[May 27, 2003 (Volume 68, Number 101)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [Page 31434-31458] ----------------------------------------------------------------------- Part LXII Securities and Exchange Commission ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 31434]] SECURITIES AND EXCHANGE COMMISSION (SEC) _______________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33-8217, 34-47606, 35-27663, 39-2406, IA-2121, IC-25987, File No. S7-08-03] 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. Information in the agenda was accurate on April 1, 2003, 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 provides notice under section 610 of the Regulatory Flexibility Act. DATES: Public comments are due by June 27, 2003. ADDRESSES: Persons wishing to submit written comments should file three copies of their comments with Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 5th Street NW., Washington, DC 20549-0609. All submissions should refer to File No. S7-08-03 and will be available for public inspection and copying at the Commission's Public Reference Room, Room 1026, at the same address. Interested persons may also submit comments electronically at the following e-mail address: rule- comments@sec.gov. The Commission does not edit personal identifying information, such as names or electronic mail addresses, from electronic submissions. Interested persons submitting comments should only submit information that they wish to make publicly available. FOR FURTHER INFORMATION CONTACT: David R. Fredrickson or Constancio B. Cater, Office of the General Counsel, 202-942-0890. SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (September 19, 1980) requires each Federal agency, during April and October of each year, to publish in the Federal Register an agenda identifying rules which the agency expects to propose or adopt that are likely to have a significant economic impact on a substantial number of small entities (5 U.S.C. 602(a)). The RFA specifically provides that publication of the agenda does not preclude an agency from considering or acting on any matter not included in the agenda and that an agency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). The agenda includes new entries, entries carried over from previous 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 ``PUHCA'' - Public Utility Holding Company Act of 1935 ``Investment Company Act'' - Investment Company Act of 1940 ``Investment Advisers Act'' - Investment Advisers Act of 1940 The Commission's regulatory flexibility agenda is set forth below. The Commission invites public comment on the agenda and on the individual agenda entries. Dated: April 1, 2003. By the Commission. Margaret H. McFarland, Deputy Secretary. DIVISION OF CORPORATION FINANCE--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4164 Industry Guide 3--Statistical Disclosure by Bank Holding Companies.................. 3235-AI10 4165 Asset-Backed Securities Disclosure.................................................. 3235-AF74 4166 Streamlining Rule 144............................................................... 3235-AH13 4167 Electronic Signatures Act and Information Delivery Under the Securities Act of 1933. 3235-AI82 4168 Revision of Multijurisdictional Disclosure System................................... 3235-AH99 4169 Financial Reporting and Blank Check Companies....................................... 3235-AH88 4170 Lock-Up Agreements.................................................................. 3235-AI09 4171 Securities Act Communications Reform................................................ 3235-AI11 4172 Certification of Disclosure in Certain Exchange Act Reports......................... 3235-AI79 4173 Proxy Disclosure Regarding Executive Compensation and Related Party Transactions.... 3235-AI80 4174 Treatment of Foreign Banks Under Section 402 of the Sarbanes-Oxley Act.............. 3235-AI81 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4175 Form 8-K Disclosure of Certain Management Transactions.............................. 3235-AI43 4176 Disclosure in Management's Discussion and Analysis Regarding the Application of 3235-AI44 Critical Accounting Policies........................................................ [[Page 31435]] 4177 Mandated Electronic Filing and Website Posting for Forms 3, 4, and 5................ 3235-AI26 4178 Defining ``Qualified Purchasers''................................................... 3235-AI25 4179 Additional Form 8-K Disclosure Requirements and Acceleration of Filing Date......... 3235-AI47 4180 Disclosure Required by Sections 404, 406, and 407 of the Sarbanes-Oxley Act of 2002. 3235-AI66 ---------------------------------------------------------------------------------------------------------------- DIVISION OF CORPORATION FINANCE--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4181 Sections 401(b) and 409 of the Sarbanes-Oxley Act of 2002........................... 3235-AI69 4182 Exemption for Standardized Options From Provisions of the Securities Act of 1933 and 3235-AI55 From the Registration Requirements of the Securities Exchange Act of 1934........... 4183 Sarbanes-Oxley Rulemaking for Disclosure in Management's Discussion and Analysis 3235-AI70 About Off-Balance Sheet Arrangements................................................ 4184 Insider Trades During Pension Fund Blackout Periods................................. 3235-AI71 4185 Standards Relating to Listed Company Audit Committees............................... 3235-AI75 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4186 Books and Records To Be Maintained by Investment Advisers........................... 3235-AH24 4187 Principal Transactions With Investment Advisory Clients............................. 3235-AH34 4188 Certain Thrift Institutions Deemed Not To Be Investment Advisers.................... 3235-AI16 4189 Exemption From Registration for Certain Commodity Pool Operators.................... 3235-AI29 4190 Exemption To Permit Investment Companies To Invest in Other Investment Companies.... 3235-AI30 4191 Substitution of Funds Underlying Variable Insurance Products........................ 3235-AI58 4192 Amendments to Registration Form and Rules for Registration of Certain Investment 3235-AI84 Company Securities.................................................................. 4193 Exemption From Shareholder Approval for Certain Subadvisory Contracts............... 3235-AH80 4194 Amendments to Form N-SAR, Semiannual Report of Registered Investment Companies...... 3235-AF93 4195 Amendments to the Cash Solicitation Rule............................................ 3235-AH33 4196 Rulemaking for EDGAR System......................................................... 3235-AI18 4197 Investment in Money Market Funds.................................................... 3235-AI45 4198 Regional Transmission Organizations and Independent Transmission Companies.......... 3235-AI27 4199 Exemptions From Section 17(c) of the Public Utility Holding Company Act Regarding 3235-AI59 Officers and Directors of Registered Holding Companies.............................. ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4200 Custody or Possession of Funds or Securities of Clients............................. 3235-AH26 4201 Certain Broker-Dealers Deemed Not To Be Investment Advisers......................... 3235-AH78 4202 Amendments to Form ADV.............................................................. 3235-AI17 4203 Compliance Programs of Investment Companies and Investment Advisers................. 3235-AI77 4204 Shareholder Report and Financial Statement Revisions................................ 3235-AG64 4205 Proposed Amendments to Investment Company Advertising Rules......................... 3235-AH19 4206 Certain Research and Development Companies.......................................... 3235-AI57 4207 PUHCA: Exemption for Certain Acquisitions of Foreign Utility Companies; Subsidiaries 3235-AF78 Authorized To Perform Services or Construction or To Sell Goods..................... ---------------------------------------------------------------------------------------------------------------- [[Page 31436]] DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4208 Political Contributions by Certain Investment Advisers.............................. 3235-AH72 4209 Insurance Products: Equity Index Insurance Products Concept Release................. 3235-AH23 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4210 Exemption for Certain Investment Advisers Operating Through the Internet............ 3235-AI15 4211 Transactions of Investment Companies With Portfolio and Subadviser Affiliates....... 3235-AI28 4212 Disclosure of Proxy Voting Policies and Results by Investment Companies............. 3235-AI64 4213 Certification of Disclosure in Management Investment Companies' Reports to 3235-AI63 Shareholders........................................................................ 4214 Proxy Voting Policies and Procedures for Investment Advisers........................ 3235-AI65 4215 Custody of Investment Company Assets With a Securities Depository................... 3235-AG71 4216 Disclosure of Costs and Expenses for Variable Annuities............................. 3235-AI39 ---------------------------------------------------------------------------------------------------------------- DIVISION OF INVESTMENT MANAGEMENT--Discontinued Entries -------------------------------------------------------------------------------------------------------------------------------------------------------- Regulation Identification Title Date Comments Number -------------------------------------------------------------------------------------------------------------------------------------------------------- 3235-AH93 Exemption From Section 101(c)(1) of the Electronic Signatures in Global and National 05/01/2003 Withdrawn Commerce Act for Registered Investment Companies -------------------------------------------------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4217 Request for Comment on NYSE Petition for Amending the CTA and CQ Plans so as To 3235-AI78 Delete the Participants' Fee Exemptions............................................. 4218 Net Capital Requirements for Brokers or Dealers--Definition of the Term Nationally 3235-AH28 Recognized Statistical Rating Organization.......................................... ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4219 Risk Assessment Recordkeeping and Reporting Requirement............................. 3235-AH06 4220 Concept Release: Short Sales........................................................ 3235-AH84 4221 Amendments to the Penny Stock Rules in Light of the Electronic Signatures in Global 3235-AI02 and National Commerce Act........................................................... 4222 Definition of Terms in and Specific Exemptions for Banks, Savings Associations, and 3235-AI19 Savings Banks Under Sections 3(a)(4) and 3(a)(5) of the Securities and Exchange Act of 1934............................................................................. ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4223 Rule 15c3-3 Reserve Requirements for Margin Related to Security Futures Products.... 3235-AI61 4224 Broker-Dealer Exemption From Sending Certain Financial Information to Customers..... 3235-AI68 4225 Purchases of Certain Equity Securities by the Issuer and Others..................... 3235-AH37 4226 Tender and Reorganization Agents.................................................... 3235-AH53 [[Page 31437]] 4227 Publication or Submission of Quotations Without Specified Information............... 3235-AH40 4228 Processing Requirements for Cancelled Securities Certificates....................... 3235-AH54 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4229 Registration Requirements for Banks Acting as Brokers or Dealers in Security Futures 3235-AI83 Products............................................................................ ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4230 Amendment to Rule 15c3-3 To Expand the Categories of Permissible Collateral......... 3235-AI51 4231 Research Analyst Certification...................................................... 3235-AI60 4232 Repeal of Rule 11Ac1-7 Under the Securities Exchange Act of 1934.................... 3235-AI52 ---------------------------------------------------------------------------------------------------------------- DIVISION OF MARKET REGULATION--Discontinued Entries -------------------------------------------------------------------------------------------------------------------------------------------------------- Regulation Identification Title Date Comments Number -------------------------------------------------------------------------------------------------------------------------------------------------------- 3235-AI48 Structural Change in the Settlement of Government Securities: Issues and Options 05/01/2003 Withdrawn -------------------------------------------------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4233 Proposal to Amendment Disclosure Requirements Related to Derivative Financial 3235-AH98 Instruments and Derivative Commodity Instruments.................................... ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4234 Supplemental Financial Information.................................................. 3235-AH86 4235 Rules Regarding Improper Influence on the Conduct of Audits......................... 3235-AI67 4236 Implementation of Standards of Professional Conduct for Attorneys................... 3235-AI72 ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4237 International Accounting Standards.................................................. 3235-AH65 ---------------------------------------------------------------------------------------------------------------- [[Page 31438]] OFFICES AND OTHER PROGRAMS--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4238 Rule to Strengthen the Commission's Requirements Regarding Auditor Independence..... 3235-AI73 4239 Rules on Retention of Records Relevant to Audits and Reviews Implementing Section 3235-AI74 802 of the Sarbanes-Oxley Act of 2002............................................... ---------------------------------------------------------------------------------------------------------------- OFFICES AND OTHER PROGRAMS--Discontinued Entries -------------------------------------------------------------------------------------------------------------------------------------------------------- Regulation Identification Title Date Comments Number -------------------------------------------------------------------------------------------------------------------------------------------------------- 3235-AI56 Revision of the Commission's Auditor Independence Regulations and Related Disclosure 05/01/2003 Withdrawn Requirements -------------------------------------------------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Corporation Finance _______________________________________________________________________ 4164. INDUSTRY GUIDE 3--STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 5 USC 77a et seq; 5 USC 78a et seq CFR Citation: 17 CFR 229; 17 CFR 231; 17 CFR 241 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose amendments to Securities Act Industry Guide 3 and Exchange Act Industry Guide 3, Statistical Disclosure by Banking Holding Companies, to update them and apply them more broadly to registrants engaging in lending, investing, or deposit-taking activities, in addition to banks and bank holding companies. The revisions also would likely take into account changes in financial reporting rules and the increasingly diverse lending and investing activities that expose registrants to credit risk. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Carol Stacey, Securities and Exchange Commission, Division of Corporation Finance Phone: 202 942-2960 RIN: 3235-AI10 _______________________________________________________________________ 4165. ASSET-BACKED SECURITIES DISCLOSURE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77e; 15 USC 78o; 15 USC 78w; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s; 15 USC 78l; 15 USC 78m; 15 USC 78n CFR Citation: 17 CFR 229; 17 CFR 230; 17 CFR 239; 17 CFR 240; 17 CFR 249 Legal Deadline: None Abstract: The Division of Corporation Finance is considering whether to recommend to the Commission amendments to revise rules and forms, which would specify disclosure requirements for asset-backed securities transactions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jeffrey Minton, Division of Corporation Finance, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AF74 _______________________________________________________________________ 4166. STREAMLINING RULE 144 Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq CFR Citation: 17 CFR 230.144 Legal Deadline: None Abstract: The Commission proposed revisions to Rule 144, Rule 145, and Form 144 to make the rules and form easier to understand and apply. The Division is considering recommending that the Commission repropose amendments that would, among other things, add a bright line test to the Rule 144 definition of affiliate, increase the Form 144 filing thresholds, and codify certain interpretive positions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/20/97 62 FR 9246 NPRM Comment Period End 04/29/97 Second NPRM 08/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Raymond A. Be, Office of Rulemaking, Division of Corporation Finance, Securities and Exchange Commission [[Page 31439]] Phone: 202 942-2910 RIN: 3235-AH13 _______________________________________________________________________ 4167. [bull] ELECTRONIC SIGNATURES ACT AND INFORMATION DELIVERY UNDER THE SECURITIES ACT OF 1933 Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77z-3; 15 USC 78c(b) CFR Citation: 17 CFR 230.405 Legal Deadline: None Abstract: The Division of Corporation Finance is considering whether to recommend to the Commission an amendment to the definition of the term ``graphic communication'' in Securities Rule 405 to codify the Commission's long-standing position that the information delivery requirements of the Securities Act of 1933 may be satisfied through the use of electronic media. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Mark Borges, Special Counsel, Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI82 _______________________________________________________________________ 4168. REVISION OF MULTIJURISDICTIONAL DISCLOSURE SYSTEM Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 78aaa et seq CFR Citation: 17 CFR 230; 17 CFR 239; 17 CFR 240 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose revisions to the Multijurisidictional Disclosure System for Canadian registrants that would integrate them into the Commission's foreign issuer disclosure system in a manner more consistent with all other foreign registrants. The proposals would limit the scope of the MJDS, including the number of companies eligible to use the system and the circumstances under which they may use it, while preserving MJDS filers' ability to make offerings in the United States using Canadian offering documents and without review by Commission staff. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/00/03 Regulatory Flexibility Analysis Required: Undetermined Small Entities Affected: No Government Levels Affected: Undetermined Agency Contact: Mary Cascio, Office of International Corporate Finance, Division of Corporation Finance, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2990 Fax: 202 942-9624 RIN: 3235-AH99 _______________________________________________________________________ 4169. FINANCIAL REPORTING AND BLANK CHECK COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78a et seq CFR Citation: 17 CFR 249.308 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose amendments to Form 8-K that would remove the grace period for filing financial statements in a blank check company merger. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Kevin O'Neill, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2950 Fax: 202 942-9516 RIN: 3235-AH88 _______________________________________________________________________ 4170. LOCK-UP AGREEMENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq CFR Citation: 17 CFR 230; 17 CFR 240 Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose a new rule under the Securities Act to clarify how to register securities that acquiring companies issue to certain target security holders who enter into lock-up agreements in connection with acquisition transactions. The Division also would consider recommending corresponding exemptions from certain Exchange Act rules to allow for the execution of lock-up agreements without violation of the applicable rules. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Pamela Carmody, Securities and Exchange Commission, Division of Corporation Finance Phone: 202 942-2920 RIN: 3235-AI09 _______________________________________________________________________ 4171. SECURITIES ACT COMMUNICATIONS REFORM Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 5 USC 77a et seq CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division is considering recommending that the Commission propose modifications to the Securities Act restrictions on communications by issuers and underwriters around the time of an offering. The Division is focusing on the section 5 restrictions on pre-filing offers and free writing and the Securities Act rules that permit limited types of communication during those periods. The Division is also considering whether changes would be appropriate to the limitations on communications in certain exempt offerings. Finally, the Division is [[Page 31440]] examining the requirements for delivery of final prospectuses. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI11 _______________________________________________________________________ 4172. [bull] CERTIFICATION OF DISCLOSURE IN CERTAIN EXCHANGE ACT REPORTS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78m; 15 USC 78o(d); 15 USC 78mm; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-37 CFR Citation: 17 CFR 228.601; 17FR 229.601; 17 CFR 240.13a-14; 17 CFR 240.13a-15; 17 CFR 240.15D-14; 17 CFR 240.15D-15; 17 CFR 270.30a-2; 17 CFR 270.30a-3; 17 CFR 232.302 Legal Deadline: None Abstract: The Division of Corporation Finance is considering whether to recommend to the Commission amendments to rules and forms under the Securities Exchange Act of 1934 and Investment Company Act of 1940 to require issuers to provide the certifications required by sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as exhibits to the periodic reports to which they relate. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Mark Borges, Special Counsel, Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI79 _______________________________________________________________________ 4173. [bull] PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY TRANSACTIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: Not Yet Determined CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division of Corporation Finance is considering whether to recommend that the Commission propose amendments that would 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 concerning related party transaction with an issuer. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Kim McManus, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI80 _______________________________________________________________________ 4174. [bull] TREATMENT OF FOREIGN BANKS UNDER SECTION 402 OF THE SARBANES-OXLEY ACT Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: Not Yet Determined CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division of Corporation Finance is considering whether to recommend that the Commission propose an Exchange Act rule that would exempt qualified foreign banks from the insider lending prohibitions of Exchange Act section 13(k). Section 402 of the Sarbanes-Oxley Act imposed these prohibitions on both domestic and foreign issuers. However, it also created an exemption for federally insured banks that are subject to the insider lending restrictions under the Federal Reserve Act and its corresponding regulations. Since foreign banks do not qualify for this exemption as currently written, the proposed Exchange Act rule would extend this exemption to foreign banks that meet specified criteria similar to those that exempt domestic banks under section 402. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Elliot Staffin, Special Counsel, Securities and Exchange Commission, Division of Corporation Finance Phone: 202 942-2990 RIN: 3235-AI81 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Division of Corporation Finance _______________________________________________________________________ 4175. FORM 8-K DISCLOSURE OF CERTAIN MANAGEMENT TRANSACTIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq CFR Citation: 17 CFR 230.144; 17 CFR 239.12; 17 CFR 239.13; 17 CFR 239.16b; 17 CFR 249.308 Legal Deadline: None Abstract: The Commission proposed amendments that would require some public companies to file current reports on Form 8-K describing: Directors' and executive officers' transactions in company equity securities, directors' and executive officers' arrangements for the purchase and sale of company equity securities, and loans of money to a director or executive officer made or guaranteed by the company or an affiliate of the company. In Release 34-46313, the Commission stated that, in [[Page 31441]] light of the Sarbanes-Oxley Act of 2002 amendment of section 16(a) of the Securities Exchange Act of 1934, the Commission does not intend to consider further proposed Form 8-K reporting of directors' and executive officers' transactions in company equity securities. The Division continues to consider the proposed Form 8-K reporting of directors' and executive officers' arrangements for the purchase and sale of company equity securities and company loans and loan guarantees to directors and executive officers that are not prohibited by the Sarbanes-Oxley Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/23/02 67 FR 19914 NPRM Comment Period End 06/24/02 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Anne M. Krauskopf, Special Counsel, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI43 _______________________________________________________________________ 4176. DISCLOSURE IN MANAGEMENT'S DISCUSSION AND ANALYSIS REGARDING THE APPLICATION OF CRITICAL ACCOUNTING POLICIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq CFR Citation: 17 CFR 228.303; 17 CFR 229.303 Legal Deadline: None Abstract: The Commission proposed rule provisions to require a company to discuss the application of its critical accounting policies. The proposals would encompass both critical accounting estimates that a company makes and the initial adoption by a company of an accounting policy with a material impact on its financial presentation. The new disclosure would be included in the MD&A section of a company's annual reports, registration statements, and proxy and information statements and would be updated quarterly. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/20/02 67 FR 35620 NPRM Comment Period End 07/19/02 Final Action 06/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI44 _______________________________________________________________________ 4177. MANDATED ELECTRONIC FILING AND WEBSITE POSTING FOR FORMS 3, 4, AND 5 Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 77aaa et seq; 15 USC 78a et seq; 15 USC 79a et seq; 15 USC 80a-1 et seq; PL 107-204, sec 3(a) CFR Citation: 17 CFR 230; 17 CFR 232; 17 CFR 239; 17 CFR 240; 17 CFR 249 to 250; 17 CFR 259 to 260; 17 CFR 269; 17 CFR 274 Legal Deadline: Final, Statutory, July 30, 2003, Sarbanes-Oxley Act of 2002. Abstract: The Commission proposed rule and form amendments to mandate the electronic filing and website posting by issuers with corporate websites of beneficial ownership reports filed by officers, directors, and principal security holders under section 16(a) of the Sarbanes- Oxley Act of 2002. The Commission is also implementing changes to the EDGAR system in order to facilitate electronic filing. In addition, the Commission proposed rule changes to eliminate magnetic cartridges as a means of electronic filing. The intended general effect of the proposals is to facilitate compliance with the will of Congress, as reflected in amended section 16(a), and to facilitate the more efficient transmission, dissemination, analysis, storage, and retrieval of insider ownership and transaction information in a manner that will benefit investors, filers, and the Commission. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/27/02 67 FR 79466 NPRM Comment Period End 02/10/03 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Mark W. Green, Senior Special Counsel, Securities and Exchange Commission, Washington, DC 20549 Phone: 202 942-1940 Fax: 202 942-9624 RIN: 3235-AI26 _______________________________________________________________________ 4178. DEFINING ``QUALIFIED PURCHASERS'' Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78r CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission proposed amendments to Rule 146 to provide a definition of ``qualified purchaser'' to fully implement the ``covered securities'' portion of section 18 of the Securities Act of 1933. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/27/01 66 FR 66839 NPRM Comment Period End 02/25/02 Final Action 09/00/03 Regulatory Flexibility Analysis Required: Undetermined Small Entities Affected: No Government Levels Affected: None Agency Contact: Marva Simpson, Special Counsel, Securities and Exchange Commission, Washington, DC 20549 Phone: 202 942-2950 Fax: 202 942-9516 RIN: 3235-AI25 _______________________________________________________________________ 4179. ADDITIONAL FORM 8-K DISCLOSURE REQUIREMENTS AND ACCELERATION OF FILING DATE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78 et seq [[Page 31442]] CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Commission proposed amendments to Form 8-K to add several new disclosure items to Form 8-K, amend many of the existing Form 8-K disclosure items, shorten the Form 8-K filing deadline to 2 business days, and reorganize the disclosure items into logical categories. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/25/02 67 FR 42914 NPRM Comment Period End 08/26/02 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Raymond A. Be, Office of Rulemaking, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2910 RIN: 3235-AI47 _______________________________________________________________________ 4180. [bull] DISCLOSURE REQUIRED BY SECTIONS 404, 406, AND 407 OF THE SARBANES-OXLEY ACT OF 2002 Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77e, 77f, 77g, 77j, 77q, 77z-3; 15 USC 78l, 78m, 78o, 78w, 78mm; secs 3(a), 406, and 407 of the Sarbanes-Oxley Act of 2002 CFR Citation: 17 CFR 228.401; 17 CFR 228-406; 17 CFR 228.601; 17 CFR 229.401; 17 CFR 229.406; 17 CFR 229.601; ... Legal Deadline: Final, Statutory, January 26, 2003. Sarbanes-Oxley Act of 2002. Abstract: The Commission adopted rules relating to sections 406 and 407 of the Sarbanes-Oxley Act of 2002. The proposed rules would require companies to include in their Exchange Act filings: (1) Disclosure regarding whether a company had adopted a code of ethics that applies to certain senior officers and (2) disclosure regarding whether a company has an audit committee financial expert serving on its audit committee. The Commission continues to consider the adoption of rules relating to section 404 of the Sarbanes-Oxley Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/30/02 67 FR 66208 NPRM Comment Period End 11/29/02 Final Action for 406 and 407 Rules 01/31/03 68 FR 5110 Final Action Effective 03/03/03 Final Action for 404 Rules 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Raymond A. Be, Office of Rulemaking, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2910 RIN: 3235-AI66 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions Division of Corporation Finance _______________________________________________________________________ 4181. [bull] SECTIONS 401(B) AND 409 OF THE SARBANES-OXLEY ACT OF 2002 Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77s; 15 USC 77z-3; 15 USC 78c; 15 USC 78d; 15 USC 78j; 15 USC 78L; 15 USC 78m; 15 USC 78o; 15 USC 78w; 15 USC 78mm CFR Citation: 17 CFR 228.10; 17 CFR 229.10; 17 CFR 244.100; 17 CFR 244.101; 17 CFR 244.102;; 17 CFR 249.308 Legal Deadline: Final, Statutory, January 26, 2003. Sarbanes-Oxley Act of 2002. Abstract: The Commission adopted new rules and amendments to implement section 401(b) of the Sarbanes-Oxley Act of 2002, regarding use of pro forma financial information. Additionally, consistent with section 409 of Sarbanes-Oxley Act the Commission adopted a new requirement for companies to furnish earnings announcement or release on Form 8-K. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/13/02 67 FR 68790 NPRM Comment Period End 12/13/02 Final Action 01/30/03 68 FR 4820 Final Action Effective 03/28/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Joseph P. Babits, Division of Corporation Finance, Securities and Exchange Commission Phone: 202 942-2910 RIN: 3235-AI69 _______________________________________________________________________ 4182. EXEMPTION FOR STANDARDIZED OPTIONS FROM PROVISIONS OF THE SECURITIES ACT OF 1933 AND FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934 Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77z-3; 15 USC 78l(h); 15 USC 78w(3); 15 USC 78mm CFR Citation: 17 CFR 230.238; 17 CFR 240.9b-1; 17 CFR 240.12a-9; 17 CFR 240.12h-1 Legal Deadline: None Abstract: The Commission adopted amendments that exempt transactions in most standardized options from provisions of the Securities Act of 1933 and from the registration requirements of the Securities and Exchange Act of 1934. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/01/02 67 FR 50326 NPRM Comment Period End 09/03/02 Final Action 01/02/03 68 FR 188 Final Action Effective 01/02/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Sean Harrison, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 [[Page 31443]] Phone: 202 942-2910 RIN: 3235-AI55 _______________________________________________________________________ 4183. [bull] SARBANES-OXLEY RULEMAKING FOR DISCLOSURE IN MANAGEMENT'S DISCUSSION AND ANALYSIS ABOUT OFF-BALANCE SHEET ARRANGEMENTS Priority: Substantive, Nonsignificant. Major under 5 USC 801. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq CFR Citation: 17 CFR 228.303; 17 CFR 229.303; 17 CFR 249.220f; 17 CFR 249.240f Legal Deadline: Final, Statutory, January 26, 2003. Sarbanes-Oxley Act of 2002. Abstract: On January 28, 2003, the Commission adopted rule amendments mandated by section 401(a) of the Sarbanes-Oxley Act of 2002. The rules require a public company to provide in the ``Management's Discussion and Analysis'' section of its Commission filings: (1) A discussion of off-balance sheet arrangements and (2) a table of payments under specified contractual obligations due in short- and long-term periods. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/08/02 67 FR 68054 NPRM Comment Period End 12/09/02 Final Action 02/05/03 68 FR 5982 Final Action Effective 04/07/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Andrew Thorpe, Special Counsel, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI70 _______________________________________________________________________ 4184. [bull] INSIDER TRADES DURING PENSION FUND BLACKOUT PERIODS Priority: Substantive, Nonsignificant Legal Authority: secs 3, 13, 23(a), and 36 of Exchange Act; secs 30 and 38 of Investment Company Act; secs 3(a) and 306(a) of Sarbanes-Oxley Act CFR Citation: 17 CFR 245.100 to 245.104 Legal Deadline: Final, Statutory, January 26, 2003, Sarbanes-Oxley Act of 2002. Abstract: The Commission adopted Regulation BTR, which clarifies the application and prevents evasion of section 306(a) of Sarbanes-Oxley Act of 2002. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/15/02 67 FR 69430 NPRM Comment Period End 12/16/02 Final Action Effective 01/26/03 Final Action 01/28/03 68 FR 4338 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Mark Borges, Special Counsel, Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI71 _______________________________________________________________________ 4185. [bull] STANDARDS RELATING TO LISTED COMPANY AUDIT COMMITTEES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77b; 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77q; 15 USC 77s; 15 USC 78c; 15 USC 78 j-1; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC 78w; 15 USC 78mm; 15 USC 80a-8; 15 USC 80a-20; 15 USC 80a-24; 15 USC 80A-29; 15 USC 80a-37; 15 USC 7202 CFR Citation: 17 CFR 228; 17 CFR 229; 17 CFR 240; 17 CFR 249; 17 CFR 274 Legal Deadline: Final, Statutory, April 26, 2003. Sarbanes-Oxley Act of 2002. Abstract: Pursuant to section 10A(m) of the Securities Act of 1934, as added by section 301 of the Sarbanes-Oxley Act of 2002, the Commission must, by rule, direct the national securities exchanges and national securities associations to prohibit the listing of any security of an issuer that is not in compliance with the audit committee requirements established in section 10A(m). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/17/03 68 FR 2638 NPRM Comment Period End 02/18/03 Final Action 04/16/03 68 FR 18788 Final Action Effective 04/25/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Jeffrey Minton, Division of Corporation Finance, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI75 [[Page 31444]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Investment Management _______________________________________________________________________ 4186. BOOKS AND RECORDS TO BE MAINTAINED BY INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-4; 15 USC 80b-6(4); 15 USC 80b-11(a) CFR Citation: 17 CFR 275.204-2 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending that the Commission update the books and records requirements for investment advisers. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Don L. Evans, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AH24 _______________________________________________________________________ 4187. PRINCIPAL TRANSACTIONS WITH INVESTMENT ADVISORY CLIENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-6a CFR Citation: 17 CFR 275 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending that the Commission revise the conditions under which investment advisers may enter into principal transactions with their clients. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/00/04 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jennifer L. Sawin, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AH34 _______________________________________________________________________ 4188. CERTAIN THRIFT INSTITUTIONS DEEMED NOT TO BE INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-2(a)(11)(F) CFR Citation: 17 CFR 275 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending a proposal to the Commission to except from the definition of investment adviser thrift institutions providing investment advice to certain clients. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jennifer L. Sawin, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AI16 _______________________________________________________________________ 4189. EXEMPTION FROM REGISTRATION FOR CERTAIN COMMODITY POOL OPERATORS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-6a CFR Citation: 17 CFR 275.203(b)(6)-1 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending that the Commission propose a rule exempting certain commodity pool operators from investment adviser registration and addressing issues related to the Commodity Futures Modernization Act amendments to the Investment Adviser Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Daniel Seth Kahl, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AI29 _______________________________________________________________________ 4190. EXEMPTION TO PERMIT INVESTMENT COMPANIES TO INVEST IN OTHER INVESTMENT COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a-12(d)(1)(j) CFR Citation: 17 CFR 12d1-1, 12d1-2, 12d1-3 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending to the Commission new rules that would (i) allow investment companies to purchase securities issued by money market funds in excess of limits on those investments under the Investment Company Act of 1940 and (ii) alleviate certain investment and other restrictions on investment companies that invest in other investment companies (``fund of funds''). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Penelope W. Saltzman, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 20549-0506 Phone: 202 942-0690 RIN: 3235-AI30 [[Page 31445]] _______________________________________________________________________ 4191. SUBSTITUTION OF FUNDS UNDERLYING VARIABLE INSURANCE PRODUCTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: Not Yet Determined CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division of Investment Management is considering whether to recommend that the Commission propose a rule to permit substitutions of funds underlying variable insurance products without a Commission approval order under section 26(c) of the Investment Company Act and related relief form section 17(a) for in-kind transactions in connection with the substitutions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: Keith Carpenter, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0679 RIN: 3235-AI58 _______________________________________________________________________ 4192. [bull] AMENDMENTS TO REGISTRATION FORM AND RULES FOR REGISTRATION OF CERTAIN INVESTMENT COMPANY SECURITIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-24; 15 USC 80a-37; 15 USC 77f; 15 USC 77h; 15 USC 77j; 15 USC 77s(a) CFR Citation: 17 CFR 230; 17 CFR 270; 17 CFR 274 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending that the Commission amend the rule and the form under the Investment Company Act of 1940 that prescribe the method by which certain investment companies calculate and pay registration fees under the Securities Exchange Act of 1933 and Rule 457 under the Securities Act that allows for the offset of registration fees in cases of overpayment. The amendments would make clear that funds must pay interest on late filings at the time of the late filing, allow funds to use excess filing fees resulting from erroneous over payments with Form 24F-2 filings as an offset against future registration fees due with Form 24F-2 filings, and make technical corrections to the form. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Ruth Armfield Sanders, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0633 RIN: 3235-AI84 _______________________________________________________________________ 4193. EXEMPTION FROM SHAREHOLDER APPROVAL FOR CERTAIN SUBADVISORY CONTRACTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division of Investment Management is considering recommending to the Commission a new rule to allow certain types of funds or their investment advisers to enter into subadvisory agreements for investment management services without obtaining shareholder approval. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Adam B. Glazer, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AH80 _______________________________________________________________________ 4194. AMENDMENTS TO FORM N-SAR, SEMIANNUAL REPORT OF REGISTERED INVESTMENT COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 80a- 8; 15 USC 80a-29; 15 USC 80a-37 CFR Citation: 17 CFR 249.330; 17 CFR 274.101 Legal Deadline: None Abstract: The Division of Investment Management is considering whether to recommend that the Commission amend Form N-SAR, the semiannual report for registered investment companies, to update the items of the form. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Carolyn A. Miller, Office of Financial Analysis, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0510 RIN: 3235-AF93 _______________________________________________________________________ 4195. AMENDMENTS TO THE CASH SOLICITATION RULE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-4; 15 USC 80b-6; 15 USC 80-11(a) CFR Citation: 17 CFR 275.206(4)-3 Legal Deadline: None Abstract: The Division of Investment Management is considering whether to recommend revisions to the cash solicitation rule. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jennifer L. Sawin, Office of Investment Adviser [[Page 31446]] Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AH33 _______________________________________________________________________ 4196. RULEMAKING FOR EDGAR SYSTEM Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77f; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s(a); 15 USC 78c; 15 USC 781; 15 USC 78m; 15 USC 78n; 15 USC 78o(d); 15 USC 78w(a); 15 USC 78ll; 15 USC 77sss; 15 USC 79c; 15 USC 79e; 15 USC 79f; 15 USC 79g; 15 USC 79j; 15 USC 79l; 15 USC 79m; 15 USC 79n; 15 USC 79q; 15 USC 79t; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-30; 15 USC 80a-37 CFR Citation: 17 CFR 232.101 to 232.601 Legal Deadline: None Abstract: In connection with the ongoing modernization of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, the Division is considering recommending that the Commission propose amendments to existing rules and forms to make technical and clarifying corrections and to expand the categories of mandatory electronic filings and to identify series and classes for certain investment company filings. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Ruth Armfield Sanders, Senior Special Counsel, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0633 RIN: 3235-AI18 _______________________________________________________________________ 4197. INVESTMENT IN MONEY MARKET FUNDS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a 37(a) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division of Investment Management is considering whether to recommend that the Commission propose a new rule that would permit a company to treat money market fund shares as cash items for purposes of determining whether the company is an investment company under the Investment Company Act of 1940. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Sarah Ackerson, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-2910 RIN: 3235-AI45 _______________________________________________________________________ 4198. REGIONAL TRANSMISSION ORGANIZATIONS AND INDEPENDENT TRANSMISSION COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 79c CFR Citation: 17 CFR 250.18; 17 CFR 250.40; 17 CFR 250.44; 17 CFR 250.6 Legal Deadline: None Abstract: The Division of Investment Management is considering recommending a proposal to the Commission to deem an ``independent transmission company'' as defined by the rule not to be a ``subsidiary,'' ``company,'' or ``affiliate'' of a registered holding company. The rule is intended to facilitate the Federal Energy Regulatory Commission's Order No. 2000, Regional Transmission Organizations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/04 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Victoria J. Adraktas, Office of Public Utility Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0545 Email: adraktasv@sec.gov RIN: 3235-AI27 _______________________________________________________________________ 4199. EXEMPTIONS FROM SECTION 17(C) OF THE PUBLIC UTILITY HOLDING COMPANY ACT REGARDING OFFICERS AND DIRECTORS OF REGISTERED HOLDING COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 79q(c) CFR Citation: 17 CFR 250.70 Legal Deadline: None Abstract: The Division of Investment Management is considering whether to recommend that the Commission propose revisions to existing Rule 70 to update the exemptions to reflect current industry conditions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/04 Regulatory Flexibility Analysis Required: Undetermined Small Entities Affected: No Government Levels Affected: None Agency Contact: David B. Smith, Securities and Exchange Commission, Office of Public Utility Regulation, Division of Investments Management, Washington, DC 20549 Phone: 202 942-0525 RIN: 3235-AI59 [[Page 31447]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Division of Investment Management _______________________________________________________________________ 4200. CUSTODY OR POSSESSION OF FUNDS OR SECURITIES OF CLIENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-3(c)(1); 15 USC 80b-4; 15 USC 80b-11(a); 15 USC 80b-6(4) CFR Citation: 17 CFR 275.206(4)-2 Legal Deadline: None Abstract: The Commission proposed revisions to the custody rule under the Investment Advisers Act of 1940. The proposed amendments are designed to conform the rule to modern custodial practices and enhance protections for client assets while reducing burdens on advisers that have custody of client assets. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/25/02 67 FR 48579 NPRM Comment Period End 09/25/02 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Vivian Liu, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AH26 _______________________________________________________________________ 4201. CERTAIN BROKER-DEALERS DEEMED NOT TO BE INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80b-2(a)(11)(F); 15 USC 80b-11(a) CFR Citation: 17 CFR 275.202(a)(11)-1 Legal Deadline: None Abstract: The Commission has proposed new Rule 202(a)(11)-1, which would exempt from the definition of investment adviser those broker- dealers offering nondiscretionary, full-service brokerage programs so long as the investment advice provided is solely incidental to the brokerage services and other conditions are satisfied. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/10/99 64 FR 61226 NPRM Comment Period End 01/14/00 Final Action 06/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Jennifer L. Sawin, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AH78 _______________________________________________________________________ 4202. AMENDMENTS TO FORM ADV Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. 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) CFR Citation: 17 CFR 275.204-2; 17 CFR 275.204-3; 17 CFR 275.206(4)-4; 17 CFR 279.1 Legal Deadline: None Abstract: In 2000, the Commission proposed amendments to Form ADV and related rules to create an electronic filing system for investment advisers and to improve the quality of information that advisers must provide to clients and prospective clients. The proposed amendments to Form ADV and the final amendments to part 1 of Form ADV were published under RIN 3235-AD21. The Commission deferred adoption of the final amendments to part 2 of Form ADV. Final action on amendments to part 2 of the Form ADV (and related rules), if approved by the Commission, will be published under the new RIN. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/05/00 65 FR 20524 NPRM Comment Period End 06/13/00 Final Action 07/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Daniel Seth Kahl, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AI17 _______________________________________________________________________ 4203. [bull] COMPLIANCE PROGRAMS OF INVESTMENT COMPANIES AND INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-30(a); 15 USC 80a-37(a); 15 USC 80b-6; 15 USC 80b-11; 15 USC 80b-4 CFR Citation: 17 CFR 270.38a-1 (New); 17 CFR 275.204-2; 17 CFR 275.206(4)-7 Legal Deadline: None Abstract: The Commission proposed new Rule 38a-1 under the Investment Company Act, new Rule 206(4)-7 under the Investment Advisers Act, and amendments to Rule 204-2 under the Investment Advisers Act to require each investment company and investment adviser to: (i) Adopt and implement policies and procedures reasonably designed to prevent violations of the Federal securities laws, (ii) review those policies and procedures annually, (iii) appoint a chief compliance officer, and (iv) maintain certain compliance records. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/11/03 68 FR 7038 NPRM Comment Period End 04/18/03 Final Action 10/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: Undetermined Agency Contact: Hester M. Peirce, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AI77 [[Page 31448]] _______________________________________________________________________ 4204. SHAREHOLDER REPORT AND FINANCIAL STATEMENT REVISIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77e, 77f, 77g, 77h, 77j, 77s(a), 77z-3, 78j(b), 78l, 78m, 78o(d), 78w(a); 15 USC 80a-6(c), 80a-8, 80a-24(a), 80a-29, 80a-30, 80a-37 CFR Citation: 17 CFR 210.6-10; 17 CFR 210.12-12C; 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17; 17 CFR 249.33; 17 CFR 270.30b1-4; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b; 17 CFR 274.128; 17 CFR 274.129 Legal Deadline: None Abstract: The Commission proposed rule and form amendments to improve the periodic disclosure provided by registered management investment companies about their portfolio investments, costs, and past performance, including amendments that would require quarterly disclosure of portfolio holdings. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/02/03 68 FR 160 NPRM Comment Period End 02/14/03 Final Action 06/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Katy Mobedshahi, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0721 RIN: 3235-AG64 _______________________________________________________________________ 4205. PROPOSED AMENDMENTS TO INVESTMENT COMPANY ADVERTISING RULES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77b; 15 USC 77e; 15 USC 77f; 15 USC 77g; 15 USC 77j; 15 USC 77s(a); 15 USC 77z-3; 15 USC 80a-8; 15 USC 78j(b); 15 USC 78w(a); 15 USC 80a-8; 15 USC 80a-24; 15 USC 80a-29; 15 USC 80a-33; 15 USC 80a-37; ... CFR Citation: 17 CFR 230.482; 17 CFR 230.134; 17 CFR 230.156; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR 270.34b-1; 17 CFR 274.11A; 17 CFR 274.11b; 17 CFR 274.11c; 17CFR 274.11d; ... Legal Deadline: None Abstract: The Commission proposed to amend Rule 482, to permit fund advertisements that are not subject to restrictions limiting the content of the advertisement to information ``the substance of which'' is in a fund's prospectus. The Commission also proposed amendments that would require enhanced disclosure in fund advertisements. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/24/02 67 FR 36712 NPRM Comment Period End 07/31/02 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: Undetermined Agency Contact: David Schwartz, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0721 RIN: 3235-AH19 _______________________________________________________________________ 4206. CERTAIN RESEARCH AND DEVELOPMENT COMPANIES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 80a-6(c); 15 USC 80a-37(a) CFR Citation: 17 CFR 270.3a-8 Legal Deadline: None Abstract: The Commission has proposed new Rule 3a-8 under the Investment Company Act of 1940 that would provide a safe harbor from investment company status for certain research and development companies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/03/02 67 FR 71915 NPRM Comment Period End 01/15/03 Final Action 06/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Karen Goldstein, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0646 RIN: 3235-AI57 _______________________________________________________________________ 4207. PUHCA: EXEMPTION FOR CERTAIN ACQUISITIONS OF FOREIGN UTILITY COMPANIES; SUBSIDIARIES AUTHORIZED TO PERFORM SERVICES OR CONSTRUCTION OR TO SELL GOODS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 79e; 15 USC 79f(b); 15 USC 79i(c)(3); 15 USC 79t; 15 USC 79z-5a; 15 USC 79z-5b; 15 USC 79; 15 USC 79j; 15 USC 79l; 15 USC 79m; 15 USC 79n; 15 USC 79o CFR Citation: 17 CFR 250.55 (New); 17 CFR 250.87 (Revision); 17 CFR 259.5s (Revision); 17 CFR 259.207 (Revision) Legal Deadline: None Abstract: Proposed rule 55 is intended to provide a safe harbor for those acquisitions of one or more foreign utility companies by a registered holding company that meet specified criteria. Proposed rule 56, previously considered in RIN 3235-AF79, clarifies that a subsidiary of a registered holding company that is engaged exclusively in the business of owning an interest in one or more foreign utility companies will be deemed a foreign utility company. The proposed amendment to rule 87 would require registered holding companies to obtain Commission approval of intrasystem agreements involving foreign utility companies and exempt wholesale generators. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/15/93 58 FR 13719 NPRM Comment Period End 04/14/93 Second NPRM 02/07/01 66 FR 9247 Second NPRM Comment Period End 04/09/01 Final Action 04/00/04 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Additional Information: Related to RIN 3235-AF79 [[Page 31449]] Agency Contact: Alberto Zapata, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0545 RIN: 3235-AF78 _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Division of Investment Management _______________________________________________________________________ 4208. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 206(4); 15 USC 211(a); 15 USC 204 CFR Citation: 17 CFR 275 Legal Deadline: None Abstract: The Commission has 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 has 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 Final Action 06/00/04 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Jennifer L. Sawin, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AH72 _______________________________________________________________________ 4209. INSURANCE PRODUCTS: EQUITY INDEX INSURANCE PRODUCTS CONCEPT RELEASE Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq CFR Citation: 17 CFR 230.151 Legal Deadline: None Abstract: The Commission issued a release requesting public comment on the structure of equity index insurance products, the manner in which they are marketed, and any other matters the Commission should consider in addressing Federal securities law issues raised by equity index insurance products. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 08/27/97 62 FR 45359 ANPRM Comment Period End 11/20/97 NPRM 11/21/97 62 FR 62273 NPRM Comment Period End 01/05/98 Next Action Undetermined Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: Undetermined Agency Contact: William Kotapish, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0670 RIN: 3235-AH23 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions Division of Investment Management _______________________________________________________________________ 4210. EXEMPTION FOR CERTAIN INVESTMENT ADVISERS OPERATING THROUGH THE INTERNET Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80b-3a(c) CFR Citation: 17 CFR 275.203A-2(f) Legal Deadline: None Abstract: The Commission adopted new Rule 203A-2(f), which permits certain investment advisers operating through the Internet to register with the Commission. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/19/02 67 FR 19500 NPRM Comment Period End 06/06/02 Final Action 12/18/02 67 FR 77620 Final Action Effective 01/20/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Marilyn Barker, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AI15 _______________________________________________________________________ 4211. TRANSACTIONS OF INVESTMENT COMPANIES WITH PORTFOLIO AND SUBADVISER AFFILIATES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80a-6(c); 15 USC 80a-10(f); 15 USC 80-17(b); 15 USC 80a-17(d); 15 USC 80a-30(a); 15 USC 80a 37(a) CFR Citation: 17 CFR 270.10f-3; 17 CFR 270.12d3-1; 17 CFR 270.17a-6; 17 CFR 270.17a-10; 17 CFR 270.17d-1; 17 CFR 270.17e-1 Legal Deadline: None Abstract: The Commission adopted one rule and amendments to five existing rules to expand the circumstances [[Page 31450]] under which a registered investment company may engage in transactions and joint enterprises with certain affiliated persons and affiliated persons of affiliated persons of the investment company. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/08/02 67 FR 31081 NPRM Comment Period End 07/19/02 Final Action 01/22/03 68 FR 2142 Final Action Effective 02/24/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: William C. Middlebrooks, Jr., Attorney, Office of Regulatory Policy, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549-0506 Phone: 202 942-0690 RIN: 3235-AI28 _______________________________________________________________________ 4212. DISCLOSURE OF PROXY VOTING POLICIES AND RESULTS BY INVESTMENT COMPANIES Priority: Substantive, Nonsignificant. Major under 5 USC 801. Legal Authority: 15 USC 77e to 77g; 15 USC 77J; 15 USC 77S(a); 15 USC 77z-3; 15 USC 80a-8; 15 USC 80-24a; 15 USC 80a-29; 15 USC 80a-30; 15 USC 80a-37 CFR Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 249.331; 17 CFR 270.30b1-4; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b; 17 CFR 274.129 Legal Deadline: None Abstract: The Commission adopted amendments that require registered management investment companies to disclose their policies and procedures that they use to determine how to vote proxies of portfolio securities. The amendments also require the investment companies to file with the Commission and to make available to shareholders the specific proxy votes that they cast. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/26/02 67 FR 60828 NPRM Comment Period End 12/06/02 Final Action 02/07/03 68 FR 6564 Final Action Effective 04/14/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Christian Broadbent, Attorney-Adviser, Securities and Exchange Commission, 450 Fifth Street NW, Washington, DC 20549 Phone: 202 942-7972 RIN: 3235-AI64 _______________________________________________________________________ 4213. CERTIFICATION OF DISCLOSURE IN MANAGEMENT INVESTMENT COMPANIES' REPORTS TO SHAREHOLDERS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78j(b), 78m, 78o(d), 78w(a), 78mm; 15 USC 80a- 6(c), 80a-8, 80a-24(a), 80a-29, and 80a-37; PL 107-204, 116 Stat 745 (2002) CFR Citation: 17 CFR 240.12b-25; 17 CFR 240.13a-15; 17 CFR 240.15d-15; 17 CFR 249.322; 17 CFR 249.330; 17 CFR 249.331; 17 CFR 270.8b-15; 17 CFR 270.30a-1; 17 CFR 270.30a-2; 17 CFR 270.30a-3; 17 CFR 270.30b1-1; 17 CFR 270.30b1-3; 17 CFR 270.30b2-1; 17 CFR 270.30d-1; 17 CFR 2741.101; 17 CFR 274.128 Legal Deadline: None Abstract: The Commission adopted rule and form amendments that require registered management investment companies to file certified shareholder reports on Form N-CSR with the Commission and designate these certified reports as reports that are required under section 13(a) and 15(d) of the Securities Exchange Act of 1934. The amendments require each registered management investment company's principal executive and financial officers to certify the information contained in these reports in the manner required by section 302 of the Sarbanes- Oxley Act of 2002. In addition, the amendments require registered management investment companies to include new disclosures on Form N- CSR or Form N-SAR to implement the requirements of sections 406 and 407 of the Sarbanes-Oxley Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/09/02 67 FR 57298 NPRM Comment Period End 10/16/02 Final Action 02/03/03 68 FR 5348 Final Action Effective 03/01/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: John M. Faust, Office of Disclosure Regulation, Securities and Exchange Commission, Division of Investment Management, 451 5th Street NW, Washington, DC 20549 Phone: 202 942-0721 RIN: 3235-AI63 _______________________________________________________________________ 4214. PROXY VOTING POLICIES AND PROCEDURES FOR INVESTMENT ADVISERS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80b-2(a); 15 USC 80b-4; 15 USC 80b-6(4); 15 USC 80b-11(a) CFR Citation: 17 CFR 275.204; 17 CFR 206(4)-6 Legal Deadline: None Abstract: The staff adopted new Rule 206-4(6) and amended Rule 204-2 under the Investment Advisers Act of 1940 to require investment advisers that exercise discretionary voting authority with respect to client securities to adopt proxy voting policies and procedures. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/26/02 67 FR 60841 NPRM Comment Period End 12/06/02 Final Action 02/07/03 68 FR 6585 Final Action Effective 08/06/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Daniel Seth Kahl, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0719 RIN: 3235-AI65 [[Page 31451]] _______________________________________________________________________ 4215. CUSTODY OF INVESTMENT COMPANY ASSETS WITH A SECURITIES DEPOSITORY Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80a-17(f); 15 USC 80a-06(c); 15 USC 80a-37(a) CFR Citation: 17 CFR 270.17f-4 Legal Deadline: None Abstract: The Commission adopted amendments to Rule 17f-4, the rule that governs investment companies' use of securities depositories. The amendments, among other things, update and simplify the rule's compliance requirements to reflect changes in commercial law, and expand the types of investment companies that can rely on the rule. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/21/01 66 FR 58412 NPRM Comment Period End 01/31/02 Final Action 02/20/03 68 FR 8438 Final Action Effective 03/28/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Hugh P. Lutz, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0690 RIN: 3235-AG71 _______________________________________________________________________ 4216. DISCLOSURE OF COSTS AND EXPENSES FOR VARIABLE ANNUITIES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77e; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s(a); 15 USC 80a-8; 15 USC 80a-24; 15 USC 80a-29; 15 USC 80a-37 CFR Citation: 17 CFR 239.17b; 17 CFR 274.11c Legal Deadline: None Abstract: The Commission adopted revisions to Form N-4, the registration form for insurance company separate accounts that are registered as unit investment trusts and that offer variable annuity contracts. The amendments revise the format of the fee table of Form N- 4 to require disclosure of the range of expenses for all of the mutual funds offered through the separate account. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/23/02 67 FR 19886 NPRM Comment Period End 06/14/02 Final Action 11/19/02 67 FR 69974 Final Action Effective 12/23/02 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Katy Mobedshahi, Division of Investment Management, Securities and Exchange Commission Phone: 202 942-0721 RIN: 3235-AI39 _______________________________________________________________________ Securities and Exchange Commission (SEC) Prerule Stage Division of Market Regulation _______________________________________________________________________ 4217. [bull] REQUEST FOR COMMENT ON NYSE PETITION FOR AMENDING THE CTA AND CQ PLANS SO AS TO DELETE THE PARTICIPANTS' FEE EXEMPTIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Unfunded Mandates: Undetermined Legal Authority: 15 USC 78k-1; 17 CFR 240.11Aa-3-2 CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division is considering a recommendation that the Commission request general comments from the public on the NYSE's petition requesting that the Commission amend the CTA and CQ Plans to remove provisions that exempt CTA participants from certain charges that generally apply for the receipt and use of market data. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 05/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Sapna C. Patel, Office of Market Supervision, Securities and Exchange Commission Phone: 202 942-0166 Fax: 202 942-9695 RIN: 3235-AI78 _______________________________________________________________________ 4218. NET CAPITAL REQUIREMENTS FOR BROKERS OR DEALERS--DEFINITION OF THE TERM NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78c; 15 USC 78o; 15 USC 78q; 15 USC 78w CFR Citation: 17 CFR 240.15c3-1 Legal Deadline: None Abstract: In January 2003, the Commission issued its report on the role and function of Credit Rating Agencies in the operation of the securities markets. The report stated that the Commission plans to publish a concept release within 60 days of the report to address concerns related to credit rating agencies and expects to issue proposed rules after reviewing and evaluating the comments received on the concept release. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/30/97 62 FR 68018 NPRM Comment Period End 03/02/98 ANPRM 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Additional Information: This proposal was based in part on comments received in response to a concept release (RIN 3235-AG41; 59 FR 46314), which is now combined in this rulemaking. Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of [[Page 31452]] Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 RIN: 3235-AH28 _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Market Regulation _______________________________________________________________________ 4219. RISK ASSESSMENT RECORDKEEPING AND REPORTING REQUIREMENT Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78a(h) CFR Citation: 17 CFR 240.17h-1T; 17 CFR 240.17h-2T Legal Deadline: None Abstract: The Risk Assessment Recordkeeping and Reporting Requirements, which became effective September 30, 1992, following notice and comment, were adopted as temporary rules pursuant to the Market Reform Act of 1990. These rules contain recordkeeping and reporting requirements with regard to Material Associated Persons of broker- dealers. The Division plans to recommend that the Commission propose final rules replacing the temporary rules. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Federalism: Undetermined Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 RIN: 3235-AH06 _______________________________________________________________________ 4220. CONCEPT RELEASE: SHORT SALES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78j(a); 15 USC 78w CFR Citation: 17 CFR 240.10a-1 Legal Deadline: None Abstract: As part of its comprehensive review of Exchange Act Rule 10a- 1, the short sale rule, the Commission published a concept release soliciting public comment on, among other things: Lifting the limits on short sales of exchange listed securities under advancing market conditions; providing an exception for actively traded securities; focusing short sale restrictions on certain market events and trading strategies; removing short sale restrictions on hedging transactions; revising short sale regulation in response to certain market developments; revising the definition of ``short sale''; extending short sale regulation to non-exchange listed securities; and eliminating short sale regulation altogether. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 10/28/99 64 FR 57996 ANPRM Comment Period End 12/28/99 NPRM 07/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Gregory J. Dumark, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4176 Fax: 202 942-9695 RIN: 3235-AH84 _______________________________________________________________________ 4221. AMENDMENTS TO THE PENNY STOCK RULES IN LIGHT OF THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78c(h); 15 USC 78o(g) CFR Citation: 17 CFR 240.15g-2(c); 17 CFR 240.15g-9(e) Legal Deadline: None Abstract: The Division is considering recommending to the Commission proposed rules 15g-2(c) and 15(g)-9(e) under the Exchange Act. The Division plans to recommend that the Commission propose two alternatives that would adapt Rules 15g-2 and 15g-9 to the requirements of the Electronic Signatures Act in slightly different ways. The Division is also considering whether to recommend that the Commission amend the definition of ``penny stock'' in rule 3a51-1 in light of the NASDAQ application to become a national securities exchange, and in light of the CFMA. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Norman Reed, Securities and Exchange Commission, Division of Market Regulation Phone: 202 942-7901 RIN: 3235-AI02 _______________________________________________________________________ 4222. DEFINITION OF TERMS IN AND SPECIFIC EXEMPTIONS FOR BANKS, SAVINGS ASSOCIATIONS, AND SAVINGS BANKS UNDER SECTIONS 3(A)(4) AND 3(A)(5) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Priority: Substantive, Nonsignificant Legal Authority: PL 106-102 CFR Citation: 17 CFR 240.3a4-2; 17 CFR 240.3a4-3; 17 CFR 240.3a-51; 17 CFR 240.3b-17; 17 CFR 240.3b-18; 17 CFR 200.30-3; 17 CFR 240.3a4-4 to 3a4.6; 17 CFR 240.15a-7 to 15a-9; ... Legal Deadline: Other, Statutory, May 12, 2001, Title II of the Gramm- Leach-Bliley Act required banks to shift certain securities activities to registered broker-dealers by May 12, 2001. Abstract: The Commission issued guidance to the meaning of terms added to the Securities Exchange Act [[Page 31453]] of 1934 by the Gramm-Leach-Bliley Act of 1999. The Commission intends to amend the guidance regarding the definition of ``broker'' and to extend the implementation date for the guidance as necessary. The Commission amended the guidance regarding the definition of ``dealer'' on February 24, 2003, and extended the implementation date for the guidance regarding the definition of ``dealer'' until September 30, 2003. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 05/18/01 66 FR 27760 Interim Final Rule Comment Period End 07/17/01 Interim Final Rule Extended 07/24/01 66 FR 38370 Comment Period Extended 07/24/01 66 FR 38370 Comment Period End 09/04/01 Interim Final Rule Extended 05/08/02 NPRM for Dealer Rules 11/05/02 67 FR 67495 Comment Period for Dealer Rule End 12/05/02 Final Dealer Rule 02/24/03 68 FR 8686 NPRM for Broker Rules 07/00/03 Compliance Date for Dealer Rule 09/30/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0073 Fax: 202 942-9645 RIN: 3235-AI19 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Division of Market Regulation _______________________________________________________________________ 4223. RULE 15C3-3 RESERVE REQUIREMENTS FOR MARGIN RELATED TO SECURITY FUTURES PRODUCTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78o(c)(3); 15 USC 78w CFR Citation: 17 CFR 240.15c3-3a Legal Deadline: None Abstract: The Division is considering recommending that the Commission adopt final amendments designed to delineate the manner in which a broker-dealer would calculate its customer reserve requirement under Rule 15c3-3a (the ``Reserve Formula'') to the Exchange Act in light of enactment of the Commodity Futures Modernization Act of 2000 (``CFMA''). Specifically, the proposed amendments would set forth the Reserve Formula treatment of customer margin that a broker-dealer deposits with a clearing agency registered with the Securities and Exchange Commission or a derivatives clearing organization registered with the Commodity Futures Trading Commission to clear and settle customer transactions in security futures products conducted through securities accounts. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 09/23/02 67 FR 59748 NPRM Comment Period End 10/23/02 Final Action 11/00/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: Undetermined Agency Contact: Matthew Bruce Comstock, Attorney, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-0156 Fax: 202 942-9553 RIN: 3235-AI61 _______________________________________________________________________ 4224. [bull] BROKER-DEALER EXEMPTION FROM SENDING CERTAIN FINANCIAL INFORMATION TO CUSTOMERS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78q(e)(1)(c) CFR Citation: 17 CFR 240.17a-5 Legal Deadline: None Abstract: The Commission proposed an amendment to Rule 17a-5(c)under the Securities Exchange Act of 1934 that would provide a conditional exemption from the Rule's requirement that a broker-dealer that carries customer accounts send its full balance sheet to each of its customers twice a year. A broker-dealer taking advantage of the exemption would be required to post its full balance sheet to its website and provide a toll-free telephone number to call for a free copy. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/03/02 67 FR 71909 NPRM Comment Period End 01/02/03 Final Action 07/00/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Thomas K. McGowan, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-4886 Fax: 202 942-9553 RIN: 3235-AI68 _______________________________________________________________________ 4225. PURCHASES OF CERTAIN EQUITY SECURITIES BY THE ISSUER AND OTHERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78b; 15 USC 78c; 15 USC 78i(a)(6); 15 USC 78j(b); 15 USC 78m(e); 15 USC 78o(c); 15 USC 78w(a) CFR Citation: 17 CFR 240.10b-18 Legal Deadline: None Abstract: The Commission has proposed simplifying and updating Rule 10b-18's provisions in light of market developments since the Rule's adoption. Rule 10b-18 provides a safe harbor from liability under the anti-manipulation provisions of sections 9(a)(2) and 10(b) of the Exchange Act, and Rule 10b-5 thereunder, for issuer purchases of its common stock made in compliance with Rule 10b-18's [[Page 31454]] manner, timing, price, and volume conditions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/18/02 67 FR 77594 NPRM Comment Period End 02/18/03 Final Action 11/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Joan Collopy, Office of Risk Management, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0772 Fax: 202 942-9695 RIN: 3235-AH37 _______________________________________________________________________ 4226. TENDER AND REORGANIZATION AGENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. 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) CFR Citation: 17 CFR 240.17Ad-14 Legal Deadline: None Abstract: The Commission proposed amendments to Rule 17Ad-14 under the Securities Exchange Act of 1934. The amendments would require the establishment of book-entry accounts in connection with reorganization events and would provide securities depositories with 3 business days after the expiration of a tender offer, exchange offer, or reorganization event in which 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 Final Action 09/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Jennifer Amy Lucier, Attorney, Securities and Exchange Commission Phone: 202 942-0173 Fax: 202 942-9553 RIN: 3235-AH53 _______________________________________________________________________ 4227. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED INFORMATION Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78b; 15 USC 78c; 15 USC 78j(b); 15 USC 78o(q); 15 USC 78q(a); 15 USC 78w(a) CFR Citation: 17 CFR 240.15c2-11 Legal Deadline: None Abstract: As part of its efforts to respond to fraud and manipulation in the microcap securities market, the Division is considering recommending final amendments to Rule 15c2-11. These amendments would limit the Rule's piggyback provision and increase public availability of issuer information. The amendments would modestly 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 to 04/14/99 64 FR 18393 Final Action 12/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Federalism: Undetermined Agency Contact: Thomas D. Eidt, Office of Risk Management and Control, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0159 Fax: 202 942-0553 RIN: 3235-AH40 _______________________________________________________________________ 4228. PROCESSING REQUIREMENTS FOR CANCELLED SECURITIES CERTIFICATES Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78q-1 CFR Citation: 17 CFR 240.17Ad-19 Legal Deadline: None Abstract: The Commission proposed Rule 17Ad-19 to establish regulations for the processing of cancelled securities certificates and to require each transfer agent to establish written procedures for the storage and destruction of cancelled securities certificates. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/06/00 65 FR 59766 NPRM Comment Period End 12/05/00 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Federalism: Undetermined Agency Contact: Thomas C. Etter Jr., Office of Risk Management and Control, Division of Market Regulation, Securities and Exchange Commission Phone: 202 942-0178 Fax: 202 942-9695 RIN: 3235-AH54 [[Page 31455]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Division of Market Regulation _______________________________________________________________________ 4229. [bull] REGISTRATION REQUIREMENTS FOR BANKS ACTING AS BROKERS OR DEALERS IN SECURITY FUTURES PRODUCTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78o(i) CFR Citation: Not Yet Determined Legal Deadline: None Abstract: The Division is considering recommending to the Commission proposed Rule 15i-1, which would apply the broker-dealer registration requirements of the Exchange Act to banks that act as brokers or dealers in security futures products. Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Government Levels Affected: Undetermined Agency Contact: Sean P. O'Malley, Special Counsel, Securities and Exchange Commission Phone: 202 942-0734 RIN: 3235-AI83 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions Division of Market Regulation _______________________________________________________________________ 4230. AMENDMENT TO RULE 15C3-3 TO EXPAND THE CATEGORIES OF PERMISSIBLE COLLATERAL Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78o(c)(3), 78w, 78mm CFR Citation: 17 CFR 240.15c3-3 Legal Deadline: None Abstract: The Commission adopted a rule that would permit the expansion of the categories of collateral broker-dealers may pledge when borrowing securities from customers. Currently broker-dealers are required to pledge U.S. Treasury bills and notes and irrevocable bank letters of credit. The amendment allows them also to pledge such other collateral as the Commission, by order, designates. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/10/02 67 FR 39642 NPRM Comment Period End 07/25/02 Final Action 03/17/03 68 FR 12780 Final Action Effective 04/16/03 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Randall Roy, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-0798 Fax: 202 942-9553 RIN: 3235-AI51 _______________________________________________________________________ 4231. RESEARCH ANALYST CERTIFICATION Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77q; 15 USC 77s; 15 USC 78c; 15 USC 78o; 15 USC 78q; 15 USC 78w CFR Citation: 17 CFR 242 Legal Deadline: None Abstract: The Commission adopted a regulation requiring analysts to provide certain certifications and disclosures regarding research reports and compensation. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 08/08/02 67 FR 51510 NPRM Comment Period End 09/23/02 Final Action 02/27/03 68 FR 9482 Final Action Effective 04/14/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Racquel Russell, Securities and Exchange Commission Phone: 202 942-0764 Fax: 202 942-9553 RIN: 3235-AI60 _______________________________________________________________________ 4232. REPEAL OF RULE 11AC1-7 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Priority: Substantive, Nonsignificant Legal Authority: 15 USC 78c(b); 15 USC 78o; 15 USC 78K-1; 15 USC 78q; 15 USC 78w(a) CFR Citation: 17 CFR 240.11Ac1-7 Legal Deadline: None Abstract: On December 27, 2002, the Commission repealed the rule that requires a broker-dealer to disclose to its customer when the customer's order for listed options is executed at a price inferior to a better published quote, unless the transaction was effected on a market that is a participant in an intermarket options linkage plan approved by the Commission or the customer order was executed as part of a block trade. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/15/02 67 FR 38610 NPRM Comment end 07/22/02 Repealed 12/27/02 67 FR 79454 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Debbie Flynn, Securities and Exchange Commission Phone: 202 942-0075 RIN: 3235-AI52 [[Page 31456]] _______________________________________________________________________ Securities and Exchange Commission (SEC) Proposed Rule Stage Offices and Other Programs _______________________________________________________________________ 4233. PROPOSAL TO AMENDMENT DISCLOSURE REQUIREMENTS RELATED TO DERIVATIVE FINANCIAL INSTRUMENTS AND DERIVATIVE COMMODITY INSTRUMENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et seq; 15 USC 80a-1 et seq CFR Citation: 17 CFR 210; 17 CFR 228; 17 CFR 229 Legal Deadline: None Abstract: The Office of the Chief Accountant is considering recommending that the Commission publish a release proposing amendments that would conform the Commission's disclosure requirements with Financial Accounting Standards No.133. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/03 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Jenifer Minke-Girard, Securities and Exchange Commission Phone: 202 942-4400 Fax: 202 942-9656 Email: minke-girardj@sec.gov RIN: 3235-AH98 _______________________________________________________________________ Securities and Exchange Commission (SEC) Final Rule Stage Offices and Other Programs _______________________________________________________________________ 4234. SUPPLEMENTAL FINANCIAL INFORMATION Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et seq; 15 USC 80a-1 et seq CFR Citation: 17 CFR 210; 17 CFR 229 Legal Deadline: None Abstract: The Commission has proposed amendments to reposition within its regulation the requirement for certain registrants to disclose changes in their valuation and loss accrual accounts and to clarify the type of information to be disclosed. The Commission also has proposed amendments to its rules to require disclosure of information concerning tangible and intangible assets and related accumulated depreciation, depletion, and amortization. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 01/31/00 65 FR 4585 NPRM Comment Period End 04/17/00 Final Action 10/00/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: John W. Albert, Associate Chief Accountant, Securities and Exchange Commission Phone: 202 942-4400 Fax: 202 942-9656 RIN: 3235-AH86 _______________________________________________________________________ 4235. [bull] RULES REGARDING IMPROPER INFLUENCE ON THE CONDUCT OF AUDITS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 78a et seq; 15 USC 80a-1 et seq CFR Citation: 17 CFR 240 Legal Deadline: Final, Statutory, April 26, 2003, Sarbanes-Oxley Act of 2002. Abstract: The Commission proposed rules to prohibit officers and directors of an issuer, and persons acting under their direction, from taking any action to influence, coerce, manipulate, or mislead the auditor of the issuer's financial statements. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/24/02 67 FR 65325 NPRM Comment Period End 11/25/02 Final Action 05/00/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Michael J. Kigin, Associate Chief Accountant, Securities and Exchange Commission Phone: 202 942-4400 RIN: 3235-AI67 _______________________________________________________________________ 4236. [bull] IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 7202, 7245, 7262; 15 USC 77s; 15 USC 78c(b), 78d-3, 78m, 78w; 15 USC 80a-37, 80a-38; 15 USC 80b-11 CFR Citation: 17 CFR 205 Legal Deadline: Final, Statutory, January 26, 2003. Abstract: The Commission adopted a rule establishing standards of professional conduct for attorneys who appear and practice before the Commission on behalf of issuers in accordance with section 307 of the Sarbanes-Oxley Act 2002. The standards include a rule requiring an attorney to report evidence of a material violation of securities or breach of fiduciary duty or similar violation by the issuer up-the- ladder within the company to the chief legal counsel of the chief executive officer of the company (or the equivalent thereof) and, if they do not respond appropriately to the evidence, requiring the attorney to report the evidence to the audit committee, another committee of independent directors, or the full board of directors. The Commission is still considering the ``noisy withdrawal'' provisions of our original proposal under section 307; in the related proposing release, we discuss that part of the original proposal and seek comment on additional alternatives. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/02/02 67 FR 71670 [[Page 31457]] NPRM Comment Period End 12/18/02 NPRM for ``Noisy Withdrawal'' Rule 02/06/03 68 FR 6324 Final Action for Professional Standard Rules 02/06/03 68 FR 6296 NPRM for ``Noisy Withdrawal'' Rule Comment Period End 04/07/03 Final Action for ``Noisy Withdrawal'' Rule 06/00/03 Final Action for Professional Standard Rules Effective 08/05/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Timothy N McGarey, Securities and Exchange Commission Phone: 202 942-0835 RIN: 3235-AI72 _______________________________________________________________________ Securities and Exchange Commission (SEC) Long-Term Actions Offices and Other Programs _______________________________________________________________________ 4237. INTERNATIONAL ACCOUNTING STANDARDS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq CFR Citation: 17 CFR 210; 17 CFR 249.220f Legal Deadline: None Abstract: The Commission is reviewing comments received in response to a concept release on whether the Commission should recognize accounting standards promulgated by the International Accounting Standards Committee for purposes of cross-border offerings and listings by foreign companies. The staff is considering drafting appropriate rule proposals and recommendations to the Commission. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 02/23/00 65 FR 8896 ANPRM Comment Period End 05/23/00 NPRM To Be Determined Regulatory Flexibility Analysis Required: Undetermined Small Entities Affected: No Government Levels Affected: Undetermined Agency Contact: Susan Koski-Grafer, Office of the Chief Accountant, Securities and Exchange Commission Phone: 202 942-4400 RIN: 3235-AH65 _______________________________________________________________________ Securities and Exchange Commission (SEC) Completed Actions Offices and Other Programs _______________________________________________________________________ 4238. [bull] RULE TO STRENGTHEN THE COMMISSION'S REQUIREMENTS REGARDING AUDITOR INDEPENDENCE Priority: Substantive, Nonsignificant Legal Authority: 15 USC 80b-3; 15 USC 80b-11; 15 USC 78w; 15 USC 78mm; 15 USC 80a-8; 15 USC 80a-29; 15 USC 80a-37; 15 USC 77g; 15 USC 77h; 15 USC 77j; 15 USC 77s; 15 USC 77z-3; 15 USC 78c; 15 USC 78j; 15 USC 78L; 15 USC 78m; 15 USC 78n; 15 USC 78q CFR Citation: 17 CFR 210; 17 CFR 240; 17 CFR 249; 17 CFR 274 Legal Deadline: Final, Statutory, January 26, 2003, Sarbanes-Oxley Act of 2002. Abstract: The Commission adopted rules that conform the Commission's auditor independence rules to the requirements of the Sarbanes-Oxley Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NRPM 12/13/02 67 FR 76780 NPRM Comment Period End 01/12/03 Final Action 02/05/03 68 FR 6006 Final Action Effective 05/06/03 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Samuel L. Burke, Securities and Exchange Commission, Office of the Chief Accountant Phone: 202 942-4400 RIN: 3235-AI73 _______________________________________________________________________ 4239. [bull] RULES ON RETENTION OF RECORDS RELEVANT TO AUDITS AND REVIEWS IMPLEMENTING SECTION 802 OF THE SARBANES-OXLEY ACT OF 2002 Priority: Substantive, Nonsignificant Legal Authority: 15 USC 77a et seq; 15 USC 78a et seq; 15 USC 79a et seq; 15 USC 80a-1 et seq CFR Citation: 17 CFR 210 Legal Deadline: Final, Statutory, Sarbanes-Oxley Act of 2002. Abstract: The Commission adopted rules to require accountants to retain for 7 years certain records relevant to their audits and reviews of issuer's financial statements. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/27/02 67 FR 71018 NPRM Comment Period End 12/27/02 Final Action 01/30/03 68 FR 4862 Final Action Effective 03/03/03 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Robert E. Burns, Office of the Chief Accountant, Securities and Exchange Commission, Office of the Chief Accountant, 450 5th Street NW, Washington, DC 20549 Phone: 202 942-4400 [[Page 31458]] Email: burnsr@sec.gov RIN: 3235-AI74 [FR Doc. 03-9005 Filed 05-23-03; 8:45 am] BILLING CODE 8010-01-S