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Fall 2013 SEC Unified Agenda

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  • Baker, John
    The Securities and Exchange Commission s Fall 2013 regulatory agenda is now available on reginfo.gov. The SEC, like other federal agencies, publishes its
    Message 1 of 1 , Dec 3, 2013

      The Securities and Exchange Commission’s Fall 2013 regulatory agenda is now available on reginfo.gov.  The SEC, like other federal agencies, publishes its regulatory agenda twice a year.  The agenda is a preliminary statement, prepared by the staff as of November 5, 2013.  While the agenda is entirely nonbinding and should not be given too much weight, and in particular the target dates are almost always wrong, it does give some sense of the staff’s thinking as to which regulatory initiatives are under consideration and whether action is likely soon or only in the more distant future.  The agenda includes only initiatives on which action is expected over the next twelve months.


      The agenda contemplates final action in December 2013 to remove references to credit ratings in Investment Company Act of 1940 rules and forms.  Other rulemakings involving the 1940 Act, however, have target dates of October 2014, essentially conveying that these matters are currently under consideration and may see action over the next year, but action is unlikely in the next few months.  These rulemakings include money market fund reform, exchange-traded fund exemptive relief, regulation of private placements under the JOBS Act, amendments to the forms used by funds to report fund operations and portfolio holdings, and enhanced disclosure for separate accounts offering variable annuities.


      It can also be significant when items are dropped from the rulemaking agenda.  The Spring 2013 agenda stated that the Division of Investment Management was considering recommending that the Commission propose for comment interpretive guidance regarding the valuation of securities and other assets held by investment companies under the 1940 Act.  That agenda item is gone, as is the consideration of the standard of conduct for personalized advice by broker-dealers and investment advisers and the plan to issue a concept release toward modernization of beneficial ownership reporting requirements.


      The SEC’s Fall 2013 regulatory agenda is available at




      If you want to compare it to the Spring 2013 agenda, that’s at






      John M. Baker, Esquire

      Stradley Ronon Stevens & Young, LLP

      1250 Connecticut Avenue, N.W., Suite 500

      Washington, DC 20036-2652

      p: 202.419.8413

      f: 202.822.0140

      FundLaw Listowner http://groups.yahoo.com/neo/groups/fundlaw/conversations/messages


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