Page 13 - July 2018

property. The intended purpose of the loans and including amendments to the definitions of
grants are to increase the number of available “accelerated filer” and “large accelerated filer” to
housing units for domestic farm laborers. preserve the existing thresholds in those definitions.
Applications are due 08/27/2018. The notice may be Qualifying as a “smaller reporting company” will no
viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018- longer automatically make a registrant a non-
06-27/pdf/2018-13761.pdf. Federal Register, Vol. accelerated filer. The Chairman of the SEC, however,
83, No. 124, 06/27/2018, 30106-30113. has directed the staff to formulate recommendations
to SEC for possible additional changes to the
SEC Finalizes Amendments to Investment “accelerated filer” definition that, if adopted, would
Company Liquidity Disclosure. have the effect of reducing the number of registrants
that qualify as accelerated filers. The final rule is
The Securities and Exchange Commission (SEC) is effective 09/10/2018. The notice may be viewed at:
adopting amendments to its forms designed to https://www.gpo.gov/fdsys/pkg/FR-2018-07-
improve the reporting and disclosure of liquidity 10/pdf/2018-14306.pdf. Federal Register, Vol. 83,
information by registered open-end investment No. 132, 07/10/2018, 31992-32022.
companies. SEC is adopting a new requirement that
funds disclose information about the operation and SEC Issues Semiannual Regulatory
effectiveness of their liquidity risk management Agenda.
program in their reports to shareholders. SEC in turn
is rescinding the requirement in Form N–PORT SEC issued its semiannual regulatory agenda as a
under the Investment Company Act of 1940 that part of the Spring 2018 Unified Agenda of Federal
funds publicly disclose aggregate liquidity Regulatory and Deregulatory Actions. SEC
classification information about their portfolios. In reasonably anticipates having the regulatory matters
addition, SEC is adopting amendments to Form N– identified in the agenda under consideration during
PORT that will allow funds classifying the liquidity the period from 05/01/2018, to 04/30/2019. The next
of their investments pursuant to their liquidity risk agenda will be published in fall 2018 and will update
management programs to report multiple liquidity this agenda through fall 2019. The notice may be
classification categories for a single position under viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-
specified circumstances. SEC also is adding a new 06-11/pdf/2018-11245.pdf. Federal Register, Vol.
requirement to Form N–PORT that funds and other 83, No. 112, 06/11/2018, 27280-272840.
registrants report their holdings of cash and cash
equivalents. The amendments are final 09/10/2018. NCUA Finalizes Rule on Mergers of
The notice may be viewed at: Federally Insured Credit Unions.
https://www.gpo.gov/fdsys/pkg/FR-2018-07-
10/pdf/2018-14366.pdf. Federal Register, Vol. 83,
No. 132, 07/10/2018, 31859-31877. The National Credit Union Administration (NCUA)
finalized revisions to procedures a federally insured
SEC Finalizes Amendments to Smaller credit union (FICU) must follow to merge voluntarily
with another FICU. The changes: revise and clarify
Reporting Company Definition. the contents and format of the member notice; require
merging credit unions to disclose certain merger-
SEC finalized amendments to the definition of related financial arrangements for covered persons;
“smaller reporting company” as used in its rules and increase the minimum member notice period; and
regulations. The amendments expand the number of provide a method for members and others to submit
registrants that qualify as smaller reporting comments to NCUA regarding the proposed merger.
companies and are intended to reduce compliance In addition, NCUA has replaced its Merger Manual
costs for these registrants and promote capital with revised model forms that conform to the
formation, while maintaining appropriate investor requirements of this rule. The regulations now
protections. SEC is amending the definition of includes these forms. The rule is effective
“smaller reporting company” to include registrants 10/01/2018. The notice may be viewed at:
with a public float of less than $250 million, as well https://www.gpo.gov/fdsys/pkg/FR-2018-06-
as registrants with annual revenues of less than $100 28/pdf/2018-13867.pdf. Federal Register, Vol. 83,
million for the previous year and either no public No. 125, 06/28/2018, 30301-30314.
float or a public float of less than $700 million. SEC
is also amending other rules and forms in light of the
new definition of “smaller reporting company,”
JULY 2018
11