U.S. SEC chief details summer of rulemaking

By Karey Wutkowski

WASHINGTON, June 12 (Reuters) - The U.S. Securities and Exchange Commission has a full summer agenda that includes proposing ways to make it easier for U.S. investors to access foreign securities, updating how energy companies report oil reserves and creating an online municipal bond database.

"It's quite a laundry list of important topics," SEC Chairman Christopher Cox said on Thursday at a Chartered Financial Analyst conference. "Our agenda for all of 2008 ... will be just as busy."

Cox, a Republican, was appointed to head the SEC by President George W. Bush, whose term expires in January. A new president typically replaces the heads of federal agencies.

SEC commissioners are due to meet in two weeks to propose streamlining adoption of rule proposals by self-regulatory groups, which include the major stock exchanges. The exchanges have criticized the SEC for its slow approval process, saying it stifles development of new products.

At the June 25 meeting, the SEC is also due to vote on creating a municipal bond filings website similar to the EDGAR system used by companies to file quarterly and annual reports. Cox said he was working with lawmakers to "true up the quality of disclosure" of municipal securities markets.

The SEC also intends to propose a rule that would make it easier for U.S. investors to access foreign securities. Currently, they cannot directly do business with a foreign broker and must work through a U.S. broker "chaperone."

The meeting is also due to address how credit rating agencies are referenced in existing SEC regulations. The SEC proposed a credit rating reform package earlier this week.

Cox said that as early as this month the SEC could address when equity-indexed annuities should be treated as securities. Sale of the complex annuities, which often have high surrender charges, has risen over the last decade.