Phase One Recommendations of Task Force on Disclosure Simplification

In connection with its consideration of certain of the recommendations contained in the Task Force on Disclosure Simplification's Report ("Task Force Report'), the Securities and Exchange Commission ("Commission') is eliminating 44 rules and four forms that it has determined are no longer necessary or appropriate in the public interest or for the protection of investors. It also is adopting other minor or technical rule changes or corrections. Other proposals designed to improve the disclosure process, both for investors and those subject to the Commission's disclosure requirements, will be forthcoming in future releases following the Commission's further consideration of the remaining Task Force recommendations.