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SEC

RIN: 3235-AF54

Publication ID: Spring 1997

Title: Regulation M
Abstract: The Commission adopted Regulation M under the Securities Act of 1933, the Exchange Act of 1934 ("Exchange Act") and the Investment Company Act of 1940 on December 18, 1996. See Securities Exchange Act Release No. 38067 (December 20, 1996), 62 FR 520. Regulation M became affective on March 4, 1997, and replaces Rules 10b-6, 10b-6A, 10b-7, 10b-8, and 10b-21 under the Exchange Act. Rules 101 and 102 under Regulation M, which replace Rule 10b-6, continue to prohibit persons engaged in a distribution of securities from bidding for, purchasing, or inducing others to purchase such securities and any related securities until they have completed their participation in the distribution. Rule 103 under Regulation M, which replaces Rule 10b-6A, continues to permit "passive market making" of securities quoted on Nasdaq by a market maker participating in a distribution. Rule 104 under Regulation M, which replaces Rule 10b-7, continues to govern stabilizing activities to facilitate distributions of securities. Rule 105 under Regulation M, which replaces Rule 10b-21, continues to prohibit persons from covering short sales with offered securities obtained from an underwriter, broker, or dealer who is participating in the distribution of such securities. Rule 10b-8, which governed certain activities during distributions of securities through rights, was eliminated. Conforming amendments were adopted to Exchange Act Rule 17a-2 with respect to recordkeeping of stabilizing and other syndicate activities.
Agency: Securities and Exchange Commission(SEC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Completed Actions
Major: Yes	Unfunded Mandates: No
CFR Citation: 17 CFR 242.100 17 CFR 242.101 17 CFR 242.102 17 CFR 242.103 17 CFR 242.104 17 CFR 242.105
Legal Authority: 15 USC 77g 15 USC 77q(a) 15 USC 77s(a) 15 USC 78b 15 USC 78c 15 USC 78i(a) 15 USC 78j 15 USC 78k-1(c) 15 USC 78l 15 USC 78m 15 USC 78n 15 USC 78o(c) 15 USC 78o(g) 15 USC 78q(a) 15 USC 78q(h) ...

Timetable:

Action	Date	FR Cite
ANPRM	04/26/1994	59 FR 21681
ANPRM Comment Period End	08/12/1994
NPRM	04/18/1996	61 FR 17108
NPRM Comment Period End	06/17/1996
Final Action	01/03/1997	62 FR 520
Final Action Effective	03/04/1997

Additional Information: LEGAL AUTHORITY CONT: 15 USC 78w(a); 15 USC 78dd-1; 15 USC 80a-23; 15 USC 80a-29; 15 USC 80a-37
Regulatory Flexibility Analysis Required: Yes	Government Levels Affected: None
Small Entities Affected: Businesses
Included in the Regulatory Plan: No
Agency Contact: Nancy J. Sanow Division of Trading and Markets Securities and Exchange Commission 100 F Street NE, Washington, DC 20549 Phone:202 551-5621 Email: sanown@sec.gov