Regulatory Flexibility Agenda, 2022-2026 [2017-28247]
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Federal Register / Vol. 83, No. 9 / Friday, January 12, 2018 / Unified Agenda
Electronic Comments
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–10424, 34–81839, IA–4789,
IC–32857, File No. S7–07–17]
Regulatory Flexibility Agenda
Securities and Exchange
Commission.
ACTION: Semiannual regulatory agenda.
AGENCY:
The Securities and Exchange
Commission is publishing the
Chairman’s agenda of rulemaking
actions pursuant to the Regulatory
Flexibility Act (RFA) (Pub. L. 96–354,
94 Stat. 1164) (Sep. 19, 1980). The items
listed in the Regulatory Flexibility
Agenda for autumn 2017 reflect only the
priorities of the Chairman of the U.S.
Securities and Exchange Commission,
and do not necessarily reflect the view
and priorities of any individual
Commissioner.
Information in the agenda was
accurate on October 6, 2017, the date on
which the Commission’s staff completed
compilation of the data. To the extent
possible, rulemaking actions by the
Commission since that date have been
reflected in the agenda. The
Commission invites questions and
public comment on the agenda and on
the individual agenda entries.
The Commission is now printing in
the Federal Register, along with our
preamble, only those agenda entries for
which we have indicated that
preparation of an RFA analysis is
required.
The Commission’s complete RFA
agenda will be available online at
www.reginfo.gov.
DATES: Comments should be received on
or before February 12, 2018.
ADDRESSES: Comments may be
submitted by any of the following
methods:
SUMMARY:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/other.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number S7–
07–17 on the subject line; or
• Use the Federal eRulemaking Portal
(https://www.regulations.gov). Follow the
instructions for submitting comments.
Paper Comments
• Send paper comments to Brent J.
Fields, Secretary, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
No. S7–07–17. This file number should
be included on the subject line if email
is used. To help us process and review
your comments more efficiently, please
use only one method. The Commission
will post all comments on the
Commission’s internet website (https://
www.sec.gov/rules/other.shtml).
Comments are also available for website
viewing and printing in the
Commission’s Public Reference Room,
100 F Street NE, Washington, DC 20549,
on official business days between the
hours of 10:00 a.m. and 3:00 p.m. All
comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
FOR FURTHER INFORMATION CONTACT:
Mykaila DeLesDernier, Office of the
General Counsel, 202–551–5129.
SUPPLEMENTARY INFORMATION: The RFA
requires each Federal agency, twice
each year, to publish in the Federal
Register an agenda identifying rules that
the agency expects to consider in the
next 12 months that are likely to have
a significant economic impact on a
substantial number of small entities (5
U.S.C. 602(a)). The RFA specifically
provides that publication of the agenda
does not preclude an agency from
considering or acting on any matter not
included in the agenda and that an
agency is not required to consider or act
on any matter that is included in the
agenda (5 U.S.C. 602(d)). The
Commission may consider or act on any
matter earlier or later than the estimated
date provided on the agenda. While the
agenda reflects the current intent to
complete a number of rulemakings in
the next year, the precise dates for each
rulemaking at this point are uncertain.
Actions that do not have an estimated
date are placed in the long-term
category; the Commission may
nevertheless act on items in that
category within the next 12 months. The
agenda includes new entries, entries
carried over from prior publications,
and rulemaking actions that have been
completed (or withdrawn) since
publication of the last agenda.
The following abbreviations for the
acts administered by the Commission
are used in the agenda:
‘‘Securities Act’’— Securities Act of
1933
‘‘Exchange Act’’— Securities Exchange
Act of 1934
‘‘Investment Company Act’’—
Investment Company Act of 1940
‘‘Investment Advisers Act’’—
Investment Advisers Act of 1940
‘‘Dodd Frank Act’’—Dodd-Frank Wall
Street Reform and Consumer
Protection Act
‘‘JOBS Act’’—Jumpstart Our Business
Startups Act
The Commission invites public
comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: October 6, 2017.
Brent J. Fields,
Secretary.
DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Sequence No.
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483
484
485
486
....................
....................
....................
....................
Regulation
Identifier No.
Title
Amendments to Interactive Data (XBRL) Program .........................................................................................
Amendments to Smaller Reporting Company Definition .................................................................................
Modernization of Property Disclosures for Mining Registrants .......................................................................
Disclosure Update and Simplification ..............................................................................................................
3235–AL59
3235–AL90
3235–AL81
3235–AL82
DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS
Sequence No.
487
488
489
490
....................
....................
....................
....................
VerDate Sep<11>2014
Regulation
Identifier No.
Title
Disclosure of Hedging by Employees, Officers and Directors ........................................................................
Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................
Pay Versus Performance .................................................................................................................................
Universal Proxy ................................................................................................................................................
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3235–AK99
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2023
DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS—Continued
Regulation
Identifier No.
Sequence No.
Title
491 ....................
Form 10–K Summary .......................................................................................................................................
3235–AL89
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
492 ....................
Amendments to Regulation D, Form D and Rule 156 Under the Securities Act ............................................
3235–AL46
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Sequence No.
493 ....................
Regulation
Identifier No.
Title
Investment Company Reporting Modernization; Option for Website Transmission of Shareholder Reports
3235–AL42
DIVISION OF INVESTMENT MANAGEMENT—LONG-TERM ACTIONS
Regulation
Identifier No.
Sequence No.
Title
494 ....................
495 ....................
Reporting of Proxy Votes on Executive Compensation and Other Matters ....................................................
Use of Derivatives by Registered Investment Companies and Business Development Companies .............
3235–AK67
3235–AL60
DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
496 ....................
Adviser Business Continuity and Transition Plans ..........................................................................................
3235–AL62
DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS
Regulation
Identifier No.
Sequence No.
Title
497 ....................
Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ...................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
sradovich on DSK3GMQ082PROD with PROPOSALS
Final Rule Stage
483. Amendments to Interactive Data
(XBRL) Program
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 78w(a); 15 U.S.C. 80a–37
Abstract: The Commission proposed
amendments to the XBRL rules to
provide for companies to use Inline
XBRL to file a single combined
document.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
VerDate Sep<11>2014
03/17/17
05/16/17
FR Cite
82 FR 14282
484. Amendments to Smaller Reporting
Company Definition
E.O. 13771 Designation: Independent
agency.
Legal Authority: Not Yet Determined
Abstract: The Commission proposed
revisions to the ‘‘smaller reporting
company’’ definitions and related
provisions.
Timetable:
Action
10/00/18
20:29 Jan 11, 2018
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark W. Green,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–0301, Phone: 202 551–3430, Fax:
202 772–9207.
RIN: 3235–AL59
Date
NPRM ..................
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FR Cite
81 FR 43130
Action
NPRM Comment
Period End.
Final Action .........
Date
3235–AL14
FR Cite
08/30/16
10/00/18
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Amy Reischauer,
Securities and Exchange Commission,
110 F Street NE, Washington, DC 20549,
Phone: 202 551–3460, Email:
reischauerp@sec.gov.
RIN: 3235–AL90
485. Modernization of Property
Disclosures for Mining Registrants
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77c(b); 15
U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C.
78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15
U.S.C. 78o(d)
Abstract: The Commission proposed
rules to modernize and clarify the
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disclosure requirements for companies
engaged in mining operations.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Extended.
NPRM Comment
Period Extended End.
Final Action .........
FR Cite
06/27/16
08/26/16
81 FR 41652
08/26/16
81 FR 58877
09/26/16
10/00/18
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Elliot Staffin,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3450, Email: staffine@
sec.gov.
RIN: 3235–AL81
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
487. Disclosure of Hedging by
Employees, Officers and Directors
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 111–203
Abstract: The Commission proposed
rules to implement section 955 of the
Dodd-Frank Act, which added section
14(j) to the Exchange Act to require
annual meeting proxy statement
disclosure of whether employees or
members of the board of directors are
permitted to engage in transactions to
hedge or offset any decrease in the
market value of equity securities granted
to the employee or board member as
compensation, or held directly or
indirectly by the employee or board
member.
Timetable:
486. Disclosure Update and
Simplification
Action
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77a et seq.;
15 U.S.C. 78a et seq.; 15 U.S.C. 80a–1
et seq.; Pub. L. 114–94
Abstract: The Commission proposed
rules to update certain disclosure
requirements in Regulations S–X and S–
K that may have become redundant,
duplicative, overlapping, outdated or
superseded in light of other Commission
disclosure requirements, U.S. Generally
Accepted Accounting Principles,
International Financial Reporting
Standards, or changes in the
information environment.
Timetable:
Action
Date
sradovich on DSK3GMQ082PROD with PROPOSALS
NPRM ..................
NPRM Comment
Period Extended.
NPRM Comment
Period End.
NPRM Comment
Period Extended End.
Final Action .........
08/04/16
09/29/16
FR Cite
81 FR 51607
81 FR 66898
10/03/16
11/02/16
10/00/18
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Lindsay McCord,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3255, Email: mccordl@
sec.gov.
RIN: 3235–AL82
VerDate Sep<11>2014
20:29 Jan 11, 2018
Jkt 244001
Action
Date
NPRM ..................
NPRM Comment
Period End.
02/17/15
04/20/15
Next Action Undetermined.
FR Cite
80 FR 8486
488. Listing Standards for Recovery of
Erroneously Awarded Compensation
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 111–203, sec.
954; 15 U.S.C. 78j–4
Abstract: The Commission proposed
rules to implement section 954 of the
Dodd-Frank Act, which requires the
Commission to adopt rules to direct
national securities exchanges to prohibit
the listing of securities of issuers that
have not developed and implemented a
policy providing for disclosure of the
issuer’s policy on incentive-based
compensation and mandating the
clawback of such compensation in
certain circumstances.
Timetable:
Action
PO 00000
Frm 00004
Next Action Undetermined.
Date
07/14/15
Fmt 4701
Sfmt 4702
FR Cite
FR Cite
09/14/15
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Anne M. Krauskopf,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3500.
RIN: 3235–AK99
489. Pay Versus Performance
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 111–203,
sec.953(a); 15 U.S.C. 78c(b); 15 U.S.C.
78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed
rules to implement section 953(a) of the
Dodd-Frank Act, which added section
14(i) to the Exchange Act to require
issuers to disclose information that
shows the relationship between
executive compensation actually paid
and the financial performance of the
issuer.
Timetable:
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Carolyn Sherman,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3500, Email:
shermanc@sec.gov.
RIN: 3235–AL49
NPRM ..................
NPRM Comment
Period End.
Date
Action
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
Date
05/07/15
07/06/15
FR Cite
80 FR 26329
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Steven G. Hearne,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: hearnes@
sec.gov.
RIN: 3235–AL00
490. Universal Proxy
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 78n; 15
U.S.C. 78w(a)
Abstract: The Commission proposed
to amend the proxy rules to expand
shareholders’ ability to vote by proxy to
select among duly-nominated
candidates in a contested election of
directors.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
80 FR 41144
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Date
11/10/16
01/09/17
FR Cite
81 FR 79122
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Action
Date
Next Action Undetermined.
FR Cite
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Steven G. Hearne,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: hearnes@
sec.gov.
RIN: 3235–AL84
491. Form 10–K Summary
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 114–94; 15
U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C.
78m; 15 U.S.C. 78o; 15 U.S.C. 78w
Abstract: The Commission adopted an
interim final amendment to implement
Section 72001 of the FAST Act by
permitting an issuer to include a
summary in its Form l0–K and also
requested comment on the interim final
amendment.
Timetable:
Action
Date
Interim Final Rule
Interim Final Rule
Effective.
Interim Final Rule
Comment Period End.
Next Action Undetermined.
06/09/16
06/09/16
81 FR 37132
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period Reopened End.
Withdrawn ...........
FR Cite
07/24/13
09/23/13
78 FR 44806
10/03/13
78 FR 61222
11/04/13
09/13/17
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark Vilardo,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3500, Email: vilardom@
sec.gov.
RIN: 3235–AL46
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Final Rule Stage
493. Investment Company Reporting
Modernization; Option for Website
Transmission of Shareholder Reports
To Be Determined
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
sradovich on DSK3GMQ082PROD with PROPOSALS
Date
Division of Investment Management
07/11/16
492. Amendments to Regulation D,
Form D and Rule 156 Under the
Securities Act
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Commission proposed
rule and form amendments to enhance
the Commission’s ability to evaluate the
development of market practices in
offerings under Rule 506 of Regulation
20:29 Jan 11, 2018
Action
FR Cite
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Sean Harrison,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Fax: 202 772–
9207, Email: harrisons@sec.gov.
RIN: 3235–AL89
VerDate Sep<11>2014
D and address concerns that may arise
in connection with permitting issuers to
engage in general solicitation and
general advertising under new
paragraph (c) of Rule 506.
Timetable:
Jkt 244001
E.O. 13771 Designation: Independent
Agency.
Legal Authority: 15 U.S.C. 77 et seq.;
15 U.S.C. 77aaa et seq.; 15 U.S.C. 78a et
seq.; 15 U.S.C. 80a et seq.; 44 U.S.C.
3506; 44 U.S.C. 3507
Abstract: The Commission adopted
new rules and forms as well as
amendments to its rules and forms to
modernize the reporting and disclosure
of information by registered investment
companies. The Commission proposed
new rule 30e-3, which would permit,
but not require registered investment
companies to transmit periodic reports
to their shareholders by making the
reports accessible on a website and
satisfying certain other conditions. The
Commission has not finalized proposed
rule 30e–3.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
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80 FR 33590
10/12/15
80 FR 62274
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NPRM Comment
Period Reopened End.
Final Action .........
Final Action Effective.
Final Action .........
Date
FR Cite
01/13/16
11/18/16
01/17/17
81 FR 81870
10/00/18
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Brian Johnson,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6740, Email:
johnsonbm@sec.gov.
RIN: 3235–AL42
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
494. Reporting of Proxy Votes on
Executive Compensation and Other
Matters
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 78m; 15
U.S.C. 78w(a); 15 U.S.C. 78mm; 15
U.S.C. 78x; 15 U.S.C. 80a–8; 15 U.S.C.
80a–29; 15 U.S.C. 80a–30; 15 U.S.C.
80a–37; 15 U.S.C. 80a–44; Pub. L. 111–
203, sec 951
Abstract: The Division is considering
recommending that the Commission
repropose rule amendments to
implement section 951 of the DoddFrank Act. The Commission previously
proposed amendments to rules and
Form N–PX that would require
institutional investment managers
subject to section 13(f) of the Exchange
Act to report how they voted on any
shareholder vote on executive
compensation or golden parachutes
pursuant to sections 14A(a) and (b) of
the Exchange Act.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
Date
10/28/10
11/18/10
FR Cite
75 FR 66622
To Be Determined
FR Cite
06/12/15
08/11/15
Fmt 4701
Action
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Matthew
DeLesDernier, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
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Washington, DC 20549, Phone: 202 551–
6792, Email: delesdernierj@sec.gov.
RIN: 3235–AK67
SECURITIES AND EXCHANGE
COMMISSION (SEC)
495. Use of Derivatives by Registered
Investment Companies and Business
Development Companies
Completed Actions
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80a–6(c);
15 U.S.C. 80a–31(a); 15 U.S.C. 80a–
12(a); 15 U.S.C. 80a–38(a); 15 U.S.C.
80a–8; 15 U.S.C. 80a–30; 15 U.S.C. 80a–
38
Abstract: The Commission proposed a
new rule designed to enhance the
regulation of the use of derivatives by
registered investment companies,
including mutual funds, exchangetraded funds, closed-end funds and
business development companies. The
proposed rule would regulate registered
investment companies’ use of
derivatives and require enhanced risk
management measures.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
12/28/15
03/28/16
FR Cite
80 FR 80884
sradovich on DSK3GMQ082PROD with PROPOSALS
496. Adviser Business Continuity and
Transition Plans
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80b–4; 15
U.S.C. 80b–6(4); 15 U.S.C. 80b–11(a)
Abstract: The Commission proposed a
new rule that would require investment
advisers registered with the Commission
to adopt and implement written
business continuity and transition
plans.
Timetable:
Action
Date
FR Cite
Action
NPRM ..................
NPRM Comment
Period End.
Withdrawn ...........
07/05/16
09/06/16
20:29 Jan 11, 2018
Jkt 244001
09/13/17
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Sara Cortes, Division
of Investment Management, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202
551–5137, Email: cortess@sec.gov.
RIN: 3235–AL62
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
497. Removal of Certain References to
Credit Ratings Under the Securities
Exchange Act of 1934
E.O. 13771 Designation: Independent
agency.
PO 00000
Frm 00006
Fmt 4701
Sfmt 9990
Date
FR Cite
81 FR 43530
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Brian Johnson,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6740, Email:
johnsonbm@sec.gov.
RIN: 3235–AL60
VerDate Sep<11>2014
Division of Investment Management
Legal Authority: Pub. L. 111–203, sec.
939A
Abstract: Section 939A of the DoddFrank Act requires the Commission to
remove certain references to credit
ratings from its regulations and to
substitute such standards of
creditworthiness as the Commission
determines to be appropriate. The
Commission amended certain rules and
one form under the Exchange Act
applicable to broker-dealer financial
responsibility, and confirmation of
transactions. The Commission has not
yet finalized amendments to certain
rules regarding the distribution of
securities.
Timetable:
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Next Action Undetermined.
05/06/11
07/05/11
76 FR 26550
01/08/14
07/07/14
79 FR 1522
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: John Guidroz,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6439, Email: guidrozj@
sec.gov.
RIN: 3235–AL14
[FR Doc. 2017–28247 Filed 1–11–18; 8:45 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 83, Number 9 (Friday, January 12, 2018)]
[Unknown Section]
[Pages 2022-2026]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28247]
[[Page 2021]]
Vol. 83
Friday,
No. 9
January 12, 2018
Part XXVI
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 83 , No. 9 / Friday, January 12, 2018 /
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-10424, 34-81839, IA-4789, IC-32857, File No. S7-07-17]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Securities and Exchange Commission is publishing the
Chairman's agenda of rulemaking actions pursuant to the Regulatory
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980).
The items listed in the Regulatory Flexibility Agenda for autumn 2017
reflect only the priorities of the Chairman of the U.S. Securities and
Exchange Commission, and do not necessarily reflect the view and
priorities of any individual Commissioner.
Information in the agenda was accurate on October 6, 2017, the date
on which the Commission's staff completed compilation of the data. To
the extent possible, rulemaking actions by the Commission since that
date have been reflected in the agenda. The Commission invites
questions and public comment on the agenda and on the individual agenda
entries.
The Commission is now printing in the Federal Register, along with
our preamble, only those agenda entries for which we have indicated
that preparation of an RFA analysis is required.
The Commission's complete RFA agenda will be available online at
www.reginfo.gov.
DATES: Comments should be received on or before February 12, 2018.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/other.shtml); or
Send an email to [email protected]. Please include
File Number S7-07-17 on the subject line; or
Use the Federal eRulemaking Portal (https://www.regulations.gov). Follow the instructions for submitting comments.
Paper Comments
Send paper comments to Brent J. Fields, Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File No. S7-07-17. This file number
should be included on the subject line if email is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
internet website (https://www.sec.gov/rules/other.shtml). Comments are
also available for website viewing and printing in the Commission's
Public Reference Room, 100 F Street NE, Washington, DC 20549, on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
All comments received will be posted without change; we do not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Mykaila DeLesDernier, Office of the
General Counsel, 202-551-5129.
SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, twice
each year, to publish in the Federal Register an agenda identifying
rules that the agency expects to consider in the next 12 months that
are likely to have a significant economic impact on a substantial
number of small entities (5 U.S.C. 602(a)). The RFA specifically
provides that publication of the agenda does not preclude an agency
from considering or acting on any matter not included in the agenda and
that an agency is not required to consider or act on any matter that is
included in the agenda (5 U.S.C. 602(d)). The Commission may consider
or act on any matter earlier or later than the estimated date provided
on the agenda. While the agenda reflects the current intent to complete
a number of rulemakings in the next year, the precise dates for each
rulemaking at this point are uncertain. Actions that do not have an
estimated date are placed in the long-term category; the Commission may
nevertheless act on items in that category within the next 12 months.
The agenda includes new entries, entries carried over from prior
publications, and rulemaking actions that have been completed (or
withdrawn) since publication of the last agenda.
The following abbreviations for the acts administered by the
Commission are used in the agenda:
``Securities Act''-- Securities Act of 1933
``Exchange Act''-- Securities Exchange Act of 1934
``Investment Company Act''-- Investment Company Act of 1940
``Investment Advisers Act''-- Investment Advisers Act of 1940
``Dodd Frank Act''--Dodd-Frank Wall Street Reform and Consumer
Protection Act
``JOBS Act''--Jumpstart Our Business Startups Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: October 6, 2017.
Brent J. Fields,
Secretary.
Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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483....................... Amendments to Interactive 3235-AL59
Data (XBRL) Program.
484....................... Amendments to Smaller 3235-AL90
Reporting Company
Definition.
485....................... Modernization of Property 3235-AL81
Disclosures for Mining
Registrants.
486....................... Disclosure Update and 3235-AL82
Simplification.
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Division of Corporation Finance--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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487....................... Disclosure of Hedging by 3235-AL49
Employees, Officers and
Directors.
488....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
489....................... Pay Versus Performance.... 3235-AL00
490....................... Universal Proxy........... 3235-AL84
[[Page 2023]]
491....................... Form 10-K Summary......... 3235-AL89
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Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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492....................... Amendments to Regulation 3235-AL46
D, Form D and Rule 156
Under the Securities Act.
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Division of Investment Management--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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493....................... Investment Company 3235-AL42
Reporting Modernization;
Option for Website
Transmission of
Shareholder Reports.
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Division of Investment Management--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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494....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
495....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
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Division of Investment Management--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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496....................... Adviser Business 3235-AL62
Continuity and Transition
Plans.
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Division of Trading and Markets--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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497....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
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SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
483. Amendments to Interactive Data (XBRL) Program
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78w(a); 15 U.S.C. 80a-37
Abstract: The Commission proposed amendments to the XBRL rules to
provide for companies to use Inline XBRL to file a single combined
document.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/17/17 82 FR 14282
NPRM Comment Period End............. 05/16/17
Final Action........................ 10/00/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3430, Fax: 202 772-9207.
RIN: 3235-AL59
484. Amendments to Smaller Reporting Company Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: Not Yet Determined
Abstract: The Commission proposed revisions to the ``smaller
reporting company'' definitions and related provisions.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/01/16 81 FR 43130
NPRM Comment Period End............. 08/30/16
Final Action........................ 10/00/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amy Reischauer, Securities and Exchange Commission,
110 F Street NE, Washington, DC 20549, Phone: 202 551-3460, Email:
[email protected].
RIN: 3235-AL90
485. Modernization of Property Disclosures for Mining Registrants
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d)
Abstract: The Commission proposed rules to modernize and clarify
the
[[Page 2024]]
disclosure requirements for companies engaged in mining operations.
Timetable:
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Action Date FR Cite
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NPRM................................ 06/27/16 81 FR 41652
NPRM Comment Period End............. 08/26/16
NPRM Comment Period Extended........ 08/26/16 81 FR 58877
NPRM Comment Period Extended End.... 09/26/16
Final Action........................ 10/00/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Elliot Staffin, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3450, Email: [email protected].
RIN: 3235-AL81
486. Disclosure Update and Simplification
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15
U.S.C. 80a-1 et seq.; Pub. L. 114-94
Abstract: The Commission proposed rules to update certain
disclosure requirements in Regulations S-X and S-K that may have become
redundant, duplicative, overlapping, outdated or superseded in light of
other Commission disclosure requirements, U.S. Generally Accepted
Accounting Principles, International Financial Reporting Standards, or
changes in the information environment.
Timetable:
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Action Date FR Cite
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NPRM................................ 08/04/16 81 FR 51607
NPRM Comment Period Extended........ 09/29/16 81 FR 66898
NPRM Comment Period End............. 10/03/16
NPRM Comment Period Extended End.... 11/02/16
Final Action........................ 10/00/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Lindsay McCord, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, Phone: 202 551-3255, Email:
[email protected].
RIN: 3235-AL82
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
487. Disclosure of Hedging by Employees, Officers and Directors
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203
Abstract: The Commission proposed rules to implement section 955 of
the Dodd-Frank Act, which added section 14(j) to the Exchange Act to
require annual meeting proxy statement disclosure of whether employees
or members of the board of directors are permitted to engage in
transactions to hedge or offset any decrease in the market value of
equity securities granted to the employee or board member as
compensation, or held directly or indirectly by the employee or board
member.
Timetable:
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Action Date FR Cite
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NPRM................................ 02/17/15 80 FR 8486
NPRM Comment Period End............. 04/20/15
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Carolyn Sherman, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3500, Email: [email protected].
RIN: 3235-AL49
488. Listing Standards for Recovery of Erroneously Awarded Compensation
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
Abstract: The Commission proposed rules to implement section 954 of
the Dodd-Frank Act, which requires the Commission to adopt rules to
direct national securities exchanges to prohibit the listing of
securities of issuers that have not developed and implemented a policy
providing for disclosure of the issuer's policy on incentive-based
compensation and mandating the clawback of such compensation in certain
circumstances.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anne M. Krauskopf, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3500.
RIN: 3235-AK99
489. Pay Versus Performance
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec.953(a); 15 U.S.C. 78c(b); 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed rules to implement section 953(a)
of the Dodd-Frank Act, which added section 14(i) to the Exchange Act to
require issuers to disclose information that shows the relationship
between executive compensation actually paid and the financial
performance of the issuer.
Timetable:
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Action Date FR Cite
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NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steven G. Hearne, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL00
490. Universal Proxy
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
Abstract: The Commission proposed to amend the proxy rules to
expand shareholders' ability to vote by proxy to select among duly-
nominated candidates in a contested election of directors.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17
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[[Page 2025]]
Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steven G. Hearne, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL84
491. Form 10-K Summary
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 114-94; 15 U.S.C. 78c; 15 U.S.C. 78l; 15
U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w
Abstract: The Commission adopted an interim final amendment to
implement Section 72001 of the FAST Act by permitting an issuer to
include a summary in its Form l0-K and also requested comment on the
interim final amendment.
Timetable:
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Action Date FR Cite
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Interim Final Rule.................. 06/09/16 81 FR 37132
Interim Final Rule Effective........ 06/09/16
Interim Final Rule Comment Period 07/11/16
End.
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sean Harrison, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Fax: 202 772-9207, Email:
[email protected].
RIN: 3235-AL89
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
492. Amendments to Regulation D, Form D and Rule 156 Under the
Securities Act
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Commission proposed rule and form amendments to
enhance the Commission's ability to evaluate the development of market
practices in offerings under Rule 506 of Regulation D and address
concerns that may arise in connection with permitting issuers to engage
in general solicitation and general advertising under new paragraph (c)
of Rule 506.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/24/13 78 FR 44806
NPRM Comment Period End............. 09/23/13
NPRM Comment Period Reopened........ 10/03/13 78 FR 61222
NPRM Comment Period Reopened End.... 11/04/13
Withdrawn........................... 09/13/17
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark Vilardo, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3500, Email: [email protected].
RIN: 3235-AL46
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
493. Investment Company Reporting Modernization; Option for Website
Transmission of Shareholder Reports
E.O. 13771 Designation: Independent Agency.
Legal Authority: 15 U.S.C. 77 et seq.; 15 U.S.C. 77aaa et seq.; 15
U.S.C. 78a et seq.; 15 U.S.C. 80a et seq.; 44 U.S.C. 3506; 44 U.S.C.
3507
Abstract: The Commission adopted new rules and forms as well as
amendments to its rules and forms to modernize the reporting and
disclosure of information by registered investment companies. The
Commission proposed new rule 30e-3, which would permit, but not require
registered investment companies to transmit periodic reports to their
shareholders by making the reports accessible on a website and
satisfying certain other conditions. The Commission has not finalized
proposed rule 30e-3.
Timetable:
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Action Date FR Cite
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NPRM................................ 06/12/15 80 FR 33590
NPRM Comment Period End............. 08/11/15
NPRM Comment Period Reopened........ 10/12/15 80 FR 62274
NPRM Comment Period Reopened End.... 01/13/16
Final Action........................ 11/18/16 81 FR 81870
Final Action Effective.............. 01/17/17
Final Action........................ 10/00/18
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Brian Johnson, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6740, Email: [email protected].
RIN: 3235-AL42
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
494. Reporting of Proxy Votes on Executive Compensation and Other
Matters
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm;
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec 951
Abstract: The Division is considering recommending that the
Commission repropose rule amendments to implement section 951 of the
Dodd-Frank Act. The Commission previously proposed amendments to rules
and Form N-PX that would require institutional investment managers
subject to section 13(f) of the Exchange Act to report how they voted
on any shareholder vote on executive compensation or golden parachutes
pursuant to sections 14A(a) and (b) of the Exchange Act.
Timetable:
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Action Date FR Cite
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NPRM................................ 10/28/10 75 FR 66622
NPRM Comment Period End............. 11/18/10
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Matthew DeLesDernier, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
[[Page 2026]]
Washington, DC 20549, Phone: 202 551-6792, Email:
[email protected].
RIN: 3235-AK67
495. Use of Derivatives by Registered Investment Companies and Business
Development Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-31(a); 15 U.S.C.
80a-12(a); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-8; 15 U.S.C. 80a-30; 15
U.S.C. 80a-38
Abstract: The Commission proposed a new rule designed to enhance
the regulation of the use of derivatives by registered investment
companies, including mutual funds, exchange-traded funds, closed-end
funds and business development companies. The proposed rule would
regulate registered investment companies' use of derivatives and
require enhanced risk management measures.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/28/15 80 FR 80884
NPRM Comment Period End............. 03/28/16
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Brian Johnson, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6740, Email: [email protected].
RIN: 3235-AL60
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
496. Adviser Business Continuity and Transition Plans
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C.
80b-11(a)
Abstract: The Commission proposed a new rule that would require
investment advisers registered with the Commission to adopt and
implement written business continuity and transition plans.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/05/16 81 FR 43530
NPRM Comment Period End............. 09/06/16
Withdrawn........................... 09/13/17
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sara Cortes, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5137, Email: [email protected].
RIN: 3235-AL62
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
497. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 939A
Abstract: Section 939A of the Dodd-Frank Act requires the
Commission to remove certain references to credit ratings from its
regulations and to substitute such standards of creditworthiness as the
Commission determines to be appropriate. The Commission amended certain
rules and one form under the Exchange Act applicable to broker-dealer
financial responsibility, and confirmation of transactions. The
Commission has not yet finalized amendments to certain rules regarding
the distribution of securities.
Timetable:
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Action Date FR Cite
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NPRM................................ 05/06/11 76 FR 26550
NPRM Comment Period End............. 07/05/11
Final Action........................ 01/08/14 79 FR 1522
Final Action Effective.............. 07/07/14
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Next Action Undetermined............ To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Guidroz, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6439, Email: [email protected].
RIN: 3235-AL14
[FR Doc. 2017-28247 Filed 1-11-18; 8:45 am]
BILLING CODE 8011-01-P
