[11506]
December 31, 1999
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 53-99
INVESTMENT ADVISERS COMMITTEE No. 21-99
SEC RULES COMMITTEE No. 115-99
UNIT INVESTMENT TRUST COMMITTEE No. 34-99
RE: SEC SEMI-ANNUAL REGULATORY AGENDA
______________________________________________________________________________
The Securities and Exchange Commission published its semi-annual agenda of
rulemaking actions. A copy of the agenda is attached. Division of Investment Management
items are listed on attached Federal Register pages 65505-06 and summarized on pages 65511-19.
The agenda was compiled on September 14, 1999. Set forth below is a summary of changes that
have occurred since the last semi-annual agenda was published that may be of interest to
Institute members.
The following new items relating to investment companies have been added to the
Division of Investment Management’s agenda ("Proposed Rule Stage") since it was last
updated:
1. Role of Independent Directors of Investment Companies (p. 65512)
2. Certain Broker-Dealers Not Deemed to be Investment Advisers (p. 65512)
3. Mutual Fund After-Tax Returns (p. 65514)
4. Affiliate Transaction Rule Amendments (p. 65514)
5. Mergers of Certain Affiliated Investment Companies (p. 65514)
6. Further EDGAR System Modernization (p. 65515)
The following item has been reclassified from "Long-Term Actions" to "Final Rule
Stage" since the agenda was last updated:
1. Custody of Investment Company Assets Outside the United States; Custody of
Investment Company Assets with a Foreign Securities Depository (p. 65517)
The following items have been reclassified from "Proposed Rule Stage" to
"Completed Actions" since the agenda was last updated:
1. Certain Investment Company Directors Not Considered Interested Persons
Because of Ownership of Index Fund Securities (p. 65518)
2. Political Contributions by Investment Advisers (p. 65518)
3. Reports of Significant Events (p. 65518)
The following items have been reclassified from "Final Rule Stage" to "Completed
Actions" since the agenda was last updated:
1. Requirements Relating to Codes of Ethics with Respect to Registered Investment
Companies; Records to be Maintained by Investment Advisers (p. 65518)
2. EDGAR System (Modernization) (p. 65518)
3. Amendments to Rule 8f-1 and Deregistration Form N-8F, and Rule 101 of
Regulation S-T (p. 65519)
Barry E. Simmons
Assistant Counsel
Attachment