Summary

This is our report on a major rule promulgated by the Securities and Exchange Commission (SEC). It was published in the Federal Register as a "final rule. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report. The official responsible for GAO evaluation work relating to the subject matter of the rule is Thomas McCool. The SEC finds that certain modifications to the proposed rule will benefit small entities. The SEC is not subject to title II of the Unfunded Mandates Reform Act. (iv) Other relevant information or requirements under acts and executive orders Administrative Procedure Act.