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Regulatory Agenda Semiannual Regulatory Agenda

As Enacted ( Federal Register) Cited authorities 33 Cited in Related
Vincent

November 24, 2008 (Volume 73, Number 227)

Unified Agenda

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID: f:ua081121.wais

Page 71514-71520

Part XXII

Securities and Exchange Commission

Semiannual Regulatory Agenda

Page 71514

SECURITIES AND EXCHANGE COMMISSION (SEC)

SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II

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

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

SUMMARY: The Securities and Exchange Commission is publishing an agenda of its rulemaking actions pursuant to the Regulatory Flexibility Act

(RFA) (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information in the agenda was accurate on October 2, 2008, the day on which the

Commission's staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries.

The Commission is now printing in the Federal Register, along with our preamble, only those agenda entries for which we have indicated that preparation of a Regulatory Flexibility Act analysis is required.

The Commission's complete RFA agenda will be available online at www.reginfo.gov.

DATES: Comments should be received on or before December 31, 2008.

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

Electronic comments:

Use the Commission's Internet comment form (http:// www.sec.gov/rules/other.shtml); or

Send an e-mail to rule-comments@sec.gov. Please include File

Number S7-28-08 on the subject line; or

Use the Federal eRulemaking Portal (http:// www.regulations.gov). Follow the instructions for submitting comments.

Paper comments:

Send paper comments in triplicate to Secretary, Securities and

Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. S7-28-08. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the

Commission's Internet Web site (http://www.sec.gov/rules/ other.shtml). Comments are also available for public inspection and copying in the Commission's Public Reference Room, 100 F Street

NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General

Counsel, 202-551-5019.

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during

April and October of each year, to publish in the Federal Register an agenda identifying rules that the agency expects to consider in the next 12 months that are likely to have a significant economic impact on a substantial number of small entities (5 U.S.C. 602(a)). The RFA specifically provides that publication of the agenda does not preclude an agency from considering or acting on any matter not included in the agenda and that an agency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). Actions that do not have an estimated date are placed in the long-term category; the

Commission may nevertheless act on items in that category within the next 12 months. The agenda includes new entries, entries carried over from prior publications, and rulemaking actions that have been completed (or withdrawn) since publication of the last agenda.

The following abbreviations for the acts administered by the

Commission are used in the agenda:

``Securities Act''--Securities Act of 1933

``Exchange Act''--Securities Exchange Act of 1934

``Investment Company Act''--Investment Company Act of 1940

``Investment Advisers Act''--Investment Advisers Act of 1940

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

By the Commission.

Dated: October 2, 2008.

Florence E. Harmon,

Acting Secretary.

DIVISION OF CORPORATION FINANCE--Proposed Rule Stage

Regulation

Sequence

Title

Identifier

Number

Number

554

Shareholder Proposals................................................................. 3235-AJ92

DIVISION OF CORPORATION FINANCE--Final Rule Stage

Regulation

Sequence

Title

Identifier

Number

Number

555

Revisions of Limited Offerings Exemptions in Regulation D............................. 3235-AJ88 556

Proxy Disclosure Regarding Executive Compensation and Related Party Transactions...... 3235-AI80

Page 71515

DIVISION OF CORPORATION FINANCE--Completed Actions

Regulation

Sequence

Title

Identifier

Number

Number

557

Revisions to Cross-Border Tender Offer Rules.......................................... 3235-AK10

DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage

Regulation

Sequence

Title

Identifier

Number

Number

558

Amendments to Form ADV................................................................ 3235-AI17 559

Temporary Rule Regarding Principal Trades With Certain Advisory Clients............... 3235-AJ96 560

Interactive Data for Mutual Fund Risk/Return Summary.................................. 3235-AK13

DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions

Regulation

Sequence

Title

Identifier

Number

Number

561

Political Contributions by Certain Investment Advisers................................ 3235-AH72

DIVISION OF INVESTMENT MANAGEMENT--Completed Actions

Regulation

Sequence

Title

Identifier

Number

Number

562

Definition of Eligible Portfolio Company Under the Investment Company Act of 1940..... 3235-AJ31

DIVISION OF TRADING AND MARKETS--Proposed Rule Stage

Regulation

Sequence

Title

Identifier

Number

Number

563

Rule 15c2-2: Confirmation of Transactions in Open-End Management Investment Company

3235-AJ11

Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for

Education Savings..................................................................... 564

Rule 15c2-3: Point-of-Sale Disclosure of Purchases in Open-End Management Investment

3235-AJ12

Company Shares, Unit Investment Trust Interests, and Municipal Fund Securities Used for Education Savings................................................................. 565

Rule 15c-100: Schedule 15C............................................................ 3235-AJ13 566

Rule 15c-101: Schedule 15D............................................................ 3235-AJ14 567

Processing of Reorganization Events, Tender Offers, and Exchange Offers............... 3235-AH53

DIVISION OF TRADING AND MARKETS--Long-Term Actions

Regulation

Sequence

Title

Identifier

Number

Number

568

Publication or Submission of Quotations Without Specified Information................. 3235-AH40

DIVISION OF TRADING AND MARKETS--Completed Actions

Regulation

Sequence

Title

Identifier

Number

Number

569

``Naked'' Short-Selling Anti-Fraud Rule............................................... 3235-AK06 570

Amendments to Regulation SHO.......................................................... 3235-AJ57

Page 71516

Securities and Exchange Commission (SEC)

Proposed Rule Stage

Division of Corporation Finance

  1. SHAREHOLDER PROPOSALS

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

    USC 78p; 15 USC 78w(a)

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    08/03/07

    72 FR 43466

    NPRM Comment Period End

    10/02/07

    Final Rule

    01/25/08

    73 FR 4450

    Final Rule Effective

    02/25/08

    Next Action

    12/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Steven Hearne, Division of Corporation Finance,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-3430

    Email: hearnes@sec.gov

    RIN: 3235-AJ92

    Securities and Exchange Commission (SEC)

    Final Rule Stage

    Division of Corporation Finance

  2. REVISIONS OF LIMITED OFFERINGS EXEMPTIONS IN REGULATION D

    Legal Authority: 15 USC 77b(a)(15); 15 USC 77b(b); 15 USC 77c(b); 15

    USC 77d; 15 USC 77r; 15 USC 77s; 15 USC 77s(a); 15 USC 77z-3

    Abstract: The Commission proposed a new exemption from the registration provisions of the Securities Act for offers and sales of securities to

    ``large accredited'' investors in offerings where each purchaser meets that definition. The Commission also proposed changes to the definition of the term ``accredited investor'' in Regulation D to reflect developments since its first adoption. Finally, the Commission proposed shortening the timing required by the integration safe harbor in

    Regulation D and applying uniform updated disqualification provisions to all offerings under Regulations A, D, and E.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    08/10/07

    72 FR 45116

    NPRM Comment Period End

    10/09/07

    Final Action

    11/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Anthony G. Barone, Office of Small Business Policy,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-3460

    RIN: 3235-AJ88

  3. PROXY DISCLOSURE REGARDING EXECUTIVE COMPENSATION AND RELATED PARTY

    TRANSACTIONS

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

    Abstract: The Commission adopted rule amendments to enhance disclosure regarding executive compensation, the independence of a registrant's board of directors, related party transactions between executive officers and directors, and related party transactions with an issuer.

    In December 2006, the Commission adopted further changes as interim rules regarding additional disclosure related to the method of valuing certain compensation and solicited additional comments on those changes.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    02/08/06

    71 FR 6542

    NPRM Comment Period End

    04/10/06

    Final Rule

    09/08/06

    71 FR 53158

    Final Rule Effective

    11/07/06

    Second NPRM

    09/08/06

    71 FR 53267

    Second NPRM Comment Period End 10/23/06

    Interim Final Rule

    12/29/06

    71 FR 78338

    Interim Final Rule Effective 12/29/06

    Interim Final Rule Comment

    Period End

    01/29/07

    Final Action

    11/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Anne Krauskopf, Division of Corporation Finance,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-3500

    RIN: 3235-AI80

    Securities and Exchange Commission (SEC)

    Completed Actions

    Division of Corporation Finance

  4. REVISIONS TO CROSS-BORDER TENDER OFFER RULES

    Legal Authority: 15 USC 77c(b); 15 USC 77g; 15 USC 77h; 15 USC 77i; 15

    USC 77j; 15 USC 77s; 15 USC 77z-3; 15 USC 78l; 15 USC 78m; 15 USC 78n; 15 USC 78w; 15 USC 78ll; 15 USC 78mm

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

    Page 71517

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    05/09/08

    73 FR 26876

    NPRM Comment Period End

    06/23/08

    Final Action

    10/09/08

    73 FR 60050

    Final Action Effective

    12/08/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Christina Chalk, Division of Corporation Finance,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-3440

    RIN: 3235-AK10

    Securities and Exchange Commission (SEC)

    Final Rule Stage

    Division of Investment Management

  5. AMENDMENTS TO FORM ADV

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

    Abstract: The Commission proposed amendments to Form ADV part 2 to require registered investment advisers to deliver to clients and prospective clients a brochure written in plain English.

    The amendments are designed to require advisers to provide clients and prospective clients with clear, current, and more meaningful disclosure of the business practices, conflicts of interest, and background of investment advisers and their advisory personnel. Under the proposal, advisers would file their brochures with the Commission electronically, and the brochures would be available to the public through the

    Commission's Web site.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    04/17/00

    65 FR 20524

    NPRM Comment Period End

    06/03/00

    Second NPRM

    03/14/08

    73 FR 13958

    Second NPRM Comment Period End 05/16/08

    Final Action

    12/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Vivien Liu, Division of Investment Management,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-6787

    Email: liuy@sec.gov

    RIN: 3235-AI17

  6. TEMPORARY RULE REGARDING PRINCIPAL TRADES WITH CERTAIN ADVISORY

    CLIENTS

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

    Abstract: The Commission adopted on an interim final basis a temporary rule that will expire on December 31, 2009, to provide an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the

    Investment Advisers Act when acting in a principal capacity in transactions with certain of their advisory clients.

    Timetable:

    Action

    Date

    FR Cite

    Interim Final Rule

    09/28/07

    72 FR 55022

    Interim Final Rule Effective 09/30/07

    Interim Final Rule Comment

    Period End

    11/30/07

    Final Action

    11/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Matthew Goldin, Division of Investment Management,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-6726

    Fax: 202 772-9284

    Email: goldinm@sec.gov

    RIN: 3235-AJ96

  7. INTERACTIVE DATA FOR MUTUAL FUND RISK/RETURN

    SUMMARY

    Legal Authority: 15 USC 77e; 15 USC 77f; 15 USC 77j; 15 USC 77s(a); 15

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

    Abstract: The Commission proposed rules requiring mutual funds to provide risk/return summary information in an interactive data format, which would improve its usefulness to investors. Under the proposed rules, risk/return summary information could be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial off- the-shelf software, and used within investment models in other software formats.

    Mutual funds would provide the risk/return summary section of their prospectuses to the Commission and on their Web sites in interactive data format using the eXtensible Business Reporting Language, XBRL. The interactive data would be provided as an exhibit to registration statements.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    06/23/08

    73 FR 35442

    NPRM Comment Period End

    08/01/08

    Final Action

    11/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Alberto Zapata, Division of Investment Management,

    Securities and Exchange Commission, 100 F Street NW, Washington, DC 20549

    Phone: 202 551-6929

    Email: zapataa@sec.gov

    RIN: 3235-AK13

    Page 71518

    Securities and Exchange Commission (SEC)

    Long-Term Actions

    Division of Investment Management

  8. POLITICAL CONTRIBUTIONS BY CERTAIN INVESTMENT ADVISERS

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

    Abstract: The Commission proposed new Rule 206(4)-5, which would prohibit an investment adviser from providing advisory services for compensation to a Government client for 2 years after the adviser or any of its partners, executive officers, or solicitors makes a contribution to certain elected officials or candidates.

    The Commission also proposed rule amendments that would require a registered adviser that has Government clients to maintain certain records of the political contributions made by the adviser or any of its partners, executive officers, or solicitors.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    08/10/99

    64 FR 43556

    NPRM Comment Period End

    11/01/99

    Next Action Undetermined

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Daniel Seth Kahl, Division of Investment Management,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-6730

    Email: kahld@sec.gov

    RIN: 3235-AH72

    Securities and Exchange Commission (SEC)

    Completed Actions

    Division of Investment Management

  9. DEFINITION OF ELIGIBLE PORTFOLIO COMPANY UNDER THE INVESTMENT

    COMPANY ACT OF 1940

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

    Abstract: The Commission amended Rule 2a-46(b) under the Investment

    Company Act to more closely align the definition of eligible portfolio company, and the investment activities of business development companies (BDCs), with the purpose that Congress intended. The amendment expands the definition of eligible portfolio companies that list their securities on a national securities exchange.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    11/08/04

    69 FR 64816

    NPRM Comment Period End

    01/07/05

    Final Rule

    10/31/06

    71 FR 64086

    Final Rule Effective

    11/30/06

    Second NPRM

    10/31/06

    71 FR 64093

    Second NPRM Comment Period End 01/02/07

    Final Action

    05/20/08

    73 FR 29044

    Final Action Effective

    07/21/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Rochelle Kauffman Plesset, Division of Investment

    Management, Securities and Exchange Commission, 100 F Street NE,

    Washington, DC 20549

    Phone: 202 551-6840

    RIN: 3235-AJ31

    Securities and Exchange Commission (SEC)

    Proposed Rule Stage

    Division of Trading and Markets

  10. RULE 15C2-2: CONFIRMATION OF TRANSACTIONS IN OPEN-END MANAGEMENT

    INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS, AND

    MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

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

    Abstract: The Commission proposed new Rule 15c2-2 under the Exchange

    Act, together with accompanying Schedule 15C. The Commission also proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2 and

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    02/10/04

    69 FR 6438

    NPRM Comment Period End

    04/12/04

    NPRM Comment Period Extended 03/04/05

    70 FR 10521

    NPRM Comment Period End

    04/04/05

    Second NPRM

    12/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Dawn Jessen, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5550

    Fax: 202 772-9270

    Email: jessend@sec.gov

    RIN: 3235-AJ11

  11. RULE 15C2-3: POINT-OF-SALE DISCLOSURE OF PURCHASES IN OPEN-END

    MANAGEMENT INVESTMENT COMPANY SHARES, UNIT INVESTMENT TRUST INTERESTS,

    AND MUNICIPAL FUND SECURITIES USED FOR EDUCATION SAVINGS

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

    Abstract: The Commission proposed new Rule 15c2-3 under the Exchange

    Act, together with accompanying Schedule15D. Proposed Rule 15c2-3 and

    Schedule 15D would provide for

    Page 71519

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    02/10/04

    69 FR 6438

    NPRM Comment Period End

    04/12/04

    NPRM Comment Period Extended 03/04/05

    70 FR 10521

    NPRM Comment Period End

    04/04/05

    Second NPRM

    12/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Dawn Jessen, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5550

    Fax: 202 772-9270

    Email: jessend@sec.gov

    RIN: 3235-AJ12

  12. RULE 15C-100: SCHEDULE 15C

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

    Abstract: The Commission proposed new Schedule 15 and Rules 15c2-2 and 15c2-3 under the Exchange Act, together with accompanying Schedule 15D.

    The Commission also proposed related amendments to Rule 10b-10.

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    02/10/04

    69 FR 6438

    NPRM Comment Period End

    04/12/04

    NPRM Comment Period Extended 03/04/05

    70 FR 10521

    NPRM Comment Period End

    04/04/05

    Second NPRM

    12/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Dawn Jessen, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5550

    Fax: 202 772-9270

    Email: jessend@sec.gov

    RIN: 3235-AJ13

  13. RULE 15C-101: SCHEDULE 15D

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

    Abstract: The Commission proposed new Schedule 15D and Rules 15c2-2 and 15c2-3 under the Exchange Act, together with accompanying Schedule 15C.

    The Commission also proposed related amendments to Rule 10b-10.

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    02/10/04

    69 FR 6438

    NPRM Comment Period End

    04/12/04

    NPRM Comment Period Extended 03/04/05

    70 FR 10521

    NPRM Comment Period End

    04/04/05

    Second NPRM

    12/00/08

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Dawn Jessen, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5550

    Fax: 202 772-9270

    Email: jessend@sec.gov

    RIN: 3235-AJ14

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

    OFFERS

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

    Abstract: The Commission proposed amendments to Rule 17Ad-14 under the

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    09/04/98

    63 FR 47209

    NPRM Comment Period End

    11/03/98

    Second NPRM

    03/00/09

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Matthew Landon, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1001

    Phone: 202 551-5716

    Fax: 202 772-9270

    Email: landonm@sec.gov

    RIN: 3235-AH53

    Page 71520

    Securities and Exchange Commission (SEC)

    Long-Term Actions

    Division of Trading and Markets

  15. PUBLICATION OR SUBMISSION OF QUOTATIONS WITHOUT SPECIFIED

    INFORMATION

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

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    02/25/98

    63 FR 9661

    NPRM Comment Period End

    04/27/98

    Second NPRM

    03/08/99

    64 FR 11124

    Second NPRM Comment Period End 04/07/99

    Second NPRM Comment Period

    Extended

    04/14/99

    64 FR 18393

    Comment Period End

    05/08/99

    Next Action Undetermined

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Victoria L. Crane, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5744

    Fax: 202 772-9355

    Email: cranev@sec.gov

    RIN: 3235-AH40

    Securities and Exchange Commission (SEC)

    Completed Actions

    Division of Trading and Markets

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

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

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

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    03/21/08

    73 FR 15376

    NPRM Comment Period End

    05/20/08

    Final Action

    10/17/08

    73 FR 61666

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Victoria L. Crane, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5744

    Fax: 202 772-9355

    Email: cranev@sec.gov

    RIN: 3235-AK06

  17. AMENDMENTS TO REGULATION SHO

    Legal Authority: 15 USC 78b and 78c; 15 USC 78i to 78l; 15 USC 78o; 15

    USC 78q; 15 USC 78q-1; 15 USC 78s; 15 USC 78w(a)

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

    After considering the comments received in response to the proposed amendments, the Commission adopted amendments eliminating the grandfather provision of Rule 203(b)(3) and updating the market decline limitation referenced in Rule 200(e)(3) substantially in the form proposed. The Commission re-proposed and then adopted amendments to

    Rule 203(b)(3) to eliminate the market maker exception to the close-out requirements.

    Timetable:

    Action

    Date

    FR Cite

    NPRM

    07/21/06

    71 FR 41710

    NPRM Comment Period End

    09/19/06

    NPRM Comment Period Extended 03/30/07

    72 FR 15079

    NPRM Comment Period End

    04/30/07

    Final Rule

    08/14/07

    72 FR 45544

    Final Rule Effective

    10/15/07

    Second NPRM

    08/14/07

    72 FR 45558

    Second NPRM Comment Period End 09/13/07

    Second NPRM Comment Period

    Extended

    07/14/08

    73 FR 40201

    Extended Comment Period End

    08/13/08

    Final Action

    10/17/08

    73 FR 61690

    Regulatory Flexibility Analysis Required: Yes

    Agency Contact: Victoria L. Crane, Division of Trading and Markets,

    Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

    Phone: 202 551-5744

    Fax: 202 772-9355

    Email: cranev@sec.gov

    RIN: 3235-AJ57

    FR Doc. E8-21194 Filed 11-21-08; 8:45 am

    BILLING CODE 8010-01-S

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