Exemptive Relief and Simplification of Filing Requirements for Debt Securities To Be Listed on a National Securities Exchange

The Securities and Exchange Commission ("Commission') is adopting new Rule 3a12-11 under the Securities Exchange Act of 1934 ("Exchange Act') and amending certain Exchange Act rules to reduce existing regulatory distinctions between debt securities listed on a national securities exchange and those traded in the over-the-counter market. The Commission also is simplifying registration procedures under the Exchange Act for listed debt securities. The new rule and amendments will: exempt listed debt securities from restrictions on borrowing and from most of the proxy and information statement rules; provide for the automatic effectiveness of Form 8-A registration statements for listed debt securities; and eliminate the filing fee associated with Form 8-A registration statements for listed debt securities.