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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 202, 230, 239, 240, 249, 250, 259, 270, 274, and 275
[Release Nos. 33-7331; 34-37692; 35-26575; IC-22224; IA-1578;
File No. S7-14-96]
RIN 3235-AG79
Changes selected rules in order to eliminate fees previously
adopted by the Commission pursuant to the Independent Offices
Appropriations Act of 1952.
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
SUMMARY: The Securities and Exchange Commission (Commission), in
order to eliminate user fees currently adopted under the Indepen-
dent Offices Appropriations Act of 1952 is changing various rules
pertaining to the Securities Act of 1933 (Securities Act), the
Securities Exchange Act of 1934 (Exchange Act), the Public
Utility Holding Company Act of 1935 (Public Utility Holding
Company Act), the Investment Company Act of 1940 (Investment
Company Act), and the Investment Advisers Act of 1940 (Investment
Advisers Act). The fees being eliminated were first adopted in
1972 to contribute towards the cost of agency operations. Since
that time, however, the amount of fees collected by the
Commission has increased dramatically. In 1995, the Commission
collected nearly double the amount of fees required to fund the
agency's operations. The fees being eliminated represented just
two percent of the Commission's total fiscal 1995 fee revenue,
but more than one-half of the total number of fee payments
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processed.
EFFECTIVE DATE: October 7, 1996.
FOR FURTHER INFORMATION CONTACT: Henry I. Hoffman, Office of the
Comptroller, at (202) 942-0343.
SUPPLEMENTARY INFORMATION:
In 1972, to offset the cost to the government of Commission
operations, the Securities and Exchange Commission established
through rulemaking a fee schedule for numerous types of
applications, statements and reports.-[1]- These regulatory
fees, authorized under Title V of the Independent Offices
Appropriations Act of 1952 (31 U.S.C. 9701), are commonly
referred to as IOAA fees.-[2]-
On May 22, 1996, a proposed rule titled Proposal To
Eliminate Fees Previously Adopted by the Commission Pursuant to
the Independent Offices Appropriations Act of 1952 was published
in the Federal Register. (Vol. 61, No. 100, pages 25601-25604).
The proposed rule invited interested parties to submit comments
on or before July 8, 1996. Three comment letters were received,
---------FOOTNOTES----------
-[1]- Securities Act, Release No. 5229, January 25, 1972.
-[2]- The Independent Offices Appropriations Act of 1952,
specifically 31 U.S.C. 9701, authorizes independent agencies of
the federal government to prescribe fees and charges for
activities that provide benefits to individuals and businesses.
This statute states that "[i]t is the sense of Congress that each
service ... provided by an agency... to a person... is to be
self-sustaining to the extent possible." The statute also
authorizes the head of each agency to prescribe regulations
establishing the charge for a service. Notably, a separate
provision of the Exchange Act specifically authorizes the
Commission to impose fees authorized by this Act. 15 U.S.C.
78n(g)(4).
==========================================START OF PAGE 3======
one each from two mutual fund complexes and one trade
association.-[3]- Each response supported the proposal to
eliminate the Commission's IOAA fees. One respondent noted that
their experience with the IOAA fees was similar to the
Commission's experience, i.e. "... while the aggregate dollar
amounts of these fees are relatively insignificant...the
recordkeeping and processing costs associated with them are
disproportionately high...."-[4]- Further, the respondent
stated that the "... adoption of the proposal would simplify and
enhance the efficiency of (its) servicing operations."-[5]-
Effective October 7, 1996, the Commission is eliminating each of
its current IOAA fees.-[6]- The collection of these fees is
---------FOOTNOTES----------
-[3]- The three respondents to the Commission's elimination
of IOAA fees were T. Rowe Price Associates, Inc. in a June 7,
1996, letter signed by Henry H. Hopkins, Managing Director and
Legal Counsel, Federated Investors in a June 27, 1996, letter
signed by Jay S. Neuman, Corporate Counsel, and the Investment
Company Institute in a June 25, 1996, letter signed by Alexander
C. Gavis, Assistant Counsel. These letters are available for
public inspection under File S7-14-96 in the Public Reference
Room, U.S. Securities and Exchange Commission, 450 Fifth Street,
N.W., Washington, D.C. 20549.
-[4]- Federated Investors.
-[5]- Id.
-[6]- The Commission's action only eliminates the collection
of regulatory fees imposed under the IOAA; it does not affect
other fees imposed by statute which are also collected by the
Commission. These statutory fees include registration fees
collected pursuant to Section 6(b) of the Securities Act and
Section 307(b) of the Trust Indenture Act of 1939, going private
fees collected pursuant to Section 13 of the Exchange Act, proxy
and tender offer fees collected pursuant to Section 14 of the
Exchange Act, and transaction fees collected pursuant to Section
31 of the Exchange Act.
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no longer appropriate since the amount of revenue currently
generated by statutory fees imposed under the securities laws far
exceeds the annual cost of Commission operations, and the
additional revenue added by the IOAA fees is an insignificant
portion of the total revenue received.
In fiscal 1972, the Commission collected $19 million in fees
and cost $27 million to operate. IOAA fees represented 12
percent of the total 1972 revenue. In fiscal 1995, the
Commission collected $559 million in fees and was appropriated
$297 million for operating costs. IOAA fees represented just 2
percent of the total 1995 revenue.-[7]-
This significant difference between the amount of fee
revenue collected by the Commission and the amount of its annual
funding level has been of continuing concern to Congress. In
1988, the Securities Subcommittee of the Senate Committee on
Banking, Housing and Urban Affairs directed the Commission to
study its fee structure and funding status (Commission Fee
---------FOOTNOTES----------
-[7]- The vast increase in Commission fee revenue between
1972 and 1995 has developed from two basic sources. First is a
significant increase in the underlying value of the securities on
which the statutory fees are based. The underlying value of
securities registered with the Commission under Section 6(b) of
the Securities Act increased from $62 billion to $1.2 trillion
from 1972 to 1995. Further, during the same period, the value of
shares transacted on the U.S. securities exchanges and subject to
a fee under Section 31 of the Exchange Act increased from $196
billion to $3 trillion. Second is the increased use of
offsetting collections under Section 6(b) of the Securities Act
to fund agency operations since 1990. The amount of offsetting
revenue collected under Section 6(b) in 1991, the first year fee
revenue was used to directly offset Commission funding, was $37
million at a fee rate of 1/40 of one percent, and in 1995 was
$157 million at an increased fee rate of 1/29 of one percent.
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Study).-[8]-
As a result of the Commission Fee Study and continuing
Congressional concerns about the level of the Commission's annual
fee collections, in 1993 the House passed H.R. 2239, the
Securities and Exchange Commission Authorization Act of 1993.
One of the stated purposes of this bill was to "establish a
system for the annual adjustment of fees collected by the
Commission so that the total amount appropriated to the
Commission for any fiscal year will be offset by the amount
collected during such fiscal year...."-[9]-
Although Congress did not enact H.R. 2239, in 1995, members
of the Commission's authorization committee in the Senate stated
that the total amount of fees collected annually by the agency
far exceed the cost of its regulation and, therefore, should be
reduced.-[10]-
On March 12, 1996, the House passed H.R. 2972, the
Securities and Exchange Commission Authorization Act of 1996.
One of this bill's major purposes is "to reduce over time the
---------FOOTNOTES----------
-[8]- Senate Report 100-105, 100th Cong., 1st Session. In
response, the Commission issued findings in a U.S. Securities and
Exchange Commission "Self Funding Study" (January 1989) and
accompanying "Legislative Proposals and Fee Options" (January
1989).
-[9]- H.R. 2239, Section 31A.(a).
-[10]- Letter dated April 6, 1995, from Senator D'Amato,
Chairman of the Senate Banking Committee, to Senators Domenici
and Exon, respectively Chairman and Ranking Member of the Senate
Committee on the Budget.
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rates of fees charged under the Federal securities
laws."-[11]- Notably, H.R. 2972 contains a sense of the
Congress resolution that the Commission should eliminate its fees
imposed under the IOAA.-[12]- The Securities and Exchange
Commission Authorization Act of 1996, H.R. 2972, has since been
repassed as Title 3 of H.R. 3005, the securities bill that was
passed by the House on June 19, 1996. The Senate counterpart to
H.R. 3005, S. 1815, does not contain the SEC reauthorization
bill.
The Commission is eliminating its IOAA fees for two
additional reasons. First, the Commission is committed,
consistent with its mission of protecting investors, to
eliminating unnecessary regulations imposed on the capital
formation process. The Commission has determined that this
elimination of its IOAA fees will reduce such burdens but will
not harm investors nor the Commission's mission to protect them.
Second, the collection of these IOAA fees imposes a
disproportionate cost on the Commission. In 1995, IOAA fees
represented less than 2% of the total fee revenue collected by
the Commission, but more than one-half of the total number of fee
payments processed by Commission staff, making recordkeeping for
these fees disproportionately costly.
---------FOOTNOTES----------
-[11]- H.R. 2972, Section 2(2).
-[12]- Ibid, Section 7(1) states that "the fees authorized
by the amendments made by this Act are in lieu of, and not in
addition to, any fees that the Securities and Exchange Commission
is authorized to impose or collect pursuant to Section 9701 of
title 31, United States Code...."
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COST/BENEFIT ANALYSIS:
This elimination of IOAA fees will provide an obvious
benefit to persons obligated to pay such fees, i.e., they will no
longer have to pay the fees. In addition, the Commission will
avoid the costs associated with processing and auditing the
collection of such fees; Commission resources spent on those
tasks will be reallocated to other mandated tasks. Other costs
and benefits are expected to be de minimis.
REGULATORY FLEXIBILITY ACT:
The Commission has prepared a Final Regulatory Flexibility
Analysis in accordance with 5 U.S.C. 604 regarding the proposed
rule changes. The analysis reiterates the reasons and objectives
for the proposed rule changes discussed above in this release.
The analysis also describes the legal basis for the proposal and
discusses its effect on small entities as defined by the
Securities Act, the Exchange Act, the Public Utility Holding
Company Act of 1935, the Investment Company Act of 1940, and the
Investment Advisers Act of 1940. The rules impose no additional
reporting, recordkeeping or other compliance requirements on
small businesses, and the Commission believes that there are no
overlapping or conflicting federal rules. In addition, the
Commission does not believe that any significant alternative to
the proposal would both accomplish the stated objectives and
minimize any significant impact on small companies. In fact, the
alternatives to eliminating the fee would be to maintain or
increase the current fees. Neither alternative provides any
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increased benefit nor is appropriate in the public interest. An
Initial Regulatory Flexibility Analysis was prepared in
connection with the proposed rule changes which were published in
the Federal Register on May 22, 1996. No comments were received
regarding the analysis. A copy of the Final Regulatory
Flexibility Analysis may be obtained by contacting Henry I.
Hoffman, Securities and Exchange Commission, Office of the
Comptroller, Room 2080, Washington, D.C. 20549.
EFFECTIVE DATE: The final amendments to the Commission's rules
shall be effective on October 7, 1996, in accordance with the
Administrative Procedure Act, which allows effectiveness in less
than 30 days after publication for, inter alia, "a substantive
rule which grants or recognizes an exemption or relieves a
restriction" and "as otherwise provided by the agency for good
cause found and published with the rule." 5 U.S.C. 553(d)(1) and
(d)(3). The Commission finds good cause for the rules to be
effective on October 7, 1996, in order to coordinate the
elimination of the user fees with the beginning of the fiscal
year.
STATUTORY BASIS: The Commission's authority for this action is 31
U.S.C. 9701 and 15 U.S.C. 78n(g)(4).
The amendments to the Commission's rules, forms and
schedules under the Securities Act and amendments to the
Commission's rules under the Exchange Act are being adopted
pursuant to sections 6, 7, 8, 10 and 19(a) of the Securities Act
and sections 3, 4, 10, 12, 13, 14, 15, 16 and 23 of the Exchange
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Act. The revisions to the Commission's rules and forms under the
Public Utility Holding Company Act of 1935 are being adopted
pursuant to section 20 of the Public Utility Holding Company Act.
The revisions to the Commission's rules and forms under the
Investment Company Act are being adopted pursuant to sections
8(b) and 38(a) under the Investment Company Act, as amended. And
the revisions to the Commission's rules and forms under the
Investment Advisers Act of 1940 are being adopted pursuant to
sections 203(c) and 211(a) of the Investment Advisers Act.
LIST OF SUBJECTS:
17 CFR Part 202
Administrative practice and procedure, Securities.
17 CFR Parts 230, 270 and 274
Investment companies, Reporting and recordkeeping
requirements, Securities.
17 CFR Parts 239, 240, 249, 250, 259 and 275
Reporting and recordkeeping requirements, Securities.
TEXT OF AMENDMENTS:
For the reasons set out in the preamble, Chapter II, Title
17 of the Code of Federal Regulations is amended as follows:
PART 202 - INFORMAL AND OTHER PROCEDURES
1. The authority citation for Part 202 continues to read
in part as follows:
Authority: 15 U.S.C 77s, 77t, 78d-1, 78u, 78w, 78ll(d), 79r,
79t, 77sss, 77uuu, 80a-37, 80a-41, 80b-9, and 80b-11, unless
otherwise noted.
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* * * * *
2. The first sentence of the introductory text of 202.3a
is revised to read as follows:
202.3a Instructions for filing fees.
Payment of filing fees specified by the following rules
shall be made according to the directions listed in this part:
230.111 (17 CFR 230.111), 240.0-9 (17 CFR 240-0.9), 260.7a-10
(17 CFR 260.7a-10), and 270.0-8 (17 CFR 270.0-8).
* * * * *
3. The fourth sentence of the introductory text of
202.3a is revised to read as follows:
202.3a Instructions for filing fees.
* * * Personal checks cannot be accepted for payment of
fees. * * *
PART 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933
4. The authority citation for Part 230 continues to read
in part as follows:
Authority: 15 U.S.C. 77b, 77f, 77g, 77h, 77j, 77s, 77sss,
78c, 78d, 78l, 78m, 78n, 78o, 78w, 78ll(d), 79t, 80a-8, 80a-29,
80a-30, and 80a-37, unless otherwise noted.
* * * * *
5. By amending 230.111 by removing the last sentence of
paragraph (a).
6. By amending 230.236 by removing the second sentence
of paragraph (a) and the second sentence of paragraph (c).
7. By amending 230.252 by removing and reserving
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paragraph (f).
8. Paragraph (a) of 230.604 is amended by removing the
last sentence.
PART 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT
OF 1934
9. The authority citation for Part 240 continues to read
in part as follows:
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77eee, 77ggg,
77nnn, 77sss, 77ttt, 78c, 78d, 78i, 78j, 78l, 78m, 78n, 78o, 78p,
78q, 78s, 78w, 78x, 78ll(d), 79q, 79t, 80a-20, 80a-23, 80a-29,
80a-37, 80b-3, 80b-4 and 80b-11, unless otherwise noted.
* * * * *
10. By revising 240.0-9 to read as follows:
240.0-9 Payment of fees.
All payment of fees shall be made in cash, certified check
or by United States postal money order, bank cashier's check or
bank money order payable to the Securities and Exchange
Commission, omitting the name or title of any official of the
Commission. Payment of fees required by this section shall be
made in accordance with the directions set forth in 202.3a of
this chapter.
11. By amending 240.0-11 by revising paragraph (c)(1)(ii)
to read as follows:
240.0-11 Filing fees for certain acquisitions, dispositions
and similar transactions.
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* * * * *
(c) * * *
(1) * * *
(ii) Notwithstanding the above, where the acquisition,
merger or consolidation is for the sole purpose of changing the
registrant's domicile, no filing fee is required to be paid.
* * * * *
12. Section 240.12b-7 is removed.
13. By amending 240.13a-1 by removing the last sentence.
14. Section 240.13d-7 is removed.
15. By amending 240.13d-101 by removing the second
paragraph on the cover page that appears after the first check
box and immediately before the "Note:".
16. By amending 240.13d-102 by removing the first
paragraph on the cover page that appears after the "(CUSIP
Number)".
17. By amending 240.14a-6 by revising paragraph (i) to
read as follows:
240.14a-6 Filing requirements.
* * * * *
(i) Fees. At the time of filing the proxy solicitation
material, the persons upon whose behalf the solicitation is made,
other than investment companies registered under the Investment
Company Act of 1940, shall pay to the Commission the following
applicable fee:
(1) For preliminary proxy material involving acquisitions,
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mergers, spinoffs, consolidations or proposed sales or other
dispositions of substantially all the assets of the company, a
fee established in accordance with Rule 0-11 ( 240.0-11 of this
chapter) shall be paid. No refund shall be given.
(2) For all other proxy submissions and submissions made
pursuant to 240.14a-6(g), no fee shall be required.
* * * * *
18. By amending 240.14a-101 by revising the cover page to
read as follows:
240.14a-101 Schedule 14A. Information required in proxy
statement.
Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
(Amendment No. )
Filed by the Registrant [ ]
Filed by a party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to 240.14a-11(c) or
240.14a-12
.................................................................
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(Name of Registrant as Specified In Its Charter)
.................................................................
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
Payment of Filing Fee (Check the appropriate box):
[ ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-
6(i)(1) and 0-11
(1) Title of each class of securities to which transaction
applies:
............................................................
(2) Aggregate number of securities to which transaction
applies:
.......................................................
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the amount
on which the filing fee is calculated and state how it was
determined):
.......................................................
(4) Proposed maximum aggregate value of transaction:
.......................................................
(5) Total fee paid:
.......................................................
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for
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which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the
Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
.......................................................
(2) Form, Schedule or Registration Statement No.:
.......................................................
(3) Filing Party:
.......................................................
(4) Date Filed:
.......................................................
NOTES. * * *
* * * * *
19. Item 22 of 240.14a-101 is amended by removing and
reserving paragraph (a)(2).
20. By amending 14c-5 by revising paragraph (g) to read
as follows:
240.14c-5 Filing Requirements.
* * * * *
(g) Fees. At the time of filing a preliminary information
statement regarding an acquisition, merger, spinoff,
consolidation or proposed sale or other disposition of
substantially all the assets of the company, the registrant shall
pay the Commission a fee, no part of which shall be refunded,
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established in accordance with 240.0-11.
* * * * *
21. By amending 240.14c-101 by revising the cover page to
read as follows:
240.14c-101 Schedule 14C. Information required in information
statement.
Schedule 14C Information
Information Statement Pursuant to Section 14(c) of the Securities
Exchange Act of 1934
(Amendment No. )
Check the appropriate box:
[ ] Preliminary Information Statement
[ ] Confidential, for Use of the Commission Only (as permitted
by Rule 14c-5(d)(2))
[ ] Definitive Information Statement
.................................................................
(Name of Registrant As Specified In Its Charter)
Payment of Filing Fee (Check the appropriate box):
[ ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14c-5(g)
and 0-11
(1) Title of each class of securities to which transaction
applies:
............................................................
(2) Aggregate number of securities to which transaction
applies:
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............................................................
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the amount
on which the filing fee is calculated and state how it was
determined):
............................................................
(4) Proposed maximum aggregate value of transaction:
............................................................
(5) Total fee paid:
............................................................
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for
which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the
Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
.......................................................
(2) Form, Schedule or Registration Statement No.:
.......................................................
(3) Filing Party:
.......................................................
(4) Date Filed:
.......................................................
NOTE * * *
* * * * *
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22. By amending 240.15d-1 by removing the last sentence.
PART 249 - FORMS, SECURITIES EXCHANGE ACT OF 1934
23. The authority citation for Part 249 continues to read
in part as follows:
Authority: 15 U.S.C. 78, et seq., unless otherwise noted;
* * * * *
24. By amending Form 40-F (referenced in 249.240f) by
removing paragraph D.(5) of General Instructions and
redesignating paragraphs D.(6), D.(7), D.(8), D.(9) and D.(10) as
paragraphs D.(5), D.(6), D.(7), D.(8) and D.(9).
[Note: The text of Form 40-F does not appear and this amendment
will not appear in the Code of Federal Regulations.]
PART 250 - GENERAL RULES AND REGULATIONS, PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935
25. The authority citation for Part 250 continues to read
as follows:
Authority: 15 U.S.C. 79c, 79f(b), 79i(c)(3), 79t, unless
otherwise noted.
26. Section 250.1 is amended by removing paragraph (d).
27. Section 250.94 is amended by removing paragraph (b).
28. Section 250.106 is removed and reserved.
29. Section 250.107 is removed and reserved.
PART 259 - FORMS PRESCRIBED UNDER THE PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935
30. The authority citation for Part 259 continues to read
as follows:
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Authority: 15 U.S.C. 79e, 79f, 79g, 79j, 79l, 79m, 79n, 79q,
79t.
31. The preamble to the Instructions for Form U-7D
(referenced in 259.404) is revised to read as follows:
[Note: The text of Form U-7D does not and this amendment
will not appear in the Code of Federal Regulations.]
Form U-7D
* * * * *
Instructions
This form must be filed in triplicate within 30 days after
execution of any lease of a utility facility to an operating
public-utility company. Rules 21 and 22 under the Act govern the
specifications. Official Form U-7D and these instructions
specify the contents.
* * * * *
PART 270 - RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940
32. The authority citation for Part 270 continues to read
in part as follows:
Authority: 15 U.S.C. 80a-1 et seq., 80a-37, 80a-39 unless
otherwise noted;
* * * * *
33. Section 270.0-5 is amended by removing paragraph (d).
34. By revising 270.0-8 to read as follows:
270.0-8 Payment of fees.
All payment of fees shall be made in cash, certified check
or by United States postal money order, bank cashier's check or
==========================================START OF PAGE 20======
bank money order payable to the Securities and Exchange
Commission, omitting the name or title of any official of the
Commission. Payment of fees required by this section shall be
made in accordance with the directions set forth in 202.3a of
this chapter.
* * * * *
35. Section 270.8b-6 is removed and reserved.
36. 270.24f-2 is amended by removing paragraph (a)(3),
redesignating paragraph (a)(4) as paragraph (a)(3), and revising
newly designated paragraph (a)(3) to read as follows:
270.24f-2 Registration under the Securities Act of 1933 of an
indefinite number of certain investment company securities.
* * * * *
(a) * * *
(3) If such registration statement also registers a
definite number or amount of securities, there shall be paid to
the Commission with respect to such definite amount of securities
a registration fee calculated in the manner specified in section
6(b) of the Securities Act of 1933, (15 U.S.C. 77f(b)) and the
rules and regulations thereunder.
* * * * *
37. Section 270.30a-1 is amended by removing the third
sentence.
38. Section 270.30b1-1 is amended by removing the second
sentence.
39. Section 270.30b1-3 is amended by removing the last
==========================================START OF PAGE 21======
sentence.
PART 239 - FORMS PRESCRIBED UNDER THE SECURITIES ACT OF
1933
40. The authority citation for Part 239 continues to read
in part as follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77sss, 78c,
78l, 78m, 78n, 78o(d), 78w(a), 78ll(d), 79e, 79f, 79g, 79j, 79l,
79m, 79n, 79q, 79t, 80a-8, 80a-29, 80a-30 and 80a-37, unless
otherwise noted.
* * * * *
PART 274 - FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF
1940
41. The authority citation for Part 274 continues to read
as follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l,
78m, 78n, 78o(d), 80a-8, 80a-24, and 80a-29, unless otherwise
noted.
42. General Instruction B of Form N-1A (referenced in
239.15A and 274.11A) is amended by removing the second and third
sentences.
[Note: The text of Form N-1A does not and these amendments
will not appear in the Code of Federal Regulations.]
43. General Instruction B of Form N-2 (referenced in
239.14 and 274.11a-1) is amended by removing the second and third
sentences.
[Note: The text of Form N-2 does not and these amendments
will not appear in the Code of Federal Regulations.]
==========================================START OF PAGE 22======
44. General Instruction B of Form N-3 (referenced in
239.17a and 274.11b) is amended by removing the second and third
sentences.
[Note: The text of Form N-3 does not and these amendments
will not appear in the Code of Federal Regulations.]
45. General Instruction B of Form N-4 (referenced in
239.17b and 274.11c) is amended by removing the second and third
sentences.
[Note: The text of Form N-4 does not and these amendments
will not appear in the Code of Federal Regulations.]
46. General Instruction C of Form N-SAR (referenced in
249.330 and 274.101) is amended by removing the third
undesignated paragraph.
47. General Instruction G of Form N-SAR (referenced in
249.330 and 274.101) is amended by removing paragraph (5).
[Note: The text of Form N-SAR does not and these amendments
will not appear in the Code of Federal Regulations.]
PART 275 - RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
48. The authority citation for Part 275 continues to read
in part as follows:
Authority: 15 U.S.C. 80b-3, 80b-4, 80b-6A, 80b-11, unless
otherwise noted.
* * * * *
49. Section 275.0-5 is amended by removing paragraph (d)
and redesignating paragraph (e) as paragraph (d).
==========================================START OF PAGE 23======
50. Section 275.203-3 is removed.
By the Commission.
Jonathan G. Katz,
Secretary
September 17, 1996