Today, Chairman Gary Gensler announced an update to the Securities and Exchange Commission’s regulatory agenda for the fall of 2023.
While we have not compared with the prior iteration, topics like Reg D and Accredited Investor definition, 12-g rules and ATS updates are still on the roster for proposed changes. Items like EGS heavy Climate Disclosure requirements is listed in Final Rule Stage.
You may view the entire list here.
Gensler issued a brief statement on the agenda stating they are “updating our rules for the technology and business models of the 2020s. We’re updating our rules to promote the efficiency, integrity, and resiliency of the markets. We do so with an eye toward investors and issuers alike, to ensure the markets work for them and not the other way around.”
Gensler has received a certain amount of criticism for his aggressive rulemaking with some insiders complaining about overlapping rules. As we are rolling into a Presidential election year, there could be a keen eye on what will be pursued and what not to change.
If you are interested, the entire list as it stands today is reproduced below.
| Agency | Agenda Stage of Rulemaking | Title | RIN |
|---|---|---|---|
SEC |
Proposed Rule Stage |
EDGAR Filer Access and Account Management |
3235-AM58 |
SEC |
Proposed Rule Stage |
Incentive-Based Compensation Arrangements |
3235-AL06 |
SEC |
Proposed Rule Stage |
Corporate Board Diversity |
3235-AL91 |
SEC |
Proposed Rule Stage |
Disclosure of Payments by Resource Extraction Issuers |
3235-AM06 |
SEC |
Proposed Rule Stage |
Rule 144 Holding Period |
3235-AM78 |
SEC |
Proposed Rule Stage |
Human Capital Management Disclosure |
3235-AM88 |
SEC |
Proposed Rule Stage |
Regulation D and Form D Improvements |
3235-AN04 |
SEC |
Proposed Rule Stage |
Revisions to the Definition of Securities Held of Record |
3235-AN05 |
SEC |
Proposed Rule Stage |
Fund Fee Disclosure and Reform |
3235-AN12 |
SEC |
Proposed Rule Stage |
Registration for Index-Linked Annuities; Amendments to Form N-4 for Index-Linked and Variable Annuities |
3235-AN30 |
SEC |
Proposed Rule Stage |
Financial Data Transparency Act Joint Rulemaking |
3235-AN32 |
SEC |
Proposed Rule Stage |
Exchange-Traded Products |
3235-AL57 |
SEC |
Proposed Rule Stage |
Regulation ATS Modernization |
3235-AN16 |
SEC |
Proposed Rule Stage |
Volume-Based Exchange Transaction Pricing for NMS Stocks |
3235-AN29 |
SEC |
Final Rule Stage |
Prohibition Against Conflicts of Interest in Certain Securitizations |
3235-AL04 |
SEC |
Final Rule Stage |
Climate Change Disclosure |
3235-AM87 |
SEC |
Final Rule Stage |
Special Purpose Acquisition Companies |
3235-AM90 |
SEC |
Final Rule Stage |
Rule 14a-8 Amendments |
3235-AM91 |
SEC |
Final Rule Stage |
Safeguarding Advisory Client Assets |
3235-AM32 |
SEC |
Final Rule Stage |
Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices |
3235-AM96 |
SEC |
Final Rule Stage |
Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N–PORT Reporting |
3235-AM98 |
SEC |
Final Rule Stage |
Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies |
3235-AN08 |
SEC |
Final Rule Stage |
Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers |
3235-AN13 |
SEC |
Final Rule Stage |
Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers |
3235-AN14 |
SEC |
Final Rule Stage |
Outsourcing by Investment Advisers |
3235-AN18 |
SEC |
Final Rule Stage |
Regulation S P: Privacy of Consumer Financial Information and Safeguarding Customer Information |
3235-AN26 |
SEC |
Final Rule Stage |
Exemption for Certain Investment Advisers Operating Through the Internet |
3235-AN31 |
SEC |
Final Rule Stage |
Clearing Agency Governance |
3235-AK74 |
SEC |
Final Rule Stage |
Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities |
3235-AK93 |
SEC |
Final Rule Stage |
Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding FOCUS Report |
3235-AL85 |
SEC |
Final Rule Stage |
Amendments to Exchange Act Rule 3b-16 re Definition of “Exchange”; Regulation ATS and Regulation SCI for ATSs That Trade U.S. Government Securities, NMS Stocks and Other Securities |
3235-AM45 |
SEC |
Final Rule Stage |
Order Competition Rule |
3235-AM57 |
SEC |
Final Rule Stage |
Amendments to NMS Plan for the Consolidated Audit Trail-Data Security |
3235-AM62 |
SEC |
Final Rule Stage |
Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities |
3235-AN09 |
SEC |
Final Rule Stage |
Further Definition of Dealers |
3235-AN10 |
SEC |
Final Rule Stage |
Cybersecurity Risk Management Rules for Broker-Dealers, Clearing Agencies, MSBSPs, the MSRB, National Securities Associations, National Securities Exchanges, SBSDRs, SBS Dealers, and Transfer Agents |
3235-AN15 |
SEC |
Final Rule Stage |
Covered Clearing Agency Resiliency and Recovery and Wind-Down Plans |
3235-AN19 |
SEC |
Final Rule Stage |
Disclosure of Order Execution Information |
3235-AN22 |
SEC |
Final Rule Stage |
Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders |
3235-AN23 |
SEC |
Final Rule Stage |
Regulation Best Execution |
3235-AN24 |
SEC |
Final Rule Stage |
Regulation Systems Compliance and Integrity |
3235-AN25 |
SEC |
Final Rule Stage |
Reporting of Security-Based Swap Positions |
3235-AN27 |
SEC |
Final Rule Stage |
Daily Computation of Customer and Broker-Dealer Reserve Requirements Under the Broker-Dealer Customer Protection Rule |