
[Federal Register Volume 80, Number 208 (Wednesday, October 28, 2015)]
[Proposed Rules]
[Pages 65973-65978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-27385]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-9965, 34-76240, 39-2507, IC-31879, IA-4238; File No. 
S7-21-15]


List of Rules To Be Reviewed Pursuant to the Regulatory 
Flexibility Act

AGENCY: Securities and Exchange Commission.

ACTION: Publication of list of rules scheduled for review.

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SUMMARY: The Securities and Exchange Commission is publishing a list of 
rules to be reviewed pursuant to Section 610 of the Regulatory 
Flexibility Act. The list is published to provide the public with 
notice that these rules are scheduled for review by the agency and to 
invite public comment on whether the 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change, or should be amended or rescinded to minimize any significant 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.

DATES: Comments should be submitted by November 27, 2015.

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 email to rule-comments@sec.gov. Please include 
File Number [S7-21-15] 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 to Brent Fields, Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. S7-21-15. This file number 
should be included on the subject line if email 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 also 
are available for Web site viewing and printing 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 Regulatory Flexibility Act (``RFA''), 
codified at 5 U.S.C. 600-611, requires an agency to review its rules 
that have a significant economic impact upon a substantial number of 
small entities within ten years of the publication of such rules as 
final rules. 5 U.S.C. 610(a). 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;
     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 Securities and Exchange Commission, as a matter of policy, 
reviews all final rules that it published 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, 1981), 46 FR 19251 (Mar. 30, 
1981). The list below is therefore broader than that required by the 
RFA, and may include rules that do not have a significant economic 
impact on a substantial 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.
    The Commission particularly solicits public comment on whether the 
rules listed below affect small businesses in new or different ways 
than when they were first adopted. The rules and forms listed below are 
scheduled for review by staff of the Commission during the next 12 
months. The list includes 21 rules adopted by the Commission in 2004.
    Title: Shareholder Reports and Quarterly Portfolio Disclosure of 
Registered Management Investment Companies.
    Citation: 17 CFR 270.30b1-5; 17 CFR 270.30a-2; 17 CFR 270.30a-3; 17 
CFR 270.30d-1; 17 CFR 249.331; 17 CFR 249.332; 17 CFR 239.14; 17 CFR 
239.15A; 17 CFR 239.17; 17 CFR 274.11A; 17 CFR 274.11a-1; 17 CFR 
274.11b; 17 CFR 274.130; 17 CFR 274.128; 17 CFR 210.6; and 17 CFR 
210.12.
    Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77s(a), and 77z-3; 
78j(b), 78l, 78m, 78o(d), 78w(a), and 78mm; 80a-6(c), 80a-8, 80a-24, 
80a-24(a), 80a-29, 80a-30, and 80a-37.
    Description: The amendments require open-end management investment 
companies to disclose fund expenses borne by shareholders during the 
reporting period in reports to shareholders; permit a management 
investment company registered under the Investment Company Act to 
include a summary portfolio schedule in its reports to shareholders; 
exempt money market funds from including a portfolio schedule in 
reports to shareholders provided that the complete portfolio schedule 
is filed with the Commission on Form N-CSR and is provided to 
shareholders free of charge; require reports to shareholders by funds 
to include a tabular or graphic presentation of a fund's portfolio 
holdings by identifiable categories; require a fund to file its 
complete portfolio schedule as of the end of its first and third fiscal 
quarters with the Commission on new Form N-Q and certified by the 
fund's principal executive and financial officers; and require a mutual 
fund to include Management's Discussion of Fund Performance in its 
annual report to shareholders.
    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 Commission's adoption of Release No. 
33-8393 (Feb. 27, 2004). The Commission considered comments received on 
the proposing

[[Page 65974]]

release and the Initial Regulatory Flexibility Analysis prepared in 
Release No. IC-25870 (Dec. 18, 2002) at that time.
* * * * *
    Title: Adoption of Amendments to the Rules of Practice and 
Delegations of Authority of the Commission.
    Citation: 17 CFR 200.30-7; 17 CFR 200.30-14; 17 CFR 201.100; 17 CFR 
201.102; 17 CFR 111; 17 CFR 201.141; 17 CFR 201.150-154; 17 CFR 
201.201-202; 17 CFR 201.210; 17 CFR 201.230-233; 17 CFR 201.350-351; 17 
CFR 201.360; 17 CFR 201.400; 17 CFR 201.411; 17 CFR 201.420; 17 CFR 
201.430; 17 CFR 201.440-441; 17 CFR 201.450-451; 17 CFR 201.460; 17 CFR 
201.460; 17 CFR 201.470; 17 CFR 201.601; 17 CFR 201.1100-1106; 17 CFR 
240.19d-4.
    Authority: 15 U.S.C. 7202; 15 U.S.C. 77s, 78s, 77sss, 78w, 79t, . 
80a-37 and 80a-39 and 80b-11.
    Description: The Commission adopted rules and rule amendments to 
implement provisions under the Sarbanes-Oxley Act of 2002 that provided 
for the creation of Fair Funds and for Commission review of 
disciplinary actions imposed by the Public Company Accounting Oversight 
Board. The Commission also adopted rules and rule amendments to clarify 
or modify a variety of aspects of administrative proceedings, including 
certain motions, petitions, and filings, service and form of filings, 
and procedures for the production or subpoena of documents.
    Prior Commission Determination under 5 U.S.C. 610: The Commission 
determined in Rel. No. 34-49412 (March 12, 2004) that the revision 
related solely to agency organization, procedure, or practice, and 
that, therefore, the Administrative Procedure Act and the Regulatory 
Flexibility Act did not apply to the rule. The Commission received no 
comments on this determination
* * * * *
    Title: Additional Form 8-K Disclosure Requirements and Acceleration 
of Filing Date.
    Citation: 17 CFR 240.13a-11; 17 CFR 240.15d-11; 17 CFR 249.308.
    Authority: 15 U.S.C. 77g, 77l, 77s, 78j, 78l, 78m, 78o, and 78w.
    Description: The Commission adopted rules and amendments to (i) 
expand the number of events that are reportable on Form 8-K, adding 
eight new items to the form, and transferring two items from the 
periodic reports, (ii) expand disclosures under two existing Form 8-K 
items, (iii) reorganize Form 8-K items into topical categories, (iv) 
shorten the Form 8-K filing deadline for most items to four business 
days after the occurrence of an event triggering the disclosure 
requirements of the form, and (v) adopt a limited safe harbor from 
liability for failure to file certain of the required Form 8-K reports.
    Prior Commission Determination under 5 U.S.C. 610: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 33-8400 
(March 16, 2004). The Commission considered comments received on the 
proposing release and the Initial Regulatory Flexibility Analysis 
prepared in Release No. 33-8106 (June 17, 2002) at that time.
* * * * *
    Title: Disclosure Regarding Market Timing and Selective Disclosure 
of Portfolio Holdings.
    Citation: 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 239.17b; 17 CFR 
239.17c; 17 CFR 274.11A; 17 CFR 274.11b; 17 CFR 274.11c; and 17 CFR 
274.11d.
    Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77ss(a), 80a-3, 80a-22, 
80a-24(a), 80a-29, and 80a-37.
    Description: The amendments require improved disclosure in fund 
prospectuses of a mutual fund's risks, policies, and procedures. In 
addition, the amendments clarify instructions to registration forms to 
require all mutual funds (other than money market funds) and insurance 
company managed separate accounts that offer variable annuities to 
explain in their prospectuses both the circumstances under which they 
will use fair value pricing and the effects of using fair value 
pricing. The amendments also require mutual funds and insurance company 
managed separate accounts that offer variable annuities to disclose 
their policies with respect to disclosure of portfolio holdings 
information.
    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 Commission's adoption of Release No. 
33-8408 (Apr. 19, 2004). The Commission considered comments received on 
the proposing release and the Initial Regulatory Flexibility Analysis 
prepared in Release No. IC-26287 (Dec. 11, 2003) at that time.
* * * * *
    Title: Mandated Electronic Filing for Form ID.
    Citation: 17 CFR 232.10; 17 CFR 239.63; 17 CFR 249.446, 17 CFR 
259.602; 17 CFR 269.7; 17 CFR 274.402.
    Authority: 15 U.S.C. 77s, 77sss, 78c(b), 78m(a), 78w(a), 
78ll(d),79t, 80a-29 and 80a-37.
    Description: The Commission adopted rule and form amendments to 
mandate the electronic filing of Form ID on a new on-line system.
    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. 33-8410 
April 21, 2004). The Commission solicited comments concerning the 
proposing release and the Initial Regulatory Flexibility Analysis 
prepared in Release No. 33-8399 (March 15, 2004) but received no 
comment letters on the analysis.
* * * * *
    Title: Foreign Bank Exemption from the Insider Lending Prohibition 
of Exchange Act Section 13(k).
    Citation: 17 CFR 240.13k-1.
    Authority: 15 U.S.C. 77f, 77g, 77h, 77j,77s, 78c, 78l, 78m, 78w, 
and 78mm.
    Description: The Commission adopted a rule that grants qualified 
foreign banks an exemption from the insider lending prohibition under 
Section 13(k) of the Securities Exchange Act of 1934.
    Prior Commission Determination under 5 U.S.C. 610: Pursuant to 
Section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that the rule would not have a significant economic impact on 
a substantial number of small entities. This certification was 
incorporated into the proposing release, Release No. 34-48481 
(September 11, 2003). As stated in the adopting release, Release No. 
34-49616 (April 26, 2004), the Commission received no comments 
concerning the impact on small entities or the Regulatory Flexibility 
Act Certification.
* * * * *
    Title: Disclosure of Breakpoint Discounts by Mutual Funds.
    Citation: 17 CFR 239.15A; 17 CFR 274.11A.
    Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77s(a), 80a-8, 80a-24(a), 
80a-29 and 80a-37.
    Description: The form amendments require an open-end management 
investment company to provide enhanced disclosure regarding breakpoint 
discounts on front-end sales loads. Under the amendments, an open-end 
management investment company is required to describe in its prospectus 
any arrangements that result in breakpoints in sales loads and to 
provide a brief summary of shareholder eligibility requirements.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory

[[Page 65975]]

Flexibility Analysis was prepared in accordance with 5 U.S.C. 604 in 
conjunction with the Commission's adoption of Release No. 33-8427 (June 
7, 2004). The Commission considered comments received on the proposing 
release and the Initial Regulatory Flexibility Analysis prepared in 
Release No. 33-8347 (Dec. 17, 2003) at that time.
* * * * *
    Title: Alternative Net Capital Requirements for Broker-Dealers That 
Are Part of Consolidated Supervised Entities.
    Citation: 17 CFR 200.30-3, 17 CFR 240.15c3-1, 17 CFR 240.17a-4, 17 
CFR 240.17a-5, 17 CFR 240.17a-11, 17 CFR 240.17h-1T, and 17 CFR 
240.17h-2T.
    Authority: 15 U.S.C. 78o(c), 78q(a), 78w, 78x(b) and 78mm.
    Description: The Commission adopted rule amendments that 
established a voluntary, alternative method of computing deductions to 
net capital for certain broker-dealers. This alternative method permits 
a broker-dealer to use mathematical models to calculate net capital 
requirements for market and derivatives-related credit risk. A broker-
dealer using the alternative method of computing net capital is subject 
to enhanced net capital, early warning, recordkeeping, reporting, and 
certain other requirements, and must implement and document an internal 
risk management system.
    Prior Commission Determination Under 5 U.S.C. 610: Pursuant to 
section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that the amendments would not have a significant economic 
impact on a substantial number of small entities. This certification 
was incorporated into the proposing release, Release No. 34-48690 (Oct. 
24, 2003). As stated in the adopting release, Release No. 34-49830 
(June 8, 2004), the Commission received no comments concerning the 
impact on small entities or the Regulatory Flexibility Act 
certification.
* * * * *
    Title: Disclosure Regarding Approval of Investment Advisory 
Contracts by Directors of Investment Companies.
    Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 
274.11A; 17 CFR 274.11a-1; 17 CFR 274.11b; 17 CFR 240.14a-101.
    Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77s(a), 78n, 78w(a)(1), 
80a-8, 80a-15, 80a-20, 80a-24(a), 80a-29 and 80a-37.
    Description: The rule and form amendments require a registered 
management investment company to provide disclosure in its reports to 
shareholders regarding the material factors and the conclusions with 
respect to those factors that formed the basis for the board's approval 
of advisory contracts during the most recent fiscal half-year. The 
amendments are also designed to encourage improved disclosure in proxy 
statements regarding the basis for the board's recommendation that 
shareholders approve an advisory contract.
    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 Commission's adoption of Release No. 
34-49928 (June 23, 2004). The Commission considered comments received 
on the proposing release and the Initial Regulatory Flexibility 
Analysis prepared in Release No. 34-49014 (Feb. 11, 2004) at that time.
* * * * *
    Title: Collection Practices under Section 31 of the Exchange Act.
    Citation: 17 CFR 200.30-3, 17 CFR 240.31.
    Authority: 15 U.S.C. 78f, 78o-3, 78q-1, 78s, 78w(a) and 78ee.
    Description: The rule established new procedures to govern the 
calculation, payment, and collection of fees and assessments on 
securities transactions owed by national securities exchanges and 
national securities associations to the Commission pursuant to Section 
31 of the Securities Exchange Act of 1934. Under these new procedures, 
each exchange or association must provide the Commission with data on 
its securities transactions. The Commission calculates the amount of 
fees and assessments due based on the volume of these transactions and 
bills the exchange or association that amount.
    Prior Commission Determination Under 5 U.S.C. 610: Pursuant to 
Section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that Rule 31 and Form R31 would not have a significant 
economic impact on a substantial number of small businesses. This 
certification was set forth in the Proposing Release No. 34-49014 
(January 20, 2004). As stated in the adopting release, Release No. 34-
49928 (June 28, 2004), the Commission received no comments concerning 
the impact on small entities or the Regulatory Flexibility Act 
Certification.
* * * * *
    Title: Investment Adviser Codes of Ethics.
    Citation: 17 CFR 275.204A-1; 17 CFR 275.204-2; 17 CFR 279.1; 17 CFR 
270.17j-1.
    Authority: 15 U.S.C. 77s(a), 77sss(a), 78a-37(a), 78w(a), 
78bb(e)(2),79w(a), 80a-17(j), 80a-37(a), 80b-2(a)(17), 80b-3(c)(1), 
80b-4, 80b-4(a), 80b-6(4) and 80b-11(a).
    Description: The rule and rule amendments require registered 
advisers to adopt codes of ethics. The codes of ethics must set forth 
standards of conduct expected of advisory personnel and address 
conflicts that arise from personal trading by advisory personnel. Among 
other things, the rule and rule amendments require advisers' supervised 
persons to report their personal securities transactions, including 
transactions in any mutual fund managed by the adviser. The rule and 
rule amendments are designed to promote compliance with fiduciary 
standards by advisers and their personnel.
    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 Commission's adoption of Release No. 
IA-2256 (July 2, 2004). The Commission considered comments received on 
the proposing release and the Initial Regulatory Flexibility Analysis 
prepared in Release No. IA-2209 (Jan. 20, 2004) at that time.
* * * * *
    Title: Covered Securities Pursuant to Section 18 of the Securities 
Act of 1933.
    Citation: 17 CFR 230.146.
    Authority: 15 U.S.C. 77r(b)(1)(B) and 77s(a).
    Description: The Commission amended a rule under Section 18 of the 
Securities Act of 1933 to designate options listed on the International 
Securities Exchange, Inc. as covered securities. Covered securities 
under Section 18 of the Securities Act are exempt from state law 
registration requirements.
    Prior Commission Determination Under 5 U.S.C. 601: Pursuant to 
Section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that amending Rule 146(b) would not have a significant 
economic impact on a substantial number of small entities. The 
certification was incorporated in the proposing release, Release No. 
33-8404 (March 22, 2004). As stated in the adopting release, Release 
No. 33-8442 (July 14, 2004), the Commission received no comments 
concerning the impact on small entities or the Regulatory Flexibility 
Act Certification.
* * * * *
    Title: Investment Company Governance.
    Citation: 17 CFR 270.0-1(a); 17 CFR 270.10f-3; 17 CFR 270.12b-1(c); 
17 CFR 270.15a-4(b)(2); 17 CFR 270.17a-7(f); 17 CFR 270.17a-8(a)(4); 17 
CFR 270.17d-1(d)(7); 17 CFR 270.17e-1(c); 17 CFR

[[Page 65976]]

270.17g-1(j)(3); 17 CFR 270.18f-3(e); 17 CFR 270.23c-3(b)(8); 17 CFR 
270.31a-2.
    Authority: 15 U.S.C., 80a-6(c), 80a-10(f), 80a-12(b), 80a-17(d), 
80a-17(g), 80a-23(c), 80a-30(a), and 80a-37(a).
    Description: A Federal appeals court vacated certain amendments 
adopted by the Commission to rules under the Investment Company Act. 
The amendments, first proposed on January 15, 2004, would have imposed 
two conditions on investment companies (``funds'') relying on certain 
exemptive rules. First, fund boards would have to have been comprised 
of at least 75 percent independent directors. Second, the boards would 
have to have been chaired by an independent director. In June 2006 and 
December 2006, the Commission requested additional comment regarding 
the fund governance provisions.
    Prior Commission Determination Under 5 U.S.C. 601: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 relating to the amendments to the exemptive rules and the 
Commission's rules on investment company governance in conjunction with 
the Commission's adoption of Release No. IC-26520 on July 27, 2004. 
Comments to the proposing release (Release No. IC-26323 (Jan. 24, 
2004)) and any comments to the Initial Regulatory Flexibility Analysis 
were considered in connection with the Commission's adoption of Release 
No. IC-26520.
* * * * *
    Title: Short Sales.
    Citation: 17 CFR 242.200, 17 CFR 242.202T, 17 CFR 242.203.
    Authority: 15 U.S.C. 78b, 78c(b), 78i(h), 78j, 78k-1, 78o, 78q(a), 
78q-1, 78w(a), and 78mm.
    Description: The Commission adopted new Regulation SHO, which 
defined ownership of securities, specified aggregation of long and 
short positions, and required broker-dealers to mark sales in all 
equity securities ``long,'' ``short,'' or ``short exempt.'' Regulation 
SHO also included a temporary rule that established procedures for the 
Commission to suspend temporarily the operation of the ``tick'' test 
and any short sale price test of any exchange or national securities 
association for specified securities. Regulation SHO also required 
short sellers in all equity securities to locate securities to borrow 
before selling, and also imposed additional delivery requirements on 
broker-dealers for securities in which a substantial number of failures 
to deliver had occurred. The Commission also adopted amendments that 
removed the shelf offering exception and issued interpretive guidance 
addressing sham transactions designed to evade Regulation M.
    Prior Commission Determination Under 5 U.S.C. 610: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 34 -50103 
(July 28, 2004). The Commission solicited comment on the Initial 
Regulatory Flexibility Analysis prepared in the proposing release, 
Release No. 34-48709 (October 28, 2003), but received no comment on 
that analysis. The Commission did receive comments related to small 
business, and considered those comments in the adopting release.
* * * * *
    Title: Disclosure Regarding Portfolio Managers of Registered 
Management Investment Companies.
    Citation: 17 CFR 239.14; 17 CFR 239.15A; 17 CFR 239.17a; 17 CFR 
249.331; 17 CFR 270.30a-2; 17 CFR 274.11a-1; 17 CFR 274.11A; 17 CFR 
274.11b; 17 CFR 274.128.
    Authority: 15 U.S.C. 77e, 77f, 77g, 77j, 77s(a), 78(j(b), 78m, 78n, 
78o(d), 78w(a), 78mm,, 80a-8, 80a-24(a), 80a-29, 80a-37, 80a-39.
    Description: The forms and rule amendments improve the disclosure 
provided by registered investment companies regarding their portfolio 
managers. The amendments extend the existing requirement that a 
registered management investment company provide basic information in 
its prospectus regarding its portfolio managers to include the members 
of management teams. The amendments also require a registered 
management investment company to disclose additional information about 
its portfolio managers, including other accounts that they manage, 
compensation structure, and ownership of securities in the investment 
company.
    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 Commission's adoption of Release No 
33-8458 (Aug. 23, 2004). The Commission considered comments received on 
the proposing release and the Initial Regulatory Flexibility Analysis 
prepared in Release No. 33-8396 (Mar. 11, 2004) at that time.
* * * * *
    Title: Rule 15c3-3 Reserve Requirements for Margin Related to 
Security Futures Products.
    Citation: 17 CFR 200.30-3 and 17 CFR 240.15c3-3a.
    Authority: 15 U.S.C. 78o, 78q, 78w(a), and 78mm.
    Description: The Commission adopted amendments to the formula for 
determination of customer reserve requirements of broker-dealers under 
the Exchange Act to address issues related to customer margin for 
security futures products. The amendments permit a broker-dealer to 
include margin related to security futures products written, purchased, 
or sold in customer securities accounts and on deposit with a 
registered clearing agency or a derivatives clearing organization as a 
debit item in calculating its customer reserve requirement under 
specified conditions. The amendments were intended to help ensure that 
a broker-dealer is not required to fund its customer reserve 
requirements with proprietary assets.
    Prior Commission Determination Under 5 U.S.C. 610: Pursuant to 
section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that the amendments to Rule 15c3-3a would not have a 
significant impact on a substantial number of small entities. This 
certification was incorporated into the proposing release, Release No. 
46492 (Sept. 12, 2002). As stated in the adopting release, Release No. 
33-50295, the Commission received no comments concerning the impact on 
small entities or the Regulatory Flexibility Act certification.
* * * * *
    Title: Prohibition on the Use of Brokerage Commissions to Finance 
Distribution.
    Citation: 17 CFR 270.12b-1.
    Authority: 15 U.S.C. 80a-12(b) and 80a-37(a).
    Description: The amendments amend the rule that governs the use of 
assets of open-end management investment companies (funds) to 
distribute their shares. The amended rule prohibits funds from paying 
for the distribution of their shares with brokerage commissions. The 
amendments are designed to end a practice that poses significant 
conflicts of interest and may be harmful to funds and fund 
shareholders.
    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 Commission's adoption of Release No. 
IC-26591 (September 2, 2004). The Commission considered comments 
received on the proposing release and the Initial Regulatory 
Flexibility Analysis prepared in Release No. IC-26356 (Feb.24, 2004) at 
that time.
* * * * *

[[Page 65977]]

    Title: Proposed Rule Changes of Self-Regulatory Organizations.
    Citation: 17 CFR 240.11Aa3-2 and 17 CFR 240.19b-4.
    Authority: 15 U.S.C. 78c, 78f, 78k-1, 78o-3, 78o-4, 78q-1, 78s(b), 
78w(a), 78mm.
    Description: The Commission adopted rule amendments that require 
self-regulatory organizations (SROs) to file proposed rule changes 
electronically with the Commission, rather than in paper form. In 
addition, the Commission required SROs to post all proposed rule 
changes, as well as current and complete sets of their rules, on their 
Web sites. The Commission also required all participants in National 
Market System Plans (NMS Plans) to arrange for posting on a designated 
Web site a current and complete version of the NMS Plan.
    Prior Commission Determination Under 5 U.S.C. 610: Pursuant to 
Section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that amending Rule 19b-4 and Form 19b-4 would not have a 
significant economic impact on a substantial number of small 
businesses. This certification was incorporated in the proposing 
release, Release No. 49505 (March 30, 2004). As stated in the adopting 
release, Release No. 34-50486 (Oct.4, 2004), the Commission received no 
comments concerning the impact on small entities or the Regulatory 
Flexibility Act certification.
* * * * *
    Title: Disposal of Consumer Report Information.
    Citation: 17 CFR 248.1; 17 CFR 248.2; 17 CFR 248.30.
    Authority: 15 U.S.C. 6801(b), 15 U.S.C. 1681w, 15 U.S.C. 78q, 78w, 
78mm, 80a-30(a), 80a-37, 80b-4 and 80b-11.
    Description: The amendments to the rule under Regulation S-P 
require financial institutions to adopt policies and procedures to 
safeguard customer information. The amended rule implements the 
provision in section 216 of the Fair and Accurate Credit Transactions 
Act of 2003 requiring proper disposal of consumer report information 
and records. Section 216 directs the Commission and other federal 
agencies to adopt regulations requiring that any person who maintains 
or possesses consumer report information or any compilation of consumer 
report information derived from a consumer report for a business 
purpose must properly dispose of the information. The amendments also 
require the policies and procedures adopted under the safeguard rule to 
be in writing.
    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 Commission's adoption of Release No. 
34-50781 (Dec. 2, 2004). The Commission considered comments received on 
the proposing release and the Initial Regulatory Flexibility Analysis 
prepared in Release No. 34-50361 (Sept. 14, 2004) at that time.
* * * * *
    Title: Issuer Restrictions or Prohibitions on Ownership by 
Securities Intermediaries.
    Citation: 17 CFR 240.17Ad-20.
    Authority: 15 U.S.C. 78q-1(a)(1), 78q-1(a)(2), 78q-1(d), and 
78w(a).
    Description: The Commission adopted a new rule to prohibit 
registered transfer agents from effecting any transfer of any equity 
security registered under Section 12 or any equity security that 
subjects an issuer to reporting under Section 15(d) of the Exchange Act 
if such security is subject to any restriction or prohibition on 
transfer to or from a securities intermediary, such as clearing 
agencies, banks, or broker-dealers.
    Prior Commission Determination Under 5 U.S.C. 610: A Final 
Regulatory Flexibility Analysis was prepared in accordance with 5 
U.S.C. 604 in conjunction with the adoption of Release No. 34-50758A 
(December 7, 2004). The Commission solicited comment on the Initial 
Regulatory Flexibility Analysis prepared in the proposing release, 
Release No. 49809 (June 4, 2004), but received no comment on that 
analysis.
* * * * *
    Title: Asset-Backed Securities.
    Citation: 17 CFR 210.1-02, 17 CFR 210-2.01, 17 CFR 210.2-02, 17 CFR 
210.2-07, 17 CFR 229.10, 17 CFR 229.202, 17 CFR 229.308, 17 CFR 
229.401, 17 CFR 229.406, 17 CFR 229.501, 17 CFR 229.503, 17 CFR 
229.512, 17 CFR 229.601, 17 CFR 229.701, 17 CFR 229.1100 through 1123, 
17 CFR 230.411, 17 CFR 230.434, 17 CFR 230.139a, 17 CFR 230.167, 17 CFR 
230.190, 17 CFR 230.191, 17 CFR 230.426, 17 CFR 232.311, 17 CFR 
232.312, 17 CFR 239.11, 17 CFR 239.12, 17 CFR 239.13, 17 CFR 239.18, 17 
CFR 239.31, 17 CFR 239.32, 17 CFR 239.33, 17 CFR 240.10A-3, 17 CFR 
240.12b-2, 17 CFR 240.12b-15, 17 CFR 240.12b-25, 17 CFR 240.13a-10, 17 
CFR 240.13a-11, 17 CFR 240.13a-13, 17 CFR 240.13a-14, 17 CFR 240.13a-
15, 17 CFR 240.13a-16, 17 CFR 240.15c2-8, 17 CFR 240.15d-10, 17 CFR 
240.15d-11, 17 CFR 240.15d-13, 17 CFR 240.15d-14, 17 CFR 240.15d-15, 17 
CFR 240.15d-16, 17 CFR 240.3a12-12, 17 CFR 240.3b-19, 17 CFR 240.13a-
17, 17 CFR 240.13a-18, 17 CFR 240.15d-17, 17 CFR 240.15d-18, 17 CFR 
240.15d-22, 17 CFR 240.15d-23, 17 CFR 242.100, 17 CFR 245.101, 17 CFR 
249.220f, 17 CFR 249.240f, 17 CFR 249.308, 17 CFR 249.310, 17 CFR 
249.312, and 17 CFR 249.322.
    Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77q(a), 77s, 
77s(a), 77sss(a), 77z-2, 77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 
77ggg, 77hhh, 77jjj, 7nnn, 77sss, 78(b), 78c, 78c(b), 78g(c)(2), 
78i(a), 78j, 78j-1, 78k-1(c), 78l, 78m, 78n, 78o, 78o(b), 78o(c), 
78o(d), 78q, 78q(a), 78q(b), 78q(h), 78u-5, 78(w), 78w(a), 78dd-1, 
78ll, 78ll(d), 78mm, 79e, 79e(b), 79f, 79f, 79j, 79j(a), 79l, 79m, 79n, 
79q, 79t, 79t(a), 80a-8, 80a-20, 80a-23, 80a-24, 80a-26, 80a-29, 80a-
30, 80a-31, 80a-37, 80a-37(a), 80b-3, 80b-11, 7201 et seq., 7202, 7262, 
and 18 U.S.C. 1350.
    Description: The Commission adopted new and amended rules and forms 
to address comprehensively the registration, disclosure and reporting 
requirements for asset-backed securities under the Securities Act of 
1933 and the Securities Exchange Act of 1934. The final rules and forms 
accomplish the following: update and clarify the Securities Act 
registration requirements for asset-backed securities offerings, 
including expanding the types of asset-backed securities that may be 
offered in delayed primary offerings on Form S-3; consolidate and 
codify existing interpretive positions that allow modified Exchange Act 
reporting that is more tailored and relevant to asset-backed 
securities; provide tailored disclosure guidance and requirements for 
Securities Act and Exchange Act filings involving asset-backed 
securities; and streamline and codify existing interpretive positions 
that permit the use of written communications in a registered offering 
of asset-backed securities in addition to the statutory registration 
statement prospectus.
    Prior Commission Determination under 5 U.S.C. 610: Pursuant to 
Section 605(b) of the Regulatory Flexibility Act, the Commission 
certified that the new and amended rules and forms would not have a 
significant economic impact on a substantial number of small entities. 
This certification was incorporated into the proposing release, Release 
No. 33-8419 (May 3, 2004). As stated in the adopting release, Release 
No. 33-8518 (December 22, 2004) the Commission received no comments 
concerning the impact on small entities or the Regulatory Flexibility 
Act Certification.

    By the Commission.


[[Page 65978]]


    Dated: October 22, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-27385 Filed 10-27-15; 8:45 am]
 BILLING CODE 8011-01-P


