The RFA stipulates specific considerations during review of the rules, including:

• the continued need for the rule,
• the nature of the complaints or comments received concerning the rule,
• the complexity of the rule,
• the extent of overlap between the rule and other federal, state, and county rules as applicable, and
• the length of time since the rule has been evaluated and the extent to which the development of technologies, changing economic conditions, or other factors might affect the rule.

The SEC also commonly evaluates rules not specifically mandated by the RFA. The following rules are being reviewed:

1. Fund of Funds (Release No. IC-27399 (June 20, 2006))


2. Joint Final Rules: Application of the Definition of Narrow-Based Security Index to Debt Securities Indexes and Security Futures on Debt Securities (Release No. 34-54106 (July 6, 2006)).


3. Executive Compensation and Related Person Disclosure (Release No. 33-8732A (Aug. 29, 2006))


4. Mutual Fund Redemption Fees (Release No. IC-27504 (Sept. 27, 2006))


5. Definition of Eligible Portfolio Company under the Investment Company Act of 1940 (Release No. IC-27538 (Oct. 25, 2006))


6. Electronic Filing of Transfer Agent Forms (Release No. No. 34-54864 (Dec. 4, 2006))


7. Internet Availability of Proxy Materials (Release No. 34-55146 (Jan. 29, 2007))


8. Covered Securities Pursuant to Section 18 of the Securities Act of 1933 (Release No. 33-8791 (Apr. 18, 2007))


9. Oversight of Credit Rating Agencies Registered as Nationally Recognized Statistical Rating Organizations (Release No. 34-55857 (Jun. 5, 2007))


10. Regulation SHO and Rule 10a-1 (Release No. 34-55970 (Jun. 28, 2007))


11. Shareholder Choice Regarding Proxy Materials (Release No. 34-56135 (Jul. 26, 2007))


12. Prohibition of Fraud by Advisers to Certain Pooled Investment Vehicles (Release No. IA-2628 (Aug. 3, 2007))


13. Short Selling in Connection with a Public Offering (Release No. 13 34-56206 (Aug. 6, 2007))


14. Amendments to Regulation SHO (Release No. 34-56212 (Aug. 7, 2007))


15. Definitions of Terms and Exemptions Relating to the “Broker” Exceptions for Banks (Release No. 34-56501 (Sept. 24, 2007))


16. Exemptions for Banks Under Section 3(a)(5) of the Securities Exchange Act of 1934 and Related Rules (Release No. 34-56502 (Sept. 24, 2007))


17. Exemption of Compensatory Employee Stock Options From Registration Under 12(g) of the Securities Exchange Act of 1934 (Release No. 34-56887 (Dec. 7, 2007))


18. Revisions to Rules 144 and 145 (Release No. 33-8869 (Dec. 17, 2007))


19. Shareholder Proposals Relating to the Election of Directors (Release No. 34-56914 (Dec. 11, 2007))


20. Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-3 and F-3 (Release No. 33-8878 (Dec. 27, 2007))


21. Electronic Shareholder Forums (Release No. 34-57172 (Jan. 18, 2008))


22. Electronic Filing and Revision of Form D (Release No. 33-8891 (Feb. 6, 2008))


23. Proposed Rule Changes of Self-Regulatory Organizations (Release No. 34-57526 (Mar. 19, 20 2008))


24. Disclosure of Divestment by Registered Investment Companies in Accordance With Sudan Accountability and Divestment Act of 2007 (Release No. IC-28254 (Apr. 24, 2008))


25. Definition of Eligible Portfolio Company under the Investment Company Act of 1940 (Release No. IC-28266 (May 15, 2008))


26. Commission Guidance and Revisions to the Cross-Border Tender Offer, Exchange Offer, Rights Offerings, and Business Combination Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions (Release No. 33-8957 (Sept. 19, 2008))


27. “Naked” Short Selling Antifraud Rule (Release No. 34-58774 (Oct. 14, 2008))


28. Amendments to Regulation SHO (Release No. 34-58775 (Oct. 14, 2008))


29. Mandatory Electronic Submission of Applications for Orders under the Investment Company Act and Filings Made Pursuant to Regulation E (Release No. IC-28476 (Oct. 29, 2008))


30. Amendment to Municipal Securities Disclosure (Release No. 34-59062 (December 15, 2008))


31. Modernization of Oil and Gas Reporting (Release No. 33-8995 (Dec. 31, 2008))


32. Indexed Annuities and Certain Other Insurance Contracts (Release No. 34-59221 (Jan. 8, 2009))


33. Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Investment Companies (Release No. IC-28584 (Jan. 13, 2009))


34. Interactive Data to Improve Financial Reporting (Release No. 33-9002 (Jan. 30, 2009))


35. Amendments to Rules for Nationally Recognized Statistical Rating Organizations (Release No. 34-59342 (Feb. 2, 2009))


36. Interactive Data for Mutual Fund Risk/Return Summary (Release No. IC-28617 (Feb. 11, 2009))


37. Amendments to Regulation SHO (Release No. 34-60388 (Jul. 27, 2009))


38. Regulation S-AM: Limitations on Affiliate Marketing (Release Nos. 34-60423, IC-28842, and IA-2911 (Aug. 4, 2009))


39. References to Ratings of Nationally Recognized Statistical Rating Organizations (Release No. 34-60789 (Oct. 5, 2009))


40. Final Model Privacy Form under the Gramm-Leach-Bliley Act (Release Nos. 34-61003, IA-2950, IC-28997 (Nov. 16, 2009))


41. Amendments to Rules for Nationally Recognized Statistical Rating Organizations (Release No. 34-61050 (Nov. 23, 2009))


42. Proxy Disclosure Enhancements (Release No. 33- 9089 (Dec. 16, 2009))


43. Custody of Funds or Securities of Clients by Investment Advisers (Release No. IA-2968 (Dec. 30, 2009))

The public comment period will be open for 30 days after publication in the Federal Register. The set of rules and their descriptions can be read in the full release. You can submit comments using the form available on the SEC’s website or by e-mailing rule-comments@sec.gov with the reference number (S7-25-18) in the subject line. You can also use the Federal Rulemaking Portal to submit comments or send your comments by mail to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. Again, please remember to include reference number S7-25-18.

Sources:

List of Rules to be Reviewed Pursuant to the Regulatory Flexibility Act (www.sec.gov)