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CCH® PENSION AND BENEFITS — 7/25/07

SEC proposes registration exemption for certain issuers of compensatory employee stock options

The Securities and Exchange Commission (SEC) is proposing to exempt private, non-reporting issuers of compensatory employee stock options from registration requirements.

Under current law, an issuer with 500 or more option holders and more than $10 million in assets is required to register that class of options under the Exchange Act. The SEC is now proposing an exemption from Exchange Act Sec. 12(g) registration for private, non-reporting issuers for compensatory employee stock options issued under employee stock option plans. The proposed rules would largely follow the criteria used since 2001 by the SEC in no-action letters issued to private non-reporting issuers.

Comments on the proposed regulations must be received by September 10, 2007, referencing File No. S7–14–07, and may be directed to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090, or electronically at http://www.sec.gov/rules/proposed.shtml.

For more information on this and related topics, consult the CCH Pension Plan Guide.

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