November 10, 1989
TO: CLOSED-END FUND COMMITTEE NO. 50-89
INVESTMENT ADVISERS COMMITTEE NO. 47-89
SEC RULES COMMITTEE NO. 72-89
UNIT INVESTMENT TRUST COMMITTEE NO. 78-89
RE: SEC SEMIANNUAL REGULATORY AGENDA
__________________________________________________________
The Securities and Exchange Commission recently published
its semiannual regulatory agenda announcing intended rulemaking
actions, a copy of which is attached. The Commission is
requesting comments by December 31, 1989. Please provide me with
any comments you have on the agenda by December 12.
Set forth below are certain agenda items which are of
particular relevance to investment companies and investment
advisers. New items are asterisked.
Proposed Rule Stage:
Comprehensive revision of rules promulgated under Section 16 of
the Securities Exchange Act of 1934. (p. 45650)*
Multijurisdictional disclosure system that would permit certain
Canadian issuers to register securities in the U.S. using
disclosure documents prepared in compliance with Canadian
regulatory requirements. (p. 45651)
Alternative form of mutual fund governance. (p. 45653)
Amendment to Rule 17j-1 to reduce the reporting requirements for
investment company directors who are interested persons with
respect to the investment company by reason of their affiliation
with a registered broker-dealer. (p. 45654)
Revision of investment company proxy rules. (p. 45654)
Amendments to Form N-2. (p. 45655)
Method for compliance with Section 206(3) of the Advisers Act in
connection with purchases of securities from an underwriting
syndicate for an advisory client under specified conditions. (p.
45655)
Exemption from 1940 Act for companies that invest in pooled
agency certificates and companies that issue mortgage-backed
securities. (p. 45655)
Amendments to Rule 206(4)-1 under the Advisers Act to permit
investment advisers greater flexibility in advertising.
(p. 45655)
Technical amendments to Form N-1A. (p. 45656)
Amendments to Rule 10f-3 to provide alternative conditions for
permitting purchases from affiliated underwriters during the
existence of an underwriting syndicate. (p. 45656)
Proposed Rule 12d3-2 under the 1940 Act to set forth conditions
under which investment companies may engage in repurchase
agreement transactions with persons engaged in securities related
businesses. (p. 45656)
Development of a uniform method of computation of performance for
use in unit investment trust advertisments. (p. 45656)
Amendments to Rule 17f-5 under the 1940 Act to make the
definition of "eligible foreign custodian" and other provisions
of the rule less restrictive. (p. 45657)
Proposed amendments to Rule 12d3-1 under the 1940 Act to a permit
investment companies to acquire securities of foreign securities
firms. (p. 45657)
Safe harbor under Section 5 of the 1933 Act for certain broker-
dealer publications containing information about investment
companies. (p. 45657)
Revisions to the registration and the annual supplement forms
used by investment advisers. (p. 45657)
Proposed Rule 36a-1 under the 1940 Act to require non-resident
directors of investment companies to designate a registered agent
for service process. (p. 45657)
Proposed rule permitting certain futures commission merchants to
maintain custody of investment company assets. (p. 45658)
Proposed rule to exempt smaller investment advisers from most
federal adviser regulation. (p. 45658)
Revisions to the circumstances under which post-effective
amendments may become effective under Rules 485 and 486 under the
1933 Act. (p. 45658)*
Revisions to permit funds to provide a summary portfolio schedule
to shareholders in their annual reports. (p. 45658)*
Amendments to Rules 24f-1 and 24f-2 under the 1940 Act to clarify
the operations of the rules. (p. 45659)*
Proposed rule under Section 12(d)(1)(a) of the 1940 Act to permit
investment companies to acquire securities of foreign banks and
foreign insurance company securities. (p. 45659)*
Amendments to Rule 31a-2 under the 1940 Act to clarify record
keeping requirements for investment companies investing primarily
in foreign securities. (p. 45659)*
Final Rule Stage:
Proposed rules to require registrants to include a report of
management's responsibilities in Form N-SAR and annual reports to
shareholders. (p. 45660)
Reproposed Rule 144A providing a safe harbor exemption from the
registration requirements of the 1933 Act for resales of
restricted securities to qualified purchasers. (p. 45661)
Reproposed Regulation S clarifying the extraterritorial
application of the registration provisions of the 1933 Act to
offers and sales of securities outside the U.S. (p. 45662)
Proposed Rule 3a-4 of the 1940 providing a safe harbor under the
1940 Act for investment managers providing their clients with
treatment based on the needs and goals of each client ("mini-
accounts"). (p. 45663)
Proposed Amendment to Rule 17g-1 under the 1940 Act to clarify
application of the rule to various persons that have access to
the company's assets. (p. 45663)
Reproposed Form N-7, a simplified registration statement for unit
investment trusts. (p. 45664)
Proposed Rule 24f-3 under the 1940 Act which would simplify the
filing requirements under Section 24(f) for securities of unit
investment trust for sales on the secondary market. (p. 45664)
Proposed amendments to Rules 12b-1 and 17d-3 under the 1940 to
redefine circumstances under which investment companies may
finance distribution out of fund assets and to Rule 17d-3 to
allow affiliated investment companies to jointly finance
distribution activities. (p. 45664)
Disclosure of security ratings in registration statements of
money market funds. (p. 45665)
Proposed Rule 6c-10 under the 1940 Act to allow investment
companies to charge certain deferred sales loads. (p. 45665)
Rule 3a12-10 under the 1934 Act exempting from that Act certain
securities issued by the Resolution Funding Corporation. (p.
45666)*
Interpretive release on management's discussion and analysis of
financial condition and results of operations. (p. 45666)*
Proposed Rules 11a-3 and 11c-1 under the 1940 Act governing
exchange offers. (p. 45667)
Proposed Rule 32a-3 under the 1940 Act governing selection of
independent public accountant. (p. 45667)*
Amy B. Rosenblum
Assistant General Counsel
Attachment