[14285]
December 31, 2001
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 26-01
INVESTMENT ADVISERS COMMITTEE No. 28-01
SEC RULES COMMITTEE No. 100-01
UNIT INVESTMENT TRUST COMMITTEE No. 29-01
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 62745-46 and summarized on pages 62751-58.
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 items have been added to “Proposed Rule Stage”:
1. Advisor Transaction Rule Amendments (expanding the circumstances under
which a registered investment company may engage in transaction and joint
enterprises with certain affiliated persons and affiliated persons of affiliated
persons of the investment company) (p. 62752)
2. Exemption From Registration for Certain Commodity Pool Operators (exempting
certain commodity pool operators from investment adviser registration and
addressing issues related to the Commodity Futures Modernization Act
amendments to the Investment Advisers Act) (p. 62752)
3. Exemption for Investments in Affiliated Money Market Funds (allowing
investment companies regulated as money market funds in excess of limits on
those investments under the Investment Company Act of 1940) (p. 62753)
1 SEC Release Nos. IC-25204 and IA-1989 (Oct. 5, 2001); 66 Fed. Reg. 62743 (Dec. 3, 2001).
2
B. The following items have been reclassified as “Completed Actions”:
From Proposed Rule Stage:
1. Electronic Recordkeeping by Investment Companies and Investment Advisers
(adopting amendments to Rule 31a-2 under the Investment Company Act and
Rule 204-2 under the Investment Advisers Act of 1940 to expand the
circumstances under which registered investment companies and registered
investment advisers may maintain required records in an electronic format)
(p. 62758)
From Final Rule Stage:
2. Treatment of Repurchase Agreements and Refunded Securities as an Acquisition
of the Underlying Securities (adopting new Rule 5b-3 to permit investment
companies to “look through” specific repurchase agreements to the securities
that collateralize them for the purposes of Sections 5(b)(1) and 12(d)(3) of the
Investment Company Act and to “look through” specific pre-refunded bonds to
escrowed securities for the purposes of Section 5(b)(1) of the Act) (p. 62757)
From Long-Term Actions:
3. Electronic Recordkeeping Rules (adopting rules and issuing interpretive
guidance consistent with the Electronic Signatures in Global and National
Commerce Act of 2000 (E-SIGN) to enable entities to keep certain records
electronically) (p. 62757)
The following item has been reclassified as “Completed Actions” and
subsequently withdrawn from the Commission’s agenda because the Commission does
not expect to consider it within the next 12 months:
4. Exemption for Subsidiaries Organized to Finance Operations of Domestic or
Foreign Companies; Certain Prima Facie Investment Companies (p. 62757)
Barry E. Simmons
Associate Counsel
Attachment
Attachment (in .pdf format)