80_FR_78352 80 FR 78112 - Regulatory Flexibility Agenda

80 FR 78112 - Regulatory Flexibility Agenda

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 240 (December 15, 2015)

Page Range78112-78115
FR Document2015-30678

The Securities and Exchange Commission is publishing the Chair's agenda of rulemaking actions pursuant to the Regulatory Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980). The items listed in the Regulatory Flexibility Agenda for fall 2015, reflect only the priorities of the Chair of the U.S. Securities and Exchange Commission, and do not necessarily reflect the view and priorities of any individual Commissioner. Information in the agenda was accurate on September 23, 2015, the date on which the Commission's staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries. The Commission is now printing in the Federal Register, along with our preamble, only those agenda entries for which we have indicated that preparation of an RFA analysis is required. The Commission's complete RFA agenda will be available online at www.reginfo.gov.

Federal Register, Volume 80 Issue 240 (Tuesday, December 15, 2015)
[Federal Register Volume 80, Number 240 (Tuesday, December 15, 2015)]
[Unknown Section]
[Pages 78112-78115]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-30678]



[[Page 78111]]

Vol. 80

Tuesday,

No. 240

December 15, 2015

Part XXVII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

Federal Register / Vol. 80 , No. 240 / Tuesday, December 15, 2015 / 
Unified Agenda

[[Page 78112]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9926, 34-75968, IA-4207, IC-31848, File No. S7-17-15]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission is publishing the 
Chair's agenda of rulemaking actions pursuant to the Regulatory 
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980). 
The items listed in the Regulatory Flexibility Agenda for fall 2015, 
reflect only the priorities of the Chair of the U.S. Securities and 
Exchange Commission, and do not necessarily reflect the view and 
priorities of any individual Commissioner.
    Information in the agenda was accurate on September 23, 2015, the 
date on which the Commission's staff completed compilation of the data. 
To the extent possible, rulemaking actions by the Commission since that 
date have been reflected in the agenda. The Commission invites 
questions and public comment on the agenda and on the individual agenda 
entries.
    The Commission is now printing in the Federal Register, along with 
our preamble, only those agenda entries for which we have indicated 
that preparation of an RFA analysis is required.
    The Commission's complete RFA agenda will be available online at 
www.reginfo.gov.

DATES: Comments should be received on or before January 14, 2016.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
     Send an email to [email protected]. Please include 
File Number S7-17-15 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments to Brent J. Fields, Secretary, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549-1090.

All submissions should refer to File No. S7-17-15. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/other.shtml). Comments are 
also available for Web site viewing and printing in the Commission's 
Public Reference Room, 100 F Street NE., Washington, DC 20549, on 
official business days between the hours of 10:00 a.m. and 3:00 p.m. 
All comments received will be posted without change; we do not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General 
Counsel, 202-551-5019.

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, twice 
each year, to publish in the Federal Register an agenda identifying 
rules that the agency expects to consider in the next 12 months that 
are likely to have a significant economic impact on a substantial 
number of small entities (5 U.S.C. 602(a)). The RFA specifically 
provides that publication of the agenda does not preclude an agency 
from considering or acting on any matter not included in the agenda and 
that an agency is not required to consider or act on any matter that is 
included in the agenda (5 U.S.C. 602(d)). The Commission may consider 
or act on any matter earlier or later than the estimated date provided 
on the agenda. While the agenda reflects the current intent to complete 
a number of rulemakings in the next year, the precise dates for each 
rulemaking at this point are uncertain. Actions that do not have an 
estimated date are placed in the long-term category; the Commission may 
nevertheless act on items in that category within the next 12 months. 
The agenda includes new entries, entries carried over from prior 
publications, and rulemaking actions that have been completed (or 
withdrawn) since publication of the last agenda.
    The following abbreviations for the acts administered by the 
Commission are used in the agenda:

``Securities Act''-- Securities Act of 1933
``Exchange Act''-- Securities Exchange Act of 1934
``Investment Company Act''-- Investment Company Act of 1940
``Investment Advisers Act''-- Investment Advisers Act of 1940
``Dodd Frank Act''--Dodd-Frank Wall Street Reform and Consumer 
Protection Act
    ``JOBS Act''--Jumpstart Our Business Startups Act'
    The Commission invites public comment on the agenda and on the 
individual agenda entries.

    By the Commission.

    Dated: September 23, 2015.
Brent J. Fields,
Secretary.

            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
542.......................  Pay Versus Performance....         3235-AL00
543.......................  Crowdfunding..............         3235-AL37
544.......................  Amendments to Regulation           3235-AL46
                             D, Form D and Rule 156
                             Under the Securities Act.
545.......................  Disclosure of Hedging by           3235-AL49
                             Employees, Officers and
                             Directors.
546.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
547.......................  Changes to Exchange Act            3235-AL40
                             Registration Requirements
                             to Implement Title V and
                             Title VI of the JOBS Act.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
548.......................  Investment Company                 3235-AL42
                             Reporting Modernization.
------------------------------------------------------------------------


[[Page 78113]]


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
549.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
550.......................  Amendments to Form ADV and         3235-AL75
                             Investment Advisers Act
                             Rules.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
551.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
------------------------------------------------------------------------


SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

542. Pay Versus Performance

    Legal Authority: Pub. L. 111-203, sec 955; 15 U.S.C. 78n
    Abstract: The Commission proposed rules to implement section 953(a) 
of the Dodd Frank Act, which added section 14(i) to the Exchange Act to 
require issuers to disclose information that shows the relationship 
between executive compensation actually paid and the financial 
performance of the issuer.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/07/15  80 FR 26330
NPRM Comment Period End.............   07/06/15
Final Action........................   10/00/16
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Eduardo Aleman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3430, Fax: 202 772-9207.
    RIN: 3235-AL00

543. Crowdfunding

    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; Pub. 
L. 112-108, secs 301 to 305
    Abstract: The Commission adopted rules to implement title III of 
the JOBS Act by prescribing rules governing the offer and sale of 
securities through crowdfunding under new section 4(a)(6) of the 
Securities Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/05/13  78 FR 66428
NPRM Comment Period End.............   02/03/14  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Timothy White, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-7232.
    Sebastian Gomez Abero, Division of Corporation Finance, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549, Phone: 
202 551-3460.
    RIN: 3235-AL37

544. Amendments to Regulation D, Form D and Rule 156 Under the 
Securities Act

    Legal Authority: 15 U.S.C. 77a et seq.
    Abstract: The Commission proposed rule and form amendments to 
enhance the Commission's ability to evaluate the development of market 
practices in offerings under Rule 506 of Regulation D and address 
concerns that may arise in connection with permitting issuers to engage 
in general solicitation and general advertising under new paragraph (c) 
of Rule 506.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/24/13  78 FR 44806
NPRM Comment Period End.............   09/23/13  .......................
NPRM Comment Period Reopened........   10/03/13  78 FR 61222
NPRM Comment Period End.............   11/04/13  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Vilardo, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F St. NE., Washington, DC 
20549, Phone: 202 551-3500.
    RIN: 3235-AL46

545. Disclosure of Hedging by Employees, Officers and Directors

    Legal Authority: Pub. L. 111-203
    Abstract: The Commission proposed rules to implement section 955 of 
the Dodd Frank Act, which added section 14(j) to the Exchange Act to 
require annual meeting proxy statement disclosure of whether employees 
or members of the board of directors are permitted to engage in 
transactions to hedge or offset any decrease in the market value of 
equity securities granted to the employee or board member as 
compensation, or held directly or indirectly by the employee or board 
member.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/17/15  80 FR 8486
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Carolyn Sherman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500.
    RIN: 3235-AL49

546. Listing Standards for Recovery of Erroneously Awarded Compensation

    Legal Authority: Pub. L. 111-203, sec 954; 15 U.S.C. 78j-4
    Abstract: The Commission proposed rules to implement section 954 of 
the Dodd Frank Act, which requires the Commission to adopt rules to 
direct national securities exchanges to prohibit the listing of 
securities of issuers that have not developed and implemented a policy 
providing for disclosure of the issuer's policy on incentive-based 
compensation and mandating the clawback of such compensation in certain 
circumstances.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/14/15  80 FR 41144

[[Page 78114]]

 
NPRM Comment Period End.............   09/14/15  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Anne M. Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3500.
    RIN: 3235-AK99

547. Changes to Exchange Act Registration Requirements To Implement 
Title V and Title VI of the JOBS Act

    Legal Authority: Pub. L. 112-106
    Abstract: The Commission proposed amendments to rules to implement 
titles V (Private Company Flexibility and Growth) and VI (Capital 
Expansion) of the JOBS Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/30/14  79 FR 78343
NPRM Comment Period End.............   03/03/15  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Steven G. Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-3430.
    RIN: 3235-AL40

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Proposed Rule Stage

548. Investment Company Reporting Modernization

    Legal Authority: 15 U.S.C. 77 et seq.; 15 U.S.C. 77aaa et seq.; 15 
U.S.C. 78a et seq.; 15 U.S.C. 80a et seq.; 44 U.S.C. 3506; 44 U.S.C. 
3507
    Abstract: The Commission proposed new rules and forms as well as 
amendments to its rules and forms to modernize the reporting and 
disclosure of information by registered investment companies.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/12/15  80 FR 33590
NPRM Comment Period End.............   08/11/15  .......................
NPRM Comment Period Reopened........   10/12/15  80 FR 62274
NPRM Comment Period Reopened End....   01/13/16  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sara Cortes, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6781, Email: [email protected].
    RIN: 3235-AL42

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

549. Reporting of Proxy Votes on Executive Compensation and Other 
Matters

    Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec 951
    Abstract: The Commission proposed rule amendments to implement 
section 951 of the Dodd Frank Act. The proposed amendments to rules and 
Form N-PX would require institutional investment managers subject to 
section 13(f) of the Exchange Act to report how they voted on any 
shareholder vote on executive compensation or golden parachutes 
pursuant to sections 14A(a) and (b) of the Exchange Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/28/10  75 FR 66622
NPRM Comment Period End.............   11/18/10  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Matthew DeLesDernier, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6792, Email: 
[email protected].
    RIN: 3235-AK67

550.  Amendments to Form ADV and Investment Advisers Act Rules

    Legal Authority: 15 U.S.C. 77s(a); 15 U.S.C. 77sss(a); 15 U.S.C. 
78bb(e)(2); 15 U.S.C. 78w(a); 15 U.S.C. 80a-37(a); 15 U.S.C. 80b-
3(c)(1)
    Abstract: The Commission proposed amendments to Form ADV that are 
designed to provide additional information regarding advisers, 
including information about their separately managed account business; 
incorporate a method for private fund adviser entities operating a 
single advisory business to register using a single Form ADV; and make 
clarifying, technical and other amendments to certain Form ADV items 
and instructions. The Commission also proposed amendments to the 
Investment Advisers Act books and records rule and technical amendments 
to several Investment Advisers Act rules to remove transition 
provisions that are no longer necessary.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/12/15  80 FR 33718
NPRM Comment Period End.............   08/11/15  .......................
Final Action........................   10/00/16  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Holly Hunter-Ceci, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549, Phone: 202 551-6869, Email: [email protected].
    RIN: 3235-AL75

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

551. Removal of Certain References to Credit Ratings Under the 
Securities Exchange Act of 1934

    Legal Authority: Pub. L. 111-203, sec 939A
    Abstract: Section 939A of the Dodd Frank Act requires the 
Commission to remove certain references to credit ratings from its 
regulations and to substitute such standards of creditworthiness as the 
Commission determines to be appropriate. The Commission amended certain 
rules and one form under the Exchange Act applicable to broker-dealer 
financial responsibility, and confirmation of transactions. The 
Commission has not yet finalized amendments to certain rules regarding 
the distribution of securities.
    Timetable:

[[Page 78115]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/06/11  76 FR 26550
NPRM Comment Period End.............   07/05/11  .......................
Final Action........................   01/08/14  79 FR 1522
Final Action Effective..............   07/07/14
                                     -----------------------------------
Next Action Undetermined............           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: John Guidroz, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549, Phone: 202 551-6439, Email: [email protected].
    RIN: 3235-AL14

[FR Doc. 2015-30678 Filed 12-14-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                      78112                        Federal Register / Vol. 80, No. 240 / Tuesday, December 15, 2015 / Unified Agenda

                                                      SECURITIES AND EXCHANGE                                                  Electronic Comments                                                        provides that publication of the agenda
                                                      COMMISSION                                                                 • Use the Commission’s Internet                                          does not preclude an agency from
                                                                                                                               comment form (http://www.sec.gov/                                          considering or acting on any matter not
                                                      17 CFR Ch. II                                                            rules/other.shtml); or                                                     included in the agenda and that an
                                                      [Release Nos. 33–9926, 34–75968, IA–4207,                                  • Send an email to rule-comments@                                        agency is not required to consider or act
                                                      IC–31848, File No. S7–17–15]                                             sec.gov. Please include File Number S7–                                    on any matter that is included in the
                                                                                                                               17–15 on the subject line; or                                              agenda (5 U.S.C. 602(d)). The
                                                      Regulatory Flexibility Agenda                                              • Use the Federal eRulemaking Portal                                     Commission may consider or act on any
                                                                                                                               (http://www.regulations.gov). Follow the                                   matter earlier or later than the estimated
                                                      AGENCY:  Securities and Exchange                                                                                                                    date provided on the agenda. While the
                                                                                                                               instructions for submitting comments.
                                                      Commission.                                                                                                                                         agenda reflects the current intent to
                                                      ACTION: Semiannual regulatory agenda.                                    Paper Comments                                                             complete a number of rulemakings in
                                                                                                                                  • Send paper comments to Brent J.                                       the next year, the precise dates for each
                                                      SUMMARY:   The Securities and Exchange                                   Fields, Secretary, Securities and                                          rulemaking at this point are uncertain.
                                                      Commission is publishing the Chair’s                                     Exchange Commission, 100 F Street NE.,                                     Actions that do not have an estimated
                                                      agenda of rulemaking actions pursuant                                    Washington, DC 20549–1090.                                                 date are placed in the long-term
                                                      to the Regulatory Flexibility Act (RFA)                                  All submissions should refer to File No.                                   category; the Commission may
                                                      (Pub. L. 96–354, 94 Stat. 1164) (Sep. 19,                                S7–17–15. This file number should be                                       nevertheless act on items in that
                                                      1980). The items listed in the Regulatory                                included on the subject line if email is                                   category within the next 12 months. The
                                                      Flexibility Agenda for fall 2015, reflect                                used. To help us process and review                                        agenda includes new entries, entries
                                                      only the priorities of the Chair of the                                  your comments more efficiently, please                                     carried over from prior publications,
                                                      U.S. Securities and Exchange                                             use only one method. The Commission                                        and rulemaking actions that have been
                                                      Commission, and do not necessarily                                       will post all comments on the                                              completed (or withdrawn) since
                                                      reflect the view and priorities of any                                   Commission’s Internet Web site (http://                                    publication of the last agenda.
                                                      individual Commissioner.                                                 www.sec.gov/rules/other.shtml).
                                                        Information in the agenda was                                                                                                                       The following abbreviations for the
                                                                                                                               Comments are also available for Web                                        acts administered by the Commission
                                                      accurate on September 23, 2015, the                                      site viewing and printing in the
                                                      date on which the Commission’s staff                                                                                                                are used in the agenda:
                                                                                                                               Commission’s Public Reference Room,
                                                      completed compilation of the data. To                                    100 F Street NE., Washington, DC                                           ‘‘Securities Act’’— Securities Act of
                                                      the extent possible, rulemaking actions                                  20549, on official business days                                              1933
                                                      by the Commission since that date have                                   between the hours of 10:00 a.m. and                                        ‘‘Exchange Act’’— Securities Exchange
                                                      been reflected in the agenda. The                                        3:00 p.m. All comments received will be                                       Act of 1934
                                                      Commission invites questions and                                         posted without change; we do not edit                                      ‘‘Investment Company Act’’—
                                                      public comment on the agenda and on                                      personal identifying information from                                         Investment Company Act of 1940
                                                      the individual agenda entries.                                           submissions. You should submit only                                        ‘‘Investment Advisers Act’’—
                                                        The Commission is now printing in                                      information that you wish to make                                             Investment Advisers Act of 1940
                                                      the Federal Register, along with our                                     available publicly.
                                                      preamble, only those agenda entries for                                                                                                             ‘‘Dodd Frank Act’’—Dodd-Frank Wall
                                                                                                                               FOR FURTHER INFORMATION CONTACT:                                              Street Reform and Consumer
                                                      which we have indicated that
                                                                                                                               Anne Sullivan, Office of the General                                          Protection Act
                                                      preparation of an RFA analysis is
                                                                                                                               Counsel, 202–551–5019.                                                        ‘‘JOBS Act’’—Jumpstart Our Business
                                                      required.
                                                                                                                               SUPPLEMENTARY INFORMATION: The RFA                                         Startups Act’
                                                        The Commission’s complete RFA
                                                      agenda will be available online at                                       requires each Federal agency, twice                                           The Commission invites public
                                                      www.reginfo.gov.                                                         each year, to publish in the Federal                                       comment on the agenda and on the
                                                                                                                               Register an agenda identifying rules that                                  individual agenda entries.
                                                      DATES: Comments should be received on                                    the agency expects to consider in the
                                                      or before January 14, 2016.                                              next 12 months that are likely to have                                       By the Commission.
                                                      ADDRESSES: Comments may be                                               a significant economic impact on a                                           Dated: September 23, 2015.
                                                      submitted by any of the following                                        substantial number of small entities (5                                    Brent J. Fields,
                                                      methods:                                                                 U.S.C. 602(a)). The RFA specifically                                       Secretary.

                                                                                                               DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
                                                                                                                                                                                                                                                       Regulation
                                                        Sequence No.                                                                                           Title                                                                                  Identifier No.

                                                      542   ....................   Pay Versus Performance .................................................................................................................................              3235–AL00
                                                      543   ....................   Crowdfunding ...................................................................................................................................................      3235–AL37
                                                      544   ....................   Amendments to Regulation D, Form D and Rule 156 Under the Securities Act ............................................                                                 3235–AL46
                                                      545   ....................   Disclosure of Hedging by Employees, Officers and Directors ........................................................................                                   3235–AL49
asabaliauskas on DSK5VPTVN1PROD with PROPOSALS




                                                      546   ....................   Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................                                            3235–AK99
                                                      547   ....................   Changes to Exchange Act Registration Requirements to Implement Title V and Title VI of the JOBS Act ..                                                                3235–AL40


                                                                                                       DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE
                                                                                                                                                                                                                                                       Regulation
                                                        Sequence No.                                                                                           Title                                                                                  Identifier No.

                                                      548 ....................     Investment Company Reporting Modernization ...............................................................................................                             3235–AL42



                                                 VerDate Sep<11>2014        21:21 Dec 14, 2015         Jkt 238001      PO 00000       Frm 00002        Fmt 4701      Sfmt 4702       E:\FR\FM\15DEP27.SGM              15DEP27


                                                                                 Federal Register / Vol. 80, No. 240 / Tuesday, December 15, 2015 / Unified Agenda                                                        78113

                                                                                                    DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
                                                                                                                                                                                                                    Regulation
                                                        Sequence No.                                                                          Title                                                                Identifier No.

                                                      549 ....................   Reporting of Proxy Votes on Executive Compensation and Other Matters ....................................................            3235–AK67
                                                      550 ....................   Amendments to Form ADV and Investment Advisers Act Rules ....................................................................        3235–AL75


                                                                                                     DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS
                                                                                                                                                                                                                    Regulation
                                                        Sequence No.                                                                          Title                                                                Identifier No.

                                                      551 ....................   Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ...................                         3235–AL14



                                                      SECURITIES AND EXCHANGE                                              Action                 Date         FR Cite        545. Disclosure of Hedging by
                                                      COMMISSION (SEC)                                                                                                        Employees, Officers and Directors
                                                                                                                    Final Action .........     10/00/16                         Legal Authority: Pub. L. 111–203
                                                      Division of Corporation Finance
                                                                                                                                                                                Abstract: The Commission proposed
                                                      Final Rule Stage                                                Regulatory Flexibility Analysis                         rules to implement section 955 of the
                                                                                                                    Required: Yes.                                            Dodd Frank Act, which added section
                                                      542. Pay Versus Performance                                     Agency Contact: Timothy White,                          14(j) to the Exchange Act to require
                                                         Legal Authority: Pub. L. 111–203, sec                      Division of Trading and Markets,                          annual meeting proxy statement
                                                      955; 15 U.S.C. 78n                                            Securities and Exchange Commission,                       disclosure of whether employees or
                                                         Abstract: The Commission proposed                          100 F Street NE., Washington, DC                          members of the board of directors are
                                                      rules to implement section 953(a) of the                      20549, Phone: 202 551–7232.                               permitted to engage in transactions to
                                                      Dodd Frank Act, which added section                             Sebastian Gomez Abero, Division of                      hedge or offset any decrease in the
                                                      14(i) to the Exchange Act to require                          Corporation Finance, Securities and                       market value of equity securities granted
                                                      issuers to disclose information that                          Exchange Commission, 100 F Street NE.,                    to the employee or board member as
                                                      shows the relationship between                                Washington, DC 20549, Phone: 202 551–                     compensation, or held directly or
                                                      executive compensation actually paid                          3460.                                                     indirectly by the employee or board
                                                      and the financial performance of the                            RIN: 3235–AL37                                          member.
                                                      issuer.                                                       544. Amendments to Regulation D,                            Timetable:
                                                         Timetable:
                                                                                                                    Form D and Rule 156 Under the
                                                                                                                                                                                     Action              Date          FR Cite
                                                              Action                 Date           FR Cite
                                                                                                                    Securities Act
                                                                                                                      Legal Authority: 15 U.S.C. 77a et seq.                  NPRM ..................   02/17/15    80 FR 8486
                                                      NPRM ..................       05/07/15     80 FR 26330          Abstract: The Commission proposed                       Final Action .........    10/00/16
                                                      NPRM Comment                  07/06/15                        rule and form amendments to enhance
                                                        Period End.                                                 the Commission’s ability to evaluate the                    Regulatory Flexibility Analysis
                                                      Final Action .........        10/00/16                                                                                  Required: Yes.
                                                                                                                    development of market practices in
                                                                                                                    offerings under Rule 506 of Regulation                      Agency Contact: Carolyn Sherman,
                                                        Regulatory Flexibility Analysis                                                                                       Division of Corporation Finance,
                                                                                                                    D and address concerns that may arise
                                                      Required: Yes.                                                                                                          Securities and Exchange Commission,
                                                        Agency Contact: Eduardo Aleman,                             in connection with permitting issuers to
                                                                                                                    engage in general solicitation and                        100 F Street NE., Washington, DC
                                                      Division of Corporation Finance,                                                                                        20549, Phone: 202 551–3500.
                                                      Securities and Exchange Commission,                           general advertising under new
                                                                                                                                                                                RIN: 3235–AL49
                                                      100 F Street NE., Washington, DC                              paragraph (c) of Rule 506.
                                                                                                                      Timetable:                                              546. Listing Standards for Recovery of
                                                      20549, Phone: 202 551–3430, Fax: 202
                                                                                                                                                                              Erroneously Awarded Compensation
                                                      772–9207.                                                            Action                 Date         FR Cite
                                                        RIN: 3235–AL00                                                                                                           Legal Authority: Pub. L. 111–203, sec
                                                                                                                    NPRM ..................    07/24/13    78 FR 44806        954; 15 U.S.C. 78j–4
                                                      543. Crowdfunding                                                                                                          Abstract: The Commission proposed
                                                                                                                    NPRM Comment               09/23/13
                                                        Legal Authority: 15 U.S.C. 77a et seq.;                       Period End.                                             rules to implement section 954 of the
                                                      15 U.S.C. 78a et seq.; Pub. L. 112–108,                       NPRM Comment               10/03/13    78 FR 61222        Dodd Frank Act, which requires the
                                                      secs 301 to 305                                                 Period Re-                                              Commission to adopt rules to direct
                                                        Abstract: The Commission adopted                              opened.                                                 national securities exchanges to prohibit
                                                      rules to implement title III of the JOBS                      NPRM Comment               11/04/13                       the listing of securities of issuers that
                                                                                                                      Period End.                                             have not developed and implemented a
                                                      Act by prescribing rules governing the
                                                                                                                    Final Action .........     10/00/16
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                                                      offer and sale of securities through                                                                                    policy providing for disclosure of the
                                                      crowdfunding under new section 4(a)(6)                                                                                  issuer’s policy on incentive-based
                                                                                                                      Regulatory Flexibility Analysis
                                                      of the Securities Act.                                                                                                  compensation and mandating the
                                                                                                                    Required: Yes.
                                                        Timetable:                                                                                                            clawback of such compensation in
                                                                                                                      Agency Contact: Mark Vilardo,
                                                                                                                                                                              certain circumstances.
                                                                                                                    Division of Corporation Finance,                             Timetable:
                                                              Action                 Date           FR Cite
                                                                                                                    Securities and Exchange Commission,
                                                      NPRM ..................       11/05/13     78 FR 66428        100 F St. NE., Washington, DC 20549,                             Action              Date          FR Cite
                                                      NPRM Comment                  02/03/14                        Phone: 202 551–3500.
                                                       Period End.                                                    RIN: 3235–AL46                                          NPRM ..................   07/14/15    80 FR 41144



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                                                      78114                     Federal Register / Vol. 80, No. 240 / Tuesday, December 15, 2015 / Unified Agenda

                                                             Action                Date          FR Cite               Action                 Date         FR Cite      U.S.C. 78w(a); 15 U.S.C. 80a–37(a); 15
                                                                                                                                                                        U.S.C. 80b–3(c)(1)
                                                      NPRM Comment                09/14/15                      NPRM Comment              10/12/15     80 FR 62274        Abstract: The Commission proposed
                                                        Period End.                                               Period Re-                                            amendments to Form ADV that are
                                                      Final Action .........      10/00/16                        opened.                                               designed to provide additional
                                                                                                                NPRM Comment              01/13/16
                                                                                                                                                                        information regarding advisers,
                                                        Regulatory Flexibility Analysis                           Period Re-
                                                                                                                  opened End.                                           including information about their
                                                      Required: Yes.                                                                                                    separately managed account business;
                                                                                                                Final Action .........    10/00/16
                                                        Agency Contact: Anne M. Krauskopf,                                                                              incorporate a method for private fund
                                                      Division of Corporation Finance,                                                                                  adviser entities operating a single
                                                      Securities and Exchange Commission,                         Regulatory Flexibility Analysis
                                                                                                                Required: Yes.                                          advisory business to register using a
                                                      100 F Street NE., Washington, DC                                                                                  single Form ADV; and make clarifying,
                                                      20549, Phone: 202 551–3500.                                 Agency Contact: Sara Cortes, Division
                                                                                                                of Investment Management, Securities                    technical and other amendments to
                                                        RIN: 3235–AK99                                                                                                  certain Form ADV items and
                                                                                                                and Exchange Commission, 100 F Street
                                                      547. Changes to Exchange Act                              NE., Washington, DC 20549, Phone: 202                   instructions. The Commission also
                                                      Registration Requirements To                              551–6781, Email: cortess@sec.gov.                       proposed amendments to the
                                                      Implement Title V and Title VI of the                       RIN: 3235–AL42                                        Investment Advisers Act books and
                                                      JOBS Act                                                                                                          records rule and technical amendments
                                                                                                                                                                        to several Investment Advisers Act rules
                                                        Legal Authority: Pub. L. 112–106                                                                                to remove transition provisions that are
                                                        Abstract: The Commission proposed                       SECURITIES AND EXCHANGE                                 no longer necessary.
                                                      amendments to rules to implement titles                   COMMISSION (SEC)                                          Timetable:
                                                      V (Private Company Flexibility and
                                                      Growth) and VI (Capital Expansion) of                     Division of Investment Management
                                                                                                                                                                               Action              Date        FR Cite
                                                      the JOBS Act.                                             Final Rule Stage
                                                        Timetable:                                                                                                      NPRM ..................   06/12/15   80 FR 33718
                                                                                                                549. Reporting of Proxy Votes on                        NPRM Comment              08/11/15
                                                             Action                Date          FR Cite        Executive Compensation and Other                          Period End.
                                                                                                                Matters                                                 Final Action .........    10/00/16
                                                      NPRM ..................     12/30/14    79 FR 78343         Legal Authority: 15 U.S.C. 78m; 15
                                                      NPRM Comment                03/03/15                                                                                Regulatory Flexibility Analysis
                                                        Period End.
                                                                                                                U.S.C. 78w(a); 15 U.S.C. 78mm; 15
                                                                                                                U.S.C. 78x; 15 U.S.C. 80a–8; 15 U.S.C.                  Required: Yes.
                                                      Final Action .........      10/00/16
                                                                                                                80a–29; 15 U.S.C. 80a–30; 15 U.S.C.                       Agency Contact: Holly Hunter-Ceci,
                                                                                                                80a–37; 15 U.S.C. 80a–44; Pub. L. 111–                  Division of Investment Management,
                                                        Regulatory Flexibility Analysis                                                                                 Securities and Exchange Commission,
                                                      Required: Yes.                                            203, sec 951
                                                                                                                  Abstract: The Commission proposed                     100 F Street NE., Washington, DC
                                                        Agency Contact: Steven G. Hearne,                                                                               20549, Phone: 202 551–6869, Email:
                                                      Division of Corporation Finance,                          rule amendments to implement section
                                                                                                                951 of the Dodd Frank Act. The                          hunter-cecih@sec.gov.
                                                      Securities and Exchange Commission,                                                                                 RIN: 3235–AL75
                                                      100 F Street NE., Washington, DC                          proposed amendments to rules and
                                                      20549, Phone: 202 551–3430.                               Form N–PX would require institutional
                                                        RIN: 3235–AL40                                          investment managers subject to section
                                                                                                                13(f) of the Exchange Act to report how                 SECURITIES AND EXCHANGE
                                                                                                                they voted on any shareholder vote on                   COMMISSION (SEC)
                                                                                                                executive compensation or golden
                                                      SECURITIES AND EXCHANGE                                   parachutes pursuant to sections 14A(a)                  Division of Trading and Markets
                                                      COMMISSION (SEC)                                          and (b) of the Exchange Act.                            Long-Term Actions
                                                      Division of Investment Management                           Timetable:
                                                                                                                                                                        551. Removal of Certain References to
                                                      Proposed Rule Stage                                              Action                 Date         FR Cite      Credit Ratings Under the Securities
                                                                                                                                                                        Exchange Act of 1934
                                                      548. Investment Company Reporting                         NPRM ..................   10/28/10     75 FR 66622
                                                      Modernization                                             NPRM Comment              11/18/10                         Legal Authority: Pub. L. 111–203, sec
                                                                                                                  Period End.                                           939A
                                                        Legal Authority: 15 U.S.C. 77 et seq.;
                                                                                                                Final Action .........    10/00/16                         Abstract: Section 939A of the Dodd
                                                      15 U.S.C. 77aaa et seq.; 15 U.S.C. 78a et
                                                                                                                                                                        Frank Act requires the Commission to
                                                      seq.; 15 U.S.C. 80a et seq.; 44 U.S.C.
                                                                                                                  Regulatory Flexibility Analysis                       remove certain references to credit
                                                      3506; 44 U.S.C. 3507
                                                                                                                Required: Yes.                                          ratings from its regulations and to
                                                        Abstract: The Commission proposed
                                                                                                                  Agency Contact: Matthew                               substitute such standards of
                                                      new rules and forms as well as
                                                                                                                DeLesDernier, Division of Investment                    creditworthiness as the Commission
                                                      amendments to its rules and forms to
                                                                                                                Management, Securities and Exchange                     determines to be appropriate. The
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                                                      modernize the reporting and disclosure
                                                                                                                Commission, 100 F Street NE.,                           Commission amended certain rules and
                                                      of information by registered investment
                                                                                                                Washington, DC 20549, Phone: 202 551–                   one form under the Exchange Act
                                                      companies.
                                                                                                                6792, Email: delesdernierj@sec.gov.                     applicable to broker-dealer financial
                                                        Timetable:                                                                                                      responsibility, and confirmation of
                                                                                                                  RIN: 3235–AK67
                                                                                                                                                                        transactions. The Commission has not
                                                             Action                Date          FR Cite        550. • Amendments to Form ADV and                       yet finalized amendments to certain
                                                                                                                Investment Advisers Act Rules                           rules regarding the distribution of
                                                      NPRM ..................     06/12/15    80 FR 33590
                                                      NPRM Comment                08/11/15                        Legal Authority: 15 U.S.C. 77s(a); 15                 securities.
                                                       Period End.                                              U.S.C. 77sss(a); 15 U.S.C. 78bb(e)(2); 15                  Timetable:


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                                                                                Federal Register / Vol. 80, No. 240 / Tuesday, December 15, 2015 / Unified Agenda                                             78115

                                                             Action                Date          FR Cite               Action                Date         FR Cite      Securities and Exchange Commission,
                                                                                                                                                                       100 F Street NE., Washington, DC
                                                      NPRM ..................     05/06/11    76 FR 26550       Next Action Unde-            To Be Determined          20549, Phone: 202 551–6439, Email:
                                                      NPRM Comment                07/05/11                        termined.                                            guidrozj@sec.gov.
                                                        Period End.
                                                      Final Action .........      01/08/14    79 FR 1522          Regulatory Flexibility Analysis                        RIN: 3235–AL14
                                                      Final Action Effec-         07/07/14                      Required: Yes.                                         [FR Doc. 2015–30678 Filed 12–14–15; 8:45 am]
                                                        tive.                                                     Agency Contact: John Guidroz,                        BILLING CODE 8011–01–P
                                                                                                                Division of Trading and Markets,
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Document Created: 2018-03-02 09:15:31
Document Modified: 2018-03-02 09:15:31
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionUnknown Section
ActionSemiannual regulatory agenda.
DatesComments should be received on or before January 14, 2016.
ContactAnne Sullivan, Office of the General Counsel, 202-551-5019.
FR Citation80 FR 78112 

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