[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)]
[Proposed Rules]
[Pages 40451-40457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17017]



[[Page 40451]]

Vol. 82

Thursday,

No. 163

August 24, 2017

Part XXVIII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

Federal Register / Vol. 82 , No. 163 / Thursday, August 24, 2017 / 
Unified Agenda

[[Page 40452]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10333, 34-80357, IA-4677, IC-32588, File No. S7-04-17]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission is publishing the 
Chairman'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 spring 2017 
reflect only the priorities of the Acting Chairman 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 March 29, 2017, 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 September 25, 2017.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

    <bullet> Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#ed9f988188c08e8280808883999ead9e888ec38a829b"><span class="__cf_email__" data-cfemail="cbb9bea7aee6a8a4a6a6aea5bfb88bb8aea8e5aca4bd">[email protected]</span></a>. Please include 
File Number S7-04-17 on the subject line; or
    <bullet> Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

    <bullet> Send paper comments to Brent J. Fields, Secretary, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549-1090.

All submissions should refer to File No. S7-04-17. 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: Mykaila DeLesDernier, Office of the 
General Counsel, 202-551-5129.

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 gency 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
``JOBS Act''--Jumpstart Our Business Startups Act

    The Commission invites public comment on the agenda and on the 
individual agenda entries.

    By the Commission.

    Dated: March 31, 2017.
Brent J. Fields,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
380.......................  Amendments to Interactive          3235-AL59
                             Data (XBRL) Program.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
381.......................  Amendments to Smaller              3235-AL90
                             Reporting Company
                             Definition.
382.......................  Modernization of Property          3235-AL81
                             Disclosures for Mining
                             Registrants.
383.......................  Disclosure Update and              3235-AL82
                             Simplification.
384.......................  Form 10-K Summary.........         3235-AL89
------------------------------------------------------------------------


[[Page 40453]]


           Division of Corporation Finance--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
385.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             Under the Securities Act.
386.......................  Disclosure of Hedging by           3235-AL49
                             Employees, Officers and
                             Directors.
387.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
388.......................  Pay Versus Performance....         3235-AL00
389.......................  Universal Proxy...........         3235-AL84
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
390.......................  Exhibit Hyperlinks and             3235-AL95
                             HTML Format.
391.......................  Exemptions To Facilitate           3235-AL80
                             Intrastate and Regional
                             Securities Offerings.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
392.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
393.......................  Adviser Business                   3235-AL62
                             Continuity and Transition
                             Plans.
394.......................  Investment Company                 3235-AL42
                             Reporting Modernization;
                             Option for Website
                             Transmission of
                             Shareholder Reports.
395.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
396.......................  Investment Company                 3235-AL61
                             Liquidity Risk Management
                             Programs; Investment
                             Company Swing Pricing.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
397.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
------------------------------------------------------------------------


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
398.......................  Amendment to Securities            3235-AL86
                             Transaction Settlement
                             Cycle.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

380. Amendments to Interactive Data (XBRL) Program

    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78w(a); 15 U.S.C. 80a-37
    Abstract: The Commission proposed amendments to the XBRL rules to 
provide for companies to use Inline XBRL to file a single combined 
document.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/17/17  82 FR 14282
NPRM Comment Period End.............   05/16/17
Final Action........................   04/00/18
------------------------------------------------------------------------

    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: 202 551-3430, Fax: 202 772-9207.
    RIN: 3235-AL59


[[Page 40454]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

381. Amendments to Smaller Reporting Company Definition

    Legal Authority: Not Yet Determined
    Abstract: The Commission proposed revisions to the ``smaller 
reporting company'' definitions and related provisions.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/01/16  81 FR 43130
NPRM Comment Period End.............   08/30/16
Final Action........................   04/00/18
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Amy Reischauer, Securities and Exchange Commission, 
110 F Street NE., Washington, DC 20549, Phone: 202 551-3460, Email: 
<a href="/cdn-cgi/l/email-protection#d0a2b5b9a3b3b8b1a5b5a2a090a3b5b3feb7bfa6"><span class="__cf_email__" data-cfemail="4e3c2b273d2d262f3b2b3c3e0e3d2b2d60292138">[email protected]</span></a>.
    RIN: 3235-AL90

382. Modernization of Property Disclosures for Mining Registrants

    Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77g; 15 U.S.C. 77j; 15 
U.S.C. 78c(b); 15 U.S.C. 77l; 15 U.S.C. 78m; 15 U.S.C. 780(d)
    Abstract: The Commission proposed rules to modernize and clarify 
the disclosure requirements for companies engaged in mining operations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/27/16  81 FR 41652
NPRM Comment Period End.............   08/26/16  .......................
NPRM Comment Period Extended........   08/26/16  81 FR 58877
NPRM Comment Period Extended End....   09/26/16  .......................
Final Action........................   04/00/18  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elliot Staffin, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3450, Email: <a href="/cdn-cgi/l/email-protection#4231362324242b2c27023127216c252d34"><span class="__cf_email__" data-cfemail="295a5d484f4f40474c695a4c4a074e465f">[email protected]</span></a>.
    RIN: 3235-AL81

383. Disclosure Update and Simplification

    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15 
U.S.C. 80a-1 et seq.; Pub. L. 114-94
    Abstract: The Commission proposed rules to update certain 
disclosure requirements in Regulations S-X and S-K that may have become 
redundant, duplicative, overlapping, outdated or superseded in light of 
other Commission disclosure requirements, U.S. Generally Accepted 
Accounting Principles, International Financial Reporting Standards, or 
changes in the information environment.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/04/16  81 FR 51607
NPRM Comment Period Extended........   09/29/16  81 FR 66898
NPRM Comment Period End.............   10/03/16  .......................
NPRM Comment Period Extended End....   11/02/16  .......................
Final Action........................   04/00/18  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Nili Shah, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3255, Email: <a href="/cdn-cgi/l/email-protection#aad9c2cbc2c4ead9cfc984cdc5dc"><span class="__cf_email__" data-cfemail="53203b323b3d132036307d343c25">[email protected]</span></a>.
    RIN: 3235-AL82

384. Form 10-K Summary

    Legal Authority: Pub. L. 114-94; 15 U.S.C. 78c; 15 U.S.C. 78l; 15 
U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w
    Abstract: The Commission adopted an interim final amendment to 
implement Section 72001 of the FAST Act by permitting an issuer to 
include a summary in its Form l0-K and also requested comment on the 
interim final amendment.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Interim Final Rule..................   06/09/16  81 FR 37132
Interim Final Rule Effective........   06/09/16  .......................
Interim Final Rule Comment Period      07/11/16  .......................
 End.
Final Action........................   04/00/18  .......................
------------------------------------------------------------------------

    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, Fax: 202 772-9207, Email: 
<a href="/cdn-cgi/l/email-protection#bfd7decdcdd6ccd0d1ccffccdadc91d8d0c9"><span class="__cf_email__" data-cfemail="036b6271716a706c6d70437066602d646c75">[email protected]</span></a>.
    RIN: 3235-AL89

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Long-Term Actions

385. 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  .......................
NPRM Comment Period Reopened........   10/03/13  78 FR 61222
NPRM Comment Period Reopened End....   11/04/13  .......................
                                     -----------------------------------
Final Action........................           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Vilardo, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500, Email: <a href="/cdn-cgi/l/email-protection#9bedf2f7fae9fff4f6dbe8fef8b5fcf4ed"><span class="__cf_email__" data-cfemail="94e2fdf8f5e6f0fbf9d4e7f1f7baf3fbe2">[email protected]</span></a>.
    RIN: 3235-AL46

386. Disclosure of Hedging by Employees, Officers and Directors

    Legal Authority: Pub. L. 111-203
    Abstract: The Commission proposed rules to implement section 955 of 
the Dodd-Frank Act, which added section 14(j) to the Exchange Act to 
require annual meeting proxy statement disclosure of whether employees 
or members of the board of directors are permitted to engage in 
transactions to hedge or offset any decrease in the market value of 
equity securities granted to the employee or board member as 
compensation, or held directly or indirectly by the employee or board 
member.
    Timetable:

[[Page 40455]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/17/15  80 FR 8486
NPRM Comment Period End.............   04/20/15  .......................
                                     -----------------------------------
Final Action........................           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Carolyn Sherman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500, Email: <a href="/cdn-cgi/l/email-protection#eb98838e99868a8588ab988e88c58c849d"><span class="__cf_email__" data-cfemail="04776c617669656a67447761672a636b72">[email protected]</span></a>.
    RIN: 3235-AL49

387. Listing Standards for Recovery of Erroneously Awarded Compensation

    Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
    Abstract: The Commission proposed rules to implement section 954 of 
the Dodd-Frank Act, which requires the Commission to adopt rules to 
direct national securities exchanges to prohibit the listing of 
securities of issuers that have not developed and implemented a policy 
providing for disclosure of the issuer's policy on incentive-based 
compensation and mandating the clawback of such compensation in certain 
circumstances.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/14/15  80 FR 41144
NPRM Comment Period End.............   09/14/15  .......................
                                     -----------------------------------
Final Action........................           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Anne M. Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500.
    RIN: 3235-AK99

388. Pay Versus Performance

    Legal Authority: Pub. L. 111-203, sec.953(a); 15 U.S.C. 78c(b); 15 
U.S.C. 78cn; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
    Abstract: The Commission proposed rules to implement section 953(a) 
of the Dodd-Frank Act, which added section 14(i) to the Exchange Act to 
require issuers to disclose information that shows the relationship 
between executive compensation actually paid and the financial 
performance of the issuer.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/07/15  80 FR 26329
NPRM Comment Period End.............   07/06/15  .......................
                                     -----------------------------------
Final Action........................           To Be Determined
------------------------------------------------------------------------

    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, Email: <a href="/cdn-cgi/l/email-protection#9af2fffbe8f4ffe9dae9fff9b4fdf5ec"><span class="__cf_email__" data-cfemail="f59d9094879b9086b5869096db929a83">[email protected]</span></a>.
    RIN: 3235-AL00

389. Universal Proxy

    Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
    Abstract: The Commission proposed to amend the proxy rules to 
expand shareholders' ability to vote by proxy to select among duly-
nominated candidates in a contested election of directors.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/10/16  81 FR 79122
NPRM Comment Period End.............   01/09/17  .......................
                                     -----------------------------------
Final Action........................           To Be Determined
------------------------------------------------------------------------

    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, Email: <a href="/cdn-cgi/l/email-protection#0f676a6e7d616a7c4f7c6a6c21686079"><span class="__cf_email__" data-cfemail="dcb4b9bdaeb2b9af9cafb9bff2bbb3aa">[email protected]</span></a>.
    RIN: 3235-AL84

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

390. Exhibit Hyperlinks and HTML Format

    Legal Authority: 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 
U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 
78m; 15 U.S.C. 78o(d); 15 U.S.C. 78w(a); 15 U.S.C. 78ll
    Abstract: The Commission adopted rules to facilitate access to 
exhibits identified in the exhibit index of certain filings through the 
use of hyperlinks.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/12/16  81 FR 62689
NPRM Comment Period End.............   10/27/16
Final Action........................   03/17/17  82 FR 14130
Final Action Effective..............   09/01/17
------------------------------------------------------------------------

    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-AL95

391. Exemptions To Facilitate Intrastate and Regional Securities 
Offerings

    Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77s; 15 U.S.C. 77z-3; 15 
U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15 U.S.C. 
78mm; 15 U.S.C. 80a-37; 15 U.S.C. 80b-11
    Abstract: The Commission adopted rules to modernize Rules 147 and 
504 under the Securities Act to facilitate intrastate and regional 
securities offerings.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/10/15  80 FR 69786
NPRM Comment Period End.............   01/11/16
Final Action........................   11/21/16  81 FR 83494
Final Action Effective--(Rule 504)     01/20/17
 and (Rule 30-1).
Final Action Effective--(Rule 147)     04/20/17
 and (Rule 147A).
Final Action Effective--(Rule 505)     05/22/17
 and all Other Amendments.
------------------------------------------------------------------------

    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, Email: <a href="/cdn-cgi/l/email-protection#f694978499989397b6859395d8919980"><span class="__cf_email__" data-cfemail="6d0f0c1f0203080c2d1e080e430a021b">[email protected]</span></a>.
    RIN: 3235-AL80


[[Page 40456]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Proposed Rule Stage

392. Reporting of Proxy Votes on Executive Compensation and Other 
Matters

    Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec 951
    Abstract: The Division is considering recommending that the 
Commission repropose rule amendments to implement section 951 of the 
Dodd-Frank Act. The Commission previously proposed amendments to rules 
and Form N-PX that would require institutional investment managers 
subject to section 13(f) of the Exchange Act to report how they voted 
on any shareholder vote on executive compensation or golden parachutes 
pursuant to sections 14A(a) and (b) of the Exchange Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/28/10  75 FR 66622
NPRM Comment Period End.............   11/18/10
Second NPRM.........................   04/00/18
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Matthew DeLesDernier, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6792, Email: 
<a href="/cdn-cgi/l/email-protection#e185848d84928584938f8884938ba1928482cf868e97"><span class="__cf_email__" data-cfemail="a1c5c4cdc4d2c5c4d3cfc8c4d3cbe1d2c4c28fc6ced7">[email protected]</span></a>.
    RIN: 3235-AK67

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

393. Adviser Business Continuity and Transition Plans

    Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C. 
80b-11(a)
    Abstract: The Commission proposed a new rule that would require 
investment advisers registered with the Commission to adopt and 
implement written business continuity and transition plans.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/05/16  81 FR 43530
NPRM Comment Period End.............   09/06/16
Final Action........................   04/00/18
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Alpa Patel, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6797, Email: <a href="/cdn-cgi/l/email-protection#03736277666f626f73437066602d646c75"><span class="__cf_email__" data-cfemail="36465742535a575a467645535518515940">[email protected]</span></a>.
    RIN: 3235-AL62

394. Investment Company Reporting Modernization; Option for Website 
Transmission of Shareholder Reports

    Legal Authority: 15 U.S.C. 77 et seq.; 15 U.S.C. 77aaa et seq.; 15 
U.S.C. 78a et seq.; 15 U.S.C. 80a et seq.; 44 U.S.C. 3506; 44 U.S.C. 
3507
    Abstract: The Commission adopted new rules and forms as well as 
amendments to its rules and forms to modernize the reporting and 
disclosure of information by registered investment companies. The 
Commission proposed new rule 30e-3, which would permit, but not require 
registered investment companies to transmit periodic reports to their 
shareholders by making the reports accessible on a Web site and 
satisfying certain other conditions. The Commission has not finalized 
proposed rule 30e-3.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/12/15  80 FR 33590
NPRM Comment Period End.............   08/11/15
NPRM Comment Period Reopened........   10/12/15  80 FR 62274
NPRM Comment Period Reopened End....   01/13/16
Final Action........................   11/18/16  81 FR 81870
Final Action Effective..............   01/17/17
Final Action........................   04/00/18
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sara Cortes, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-5137, Email: <a href="/cdn-cgi/l/email-protection#c0a3afb2b4a5b3b380b3a5a3eea7afb6"><span class="__cf_email__" data-cfemail="27444855534254546754424409404851">[email protected]</span></a>.
    RIN: 3235-AL42

395. Use of Derivatives by Registered Investment Companies and Business 
Development Companies

    Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-31(a); 15 U.S.C. 
80a-12(a); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-8; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-38
    Abstract: The Commission proposed a new rule designed to enhance 
the regulation of the use of derivatives by registered investment 
companies, including mutual funds, exchange-traded funds, closed-end 
funds and business development companies. The proposed rule would 
regulate registered investment companies' use of derivatives and 
require enhanced risk management measures.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/28/15  80 FR 80884
NPRM Comment Period End.............   03/28/16
Final Action........................   04/00/18
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Brian Johnson, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6740, Email: <a href="/cdn-cgi/l/email-protection#741e1b1c1a071b1a1619340711175a131b02"><span class="__cf_email__" data-cfemail="b9d3d6d1d7cad6d7dbd4f9cadcda97ded6cf">[email protected]</span></a>.
    RIN: 3235-AL60

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

396. Investment Company Liquidity Risk Management Programs; Investment 
Company Swing Pricing

    Legal Authority: 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-22(c); 15 
U.S.C. 80a-31(a); 15 U.S.C. 77a et seq.; 15 U.S.C. 77aaa et seq.; 15 
U.S.C. 78a et seq.; 15 U.S.C. 80a et seq.
    Abstract: The Commission adopted a new rule requiring open-end 
funds to adopt and implement liquidity management programs. The 
Commission also adopted rule amendments that permit open-end funds to 
use ``swing pricing'' and form amendments that enhance disclosure 
regarding fund liquidity and redemption practices.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/15/15  80 FR 62274
NPRM Comment Period End.............   01/13/16
Final Action........................   11/18/16  81 FR 82142
Final Action Effective..............   01/17/17
Final Action Effective--Amendments     06/01/18
 to Form N-CEN.
------------------------------------------------------------------------


[[Page 40457]]

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sarah ten Siethoff, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6729, Email: <a href="/cdn-cgi/l/email-protection#bfcbdad1ccd6dacbd7d0d9d9ccffccdadc91d8d0c9"><span class="__cf_email__" data-cfemail="2e5a4b405d474b5a464148485d6e5d4b4d00494158">[email protected]</span></a>.
    RIN: 3235-AL61

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

397. 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: <a href="/cdn-cgi/l/email-protection#1671637f7264796c7c5665737538717960"><span class="__cf_email__" data-cfemail="baddcfd3dec8d5c0d0fac9dfd994ddd5cc">[email protected]</span></a>.
    RIN: 3235-AL14

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

398. Amendment to Securities Transaction Settlement Cycle

    Legal Authority: 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-1; 15 U.S.C. 
78w(a)
    Abstract: The Commission proposed to amend Exchange Act Rule 15c6-1 
to shorten the standard settlement period from three days to two days.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/05/16  81 FR 69240
NPRM Comment Period End.............   12/05/16
Final Action........................   03/29/17  82 FR 15564
Final Action Effective..............   05/30/17
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jeffrey S. Mooney, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 942-4174, Email: <a href="/cdn-cgi/l/email-protection#600d0f0f0e05190a201305034e070f16"><span class="__cf_email__" data-cfemail="15787a7a7b706c7f556670763b727a63">[email protected]</span></a>.
    RIN: 3235-AL86

[FR Doc. 2017-17017 Filed 8-23-17; 8:45 am]
 BILLING CODE 8011-01-P


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