76860 Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Unified Agenda 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Ch. II 

[Release Nos. 33–9663, 34–73341, IA–3945, 

IC–31283, File No. S7–10–14] 

Regulatory Flexibility Agenda 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Semiannual regulatory agenda. 

SUMMARY: The Securities and Exchange 

Commission is publishing the Chair’s 

agenda of rulemaking actions pursuant 

to the Regulatory Flexibility Act (RFA) 

(Pub. L. 96–354, 94 Stat. 1164) (Sep. 19, 

1980). The items listed in the Regulatory 

Flexibility Agenda for Fall 2014 reflect 

only the priorities of the Chair of the 

U.S. Securities and Exchange 

Commission, and do not necessarily 

reflect the view and priorities of any 

individual Commissioner. 

Information in the agenda was 

accurate on October 10, 2014, 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 is now printing in 

the Federal Register, along with our 

preamble, only those agenda entries for 

which we have indicated that 

preparation of an RFA 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 January 21, 2015. 

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 email to rulecomments@sec.gov. Please include File 

Number S7–10–14 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 Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File No. 

S7–10–14. This file number should be 

included on the subject line if email is 

used. To help us process and review 

your comments more efficiently, please 

use only one method. The Commission 

will post all comments on the 

Commission’s Internet Web site (http:// 

www.sec.gov/rules/other.shtml). 

Comments are also available for Web 

site 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, twice 

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)). The 

Commission may consider or act on any 

matter earlier or later than the estimated 

date provided on the agenda. While the 

agenda reflects the current intent to 

complete a number of rulemakings in 

the next year, the precise dates for each 

rulemaking at this point are uncertain. 

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 

‘‘Dodd Frank Act’’—Dodd-Frank Wall 

Street Reform and Consumer 

Protection Act 

The Commission invites public 

comment on the agenda and on the 

individual agenda entries. 

By the Commission. 

Dated: October 10, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

557 .................... Implementation of Titles V and VI of the JOBS Act ........................................................................................ 3235–AL40 

DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

558 .................... Rules Governing the Offer and Sale of Securities Through Crowdfunding Under Section 4(a)(6) of the Securities Act.3235–AL37 

559 .................... Amendments to Regulation D, Form D and Rule 156 Under the Securities Act ............................................ 3235–AL46 

560 .................... Treatment of Certain Communications Involving Security-Based Swaps That May be Purchased Only by 

Eligible Contract Participants.

3235–AL41 

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Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Unified Agenda 76861 

DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

561 .................... Temporary Rule Regarding Principal Trades With Certain Advisory Clients .................................................. 3235–AL56 

DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

562 .................... Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ................... 3235–AL14 

DIVISION OF TRADING AND MARKETS—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

563 .................... Rules for Nationally Recognized Statistical Rating Organizations .................................................................. 3235–AL15 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Corporation Finance 

Proposed Rule Stage 

557. Implementation of Titles V and VI 

of the Jobs Act 

Legal Authority: Pub. L. 112–106 

Abstract: The Division is considering 

recommending that the Commission 

propose rules or amendments to rules to 

implement titles V (Private Company 

Flexibility and Growth) and VI (Capital 

Expansion) of the JOBS Act. 

Timetable: 

Action Date FR Cite 

NPRM .................. 10/00/15 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Steven G. Hearne, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–3430. 

RIN: 3235–AL40 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Corporation Finance 

Final Rule Stage 

558. Rules Governing the Offer and 

Sale of Securities Through 

Crowdfunding Under Section 4(A)(6) of 

the Securities Act 

Legal Authority: 15 U.S.C. 77a et seq.; 

15 U.S.C. 78a et seq.; Pub. L. 112–108, 

secs 301 to 305 

Abstract: The Commission proposed 

rules to implement title III of the JOBS 

Act by prescribing rules governing the 

offer and sale of securities through 

crowdfunding under new section 4(a)(6) 

of the Securities Act. 

Timetable: 

Action Date FR Cite 

NPRM .................. 11/05/13 78 FR 66428 

NPRM Comment 

Period End.

02/03/14 

Final Action ......... 10/00/15 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Sebastian Gomez 

Abero, Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–3500. 

Leila Bham, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549, Phone: 202 551– 

5532. 

RIN: 3235–AL37 

559. Amendments to Regulation D, 

Form D and Rule 156 Under the 

Securities Act 

Legal Authority: 15 U.S.C. 77a et seq. 

Abstract: The Commission proposed 

rule and form amendments to enhance 

the Commission’s ability to evaluate the 

development of market practices in 

offerings under Rule 506 of Regulation 

D and address concerns that may arise 

in connection with permitting issuers to 

engage in general solicitation and 

general advertising under new 

paragraph (c) of Rule 506. 

Timetable: 

Action Date FR Cite 

NPRM .................. 07/24/13 78 FR 44806 

NPRM Comment 

Period End.

09/23/13 

Action Date FR Cite 

NPRM Comment 

Period Reopened.

10/03/13 78 FR 61222 

NPRM Comment 

Period End.

11/04/13 

Final Action ......... 10/00/15 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Charles Kwon, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–3500. 

Ted Yu, Division of Corporation 

Finance, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549, Phone: 202 551– 

3500. 

RIN: 3235–AL46 

560. Treatment of Certain 

Communications Involving SecurityBased Swaps That May Be Purchased 

Only by Eligible Contract Participants 

Legal Authority: 15 U.S.C. 77e; 15 

U.S.C. 77s; 15 U.S.C. 77z–3 

Abstract: The Commission proposed a 

rule under the Securities Act to address 

the treatment of certain communications 

involving security-based swaps that may 

be purchased only by eligible contract 

participants. 

Timetable: 

Action Date FR Cite 

NPRM .................. 09/11/14 79 FR 54224 

NPRM Comment 

Period End.

11/10/14 

Final Action ......... 10/00/15 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Andrew Schoeffler, 

Division of Corporation Finance, 

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76862 Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Unified Agenda 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–3860. 

RIN: 3235–AL41 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Investment Management 

Final Rule Stage 

561. Temporary Rule Regarding 

Principal Trades With Certain Advisory 

Clients 

Legal Authority: 15 U.S.C. 80b–6a; 15 

U.S.C. 80b–11(a) 

Abstract: 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, will expire on December 

31, 2014. The Commission proposed a 

temporary rule to extend that date to 

December 31, 2016. 

Timetable: 

Action Date FR Cite 

NPRM .................. 08/18/14 79 FR 48709 

NPRM Comment 

Period End.

09/17/14 

Next Action .......... 12/00/14 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Sarah Buescher, 

Division of Investment Management, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–5192, Email: 

bueschers@sec.gov. 

RIN: 3235–AL56 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Trading and Markets 

Long-Term Actions 

562. Removal of Certain References to 

Credit Ratings Under the Securities 

Exchange Act of 1934 

Legal Authority: Pub. L. 111–203, sec 

939A 

Abstract: Section 939A of the Dodd 

Frank Act requires the Commission to 

remove certain references to credit 

ratings from its regulations and to 

substitute such standards of 

creditworthiness as the Commission 

determines to be appropriate. The 

Commission amended certain rules and 

one form under the Exchange Act 

applicable to broker-dealer financial 

responsibility, and confirmation of 

transactions. The Commission has not 

yet finalized amendments to certain 

rules regarding the distribution of 

securities. 

Timetable: 

Action Date FR Cite 

NPRM .................. 05/06/11 76 FR 26550 

NPRM Comment 

Period End.

07/05/11 

Final Action ......... 01/08/14 79 FR 1522 

Final Action Effective.07/07/14 

Next Action Undetermined.To Be Determined 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: John Guidroz, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–6439, Email: 

guidrozj@sec.gov. 

RIN: 3235–AL14 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Trading and Markets 

Completed Actions 

563. Rules for Nationally Recognized 

Statistical Rating Organizations 

Legal Authority: 15 U.S.C. 78o–7; 15 

U.S.C. 78q; 15 U.S.C. 78mm; Pub. L. 

111–203, secs 936, 938, and 943 

Abstract: The Commission adopted 

rules and rule amendments to 

implement certain provisions of the 

Dodd Frank Act concerning nationally 

recognized statistical rating 

organizations, providers of third-party 

due diligence services for asset-backed 

securities, and issuers and underwriters 

of asset-backed securities. 

Timetable: 

Action Date FR Cite 

NPRM .................. 06/08/11 76 FR 33420 

NPRM Comment 

Period End.

08/08/11 

Final Action ......... 09/15/14 79 FR 55078 

Final Action Effective.11/14/14 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Raymond Lombardo, 

Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549, Phone: 202 551–5755, Email: 

lombardor@sec.gov. 

RIN: 3235–AL15 

[FR Doc. 2014–28993 Filed 12–19–14; 8:45 am] 

BILLING CODE 8011–01–P 

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Vol. 79 Monday, 

No. 245 December 22, 2014 

Part XXVI 

Department of Transportation 

Surface Transportation Board 

Semiannual Regulatory Agenda 

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