 77j, 77s, 80a-8, 80a-24, 80a-29, 
and 80a-37.

    Title: Form N-14 (for the registration of securities issued in 
business combination transactions).
    Citation: 17 CFR 239.23.
    Authority: 15 USC 77f, 77g, 77h, 77j, 77s, 80a-8, 80a-24, 80a-29, 
and 80a-37.

    Title: Rule 203(b)(3)-1 (definition of ``client'' of an investment 
adviser for certain purposes relating to limited partnership).
    Citation: 17 CFR 275.203(b)(3)-1.
    Authority: 15 USC 80b-6A.

    Title: Rule 205-3 (exemption from the compensation prohibition of 
Section 205(1) for registered investment advisers).
    Citation: 17 CFR 275.203(b)(3)-1.
    Authority: 15 USC 80b-6A.

    Title: Rule 6c-3 (exemptions for certain registered variable life 
insurance separate accounts).
    Citation: 17 CFR 270.6c-3.
    Authority: 15 USC 80a-6(c) and 80a-37(a).

    Title: Rule 6c-6 (exemption for certain registered separate 
accounts and other persons).
    Citation: 17 CFR 270.6c-6.
    Authority: 15 USC 80a-6(c), 80a-11(a), and 80a-37(a).

    Title: Rule 6c-7 (exemptions from certain provisions of Sections 
22(e) and 27 for registered separate accounts offering variable annuity 
contracts to participants in the Texas Optional Retirement Program).
    Citation: 17 CFR 270.6c-7.
    Authority: 15 USC 80a-6(c); 80a-37(a).

    Title: Rule 6c-8 (exemptions for registered separate accounts to 
impose a deferred sales load and to deduct certain administration 
charges)
    Citation: 17 CFR 270.6c-8.
    Authority: 15 USC 80a-6(c) and 80a-37(a).

    Title: Rule 6e-3(T) (temporary exemptions for flexible premium 
variable life insurance separate accounts).
    Citation: 17 CFR 270.6e-3(T).
    Authority: 15 USC 80a-6(e) and 80a-37(a).

    Title: Rule 11a-2 (offers of exchange by certain registered 
separate accounts or others the terms of which do not require prior 
Commission approval).
    Citation: 17 CFR 270.11a-2.
    Authority: 15 USC 80a-6(c) and 80a-37(a).

    Title: Rule 22d-2 (exemption from section 22(d) for certain 
registered separate accounts).
    Citation: 17 CFR 270.22d-2. 
    
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    Authority: 15 USC 80a-6(c) and 80a-37(a).

    Title: Rule 26a-1 (payment of administrative fees to the depositor 
or principal underwriter of a unit investment trust; exemptive relief 
for separate accounts).
    Citation: 17 CFR 270.26a-1.
    Authority: 15 USC 80a-6(c), 80a-26(a), and 80a-37(a).

    Title: Rule 26a-2 (exemptions from certain provisions of sections 
26 and 27 for registered separate accounts and others regarding 
custodianship of and deduction of certain fees and charges from the 
assets of such accounts).
    Citation: 17 CFR 270.26a-2.
    Authority: 15 USC 80a-6(c) and 80a-37(a).

    Title: Form N-3 (registration statement of separate accounts 
organized as management investment companies).
    Citation: 17 CFR 274.11b.
    Authority: 15 USC 77g, 77j, 77s, 80a-8, 80a-29, and 80a-37.

    Title: Form N-4 (registration statement of separate accounts 
organized as unit investment trusts).
    Citation: 17 CFR 274.11c.
    Authority: 15 USC 77g, 77j, 77s, 80a-8, 80a-29, and 80a-37.

    Title: Rule 7 (companies deemed not to be electric gas utility 
companies).
    Citation: 17 CFR 250.7.
    Authority: 15 U.S.C. 79b.

    Title: Rule 14 (exemption of acquisitions of securities of power 
supply companies from section 9(a)(2) of the Act).
    Citation: 17 CFR 250.14.
    Authority: l5 U.S.C. 79i(a)(2).

    Title: Rule 15 (exemption of holding company and subsidiary 
companies under section 3(a)(2) of the Act).
    Citation: 17 CFR 250.15.
    Authority: 15 U.S.C. 79c(a)(2).

    Title: Rule 16 (exemption of non-utility subsidiaries and 
affiliates).
    Citation: 17 CFR 250.16.
    Authority: 15 U.S.C. 79b(a)(8) and 79b(a)(11).

    Title: Rule 20 (prescribed forms and amendments).
    Citation: 17 CFR 250.20.
    Authority: 15 U.S.C. 79f.

    Title: Rule 21 (filing of documents).
    Citation: 17 CFR 250.21.
    Authority: 15 U.S.C. 77a et. seq., 78a et. seq., and 77aaa et.seq.

    Title: Rule 22 (applications and declarations).
    Citation: 17 CFR 250.22.
    Authority: 15 U.S.C. 77s, 78m, 78o, 78w, 79o, 77eee, 77ggg, 77nnn, 
77sss, 80a-37, 80a-38, 79c and 79t, 80b-3, 80b-4, and 80b-11.

    Title: Rule 41 (exemption of public utility subsidiaries with 
respect to limited subsidiaries with respect to limited acquisition of 
utility assets).
    Citation: 17 CFR 250.41.
    Authority: 15 U.S.C. 78m.

    Title: Rule 52 (exemption of issue and sale of certain securities).
    Citation: 17 CFR 250.52.
    Authority: 15 U.S.C. 79f and 79h.

    Title: Rule 53 (certain registered holding company financings in 
connection with the acquisition of one or more exempt wholesale 
generators).
    Citation: 17 CFR 250.53.
    Authority: 15 U.S.C. 79z-5a.

    Title: Rule 54 (effect of exempt wholesale generators on other 
transactions).
    Citation: 17 CFR 250.54.
    Authority: 15 U.S.C. 79c, 79f(b), and 79-i(c)(3).

    Title: Notices and reports to be filed under Section 33.
    Citation: 17 CFR 250.57.
    Authority: 15 U.S.C. 79z-5b.

    Title: Rule 63 (Approval of reorganization fees.
    Citation: 17 CFR 250.63.
    Authority: 11 U.S.C. 608.

    Title: Rule 64 (scope of applications for approval of 
reorganization plans).
    Citation: 17 CFR 250.64.
    Authority: 15 U.S.C. 79k.

    Title: Rule 72--Filing of statements pursuant to Section 17(a).
    Citation: 17 CFR 250.72.
    Authority: 15 U.S.C. 79q.

Rules To Be Reviewed by the Division of Market Regulation

    Title: Exemption of certain direct participation program securities 
from Sections 7(c) and 11(d)(1).
    Citation: 17 CFR 240.3a12-9.
    Authority: 15 U.S.C. 78c(a)(12), 78g, 78k and 78w.

    Title: Options disclosure document.
    Citation: 17 CFR 240.9b-1.
    Authority: 15 U.S.C. 77b, 77g, 77j, 77s(a), 78i, 78(o) and 78w(a).

    Title: Exemptions from Section 12(g).
    Citation: 17 CFR 240.12g-1.
    Authority: 15 U.S.C. 78l, 78m, 78o and 78w.

    Title: Tender offers by issuers.
    Citation: 17 CFR 240.13e-4; 17 CFR 240.14e-1.
    Authority: 15 U.S.C. 78c(b), 78i(a)(6), 78j(b), 78m(e), 78n(e), 
78w(a) and 80a-23(c).

    Title: Annual reporting requirements for registered transfer 
agents.
    Citation: 17 CFR 240.17Ac2-2.
    Authority: 15 U.S.C. 78q, 78q-1 and 78w(a).

    Title: Depository shipment control list transfer instructions; 
Definition of item.
    Citation: 17 CFR 240.17Ad-1.
    Authority: 15 U.S.C. 78b, 781, 78q-1 and 78w.

    Title: Written inquiries and requests.
    Citation: 17 CFR 240.17Ad-5.
    Authority: 15 U.S.C. 78c, 78q-1 and 78w.

Rule To Be Reviewed by the Office of the Chief Accountant

    Title: Article 4 of Regulation S-X (Rules of General Application).
    Citation: 17 CFR 210.4.
    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.

    The Commission invites public comment on both the list and the 
rules to be reviewed.

    Dated: December 12, 1995.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-30659 Filed 12-15-95; 8:45 am]
BILLING CODE 8010-01-P