[Federal Register Volume 59, Number 158 (Wednesday, August 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20123]
[[Page Unknown]]
[Federal Register: August 17, 1994]
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Part VII
Securities and Exchange Commission
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17 CFR Parts 228, 229, 240 and 249
Employee Benefit Plan Exemptive Rules Under Section 16 of the
Securities Exchange Act of 1934; Final Rule and Ownership Reports and
Trading by Officers, Directors and Principal Security Holders; Proposed
Rule
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 240
[Release Nos. 34-34513; 35-26099; IC-20466]
RIN 3235-AB14
Employee Benefit Plan Exemptive Rules Under Section 16 of the
Securities Exchange Act of 1934
AGENCY: Securities and Exchange Commission.
ACTION: Extension of Phase-In Period for Sec. 240.16b-3.
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SUMMARY: The Commission today is extending the phase-in period for
compliance with the substantive conditions of new Rule 16b-3 regarding
employee benefit plan transactions under the Securities Exchange Act of
1934 pending further notice and rulemaking under the provision.
DATES: Effective August 17, 1994. The phase-in period for compliance
with new Sec. 240.16b-3, which previously has been extended to
September 1, 1994, is extended until September 1, 1995, or such
different date as set in further rulemaking under Section 16.
FOR FURTHER INFORMATION CONTACT: Anne M. Krauskopf, Office of the Chief
Counsel, Division of Corporation Finance, at (202) 942-2900.
SUPPLEMENTARY INFORMATION: On February 8, 1991, the Commission adopted
comprehensive revisions to the rules under Section 161 of the
Securities Exchange Act of 1934 (``Exchange Act'').2 The new
regulatory scheme generally became effective on May 1, 1991, but a 16
month phase-in period was provided with respect to specified rules
affecting employee benefit plans, in order to give registrants ample
time to review the rule changes and amend their plans
accordingly.3 The Adopting Release provided that registrants could
continue to rely on the exemptions from Section 16(b) of the Exchange
Act4 afforded by former Rules 16a-8(b),5 16a-8(g)(3),6
and 16b-37 after May 1, 1991, but would be required to adopt the
substantive conditions of new Rule 16b-38 by September 1,
1992.9
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\1\15 U.S.C. 78p (1988).
\2\15 U.S.C. 78a et seq. (1988).
\3\Exchange Act Release No. 28869 (February 8, 1991) [56 FR
7242] (``Adopting Release''). See Section VII of the Adopting
Release for transition provisions generally and Section VII.C for
transition provisions relating to employee benefit plans.
\4\15 U.S.C. 78p(b).
\5\17 CFR 240.16a-8(b).
\6\17 CFR 16a-8(g)(3).
\7\17 CFR 240.16b-3 (1990).
\8\17 CFR 240.16b-3 (1991).
\9\The phase-in period applies only to the exemption from
Section 16(b), not to the revised reporting requirements under
Section 16(a) that became effective on May 1, 1991.
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The Rule 16b-3 phase-in period was extended until September 1,
1994, in contemplation of further rulemaking under Section 16 with
regard to employee benefit plans.10 Because the Commission
currently is engaging in such rulemaking,11 the Commission is
extending the phase-in period for new Rule 16b-3 until September 1,
1995, or such different date as is set by the Commission.
\1\0See Exchange Act Release No. 32574 (July 2, 1993) [58 FR
36866].
\1\1See Exchange Act Release No. 34514 (August 10, 1994).
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Dated: August 10, 1994.
By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-20123 Filed 8-16-94; 8:45 am]
BILLING CODE 8010-01-P
