In addition, the Commission voted to propose amendments designed to better implement the intent of Section 302 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. These proposed amendments would:

• require registered management investment companies, including mutual funds, to file certified shareholder reports with the Commission, on a new Form N-CSR. These certified shareholder reports would consist of a copy of any required shareholder report, information regarding the company's disclosure controls and procedures, and the certifications required by Section 302;
   
• require all registered investment companies to maintain, and regularly evaluate, disclosure controls and procedures designed to ensure that the information required in all its disclosure documents is collected, processed, and disclosed on a timely basis; and
   
• uniformly apply to all registered investment companies, and not just those required to file periodic reports under the Exchange Act, the requirement to include a certification of their principal executive and financial officers in their reports on Form N-SAR.

Comments on the proposed amendments should be received within 30 days of the date of their publication in the Federal Register. The rules will apply to reports filed after Aug. 29, 2002.