Proposed Rule2022-26133
List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act
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Published
December 2, 2022
Issuing agencies
Securities and Exchange Commission
Abstract
The Securities and Exchange Commission is 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agency and to invite public comment on whether the rules should be continued without change, or should be amended or rescinded to minimize any significant economic impact of the rules upon a substantial number of small entities.
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<title>Federal Register, Volume 87 Issue 231 (Friday, December 2, 2022)</title>
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[Federal Register Volume 87, Number 231 (Friday, December 2, 2022)]
[Proposed Rules]
[Pages 74057-74060]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-26133]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Chapter II
[Release Nos. 33-11136; 34-96386; IC-34765; File No. S7-27-22]
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.
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SUMMARY: The Securities and Exchange Commission is 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 whether the 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change, or should be amended or rescinded to minimize any significant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 small
entities.
DATES: Comments should be submitted by January 3, 2023.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/submitcomments.html">http://www.sec.gov/rules/submitcomments.html</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b3c1c6dfd69ed0dcdeded6ddc7c0f3c0d6d09dd4dcc5"><span class="__cf_email__" data-cfemail="abd9dec7ce86c8c4c6c6cec5dfd8ebd8cec885ccc4dd">[email protected]</span></a>. Please include
File Number S7-27-22 on the subject line.
Paper Comments
<bullet> Send paper comments to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number S7-27-22. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method of submission. The Commission will post all
comments on the Commission's website (<a href="http://www.sec.gov/rules/other.shtml">http://www.sec.gov/rules/other.shtml</a>). Comments are also available for website 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
a.m. and 3 p.m. Operating conditions may limit access to the
Commission's Public Reference Room. All comments received will be
posted without change. Persons submitting comments are cautioned that
we do not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly.
FOR FURTHER INFORMATION CONTACT: Sandra Sojka, General Attorney, Office
of the General Counsel, 202-551-4928.
SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (``RFA''),
codified at 5 U.S.C. 601-612, requires an agency to review its rules
that have a significant economic impact upon a substantial number of
small entities within ten years of the publication of such rules as
final rules. 5 U.S.C. 610(a). The purpose of the review is ``to
determine 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:
<bullet> the continued need for the rule;
<bullet> the nature of complaints or comments received concerning
the rule from the public;
<bullet> the complexity of the rule;
<bullet> 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
<bullet> 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(b).
The list below includes rules adopted in 2013 that may have a
significant economic impact on a substantial number of small entities
(but excludes rules that have been substantially changed since
adoption, rules that are minor amendments to previously adopted rules,
and rules that are ministerial, procedural, or technical in nature).
Where the Commission has previously made a determination of a rule's
impact on small businesses, the determination is noted on the list.
The Commission particularly solicits public comment on whether the
rules listed below affect small businesses in new or different ways
than when they were first adopted. The rules and forms listed below are
scheduled for review by staff of the Commission.
Title: Removal of Certain References to Credit Ratings Under the
Investment Company Act.
Citation: 17 CFR 239, 17 CFR 270.5b-3, and 17 CFR 274.
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3, 77sss,
78c, 78c(b), 78l, 78m, 78n, 78o(d), 78o-7, 78o-7 note, 78u-5, 78w(a),
78ll, 78mm, 80a-1 et seq., 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-
13, 80a-24, 80a-26, 80a-29, 80a-30, 80a- 34(d), 80a-37, 80a-39; and
Pub. L. 111-203, sec. 939A, 124 Stat. 1376 (2010).
Description: The Commission adopted amendments to a rule and three
forms under the Investment Company Act of 1940 (``Investment Company
Act'') and the Securities Act of 1933 (``Securities Act'') in order to
implement a provision of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act''). Specifically, rule 5b-3 under the
Investment Company Act contained a reference to credit ratings in
determining when an investment company (``fund'') may treat a
repurchase agreement as an acquisition of securities collateralizing
the repurchase agreement for certain purposes under the Investment
Company Act. The amendments replaced this reference to credit ratings
with an alternative standard designed to retain a similar degree of
credit quality to that in prior rule 5b-3. The Commission also adopted
amendments to Forms N-1A, N-2, and N-3 under the Investment Company Act
and the Securities Act to eliminate the required use of NRSRO credit
ratings when a fund chooses to depict its portfolio holdings by credit
quality.
Prior RFA Analysis: When the Commission adopted the amendments on
December 27, 2013, it published a Final Regulatory Flexibility Analysis
in the adopting release, Release No. 33-9506, available at: <a href="https://www.federalregister.gov/documents/2014/01/08/2013-31425/removal-of-certain-references-to-credit-ratings-under-the-investment-company-act">https://www.federalregister.gov/documents/2014/01/08/2013-31425/removal-of-certain-references-to-credit-ratings-under-the-investment-company-act</a>.
The Commission received no comments on its Initial Regulatory
Flexibility Analysis published in the proposing release, Release No.
33-9193 (March 3, 2011), available at: https://www.federalregister.gov/
documents/
[[Page 74058]]
2011/03/09/2011-5184/references-to-credit-ratings-in-certain-
investment-company-act-rules-and-forms.
* * * * *
Title: Registration of Municipal Advisors.
Citation: 17 CFR 200.19c, 17 CFR 200.19d, 17 CFR 200.30-3a, 17 CFR
200.30-18; 17 CFR 240.15Ba1-1, 17 CFR 240.15Ba1-2, 17 CFR 240.15Ba1-3,
17 CFR 240.15Ba1-4, 17 CFR 40.15Ba1-5, 17 CFR 240.15Ba1-6, 17 CFR
240.15Ba1-7, 17 CFR 240.15Ba1-8, 17 CFR 240.15Bc4-1; 17 CFR 249.1300,
17 CFR 249.1300T, 17 CFR 249.1310, 17 CFR 249.1320, 17 CFR 249.1330,
and 17 CFR 249.1300T.
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77o, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78a et seq., 78c, 78d, 78d-1, 78d-2,
78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o,
78o-4, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78ll(d), 78mm, 80a-
20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et seq., 7202,
7211 et seq., 12 U.S.C. 5221(e)(3), 12 U.S.C. 5461 et seq., and 18
U.S.C. 1350, unless as otherwise noted.
Description: The Commission adopted new Rules 15Ba1-1 through
15Ba1-8, new Rule 15Bc4-1, and new Forms MA, MA-I, MA-W, and MA-NR
under the Securities Exchange Act of 1934 (``Exchange Act'') to
implement provisions of Title IX of the Dodd-Frank Act that required
the Commission to establish a registration regime for municipal
advisors and impose certain record-keeping requirements on such
advisors. The rules and forms are designed to give effect to provisions
of Title IX of the Dodd-Frank Act that, among other things, required
the Commission to establish a registration regime for municipal
advisors and impose certain record-keeping requirements on such
advisors.
Prior RFA Analysis: When the Commission adopted the rules and forms
on September 20, 2013, it published a Final Regulatory Flexibility
Analysis in the adopting release, Release No. 34-70462, available at:
<a href="https://www.federalregister.gov/documents/2013/11/12/2013-23524/registration-of-municipal-advisors">https://www.federalregister.gov/documents/2013/11/12/2013-23524/registration-of-municipal-advisors</a>. The Commission solicited comment on
the Initial Regulatory Flexibility Analysis published in the proposing
release, Release No. 34-63576 (Dec. 20, 2010), available at: <a href="https://www.federalregister.gov/documents/2011/01/06/2010-32445/registration-of-municipal-advisors">https://www.federalregister.gov/documents/2011/01/06/2010-32445/registration-of-municipal-advisors</a>, and considered comments received at that time.
* * * * *
Title: Broker Dealer Reports.
Citation: 17 CFR 240.17a-5, 17 CFR 240.17a-11, and 17 CFR 249.639.
Authority: 15 U.S.C. 78a et seq., 77c, 77d, 77g, 77j, 77s, 77z-2,
77z-3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78a et seq., 78c, 78c-3, 78c-
5, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-
1, 78o, 78o-4, 78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll,
78mm, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b- 4, 80b-11, 7201 et
seq., 8302, 7 U.S.C. 2(c)(2)(E), 12 U.S.C. 5221(e)(3), 12 U.S.C. 5461
et seq., 18 U.S.C. 1350; and Pub. L. 111-203, 939A, 124 Stat. 1376,
(2010).
Description: The Commission amended certain broker-dealer annual
reporting, audit, and notification requirements under the Exchange Act.
The amendments included a requirement that broker-dealer audits be
conducted in accordance with standards of the Public Company Accounting
Oversight Board (``PCAOB'') in light of explicit oversight authority
provided to the PCAOB by the Dodd-Frank Act to oversee these audits.
The amendments further required a broker-dealer that clears
transactions or carries customer accounts to agree to allow
representatives of the Commission or the broker-dealer's designated
examining authority (``DEA'') to review the documentation associated
with certain reports of the broker-dealer's independent public
accountant and to allow the accountant to discuss the findings relating
to the reports of the accountant with those representatives when
requested in connection with a regulatory examination of the broker-
dealer. Finally, the amendments required a broker-dealer to file a new
form with its DEA that elicits information about the broker-dealer's
practices with respect to the custody of securities and funds of
customers and non-customers.
Prior RFA Analysis: When the Commission adopted the amendments and
new form on July 30, 2013, it published a Final Regulatory Flexibility
Analysis in the adopting release, Release No. 34-70073, available at:
<a href="https://www.federalregister.gov/documents/2013/08/21/2013-18738/broker-dealer-reports">https://www.federalregister.gov/documents/2013/08/21/2013-18738/broker-dealer-reports</a>. The Commission received no comments on the Initial
Regulatory Flexibility Analysis included in the proposing release,
Release No. 34-64676 (June 15, 2011), available at: <a href="https://www.federalregister.gov/documents/2011/06/27/2011-15341/broker-dealer-reports">https://www.federalregister.gov/documents/2011/06/27/2011-15341/broker-dealer-reports</a>.
* * * * *
Title: Financial Responsibility Rules for Broker-Dealers.
Citation: 17 CFR 240.15c3-1, 17 CFR 240.15c3-1a, 17 CFR 240.15c3-2,
17 CFR 240.15c3-3, 17 CFR 240.15c3-3a, 17 CFR 240.17a-3, 17 CFR
240.17a-4, and 17 CFR 240.17a-11.
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee,
77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f, 78g, 78i,
78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78o-10, 78p,
78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29,
80a-37, 80b-3, 80b-4, 80b-11, 7201 et. seq., 8302, 7 U.S.C. 2(c)(2)(E),
12 U.S.C. 5221(e)(3), 18 U.S.C. 1350; and Pub. L. 111-203, 939A, 124
Stat. 1376, (2010).
Description: The Commission adopted amendments to the net capital
(Rule 15c3-1), customer protection (Rule 15c3-3), books and records
(Rules 17a-3 and 17a- 4), and notification rules for broker-dealers
(Rule 17a-11) promulgated under the Exchange Act. The amendments were
designed to address several areas of concern regarding the financial
responsibility requirements for broker-dealers. The amendments also
updated certain financial responsibility requirements and made certain
technical amendments.
Prior RFA Analysis: When the Commission adopted the amendments on
July 30, 2013, it published a Final Regulatory Flexibility Analysis in
the adopting release, Release No. 34-70072, available at: <a href="https://www.federalregister.gov/documents/2013/08/21/2013-18734/financial-responsibility-rules-for-broker-dealers">https://www.federalregister.gov/documents/2013/08/21/2013-18734/financial-responsibility-rules-for-broker-dealers</a>. The Commission solicited
comment on the Initial Regulatory Flexibility Analysis included in the
proposing release, Release No. 34-66910 (May 3, 2012), available at:
<a href="https://www.federalregister.gov/documents/2012/05/09/2012-11133/amendments-to-financial-responsibility-rules-for-broker-dealers">https://www.federalregister.gov/documents/2012/05/09/2012-11133/amendments-to-financial-responsibility-rules-for-broker-dealers</a>, and
considered comments received at that time.
* * * * *
Title: Eliminating the Prohibition Against General Solicitation and
General Advertising in Rule 506 and Rule 144A Offerings.
Citation: 17 CFR 230.144A, 17 CFR 230.500(c), 17 CFR 230.501, 17
CFR 230.502, 17 CFR 230.506, 17 CFR 239.500, 17 CFR 242.101, 17 CFR
242.102, and 17 CFR 242.104.
Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f, 77g,
77h, 77j, 77r, 77s, 77q(a), 77s(a), 77z-2, 77z-3, 77sss, 78b, 78c, 78d,
78g(c)(2), 78i(a), 78j, 78k-1(c), 78l, 78m, 78n, 78o, 78o-7 note,
78o(b), 78o(c), 78o(d), 78o(g), 78q(a), 78q(b), 78q(h), 78t, 78u-5,
78w, 78w(a), 78dd-1, 78ll, 78ll(d), 78mm, 80a-2(a), 80a-3, 80a-8, 80a-
9, 80a-10,
[[Page 74059]]
80a-13, 80a-23, 80a-24, 80a-26, 80a-28, 80a-29, 80-30, 80a-37; and Pub.
L. 112-106, sec. 201(a), 126 Stat. 313 (2012).
Description: The Commission adopted amendments to Rule 506 of
Regulation D and Rule 144A under the Securities Act to implement
Section 201(a) of the Jumpstart Our Business Startups Act. The
amendment to Rule 506 permitted an issuer to engage in general
solicitation or general advertising in offering and selling securities
pursuant to Rule 506, provided that all purchasers of the securities
are accredited investors and the issuer takes reasonable steps to
verify that such purchasers are accredited investors. The amendment to
Rule 506 also included a non-exclusive list of methods that issuers may
use to satisfy the verification requirement for purchasers who are
natural persons. The amendment to Rule 144A provided that securities
may be offered pursuant to Rule 144A to persons other than qualified
institutional buyers, provided that the securities are sold only to
persons that the seller and any person acting on behalf of the seller
reasonably believe are qualified institutional buyers. The Commission
also revised Form D to require issuers to indicate whether they are
relying on the provision that permits general solicitation or general
advertising in a Rule 506 offering.
Prior RFA Analysis: When the Commission adopted the amendments on
July 10, 2013, it published a Final Regulatory Flexibility Analysis in
the adopting release, Release No. 33-9415, available at: <a href="https://www.federalregister.gov/documents/2013/07/24/2013-16883/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-and">https://www.federalregister.gov/documents/2013/07/24/2013-16883/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-and</a>. The Commission solicited comment on its Initial
Regulatory Flexibility Analysis published in the proposing release,
Release No. 33-9354 (August 29, 2012), available at: <a href="https://www.federalregister.gov/documents/2012/09/05/2012-21681/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-and">https://www.federalregister.gov/documents/2012/09/05/2012-21681/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-and</a>, and considered comments received at that time.
* * * * *
Title: Disqualification of Felons and Other ``Bad Actors'' from
Rule 506 Offerings
Citation: 17 CFR 200.30-1, 17 CFR 230.145, 17 CFR. 147, 17 CFR 152,
17 CFR 155, 17 CFR 230.501, 17 CFR 230.506, and 17 CFR 239.500
Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f, 77g,
77h, 77j, 77o, 77r, 77s, 77z-2, 77z-3, 77sss, 78c, 78d, 78d-1, 78d-2,
78j, 78l, 78m, 78n, 78o, 78o(d), 78o-7 note, 78t, 78u-5, 78w, 78w(a),
78ll, 78ll(d), 78mm, 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-13,
80a-24, 80a-26, 80a-28, 80a-29, 80a-30, 80a-37, 80b-11, 7202; and Pub.
L. 112-106, 201(a), 126 Stat. 313 (2012).
Description: The Commission adopted amendments to Rules 501 and 506
of Regulation D and to Form D to implement Section 926 of the Dodd-
Frank Act. Section 926 required the Commission to adopt rules that
disqualify securities offerings involving certain ``felons and other
`bad actors' '' from reliance on Rule 506 of Regulation D. The rules
are ``substantially similar'' to Rule 262 under the Securities Act,
which contains the disqualification provisions of Regulation A under
the Securities Act, and also cover matters enumerated in Section 926 of
the Dodd-Frank Act (including certain state regulatory orders and
bars).
Prior RFA Analysis: When the Commission adopted the amendments on
July 10, 2013, it published a Final Regulatory Flexibility Analysis in
the adopting release, Release No. 33-9414, available at: <a href="https://www.federalregister.gov/documents/2013/07/24/2013-16983/disqualification-of-felons-and-other-bad-actors-from-rule-506-offerings">https://www.federalregister.gov/documents/2013/07/24/2013-16983/disqualification-of-felons-and-other-bad-actors-from-rule-506-offerings</a>. The Commission received no comments on its Initial
Regulatory Flexibility Analysis published in the proposing release,
Release No. 33-9211 (May 25, 2011), available at: <a href="https://www.federalregister.gov/documents/2011/06/01/2011-13370/disqualification-of-felons-and-other-bad-actors-from-rule-506-offerings">https://www.federalregister.gov/documents/2011/06/01/2011-13370/disqualification-of-felons-and-other-bad-actors-from-rule-506-offerings</a>.
* * * * *
Title: Identity Theft Red Flags Rules.
Citation: 17 CFR 162.30, 17 CFR 162.31, 17 CFR 162.32, 17 CFR
248.201, and 17 CFR 248.202.
Authority: Sec. 1088, Pub. L. 111-203, 124 Stat. 1376 (2010); 15
U.S.C. 78q, 78q-1, 78o-4, 78o-5, 78w, 78mm, 80a-30, 80a-37, 80b-4, 80b-
11, 1681m(e), 1681s(b), 1681s-3 and note, 1681w(a)(1), 6801-6809, and
6825; and Pub. L. 111-203, secs. 1088(a)(8), (a)(10), and sec. 1088(b),
124 Stat. 1376 (2010).
Description: The Commission and the Commodity Futures Trading
Commission (``CFTC'') (together, the ``Commissions'') jointly adopted
rules and guidelines to require certain regulated entities to establish
programs to address risks of identity theft. These rules and guidelines
implemented provisions of the Dodd-Frank Act, which amended the Fair
Credit Reporting Act and directed the Commissions to adopt rules
requiring entities that are subject to the Commissions' respective
enforcement authorities to address identity theft. First, the rules
required financial institutions and creditors to develop and implement
a written identity theft prevention program designed to detect,
prevent, and mitigate identity theft in connection with certain
existing accounts or the opening of new accounts. The rules included
guidelines to assist entities in the formulation and maintenance of
programs that would satisfy the requirements of the rules. Second, the
rules established special requirements for any credit and debit card
issuers that are subject to the Commissions' respective enforcement
authorities, to assess the validity of notifications of changes of
address under certain circumstances.
Prior RFA Analysis: When the Commissions adopted the new rules on
April 10, 2013, the Commission published a Final Regulatory Flexibility
Analysis in the adopting release, Release No. 34-69359, available at:
<a href="https://www.federalregister.gov/documents/2013/04/19/2013-08830/identity-theft-red-flags-rules">https://www.federalregister.gov/documents/2013/04/19/2013-08830/identity-theft-red-flags-rules</a>. The Commission received no comments on
its Initial Regulatory Flexibility Analysis published in the proposing
release, Release No. IC-29969 (Feb.27, 2012), available at: <a href="https://www.federalregister.gov/documents/2012/03/06/2012-5157/identity-theft-red-flags-rules">https://www.federalregister.gov/documents/2012/03/06/2012-5157/identity-theft-red-flags-rules</a>.
* * * * *
Title: Lost Securityholders and Unresponsive Payees.
Citation: 17 CFR 240.15b1-6 and 17 CFR 240.17Ad-17.
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee,
77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1,
78k, 78k-1, 78l, 78ll, 78m, 78mm, 78n, 78n-1, 78o, 78o-4, 78p, 78q,
78q-1, 78s, 78u-5, 78w, 78x, 80a-20, 80a- 23, 80a-29, 80a-37, 80b-3,
80b-4, 80b-11, and 7201 et seq., 18 U.S.C. 1350, and 12 U.S.C.
5221(e)(3), unless otherwise noted.
Description: The Commission adopted amendments to Rule 17Ad-17 to
implement the requirements of Section 929W of the Dodd-Frank Act.
Section 929W added to Section 17A of the Exchange Act subsection (g),
``Due Diligence for the Delivery of Dividends, Interest, and Other
Valuable Property Rights,'' which directs the Commission to revise
Exchange Act Rule 17Ad-17, ``Transfer Agents' Obligation to Search for
Lost Securityholders'' to: extend the requirements of Rule 17Ad-17 to
search
[[Page 74060]]
for lost securityholders from only recordkeeping transfer agents to
brokers and dealers as well; add a requirement that ``paying agents''
notify ``unresponsive payees'' that a paying agent has sent a
securityholder a check that has not yet been negotiated; and add
certain other provisions. The Commission also adopted conforming
amendment to Rule 17Ad-7(i) and new Rule 15b1-6, a technical rule to
help ensure that brokers and dealers have notice of their new
obligations with respect to lost securityholders and unresponsive
payees.
Prior RFA Analysis: When the Commission adopted the rule amendments
on January 16, 2013, it published a Final Regulatory Flexibility
Analysis in the adopting release, Release No. 34-68668, available at:
<a href="https://www.federalregister.gov/documents/2013/01/23/2013-01269/lost-securityholders-and-unresponsive-payees">https://www.federalregister.gov/documents/2013/01/23/2013-01269/lost-securityholders-and-unresponsive-payees</a>. The Commission solicited
comment on the Initial Regulatory Flexibility Analysis included in the
proposing release, Release No. 34-64099 (March 18, 2011), available at:
<a href="https://www.federalregister.gov/documents/2011/03/25/2011-6940/rule-17ad-17-transfer-agents-brokers-and-dealers-obligation-to-search-for-lost-securityholders">https://www.federalregister.gov/documents/2011/03/25/2011-6940/rule-17ad-17-transfer-agents-brokers-and-dealers-obligation-to-search-for-lost-securityholders</a>, and considered comments received at that time.
* * * * *
By the Commission.
Dated: November 28, 2022
Vanessa A. Countryman,
Secretary.
[FR Doc. 2022-26133 Filed 12-1-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on December 2, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.