[13540]
May 24, 2001
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 8-01
INVESTMENT ADVISERS COMMITTEE No. 14-01
SEC RULES COMMITTEE No. 40-01
UNIT INVESTMENT TRUST COMMITTEE No. 16-01
RE: SEC SEMI-ANNUAL REGULATORY AGENDA
The Securities and Exchange Commission has published its semi-annual agenda of
rulemaking actions.1 A copy of the agenda is attached. Division of Investment Management
items are listed on attached Federal Register pages 26619-20 and summarized on pages 26625-33.
The agenda was compiled on March 30, 2001, and the deadline for comments is June 29, 2001.
Set forth below is a summary of changes to the Division’s agenda related to investment
companies and investment advisers that have occurred since the last semi-annual agenda was
published that may be of interest to Institute members.
A. The following new items have been added to “Proposed Rule Stage”:
1. Exemption for Investment Advisers Operating Through the Internet (permitting
certain investment advisers operating through the Internet to register with the
Commission) (p. 26626)
2. Certain Thrift Institutions Deemed not to be Investment Advisers (excepting
from the definition of investment adviser thrift institutions that provide
investment advice to certain clients) (p. 26626)
3. Electronic Recordkeeping by Investment Companies and Investment Advisers
(expanding the ability of funds and advisers to use electronic storage media to
maintain and preserve records) (p. 26627)
4. Rulemaking for EDGAR System (amending rules and forms to expand the
categories of mandatory electronic filings to include fund exemptive applications
and certain other filings) (p. 26628)
1 SEC Rel. Nos. IC-24926 and IA-1936 (April 5, 2001); 66 Fed. Reg. 26617 (May 14, 2001).
2 B. The following two items have been reclassified to “Final Rule Stage”:
From Proposed Rule Stage:
1. Exemption for the Acquisition of Securities During the Existence of an
Underwriting or Selling Syndicate (permitting purchases of government
securities during the existence of an underwriting involving a fund’s affiliate,
and requiring aggregation of purchases made by a fund and any other account
over which the fund’s adviser exercises control) (p. 26630)
From Completed Actions:
2. Amendments to Form ADV (adopting final amendments to Part 2 of Form ADV
and related rules) (p. 26629)
C. The following item has been reclassified from “Proposed Rule Stage” to “Long-Term
Actions”:
1. Exemption for Subsidiaries Organized to Finance Operations of Domestic or
Foreign Companies; Certain Prima Facie Investment Companies (expanding Rule
3a-5 to permit reliance by finance subsidiaries of U.S. banks and insurance
companies, and amending Rule 3a-1 to permit reliance by certain holding
companies of foreign banks and foreign insurance companies) (p. 26631)
D. The following four items have been reclassified to “Completed Actions”:
From Final Rule Stage:
1. Role of Independent Directors of Investment Companies (requiring enhanced
disclosure about fund directors in disclosure documents) (p. 26632)
2. Investment Company Names (requiring a fund to invest at least 80 percent of its
assets in the types of investments suggested by its name) (p. 26632)
3. Mutual Fund After-Tax Returns (requiring fund disclosure of after-tax returns
based on standardized formulas) (p. 26633)
From Long-Term Actions:
4. Mutual Fund Fee Disclosure (requiring additional fund fee disclosure in
quarterly account statements) (p. 26632-33)
Barry E. Simmons
Associate Counsel
Attachment
3Attachment (in .pdf format)