Vol. 82 Thursday, 

No. 163 August 24, 2017 

Part XXVIII 

Securities and Exchange Commission 

Semiannual Regulatory Agenda 

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40452 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda 

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 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/other.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number S7– 

04–17 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 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

Sequence No. Title Regulation 

Identifier No. 

380 .................... Amendments to Interactive Data (XBRL) Program ......................................................................................... 3235–AL59 

DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

381 .................... Amendments to Smaller Reporting Company Definition ................................................................................. 3235–AL90 

382 .................... Modernization of Property Disclosures for Mining Registrants ....................................................................... 3235–AL81 

383 .................... Disclosure Update and Simplification .............................................................................................................. 3235–AL82 

384 .................... Form 10–K Summary ....................................................................................................................................... 3235–AL89 

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Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda 40453 

DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

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

386 .................... Disclosure of Hedging by Employees, Officers and Directors ........................................................................ 3235–AL49 

387 .................... Listing Standards for Recovery of Erroneously Awarded Compensation ....................................................... 3235–AK99 

388 .................... Pay Versus Performance ................................................................................................................................. 3235–AL00 

389 .................... Universal Proxy ................................................................................................................................................ 3235–AL84 

DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

390 .................... Exhibit Hyperlinks and HTML Format .............................................................................................................. 3235–AL95 

391 .................... Exemptions To Facilitate Intrastate and Regional Securities Offerings .......................................................... 3235–AL80 

DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

392 .................... Reporting of Proxy Votes on Executive Compensation and Other Matters .................................................... 3235–AK67 

DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

393 .................... Adviser Business Continuity and Transition Plans .......................................................................................... 3235–AL62 

394 .................... Investment Company Reporting Modernization; Option for Website Transmission of Shareholder Reports 3235–AL42 

395 .................... Use of Derivatives by Registered Investment Companies and Business Development Companies ............. 3235–AL60 

DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

396 .................... Investment Company Liquidity Risk Management Programs; Investment Company Swing Pricing .............. 3235–AL61 

DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

397 .................... 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. 

398 .................... Amendment to Securities Transaction Settlement Cycle ................................................................................ 3235–AL86 

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 

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40454 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda 

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: 

reischauerp@sec.gov. 

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: 

staffine@sec.gov. 

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: shahn@sec.gov. 

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 End.

07/11/16 

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: harrisons@sec.gov. 

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: 

vilardom@sec.gov. 

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: 

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

shermanc@sec.gov. 

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: 

hearnes@sec.gov. 

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: 

hearnes@sec.gov. 

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) 

and (Rule 30–1).

01/20/17 

Final Action Effective—(Rule 147) 

and (Rule 

147A).

04/20/17 

Final Action Effective—(Rule 505) 

and all Other 

Amendments.

05/22/17 

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: 

baronea@sec.gov. 

RIN: 3235–AL80 

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40456 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Unified Agenda 

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 DoddFrank 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: delesdernierj@sec.gov. 

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 

Action Date FR Cite 

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: patelalp@sec.gov. 

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: cortess@sec.gov. 

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, exchangetraded 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: 

johnsonbm@sec.gov. 

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 to Form 

N–CEN.

06/01/18 

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

tensiethoffs@sec.gov. 

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 DoddFrank 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 

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: 

mooneyj@sec.gov. 

RIN: 3235–AL86 

[FR Doc. 2017–17017 Filed 8–23–17; 8:45 am] 

BILLING CODE 8011–01–P 

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