SECURITIES AND EXCHANGE COMMISSION 17 CFR Chapter II

[Release Nos. 337039, 3423361, 3525955, 392317, IC19969, IA1395; File
No. S73593]

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.

SUMMARY: The Securities and Exchange Commission is today 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 them.

DATES: Public comments are due by January 31, 1994.

ADDRESSES: Persons wishing to submit written views should file three copies
with Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450
Fifth Street NW., room 6184, stop 69, Washington, DC 20549. All submissions
should refer to File No. S73593, and will be available for public inspection
and copying at the Commission's Public Reference Room, room 1026, at the same
address.

FOR FURTHER INFORMATION CONTACT: The name of the individual to contact
concerning a particular rule is given at the end of each rule grouping.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act ("RFA'')1 requires
that each agency review every ten years each of its rules that has 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without change, or should be amended or rescinded * * * to minimize any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.''2 The RFA stipulates certain specific considerations that
must be addressed in the review of each rule.3 The rules listed below are
scheduled for review by staff of the Commission during the next twelve months.
The rules are grouped according to which Division or Office of the Commission
has responsibility for, and will review, each rule.

1 Pub. L. No. 96354, 94 Stat. 1165 (September 19, 1980).

2 5 U.S.C. 610(a).

3 These considerations are (1) the continued need for the rule; (2) the
nature of complaints or comments received concerning the rule from the public;
(3) the complexity of the rule; (4) 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 (5) 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's 1993 Regulatory Flexibility Act Schedule of Rule Reviews is
as follows:

Rules and Forms To Be Reviewed by the Division of Corporation Finance

Title: Regulation C (general rules governing registration under the Securities
Act)

Citation: 17 CFR 230.400230.479; 230.490496

Authority: 15 U.S.C. 77f; 77g; 77h; 77j; 77s; 78c; 78l; 78m; 78o; 78w; 79t;
77sss; 80a37

Title: Form S20 (for registration of standardized options)

Citation: 17 CFR 239.20

Authority: 15 U.S.C. 77g; 77j; 77s; 78l; 78m; 78n; 78o

Title: Rule 3b-2 (definition of "officer'')

Citation: 17 CFR 240.3b2

Authority: 15 U.S.C. 77c; 77d; 77s; 77ttt; 78c; 78d; 78i; 78j; 78l; 78m; 78n;
78o; 78p; 78s; 78w; 78x; 79q; 79t; 80a29; 80a37

Title: Rule 3b6 (liability for certain statements by issuers)

Citation: 17 CFR 240.3b6

Authority: 15 U.S.C. 77c; 77d; 77f; 77g; 77h; 77s; 77ttt; 78c; 78d; 78i; 78j;
78l; 78m; 78n; 78o; 78p; 78s; 78w; 78x; 79q; 79t; 80a29; 80a-37

Title: Rule 3b-7 (definition of "executive officer'')

Citation: 17 CFR 240.3b-7

Authority: 15 U.S.C. 77c; 77d; 77s; 77ttt; 78c; 78d; 78i; 78j; 78l; 78m; 78n;
78o; 78p; 78s; 78w; 78x; 79q; 79t; 80a-29; 80a-37

Title: Regulation 12B (general registration and reporting rules under the
Exchange Act)

Citation: 17 CFR 240.12b1 through 240.12b36

Authority: 15 U.S.C. 77c; 77d; 77s; 78c; 78d; 78i; 78j; 78l; 78m; 78n; 78o;
78p; 78s; 78w; 78x; 79q; 79t; 80a29; 80a37

Title: Rule 12g-1 (exemption from section 12(g) of the Exchange Act)

Citation: 17 CFR 240.12g-1

Authority: 15 U.S.C. 77c; 77d; 77s; 78c; 78d; 78i; 78j; 78l; 78m; 78n; 78o;
78p; 78s; 78w; 78x; 79q; 79t; 80a-29; 80a-37

Title: Rule 12g2 (securities deemed to be registered pursuant to section
12(g)(1) upon termination of exemption pursuant to section 12(g)(2) (A) or
(B))

Citation: 17 CFR 240.12g2

Authority: 15 U.S.C. 77c; 77d; 77s; 78c; 78d; 78i; 78j; 78l; 78m; 78n; 78o;
78p; 78s; 78w; 78x; 79q; 79t; 80a29; 80a37

Title: Rule 12g4 (certifications of termination of registration under section
12(g))

Citation: 17 CFR 240.12g4

Authority: 15 U.S.C. 77c; 77d; 77s; 78c; 78d; 78i; 78j; 78l; 78m; 78n; 78o;
78p; 78s; 78w; 78x; 79q; 79t; 80a29; 80a37

Title: Rule 12h1 (exemptions from registration under section 12(g) of the
Exchange Act)

Citation: 17 CFR 240.12h1

Authority: 15 U.S.C. 78c; 78l

Title: Rule 13a1 (requirements of annual reports)

Citation: 17 CFR 240.13a1

Authority: 15 U.S.C. 78l; 78m; 78o

      Title: Rule 13a-2 (annual reports of predecessors)

Citation: 17 CFR 240.13a-2

Authority: 15 U.S.C. 77d; 77s; 78l; 78m; 78p; 78x

Title: Regulation 13DG (reports filed by significant beneficial holders)

Citation: 17 CFR 240.13d-1 through 240.13d-102

Authority: 15 U.S.C. 78c; 78m; 78w

Title: Regulation 14D (tender offer rules and schedules)

Citation: 17 CFR 240.14d-1 through 240.14d-101

Authority: 15 U.S.C. 77g; 77j; 77s; 78c; 78j; 78m; 78n; 78w; 79t; 77ttt;
80a-37

Title: Rule 15d-1 (requirements of annual reports)

Citation: 17 CFR 240.15d-1

Authority: 15 U.S.C. 78l; 78m; 78o

Title: Rule 15d-6 (suspension of duty to file reports)

Citation: 17 CFR 240.15d-6

Authority: 15 U.S.C. 78l; 78m; 78o; 78w

Title: Form 8A (for registration of certain classes of securities pursuant to
section 12(b) or (g) of the Exchange Act)

Citation: 17 CFR 249.208a

Authority: 15 U.S.C. 78m; 78o; 78w

Title: Form 8B (for registration of securities of certain successor issuers
pursuant to section 12(b) or (g) of the Exchange Act)

Citation: 17 CFR 249.208b

Authority: 15 U.S.C. 78m; 78o; 78w

Title: Form 18 (for foreign governments and political subdivisions thereof)

Citation: 17 CFR 249.218

Authority: 15 U.S.C. 78l; 78m; 78n; 78o; 78w

Title: Form 8K (for current reports)

Citation: 17 CFR 249.308

Authority: 15 U.S.C. 78m; 78o; 78w

Title: Form 18K (annual report for foreign governments and political
subdivisions thereof)

Citation: 17 CFR 249.318

Authority: 15 U.S.C. 78m; 78o; 78w

Contact person: James R. Budge, Special Counsel, Office of Disclosure Policy,
Division of Corporation Finance, Securities and Exchange Commission, 450 Fifth
Street N.W., Washington, DC. 20549.

Rules and Forms To Be Reviewed by the Division of Investment Management

Title: Rule 01 (definition of terms)

Citation: 17 CFR 270.01

Authority: 15 U.S.C. 80a-1 et seq.; 80a-37; 80a-39

Title: Rule 02 (general requirements of papers and applications)

Citation: 17 CFR 270.02

Authority: 15 U.S.C. 77s; 78w; 79c; 79t; 77eee; 77ggg; 77nnn; 77sss; 80w37;
80c39; 80b3; 80b4; 80b11; 80a37; 80c89

Title: Rule 03 (amendments to registration statements and reports)

Citation: 17 CFR 270.03

Authority: 15 U.S.C. 80a-8; 80a-29

Title: Rule 04 (incorporation by reference)

Citation: 17 CFR 270.04

Authority: 15 U.S.C. 77s; 78m; 78o; 78w; 79t; 77eee; 77ggg; 77nnn; 77sss;
80a38

Title: Rule 05 (procedure with respect to applications and other matters)

Citation: 17 CFR 270.05

Authority: 15 U.S.C. 80a-1 et seq.; 80a-37; 80a-39

Title: Rule 08 (payment of fees)

Citation: 17 CFR 270.08

Authority: 15 U.S.C. 77f.(b) and 77f.(c); 78ee

Title: Rule 2a-7 (use of the amortized cost valuation and penny-rounding
pricing methods by certain money market funds)

Citation: 17 CFR 270.2a-7

Authority: 15 U.S.C. 80a37; 80c89; 80a-6c; 80a-22(c); 80a-37(a)

Title: Rule 8b1 (scope of section 270.8b1 to 270.8b32)

Citation: 17 CFR 270.8b1

Authority: 15 U.S.C. 80a-1 et seq.; 80a-37; 80a-39

      Title: Rule 8b2 (definitions)

Citation: 17 CFR 270.8b2

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b3 (title of securities)

Citation: 17 CFR 270.8b3

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b4 (interpretation of requirements)

Citation: 17 CFR 270.8b4

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b5 (time of filing original registration statement)

Citation: 17 CFR 270.8b5

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b6 (fee for registration)

Citation: 17 CFR 270.8b6

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b10 (requirements as to proper form)

Citation: 17 CFR 270.8b10

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b11 (number of copies; signatures; binding)

Citation: 17 CFR 270.8b11

Authority: 15 U.S.C. 77s; 80a8; 80a37

Title: Rule 8b12 (requirements as to paper, printing and language)

Citation: 17 CFR 270.8b12

Authority: 15 U.S.C. 77s; 80a8; 80a37

Title: Rule 8b13 (preparation of registration statement or report)

Citation: 17 CFR 270.8b13

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b14 (riders; inserts)

Citation: 17 CFR 270.8b14

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b15 (amendments)

Citation: 17 CFR 270.8b15

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b20 (additional information)

Citation: 17 CFR 270.8b20

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b21 (information unknown or not available)

Citation: 17 CFR 270.8b21

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b22 (disclaimer of control)

Citation: 17 CFR 270.8b22

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b23 (incorporation by reference)

Citation: 17 CFR 270.8b23

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b24 (summaries or outlines of documents)

Citation: 17 CFR 270.8b24

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b25 (extension of time for furnishing information)

Citation: 17 CFR 270.8b25

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b30 (additional exhibits)

Citation: 17 CFR 270.8b30

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b31 (omission of substantial identical documents)

Citation: 17 CFR 270.8b31

Authority: 15 U.S.C. 80a1 et seq.; 80a37; 80a39

Title: Rule 8b32 (incorporation of exhibits by reference)

Citation: 17 CFR 270.8b32

Authority: 15 U.S.C. 77s; 78m; 78o; 78w; 79t; 77eee; 77ggg; 77nnn; 77sss;
80a38

Title: Rule 10f3 (exemption of acquisition of securities during the existence
of underwriting syndicate)

Citation: 17 CFR 270.10f3

Authority: 15 U.S.C. 30(a); 80a37

      Title: Rule 11a-1 (definition of "exchange'' for purposes of section 11
of the Investment Company Act of 1940)

Citation: 17 CFR 270.11a-1

Authority: 15 U.S.C. 80a-11

Title: Rule 12b-1 (distribution of shares by registered open-end management
investment company)

Citation: 17 CFR 270.12b-1

Authority: 15 U.S.C. 80a-12(b); 80a-37(a)

Title: Rule 13a-1 (exemption for change of status by temporarily diversified
company)

Citation: 17 CFR 270.13a-1

Authority: 15 U.S.C. 80a-1 et seq.

Title: Rule 17d-3 (exemption relating to certain joint enterprises or
arrangements concerning payment for distribution of shares of a registered
open-end management investment company)

Citation: 17 CFR 270.17d-3

Authority: 15 U.S.C. 80a-17(d); 80a-38(a)

Title: Rule 17f-1 (custody of securities with members of national securities
exchanges)

Citation: 17 CFR 270.17f-1

Authority: 15 U.S.C. 80a-1 et seq.; 80a-37; 80a-39

Title: Rule 17f-2 (custody of investments by registered management investment
company)

Citation: 17 CFR 270.17f-2

Authority: 15 U.S.C. 80a-1 et seq.; 80a-37; 80a-39

Title: Rule 17f-3 (free cash accounts for investment companies with bank
custodians)

Citation: 17 CFR 270.17f-3

Authority: 15 U.S.C. 80a-17(f)

Title: Rule 17f-4 (deposits of securities in securities depositories)

Citation: 17 CFR 270.17f-4

Authority: 15 U.S.C. 80a-17(f); 80a-37(a)

Title: Rule 19b-1 (frequency of distribution of capital gains)

Citation: 17 CFR 270.19b-1

Authority: 15 U.S.C. 80a-19(b)

Title: Rule 22c-1 (pricing of redeemable securities for distribution,
redemption and repurchase)

Citation: 17 CFR 270.22c-1

Authority: 15 U.S.C. 80a-6(c); 80a-22(c); 80a-37(a)

Title: Rule 32a-1 (exemption of certain companies from affiliation provisions
of section 32(a))

Citation: 17 CFR 270.32a-1

Authority: 15 U.S.C. 80a-1 et seq.

Title: Form N1A (registration statement of open-end management investment
companies)

Citation: 17 CFR 274.11a

Authority: 15 U.S.C. 77g; 77j; 77(s); 80a-8; 80a-29; 80a-37

Title: Form N6F (notice of intent to elect to be subject to sections 55
through 65 of the Investment Company Act of 1940)

Citation: 17 CFR 274.15

Authority: 15 U.S.C. 80a-6(f); 80a-37(a); 80a-53; 80a-58

Title: Form N54A (notification of election to be subject through 65 of the
Investment Company Act of 1940 filed pursuant to section 54(a) of the Act)

Citation: 17 CFR 274.53

Authority: 15 U.S.C. 80a-6(f); 80a-37(a); 80a-53; 80a-58

Title: Form N54C (notification of withdrawal of election to be subject to
sections 55 through 65 of the Investment Company Act of 1940 filed pursuant to
section 54(c) of the Act)

Citation: 17 CFR 274.54

Authority: 15 U.S.C. 80a-6(f); 80a-37(a); 80a-53; 80a-58

Title: Rule 2031 (application for registration of investment adviser)

Citation: 17 CFR 275.2031

Authority: 15 U.S.C. 80b-3

Title: Rule 2041 (amendments to application for registration)

Citation: 17 CFR 275.2041

Authority: 15 U.S.C. 78o(b)(1); 78w(a)

Title: Form ADV (application for registration of investment adviser and for
amendments to such registration statement)

Citation: 17 CFR 279.1

Authority: 15 U.S.C. 80b-3

Title: Form ADV-S (annual report of registered advisers)

Citation: 17 CFR 279.3

Authority: 15 U.S.C. 78o(b)(1); 78w(a)

Title: Rule 110 (small entities for purposes of the Regulatory Flexibility
Act)

Citation: 17 CFR 250.110

Authority: 15 U.S.C. 79a et seq.

      Contact Person: Carolyn A. Miller, Senior Financial Analyst, Division of
Investment Management, Securities and Exchange Commission, 450 Fifth Street
NW., Washington, DC 20549, (202) 2722762.

Rules To Be Reviewed by the Division of Market Regulation

Title: Rule 3b-9 (definition of "bank'' for purposes of Sections 3(a)(4) and
(5) of the Exchange Act)

Citation: 17 CFR 240.3b-9

Authority: 15 U.S.C. 77c; 77d; 77s; 77ttt; 78b; 78c; 78d; 78i; 78j; 78l; 78m;
78n; 78o; 78p; 78s; 78w; 78x; 79q; 79t; 80a29; 80a37

Title: Definitions (rule pertaining to transfer agents)

Citation: 17 CFR 240.17Ad9

Authority: 15 U.S.C. 78q1(a)(2)

Title: Maintenance of Accurate Security Holder Files and Safeguarding of Funds
and Securities by Registered Transfer Agents (rule pertaining to transfer
agents)

Citation: 17 CFR 240.17Ad10

Authority: 15 U.S.C. 78q1(a)(2)

Title: Reports Regarding Aged Record Differences, Buy-Ins and Failure to Post
Certificate Detail to Master Securityholder and Subsidiary Files (rule
pertaining to transfer agents)

Citation: 17 CFR 240.17Ad11

Authority: 15 U.S.C. 78q1(a)(2)

Title: Safeguarding of Funds and Securities (rule pertaining to transfer
agents)

Citation: 17 CFR 240.17Ad12

Authority: 15 U.S.C. 78q1(a)(2)

Title: Annual Study and Evaluation of Internal Accounting Control (rule
pertaining to transfer agents)

Citation: 17 CFR 240.17Ad13

Authority: 15 U.S.C. 78q1(a)(2)

Contact Person: Andrew S. Margolin, Attorney, Division of Market Regulation,
Securities and Exchange Commission, 450 Fifth Street NW., Washington, DC
20549, (202) 5042418.

Rules To Be Reviewed by the Office of the Chief Accountant

Title: Article 3 of Regulation SX (general instructions as to financial
statements)

Citation: 17 CFR 210.3

Authority: 15 U.S.C. 77f; 77g; 77j; 77s(a); 77aa(25) to (26); 78l; 78m;
78o(d); 78w(a); 79e(b); 79n; 79t(a); 80a8; 80a29

Contact Person: Robert Burns, Chief Counsel, Office of the Chief Accountant,
Securities and Exchange Commission, 450 Fifth Street NW., Washington, DC
20549, (202) 2722130.

Dated: December 21, 1993.

By the Commission.

Jonathan G. Katz,

Secretary.

[FR Doc. 9331567 Filed 122793; 8:45 am]

BILLING CODE 801001P


