{"abstract":"The Securities and Exchange Commission (\"Commission\") is proposing to adopt new rules and amend existing rules and forms under the Securities Exchange Act of 1934 (\"Exchange Act\"). The proposals pertain to the governance, administration, transparency and ownership of self-regulatory organizations (\"SROs\") that are national securities exchanges or registered securities associations and the periodic reporting of information by these SROs regarding their regulatory programs. The proposals also relate to the listing and trading by SROs of their own or affiliated securities. First, the proposals would impose new governance standards on national securities exchanges and registered securities associations by requiring a majority of the members of the exchange's or association's board of directors to be independent. In addition, key committees of the board would be required to be composed solely of independent directors. The proposals would define the term \"independent director.\" The proposals also would require exchanges and associations to establish policies and procedures to maintain a separation between their regulatory functions and their market operations and other commercial interests, and require that funds received from regulatory fines, fees, and penalties be used for regulatory purposes. Further, the proposals would require national securities exchanges and registered securities associations to prohibit any member that is a broker or dealer from owning and voting more than 20% of the ownership interest in the exchange or the association, or a facility of the exchange or association. To supplement these ownership and voting provisions, the proposals also would require each member of an exchange or association that is a broker or dealer to file a report with the Commission when the member acquires ownership of more than 5% of any interest in the exchange or association, or any facility thereof. Also, the Commission proposes to require national securities exchanges and national securities associations to maintain their books and records in the United States. Together, these proposals are designed to strengthen the governance and administration of SROs and address the possible concentration of ownership by member firms. In addition, the Commission proposes to amend its forms for registration as a national securities exchange or registered securities association to require that these SROs file with the Commission and publicly disclose enhanced information relating to their governance, regulatory programs, finances, ownership structure, and other matters. Further, the Commission's rules governing the procedures for filing amendments to these registration forms would be revised to require more frequent updating of the required information and the posting of the required information on the SROs' Internet Web sites. These proposals are designed to provide greater transparency to key aspects of the governance, ownership structure, and regulatory operations of national securities exchanges and registered securities associations. The Commission also proposes to require national securities exchanges and registered securities associations to file with the Commission, in an electronic format, quarterly and annual reports on particular aspects of their regulatory programs. This proposal is intended to enhance the Commission's oversight and surveillance of exchanges and associations by requiring them to provide the Commission with detailed regulatory information on a regular basis, thereby assisting the Commission to oversee more effectively the SROs' regulatory programs and better identify any trends or issues that may arise. Finally, the Commission proposes to impose requirements on a national securities exchange or registered securities association that chooses to list or trade its own security, the security of any trading facility, or the security of an affiliate of itself or a facility. The proposed requirements are designed to assure that these SROs are able to enforce effectively their listing standards with respect to, and supervise trading in, their own or a facility's securities, or the securities of affiliates of the SRO or a facility.","action":"Proposed rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2004/12/08/04-26153.html","cfr_references":[{"chapter":null,"citation_url":null,"part":240,"title":17},{"chapter":null,"citation_url":null,"part":242,"title":17},{"chapter":null,"citation_url":null,"part":249,"title":17}],"citation":"69 FR 71126","comment_url":null,"comments_close_on":"2005-01-24","correction_of":null,"corrections":[],"dates":"Comments should be submitted on or before January 24, 2005.","disposition_notes":null,"docket_ids":["Release No. 34-50699","File No. S7-39-04"],"dockets":[],"document_number":"04-26153","effective_on":null,"end_page":71254,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2004/12/08/04-26153.xml","html_url":"https://www.federalregister.gov/documents/2004/12/08/04-26153/fair-administration-and-governance-of-self-regulatory-organizations-disclosure-and-regulatory","images":{"EP08DE04.009":{"large":"https://img.federalregister.gov/EP08DE04.009/EP08DE04.009_large.png","medium":"https://img.federalregister.gov/EP08DE04.009/EP08DE04.009_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.009/EP08DE04.009_original_size.png"},"EP08DE04.008":{"large":"https://img.federalregister.gov/EP08DE04.008/EP08DE04.008_large.png","medium":"https://img.federalregister.gov/EP08DE04.008/EP08DE04.008_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.008/EP08DE04.008_original_size.png"},"EP08DE04.007":{"large":"https://img.federalregister.gov/EP08DE04.007/EP08DE04.007_large.png","medium":"https://img.federalregister.gov/EP08DE04.007/EP08DE04.007_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.007/EP08DE04.007_original_size.png"},"EP08DE04.006":{"large":"https://img.federalregister.gov/EP08DE04.006/EP08DE04.006_large.png","medium":"https://img.federalregister.gov/EP08DE04.006/EP08DE04.006_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.006/EP08DE04.006_original_size.png"},"EP08DE04.016":{"large":"https://img.federalregister.gov/EP08DE04.016/EP08DE04.016_large.png","medium":"https://img.federalregister.gov/EP08DE04.016/EP08DE04.016_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.016/EP08DE04.016_original_size.png"},"EP08DE04.015":{"large":"https://img.federalregister.gov/EP08DE04.015/EP08DE04.015_large.png","medium":"https://img.federalregister.gov/EP08DE04.015/EP08DE04.015_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.015/EP08DE04.015_original_size.png"},"EP08DE04.014":{"large":"https://img.federalregister.gov/EP08DE04.014/EP08DE04.014_large.png","medium":"https://img.federalregister.gov/EP08DE04.014/EP08DE04.014_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.014/EP08DE04.014_original_size.png"},"EP08DE04.013":{"large":"https://img.federalregister.gov/EP08DE04.013/EP08DE04.013_large.png","medium":"https://img.federalregister.gov/EP08DE04.013/EP08DE04.013_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.013/EP08DE04.013_original_size.png"},"EP08DE04.012":{"large":"https://img.federalregister.gov/EP08DE04.012/EP08DE04.012_large.png","medium":"https://img.federalregister.gov/EP08DE04.012/EP08DE04.012_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.012/EP08DE04.012_original_size.png"},"EP08DE04.011":{"large":"https://img.federalregister.gov/EP08DE04.011/EP08DE04.011_large.png","medium":"https://img.federalregister.gov/EP08DE04.011/EP08DE04.011_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.011/EP08DE04.011_original_size.png"},"EP08DE04.010":{"large":"https://img.federalregister.gov/EP08DE04.010/EP08DE04.010_large.png","medium":"https://img.federalregister.gov/EP08DE04.010/EP08DE04.010_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.010/EP08DE04.010_original_size.png"},"EP08DE04.019":{"large":"https://img.federalregister.gov/EP08DE04.019/EP08DE04.019_large.png","medium":"https://img.federalregister.gov/EP08DE04.019/EP08DE04.019_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.019/EP08DE04.019_original_size.png"},"EP08DE04.018":{"large":"https://img.federalregister.gov/EP08DE04.018/EP08DE04.018_large.png","medium":"https://img.federalregister.gov/EP08DE04.018/EP08DE04.018_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.018/EP08DE04.018_original_size.png"},"EP08DE04.017":{"large":"https://img.federalregister.gov/EP08DE04.017/EP08DE04.017_large.png","medium":"https://img.federalregister.gov/EP08DE04.017/EP08DE04.017_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.017/EP08DE04.017_original_size.png"},"EP08DE04.005":{"large":"https://img.federalregister.gov/EP08DE04.005/EP08DE04.005_large.png","medium":"https://img.federalregister.gov/EP08DE04.005/EP08DE04.005_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.005/EP08DE04.005_original_size.png"},"EP08DE04.004":{"large":"https://img.federalregister.gov/EP08DE04.004/EP08DE04.004_large.png","medium":"https://img.federalregister.gov/EP08DE04.004/EP08DE04.004_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.004/EP08DE04.004_original_size.png"},"EP08DE04.003":{"large":"https://img.federalregister.gov/EP08DE04.003/EP08DE04.003_large.png","medium":"https://img.federalregister.gov/EP08DE04.003/EP08DE04.003_medium.png","original_size":"https://img.federalregister.gov/EP08DE04.003/EP08DE04.00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