Document ID: SEC-2008-1580-0001
Agency: sec
Document Type: Proposed Rule
Title: Regulatory Agenda Semiannual Regulatory Agenda
Posted Date: 2008-11-24T05:00Z

[Federal Register: November 24, 2008 (Volume 73, Number 227)]
[Proposed Rules]               
[Page 71513-71520]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24no08-43]                         

[[Page 71513]]

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Part XXII

Securities and Exchange Commission

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Semiannual Regulatory Agenda

[[Page 71514]]

 
SECURITIES AND EXCHANGE COMMISSION (SEC)

_______________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-8974, 34-58715, IA-2796, IC-28432, File No. S7-28-08]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Securities and Exchange Commission is publishing an agenda 
of its rulemaking actions pursuant to the Regulatory Flexibility Act 
(RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information 
in the agenda was accurate on October 2, 2008, the day 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 a Regulatory Flexibility Act 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 December 31, 2008.

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 e-mail to rule-comments@sec.gov. Please include File 
Number S7-28-08 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 Secretary, Securities and 
Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

    All submissions should refer to File No. S7-28-08. This file 
number should be included on the subject line if e-mail 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 public inspection and 
copying 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, during 
April and October of 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)). 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

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

By the Commission.

Dated: October 2, 2008.

 Florence E. Harmon,

Acting Secretary.

                              DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
554         Shareholder Proposals.................................................................    3235-AJ92
----------------------------------------------------------------------------------------------------------------

                                DIVISION OF CORPORATION FINANCE--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
555         Revisions of Limited Offerings Exemptions in Regulation D.............................    3235-AJ88
556         Proxy Disclosure Regarding Executive Compensation and Related Party Transactions......    3235-AI80
----------------------------------------------------------------------------------------------------------------

[[Page 71515]]

                               DIVISION OF CORPORATION FINANCE--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
557         Revisions to Cross-Border Tender Offer Rules..........................................    3235-AK10
----------------------------------------------------------------------------------------------------------------

                               DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
558         Amendments to Form ADV................................................................    3235-AI17
559         Temporary Rule Regarding Principal Trades With Certain Advisory Clients...............    3235-AJ96
560         Interactive Data for Mutual Fund Risk/Return Summary..................................    3235-AK13
----------------------------------------------------------------------------------------------------------------

                              DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
561         Political Contributions by Certain Investment Advisers................................    3235-AH72
----------------------------------------------------------------------------------------------------------------

                              DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
562         Definition of Eligible Portfolio Company Under the Investment Company Act of 1940.....    3235-AJ31
----------------------------------------------------------------------------------------------------------------

                              DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
563         Rule 15c2-2: Confirmation of Transactions in Open-End Management Investment Company       3235-AJ11
            Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for
            Education Savings.....................................................................
564         Rule 15c2-3: Point-of-Sale Disclosure of Purchases in Open-End Management Investment      3235-AJ12
            Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used
            for Education Savings.................................................................
565         Rule 15c-100: Schedule 15C............................................................    3235-AJ13
566         Rule 15c-101: Schedule 15D............................................................    3235-AJ14
567         Processing of Reorganization Events, Tender Offers, and Exchange Offers...............    3235-AH53
----------------------------------------------------------------------------------------------------------------

                               DIVISION OF TRADING AND MARKETS--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
568         Publication or Submission of Quotations Without Specified Information.................    3235-AH40
----------------------------------------------------------------------------------------------------------------

                               DIVISION OF TRADING AND MARKETS--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
569         ``Naked'' Short-Selling Anti-Fraud Rule...............................................    3235-AK06
570         Amendments to Regulation SHO..........................................................    3235-AJ57
----------------------------------------------------------------------------------------------------------------

[[Page 71516]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Corporation Finance
_______________________________________________________________________

554. SHAREHOLDER PROPOSALS

Legal Authority: 15 USC 77c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 
USC 78p; 15 USC 78w(a)

Abstract: The Commission adopted amendments to the proxy rules under 
the Exchange Act facilitating the creation of electronic shareholder 
forums; other aspects of the proposed rulemaking, including proposed 
amendments to enable shareholders to include in company proxy materials 
their proposals for bylaw amendments regarding procedures for 
nominating candidates to the board of directors, remain under 
consideration.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/03/07                    72 FR 43466
NPRM Comment Period End         10/02/07
Final Rule                      01/25/08                     73 FR 4450
Final Rule Effective            02/25/08
Next Action                     12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Steven 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-AJ92
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Corporation Finance
_______________________________________________________________________

555. REVISIONS OF LIMITED OFFERINGS EXEMPTIONS IN REGULATION D

Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77c(b); 15 
USC 77d; 15 USC 77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z-3

Abstract: The Commission proposed a new exemption from the registration 
provisions of the Securities Act for offers and sales of securities to 
``large accredited'' investors in offerings where each purchaser meets 
that definition. The Commission also proposed changes to the definition 
of the term ``accredited investor'' in Regulation D to reflect 
developments since its first adoption. Finally, the Commission proposed 
shortening the timing required by the integration safe harbor in 
Regulation D and applying uniform updated disqualification provisions 
to all offerings under Regulations A, D, and E.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/07                    72 FR 45116
NPRM Comment Period End         10/09/07
Final Action                    11/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Anthony G. Barone, Office of Small Business Policy, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3460

RIN: 3235-AJ88
_______________________________________________________________________

556. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY 
TRANSACTIONS

Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 80a et 
seq

Abstract: The Commission adopted rule amendments to enhance disclosure 
regarding executive compensation, the independence of a registrant's 
board of directors, related party transactions between executive 
officers and directors, and related party transactions with an issuer. 
In December 2006, the Commission adopted further changes as interim 
rules regarding additional disclosure related to the method of valuing 
certain compensation and solicited additional comments on those 
changes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/08/06                     71 FR 6542
NPRM Comment Period End         04/10/06
Final Rule                      09/08/06                    71 FR 53158
Final Rule Effective            11/07/06
Second NPRM                     09/08/06                    71 FR 53267
Second NPRM Comment Period End  10/23/06
Interim Final Rule              12/29/06                    71 FR 78338
Interim Final Rule Effective    12/29/06
Interim Final Rule Comment 
Period End                      01/29/07
Final Action                    11/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Anne Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3500

RIN: 3235-AI80
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Corporation Finance
_______________________________________________________________________

557. REVISIONS TO CROSS-BORDER TENDER OFFER RULES

Legal Authority: 15 USC 77c(b); 15 USC 77g; 15 USC 77h; 15 USC 77i; 15 
USC 77j; 15 USC 77s; 15 USC 77z-3; 15 USC 78l; 15 USC 78m; 15 USC 78n; 
15 USC 78w; 15 USC 78ll; 15 USC 78mm

Abstract: The Commission adopted changes to expand and enhance the 
utility of the exemptions for cross-border business combination 
transactions. The goal is to encourage offerors and issuers in cross-
border business combinations, and rights offerings by foreign private 
issuers, to permit U.S. security holders to participate in these 
transactions in the same manner as other holders.

[[Page 71517]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/09/08                    73 FR 26876
NPRM Comment Period End         06/23/08
Final Action                    10/09/08                    73 FR 60050
Final Action Effective          12/08/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Christina Chalk, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-3440

RIN: 3235-AK10
_______________________________________________________________________
Securities and Exchange Commission (SEC)               Final Rule Stage
Division of Investment Management
_______________________________________________________________________

558. AMENDMENTS TO FORM ADV

Legal Authority: 15 USC 80b-4, 80b-6(4), 80bll(a), 80b-3(c)(1); 15 USC 
77s(a); 15 USC 78(a), 78bbb(e)(2); 15 USC 77sss(a); 15 USC 78(s)-37(a)

Abstract: The Commission proposed amendments to Form ADV part 2 to 
require registered investment advisers to deliver to clients and 
prospective clients a brochure written in plain English.
The amendments are designed to require advisers to provide clients and 
prospective clients with clear, current, and more meaningful disclosure 
of the business practices, conflicts of interest, and background of 
investment advisers and their advisory personnel. Under the proposal, 
advisers would file their brochures with the Commission electronically, 
and the brochures would be available to the public through the 
Commission's Web site.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/17/00                    65 FR 20524
NPRM Comment Period End         06/03/00
Second NPRM                     03/14/08                    73 FR 13958
Second NPRM Comment Period End  05/16/08
Final Action                    12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Vivien Liu, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6787
Email: liuy@sec.gov

RIN: 3235-AI17
_______________________________________________________________________

559. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY 
CLIENTS

Legal Authority: 15 USC 80b-6a; 15 USC 80b-11(a)

Abstract: The Commission adopted on an interim final basis a temporary 
rule that will expire on December 31, 2009, to provide an alternative 
means for investment advisers who are registered with the Commission as 
broker-dealers to meet the requirements of section 206(3) of the 
Investment Advisers Act when acting in a principal capacity in 
transactions with certain of their advisory clients.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/28/07                    72 FR 55022
Interim Final Rule Effective    09/30/07
Interim Final Rule Comment 
Period End                      11/30/07
Final Action                    11/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Goldin, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6726
Fax: 202 772-9284
Email: goldinm@sec.gov

RIN: 3235-AJ96
_______________________________________________________________________

560.  INTERACTIVE DATA FOR MUTUAL FUND RISK/RETURN 
SUMMARY

Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77j; 15 USC 77s(a); 15 
USC 77z-3; 15 USC 78c; 15 USC 78j; 15 USC 78l; 15 USC 78m; 15 USC 78n; 
15 USC 78o(d); 15 USC 78w(a); 15 uSC 78jj; 15 USC 78mm; 15 USC 80a-
6(c); 15 USC 80a-8; 15 USC 80a-24(e); 15 USC 80a-29; 15 USC 80a-37

Abstract: The Commission proposed rules requiring mutual funds to 
provide risk/return summary information in an interactive data format, 
which would improve its usefulness to investors. Under the proposed 
rules, risk/return summary information could be downloaded directly 
into spreadsheets, analyzed in a variety of ways using commercial off-
the-shelf software, and used within investment models in other software 
formats.
Mutual funds would provide the risk/return summary section of their 
prospectuses to the Commission and on their Web sites in interactive 
data format using the eXtensible Business Reporting Language, XBRL. The 
interactive data would be provided as an exhibit to registration 
statements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/23/08                    73 FR 35442
NPRM Comment Period End         08/01/08
Final Action                    11/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Alberto Zapata, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NW, Washington, DC 
20549
Phone: 202 551-6929
Email: zapataa@sec.gov

RIN: 3235-AK13

[[Page 71518]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)              Long-Term Actions
Division of Investment Management
_______________________________________________________________________

561. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

Legal Authority: 15 USC 206(4); 15 USC 211(a); 15 USC 204

Abstract: The Commission proposed new Rule 206(4)-5, which would 
prohibit an investment adviser from providing advisory services for 
compensation to a Government client for 2 years after the adviser or 
any of its partners, executive officers, or solicitors makes a 
contribution to certain elected officials or candidates.
The Commission also proposed rule amendments that would require a 
registered adviser that has Government clients to maintain certain 
records of the political contributions made by the adviser or any of 
its partners, executive officers, or solicitors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/10/99                    64 FR 43556
NPRM Comment Period End         11/01/99

Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Daniel Seth Kahl, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-6730
Email: kahld@sec.gov

RIN: 3235-AH72
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Investment Management
_______________________________________________________________________

562. DEFINITION OF ELIGIBLE PORTFOLIO COMPANY UNDER THE INVESTMENT 
COMPANY ACT OF 1940

Legal Authority: 15 USC 80a-2(a)(46)(C)(iv); 15 USC 80a-37(a); 15 USC 
80a-6(c)

Abstract: The Commission amended Rule 2a-46(b) under the Investment 
Company Act to more closely align the definition of eligible portfolio 
company, and the investment activities of business development 
companies (BDCs), with the purpose that Congress intended. The 
amendment expands the definition of eligible portfolio companies that 
list their securities on a national securities exchange.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/08/04                    69 FR 64816
NPRM Comment Period End         01/07/05
Final Rule                      10/31/06                    71 FR 64086
Final Rule Effective            11/30/06
Second NPRM                     10/31/06                    71 FR 64093
Second NPRM Comment Period End  01/02/07
Final Action                    05/20/08                    73 FR 29044
Final Action Effective          07/21/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Rochelle Kauffman Plesset, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549
Phone: 202 551-6840

RIN: 3235-AJ31
_______________________________________________________________________
Securities and Exchange Commission (SEC)            Proposed Rule Stage
Division of Trading and Markets
_______________________________________________________________________

563. RULE 15C2-2: CONFIRMATION OF TRANSACTIONS IN OPEN-END MANAGEMENT 
INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND 
MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-2 under the Exchange 
Act, together with accompanying Schedule 15C. The Commission also 
proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2 and 
Schedule 15C would provide for improved confirmation disclosure of 
distribution costs and conflicts of interest associated with 
transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rule and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ11
_______________________________________________________________________

564. RULE 15C2-3: POINT-OF-SALE DISCLOSURE OF PURCHASES IN OPEN-END 
MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, 
AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Rule 15c2-3 under the Exchange 
Act, together with accompanying Schedule15D. Proposed Rule 15c2-3 and 
Schedule 15D would provide for

[[Page 71519]]

pre-transaction ``point of sale'' disclosure of distribution costs and 
conflicts of interest associated with transactions in mutual funds, 
municipal fund securities, and unit investment trusts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ12
_______________________________________________________________________

565. RULE 15C-100: SCHEDULE 15C

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Schedule 15 and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 15D. 
The Commission also proposed related amendments to Rule 10b-10. 
Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would 
provide for improved confirmation and pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rules and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ13
_______________________________________________________________________

566. RULE 15C-101: SCHEDULE 15D

Legal Authority: 15 USC 78j; 15 USC 78k; 15 USC 78o; 15 USC 78q; 15 USC 
78w(a); 15 USC 78mm

Abstract: The Commission proposed new Schedule 15D and Rules 15c2-2 and 
15c2-3 under the Exchange Act, together with accompanying Schedule 15C. 
The Commission also proposed related amendments to Rule 10b-10. 
Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would 
provide for improved confirmation and pre-transaction ``point of sale'' 
disclosure of distribution costs and conflicts of interest associated 
with transactions in mutual funds, municipal fund securities, and unit 
investment trusts. The amendments to Rule 10b-10 in part would reflect 
the new rules and would provide improved confirmation disclosure about 
certain callable securities. They also would clarify that the 
confirmation disclosure requirements do not determine broker-dealer 
disclosure obligations under other provisions of the law.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/10/04                     69 FR 6438
NPRM Comment Period End         04/12/04
NPRM Comment Period Extended    03/04/05                    70 FR 10521
NPRM Comment Period End         04/04/05
Second NPRM                     12/00/08

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dawn Jessen, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5550
Fax: 202 772-9270
Email: jessend@sec.gov

RIN: 3235-AJ14
_______________________________________________________________________

567. PROCESSING OF REORGANIZATION EVENTS, TENDER OFFERS, AND EXCHANGE 
OFFERS

Legal Authority: 15 USC 78b; 15 USC 78k-1(a)(1)(B); 15 USC 78n(d)(4); 
15 USC 78o(c)(3); 15 USC 78o(c)(6); 15 USC 78q-1(a); 15 USC 78q-
1(d)(1); 15 USC 78w(a)

Abstract: The Commission proposed amendments to Rule 17Ad-14 under the 
Exchange Act. The amendments would require the establishment of book-
entry accounts in connection with reorganization events and would give 
securities depositories up to 3 business days after the expiration of a 
tender offer, exchange offer, or reorganization event to deliver 
physical securities certificates to the agents.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/04/98                    63 FR 47209
NPRM Comment Period End         11/03/98
Second NPRM                     03/00/09

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Landon, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1001
Phone: 202 551-5716
Fax: 202 772-9270
Email: landonm@sec.gov

RIN: 3235-AH53

[[Page 71520]]

_______________________________________________________________________
Securities and Exchange Commission (SEC)              Long-Term Actions
Division of Trading and Markets
_______________________________________________________________________

568. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED 
INFORMATION

Legal Authority: 15 USC 78c; 15 USC 78j(b); 15 USC 78o(c); 15 USC 
78o(g); 15 USC 78q(a); 15 USC 78w(a)

Abstract: As part of its efforts to respond to fraud and manipulation 
in the microcap securities market, the Commission proposed amendments 
to Rule 15c2-11. These amendments would limit the rule's piggyback 
provision and increase public availability of issuer information. The 
amendments would expand the information review requirements for non-
reporting issuers and the documentation required for significant 
relationships between the broker-dealer and the issuer of the security 
to be quoted. Finally, the amendments would exclude from the rule 
securities of larger, more liquid issuers.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/25/98                     63 FR 9661
NPRM Comment Period End         04/27/98
Second NPRM                     03/08/99                    64 FR 11124
Second NPRM Comment Period End  04/07/99
Second NPRM Comment Period 
Extended                        04/14/99                    64 FR 18393
Comment Period End              05/08/99

Next Action Undetermined

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5744
Fax: 202 772-9355
Email: cranev@sec.gov

RIN: 3235-AH40
_______________________________________________________________________
Securities and Exchange Commission (SEC)              Completed Actions
Division of Trading and Markets
_______________________________________________________________________

569. ``NAKED'' SHORT-SELLING ANTI-FRAUD RULE

Legal Authority: 15 USC 78b; 15 USC 78c(b); 15 USC 78f; 15 USC 78l(h); 
15 USC 78j; 15 USC 78k-1; 15 USC 78o; 15 USC 78o-3; 15 USC 78q; 15 USC 
78q-1; 15 USC 78s; 15 USC 78w(a)

Abstract: The Commission adopted an anti-fraud rule to address failures 
to deliver securities that have been associated with ``naked'' short-
selling. The rule is intended to highlight the liability of persons 
that deceive another person about their intention or ability to deliver 
securities in time for settlement, including persons that deceive their 
broker-dealer about their locate source or ownership of shares.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/21/08                    73 FR 15376
NPRM Comment Period End         05/20/08
Final Action                    10/17/08                    73 FR 61666

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5744
Fax: 202 772-9355
Email: cranev@sec.gov

RIN: 3235-AK06
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570. AMENDMENTS TO REGULATION SHO

Legal Authority: 15 USC 78b and 78c; 15 USC 78i to 78l; 15 USC 78o; 15 
USC 78q; 15 USC 78q-1; 15 USC 78s; 15 USC 78w(a)

Abstract: The Commission proposed amendments to Rules 200(e)(3) and 
203(b)(3) of Regulation SHO. The proposed amendments were intended to 
reduce the frequency that stock is not delivered after it is sold, by 
eliminating a grandfather provision and narrowing the options market 
maker exception to the close-out requirements of Regulation SHO. The 
proposed amendments were also intended to update the market decline 
limitation referenced in Rule 200(e)(3).
After considering the comments received in response to the proposed 
amendments, the Commission adopted amendments eliminating the 
grandfather provision of Rule 203(b)(3) and updating the market decline 
limitation referenced in Rule 200(e)(3) substantially in the form 
proposed. The Commission re-proposed and then adopted amendments to 
Rule 203(b)(3) to eliminate the market maker exception to the close-out 
requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/21/06                    71 FR 41710
NPRM Comment Period End         09/19/06
NPRM Comment Period Extended    03/30/07                    72 FR 15079
NPRM Comment Period End         04/30/07
Final Rule                      08/14/07                    72 FR 45544
Final Rule Effective            10/15/07
Second NPRM                     08/14/07                    72 FR 45558
Second NPRM Comment Period End  09/13/07
Second NPRM Comment Period 
Extended                        07/14/08                    73 FR 40201
Extended Comment Period End     08/13/08
Final Action                    10/17/08                    73 FR 61690

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Victoria L. Crane, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549
Phone: 202 551-5744
Fax: 202 772-9355
Email: cranev@sec.gov

RIN: 3235-AJ57
[FR Doc. E8-21194 Filed 11-21-08; 8:45 am]

BILLING CODE 8010-01-S