[14784]
June 4, 2002
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 23-02
INVESTMENT ADVISERS COMMITTEE No. 9-02
SEC RULES COMMITTEE No. 44-02
UNIT INVESTMENT TRUST COMMITTEE No. 14-02
RE: SEC SEMI-ANNUAL REGULATORY AGENDA
The Securities and Exchange Commission has published its semi-annual agenda of
rulemaking actions.1 Division of Investment Management items are listed on attached Federal
Register pages 34229-34230 and summarized on attached Federal Register pages 34237-34243. 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 semi-annual agenda was last published.
A. The following item has been added to “Prerule Stage”:
1. Actively Managed Exchange-Traded Funds (Commission issued a release
seeking public comment on various issues relating to the concept of actively
managed exchange-traded funds) (p. 34237)
B. The following item has been added to “Proposed Rule Stage”:
1. Investment in Money Market Funds (Staff of the Division of Investment
Management considering whether to recommend that the Commission propose a
new rule that would permit a company to treat money market fund shares as
cash items for purposes of determining whether the company is an investment
company under the Investment Company Act) (p. 34240)
C. The following items have been reclassified as “Final Rule Stage”:
1. Custody of Investment Company Assets With a Securities Depository
(Commission proposed amendments to Rule 17f-4 that would, among other
things, update and simplify the rule’s compliance requirements to reflect changes
in commercial law, expand the types of entities that may be used as securities
1 SEC Release Nos. IC-25494 and IA-2024 (March 22, 2002), 67 FR 34227 (May 13, 2002).
2
depositories, and permit investment company officers to authorize custody
arrangements) (p. 34241)
2. Mergers of Certain Affiliated Investment Companies (Commission proposed
amendments to Rule 17a-8 that would expand the rule to make it available in a
broader range of circumstances and would alter the conditions required for
reliance on the rule) (p. 34242)
D. The following item has been reclassified as “Long-Term Actions”:
1. Political Contributions by Certain Investment Advisers (Commission proposed
new Rule 206(4)-5 which would prohibit an investment adviser from providing
advisory services for compensation to a Government client for two years after
the adviser or any of its partners, executive officers, or solicitors makes a
contribution to certain elected officials or candidates and rule amendments that
would require a registered adviser that has Government clients to maintain
certain records of the political contributions made by the adviser or any of its
partners, executive officers, or solicitors) (p. 34242)
Ari Burstein
Associate Counsel
Attachment
Attachment (in .pdf format)