May 3, 1994
TO: CLOSED-END FUND COMMITTEE NO. 10-94
INVESTMENT ADVISERS COMMITTEE NO. 32-94
SEC RULES COMMITTEE NO. 51-94
UNIT INVESTMENT TRUST COMMITTEE NO. 32-94
RE: SEC SEMI-ANNUAL REGULATORY AGENDA
__________________________________________________________
The SEC recently published its semi-annual agenda of
rulemaking actions. Set forth below are items which are of
particular relevance to investment companies and investment
advisers. New items are marked with an asterisk (*).
Prerule Stage
Technical amendments to Rules 24f-1 and 24f-2 (p. 21488)
Amendments to Form N-1A and other investment company
registration forms (p. 21489)
Applicability of Section 30(f) of the Investment Company Act
of 1940 to certain affiliated persons of an investment adviser
to a registered closed-end investment company (p. 21490)
* Staff interpretive statement on wrap fee programs (p. 21490)
Proposed Rule Stage
Simplification of registration statements filed by, and
advertising rules for, unit investment trusts (p. 21490)
Rule 6c-12 under the Investment Company Act (p. 21491)
Revisions to the registration and the annual supplement forms
used by investment advisers (p. 21491)
Tax-exempt money market fund rule proposals (p. 21493)
Large trader reporting system (p. 21493)
Investment company books and records requirements (p. 21494)
* Exemption for subsidiaries organized to finance operations of
domestic or foreign companies (p. 21494)
Rule 17f-5 under the Investment Company Act of 1940 (p. 21494)
Temporary exemption for certain investment advisers (p. 21494)
Amendments to Rules 12b-1 and 17d-3 under the Investment
Company Act of 1940 (p. 21495)
Rule 17f-2 under the Investment Company Act of 1940 -- Custody
of investments by registered management investment company (p.
21495)
Amendments to confirmation requirements of Rule 10b-10 (p.
21496)
Rule 9a-1: Exemption from disqualifications for certain
affiliated persons (p. 21496)
Amendments to Form N-SAR, semi-annual report of registered
investment companies (p. 21496)
Accounting treatment of investment company expenses paid
through brokerage commission (p. 21496)
Proposed amendments to Form N-1A pertaining to money market
funds (p. 21497)
Custody of investment company assets with futures commission
merchants and commodity clearing organizations (p. 21497)
* Suitability of investment advice provided by investment
advisers; custodial account statements to be sent to certain
advisory clients (p. 21498)
Final Rule Stage
Revision of investment company proxy rules (p. 21499)
Amendments to Rule 31a-2 under the Investment Company Act of
1940 (p. 21500)
Exemptions for certain registered open-end management inves
tment
compa
n i e s
t o
impos
e
defer
r e d
sales
loads
1 Although listed in the agenda under "Final Rules," this
item has been adopted.
2 The Division of Investment Management is no longer
considering whether to recommend that the Commission repropose
( p .
21501
)
Exemption for open-end management investment companies issuing
multiple classes of shares; disclosure by multiple class and
master-feeder funds (p. 21501)
Expedited procedure for exemptive orders and expanded
delegated authority (p. 21502)
Off-the-page prospectuses for open-end management investment
companies (p. 21502)
Certain research and development companies (p. 21503)
Continuous or delayed offerings by certain closed-end
management investment companies; automatic effectiveness of
certain registration statements (p. 21503)
Effective date of post-effectiveamendments filed by certain
registered investment companies, separate accounts of
insurance companies and certain closed-end management
investment companies (p. 21504)
Disclosure by investment adviser regarding wrap fee programs
(p. 21505)1
Completed Actions
Amendments to Rule 12d3-1 under the Investment Company Act of
1940 (p. 21506)
Investment company general partners not deemed interested
persons; investment company limited partners not deemed
affiliated persons (p. 21506)
Revision of certain annual review requirements of investment
company boards of directors (p. 21507)
Amendments to the multijurisdictional disclosure system (p.
21507)
Rulemaking regarding individualized investment advisory
program (p. 21509)2
Rule 3a-4 under the Investment Company Act.
* * *
A copy of the regulatory agenda is attached. Comments on the
agenda are due to the SEC by May 31, 1994.
Amy B.R. Lancellotta
Associate Counsel
Attachment