List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act

SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

Release Nos. 33-7618, 34-40828, 35-26958, 39-2371, IC-23621, IA-1777; File No. S7-32-98

List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act

AGENCY: Securities and Exchange Commission.

ACTION: Publication of list of rules scheduled for review.

SUMMARY: The Securities and Exchange Commission is today publishing a list of rules to be reviewed pursuant to Section 610 of the Regulatory Flexibility Act. The list is published to provide the public with notice that these rules are scheduled for review by the agency and to invite public comment on them.

DATES: Public comments are due by February 15, 1999.

ADDRESSES: Persons wishing to submit written comments should file three copies with Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Room 6184, Stop 6-9, Washington, D.C. 20549. All submissions should refer to File No. S7-32-98, and will be available for public inspection and copying at the Commission's Public Reference Room, Room 1026, at the same address.

FOR FURTHER INFORMATION CONTACT: Anne H. Sullivan, Office of the General Counsel, Securities and Exchange Commission 202-942-0954.

Supplementary Information
The Regulatory Flexibility Act ("RFA") codified at 5 U.S.C. 600-611 requires agencies to review rules which have a significant economic impact upon a substantial number of small entities every ten years. The purpose of the review is "todetermine whether such rules should be continued without change, or should be amended or rescinded ... to minimize any significant economic impact of the rules upon a substantial number of such small entities" (5 U.S.C. 610(a)).

The RFA sets forth specific considerations that must be addressed in the review of each rule:

• the continued need for the rule;
• the nature of complaints or comments received concerning the rule from the public;
• the complexity of the rule;
• the extent to which the rule overlaps, duplicates or conflicts with other Federal rules, and, to the extent feasible, with State and local governmental rules; and
• the length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule (5 U.S.C. 610(c)).

The Securities and Exchange Commission, as a matter of policy, reviews all rules which it publishes for notice and comment to assess their continued compliance with the RFA. Pursuant to the RFA, the rules and forms listed below are scheduled for review by staff of the Commission during the next twelve months. The rules are grouped according to which Division or Office of the Commission will review each rule:

Rules To Be Reviewed by the Office of the Chief Accountant

• Title: Article 6 of Regulation S-X (Financial Statements of Registered Investment Companies)

  Citation: 17 CFR 210.6

  Authority: 15 U.S.C. 77f, 77g, 77s(a), 77aa(25) to (26), 78l, 78m, 78o(d), 78w(a), 79e(b), 79n, 79t(a), 80a-8, and 80a-29

• Title: Article 6A of Regulation S-X (Financial Statements of Employee Stock Purchase, Savings, and Similar Plans)

  Citation: 17 CFR 210.6A

  Authority: 15 U.S.C. 77f, 77g, 77s(a), 77aa(25) to (26), 78l, 78m, 78o(d), 78w(a), 79e(b), 79n, 79t(a), 80a-8, and 80a-29

Rules To Be Reviewed by the Division of Market Regulation

• Title: Rule 15c2-6 (Sales Practice Requirement for Certain Low-priced Securities) 1

  Citation: 17 CFR 240.15g-9

  Authority: 15 U.S.C. 78w, 78c, 78j, and 78o

• Title: Rule 3a12-10 (Exemption of Certain Securities Issued by the Resolution Funding Corporation)

  Citation: 17 CFR 240.3a12-10

  Authority: 15 U.S.C. 78w, 78b, and 78c

• Title: Rule 15a-6 (Exemption of Certain Foreign Brokers or Dealers)

  Citation: 17 CFR 240.15a-6

  Authority: 15 U.S.C. 78a, 78c, 78j, 78o, and 78g

• Title: Rule 15c2-12 (Municipal Securities Disclosure)

  Citation: 17 CFR 240.15c2-12

  Authority: 15 U.S.C. 78w, 78b, 78c, 78j, 78o, 78o-4, and 78g

• Title: Rule 19c-5 (Governing the Multiple Listing of Options on National Securities Exchanges)

  Citation: 17 CFR 240.19c-5

  Authority: 15 U.S.C. 78w, 78f, 78k-1, and 78s

Rules and Forms To Be Reviewed by the Division of Investment Management

• Title: Public Utility Holding Company Act ("PUHCA") Rule 80 (Definitions of terms used in rules under Section 13)

  Citation: 17 CFR 250.80

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 81 (Exempted transactions)

  Citation: 17 CFR 250.81

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 82 (Temporary exemption from Section 13)

  Citation: 17 CFR 250.82

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 84 (Prohibition of unauthorized transactions by registered holding companies)

  Citation: 17 CFR 250.84

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 85 (Service, sales, and construction by registered holding companies)

  Citation: 17 CFR 250.85

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 86 (Prohibition of unauthorized transactions by subsidiaries)

  Citation: 17 CFR 250.86

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 88 (Approval of mutual service companies; organization and conduct of business or subsidiary service companies)

  Citation: 17 CFR 250.88

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 89 (Termination of contracts)

  Citation: 17 CFR 250.89

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 90 (Transactions limited to cost)

  Citation: 17 CFR 250.90

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 91 (Determination of cost)

  Citation: 17 CFR 250.91

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 92 (Sales of goods produced by seller)

  Citation: 17 CFR 250.92

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 93 (Accounts and records of mutual and subsidiary service companies)

  Citation: 17 CFR 250.93

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 94 (Annual reports by mutual and subsidiary service companies)

  Citation: 17 CFR 250.94

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 95 (Reports required from affiliate service companies and companies principally engaged in performing services)

  Citation: 17 CFR 250.95

  Authority: 15 U.S.C. 79m

• Title: PUHCA Rule 100 (Orders granting or withdrawing exemptions)

  Citation: 17 CFR 250.100

  Authority: 15 U.S.C. 79t

• Title: PUHCA Rule 101 (Standards and interpretations of rules)

  Citation: 17 CFR 250.101

  Authority: 15 U.S.C. 79t

• Title: PUHCA Rule 102 (Effective date of rules)

  Citation: 17 CFR 250.102

  Authority: 15 U.S.C. 79t

• Title: PUHCA Rule 103 (References and definitions)

  Citation: 17 CFR 250.103

  Authority: 15 U.S.C. 79t

• Title: PUHCA Rule 103A (Liability for certain statements by issuers)

  Citation: 17 CFR 250.103A

  Authority: 15 U.S.C. 79t

• Title: PUHCA Rule 104 (Public disclosure of information and objections thereto)

  Citation: 17 CFR 250.104

  Authority: 15 U.S.C. 79t

• Title: PUHCA Rule 105 (Disclosure detrimental to the national defense or foreign policy)

  Citation: 17 CFR 250.105

  Authority: 15 U.S.C. 79t

• Title: PUHCA Form U-6B-2 (Certificate of notification)

  Citation: 17 CFR 259.206

  Authority: 15 U.S.C. 79f

• Title: PUHCA Form U-7D (Certificate pursuant to Rule 7(d) of Public Utility Holding Company Act of 1935)

  Citation: 17 CFR 259.404

  Authority: 15 U.S.C. 79b(a)(3)

The Commission invites public comment on both the list and the rules to be reviewed.

Jonathan G. Katz

Secretary

Dated: December 23, 1998

Footnotes

-[1]-   The rule was amended and redesignated as Rule 15g-9 in 1993