[Federal Register: August 2, 2004 (Volume 69, Number 147)]
[Proposed Rules]
[Page 46117-46119]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02au04-16]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Chapter II
[Release Nos. 33-8451, 34-50094, 35-27877, 39-2422, IA-2268, IC-26521;
File No. S7-31-04]
List of Rules To Be Reviewed Pursuant to the Regulatory
Flexibility Act
AGENCY: Securities and Exchange Commission.
ACTION: Publication of list of rules being reviewed.
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SUMMARY: The Securities and Exchange Commission is today publishing a
list of rules it is reviewing pursuant to Section 610 of the Regulatory
Flexibility Act. The list is published to provide the public with
notice that these rules are being reviewed by the agency and to invite
public comment on them.
DATES: Comments should be received on or before September 1, 2004.
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 S7-31-04 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 Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number S7-31-04. 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, 450 Fifth Street, NW., Washington,
DC 20549. 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 H. Sullivan, Office of the
General Counsel, at 202-942-0954, Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (``RFA''),
codified at 5 U.S.C. 600-611, requires agencies every year to review
those rules it adopted ten years ago that have a significant economic
impact upon a substantial number of small entities. The purpose of the
review is ``to determine whether such rules should be continued without
change, or should be amended or rescinded * * * to minimize any
significant economic impact of the rules upon a substantial number of
such small entities'' (5 U.S.C. 610(a)). The RFA sets forth specific
considerations that must be addressed in the review of each rule:
The continued need for the rule;
[[Page 46118]]
The nature of complaints or comments received concerning
the rule from the public;
The complexity of the rule;
The extent to which the rule overlaps, duplicates or
conflicts with other Federal rules, and, to the extent feasible, with
State and local governmental rules; and
The length of time since the rule has been evaluated or
the degree to which technology, economic conditions, or other factors
have changed in the area affected by the rule (5 U.S.C. 610(c)).
The Commission, as a matter of policy, reviews all rules which it
publishes for notice and comment to assess not only their continued
compliance with the RFA, but also to assess generally their continued
utility. When the Commission implemented the Act in 1980, it stated
that it ``intend[ed] to conduct a broader review [than that required by
the RFA], with a view to identifying those rules in need of
modification or even rescission.'' Securities Act Release No. 6302
(Mar. 20, 1980), 46 FR 19251. The list below is therefore broader than
that required by the RFA (and may include rules that do not have a
substantial impact on a significant number of small entities). Where
the Commission has previously made a determination of a rule's impact
on small businesses, the determination is noted on the list.
Pursuant to the RFA, the rules and forms listed below are being
reviewed by the staff of the Commission during 2004. The rules are
grouped according to which Division or Office of the Commission will
review each rule:
Rules and Forms To Be Reviewed by the Division of Corporation Finance
1. Safe Harbor for Public Announcement of Unregistered Offerings
Citation: 17 CFR 230.135c.
Authority: 15 U.S.C. 77a et seq.
Description: The rule created a safe harbor for certain company
announcements regarding exempt offerings or unregistered offshore
offerings.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 33-7053,
which was approved by the Commission on April 19, 1994. Any comments to
the proposing release were considered at that time. The amendments were
designed to minimize costs to small business issuers, without
sacrificing important concerns of investors.
Rules and Forms To Be Reviewed by the Divisions of Corporation Finance
and Market Regulation
2. Exemptive Relief and Simplification of Filing Requirements for Debt
Securities To Be Listed on a National Securities Exchange
Citation: 17 CFR 240.3a12-11, 240.12d1-2
Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq.
Description: These rules were adopted to reduce regulatory
distinctions between debt securities listed on a national securities
exchange and those traded in the over-the-counter market by exempting
listed debt securities from restrictions on borrowing and from most of
the proxy and information statement rules.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 34-34922,
which was approved by the Commission on November 1, 1994. Any comments
to the proposing release were considered at that time. The rules were
designed to decrease costs and compliance burdens on small entities.
3. Municipal Securities Disclosure
Citation: 17 CFR 240.15c2-12
Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq., 15 U.S.C.
79q, 15 U.S.C. 79t, 15 U.S.C. 80a et seq.
Description: These rules prohibit the underwriting and subsequent
recommendation of securities for which adequate information is not
available.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 34-34961,
which was approved by the Commission on November 10, 1994. Any comments
to the proposing release were considered at that time. The rules were
drafted to decrease costs and compliance burdens on small entities.
4. Limited Partnership Roll-up Transactions
Citation: 17 CFR 240.3b-11, 240.14a-15, 240.14e-7
Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq.
Description: These rules were adopted to implement provisions of
the Limited Partnership Rollup Reform Act of 1993.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 33-7113,
which was approved by the Commission on December 1, 1994. Any comments
to the proposing release were considered at that time. The rules were
drafted to decrease costs and compliance burdens on small entities.
Rule To Be Reviewed by the Division of Investment Management
5. Rule 486
Citation: 17 CFR 230.486
Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq., 15 U.S.C.
79t, 15 U.S.C. 80a et seq.
Description: Rule 486 under the Securities Act of 1933 establishes
procedures for post-effective amendments to registration statements
filed by closed-end interval funds.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 33-7083,
which was approved by the Commission on August 17, 1994. The Commission
stated that proposed Rule 486 would have no significant economic impact
on any small entity.
Rules and Forms To Be Reviewed by the Division of Market Regulation
6. Customer Account Statements
Citation: 17 CFR 240.11Ac1-3
Authority: 15 U.S.C. 77a et seq., 15 U.S.C. 78a et seq., 15 U.S.C.
79q, 79t, 15 U.S.C. 80a et seq.
Description: The rule requires enhanced disclosure of payment for
order flow practices on customer confirmations, and account statements,
as well as upon opening new accounts.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory Flexibility Analysis was prepared in accordance with 5
U.S.C. 604 in conjunction with the adoption of Release No. 34-34902,
which the Commission approved on October 27, 1994. Any comments to the
proposing release were considered at that time.
7. Notice of Assumption or Termination of Transfer Agent Services
Citation: 17 CFR 17Ad-16
Authority: 15 U.S.C. 78a et seq.
Description: The rule requires a registered transfer agent to
provide written notice to a registered securities depository when
terminating or assuming transfer agent services on behalf of an issuer
or when changing its name or address.
Prior Commission Determination Under 5 U.S.C. 601: A Final
Regulatory
[[Page 46119]]
Flexibility Analysis was prepared in accordance with 5 U.S.C. 604 in
conjunction with the adoption of Release No. 34-35039, which the
Commission approved on December 1, 1994. No comments concerning
regulatory flexibility matters were received.
The Commission invites public comment on both the list and on the
rules to be reviewed. The Commission particularly solicits public
comment on whether the listed rules affect small businesses in new or
different ways than when they were first adopted.
Dated: July 27, 2004.
By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-17459 Filed 7-30-04; 8:45 am]
BILLING CODE 8010-01-P