1
* New item.
May 1, 1991
TO: CLOSED-END FUND COMMITTEE NO. 8-91
INVESTMENT ADVISERS COMMITTEE NO. 20-91
SEC RULES COMMITTEE NO. 25-91
UNIT INVESTMENT TRUST COMMITTEE NO. 20-91
RE: SEC SEMIANNUAL REGULATORY AGENDA
__________________________________________________________
The Securities and Exchange Commission recently published
its semiannual regulatory flexibility agenda announcing intended
rulemaking actions. A copy of the agenda is attached. The
Commission is requesting comments by June 28, 1991. Please
provide me with any comments you have on the agenda by June 14.
Set forth below are agenda items which are of particular
relevance to investment companies and investment advisers.
Entries specified as priority items are so designated. The
agenda indicates that mutual fund governance, the proposed
amendments to Rules 12b-1 and 17d-3, and proposed Rule 6c-10, are
no longer being considered as separate rulemaking proposals, but
are being considered as part of the staff's comprehensive study
of the 1940 Act. In addition, the agenda shows that the staff
has completed its review of Rule 28b-1 under the 1940 Act, with
no changes recommended.
Prerule Stage:
Comprehensive study of the Investment Company Act of 1940. (p.
18382) AGENCY PRIORITY (but no timetable specified)
Review of Rule 30d-1 under the 1940 Act (reports to stockholders
of management companies). (p. 18382)*1
Review of Rule 3c-2 under the 1940 Act (definition of beneficial
ownership in small business investment companies). (p. 18383)*
Review of 7d-1 under the 1940 Act, regarding conditions and
arrangements for Canadian management investment companies seeking
to register. (p. 18383)*
Review of Rule 3a-2 under the 1940 Act (transient investment
companies). (p. 18383)*
Review of Rule 30b2-1 under the 1940 Act (filing of copies of
reports to stockholders). (p. 18383)*
Review of Rule 3a-3 under the 1940 Act (certain investment
companies owned by companies which are not investment companies).
(p. 18383)*
Review of Rule 17a-7 under the 1940 Act (exemption of certain
purchase or sale transactions between an investment company and
certain affiliated persons thereof). (p. 18384)*
Review of Rule 30d-2 under the 1940 Act (reports to shareholders
of unit investment trusts). (p. 18384)*
Review of Rule 16a-1 under the 1940 Act (exemption of directors
of registered separate account from requirement of election by
security holders). (p. 18384)*
Review of Rule 57b-1 under the 1940 Act (exemption for downstream
affiliates of business development companies). (p. 18384)*
Review of Rule 3a-1 under the 1940 Act (certain prima facie
investment companies). (p. 18384)*
Review of Rule 60a-1 under the 1940 Act (exemption for certain
business development companies from Section 12(d)(1)(A) and (C)
of the 1940 Act under certain circumstances). (p. 18384)*
Review of Form N-1 (registration statement for open-end
management investment companies). (p. 18385)*
Proposed Rule Stage:
Reproposed Form N-7, a simplified registration form for unit
investment trusts. (p. 18389) AGENCY PRIORITY (but no timetable
specified)
Revision of investment company proxy rules. (p. 18390)
Technical amendments to Form N-1A and Rules 24f-1 and 24f-2. (p.
18390)
Advertising by unit investment trusts. (p. 18390) AGENCY PRIORITY
(but no timetable specified)
Exemption from 1940 Act for certain two-tier real estate limited
partnerships. (p. 18390)
Revisions to the registration and the annual supplement forms
used by investment advisers. (p. 18391)
Proposed rule permitting certain futures commission merchants to
maintain custody of investment company assets. (p. 18391)
Rulemaking for investment company filing on operational EDGAR
system. (p. 18392) AGENCY PRIORITY (notice of proposed rulemaking
scheduled to be issued 12/91)
Rescission of temporary rules adopted to provide exemptive relief
to certain money market funds under the 1940 Act in response to
credit control regulations adopted, and subsequently terminated,
by the Federal Reserve Board. (p. 18392)*
Tax-exempt money market fund rule proposals. (p. 18392)* AGENCY
PRIORITY (notice of proposed rulemaking scheduled to be issued
6/91)
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. 18393) AGENCY PRIORITY (but no timetable
specified)
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. 18393) AGENCY PRIORITY (but no
timetable specified)
Proposed revisions to Regulation 13D-G to improve the
meaningfulness of Schedule 13D and reduce the reporting
obligations of non-institutional investors that have a passive
investment purpose. (p. 18393)
Amendments to Form N-2. (P. 18396)
Disclosure of security ratings in registration statements of
money market funds. (p. 18396)
Amendments to Rule 31a-2 under the 1940 Act to clarify location
and language aspects of the recordkeeping requirements for
investment companies investing in foreign securities. (p. 18397)
(final action scheduled for 9/91)
Disclosure and analysis of mutual funds performance information;
portfolio manager disclosure. (p. 18397) AGENCY PRIORITY (final
action scheduled for 6/91)
Amendments to expand the breadth of Rule 6c-9 and ease the filing
requirements for Form N-6C9 under the 1940 Act. (p. 18397) AGENCY
PRIORITY (final action scheduled for 9/91)
Frances M. Stadler
Assistant General Counsel
Attachment