Regulatory Agenda; Semiannual Regulatory Agenda, 71285-71294 [2019-26563]
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Vol. 84
Thursday,
No. 247
December 26, 2019
Part XXIX
Securities and Exchange Commission
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Semiannual Regulatory Agenda
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Comments may be
submitted by any of the following
methods:
ADDRESSES:
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–10674, 34–86748, IA–5328,
IC–33607, File No. S7–12–19]
Regulatory Agenda; Semiannual
Regulatory Agenda
Securities and Exchange
Commission.
AGENCY:
ACTION:
Semiannual regulatory agenda.
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 Fall 2019 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 August 7, 2019, 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.
SUMMARY:
Comments should be received on
or before January 27, 2020.
DATES:
Electronic Comments
• 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–
12–19 on the subject line.
Paper Comments
• Send paper comments to Secretary,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–1090.
All submissions should refer to File No.
S7–12–19. 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. Persons submitting
comments are cautioned that we do not
redact or 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
‘‘FAST Act’’—Fixing America’s Surface
Transportation Act
The Commission invites public
comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: August 23, 2019.
Vanessa A. Countryman,
Secretary.
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3 OOD—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
497 ....................
Amendments to Certain Provisions of the Auditor Independence Rules ........................................................
3235–AM63
DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE
Sequence No.
498
499
500
501
502
503
....................
....................
....................
....................
....................
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VerDate Sep<11>2014
Regulation
Identifier No.
Title
Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................
Filing Fee Processing ......................................................................................................................................
Accredited Investor Definition ..........................................................................................................................
Regulation Crowdfunding Amendments ..........................................................................................................
Regulation A Amendments ..............................................................................................................................
Harmonization of Exempt Offerings .................................................................................................................
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Federal Register / Vol. 84, No. 247 / Thursday, December 26, 2019 / UA: Reg Flex Agenda
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DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE—Continued
Regulation
Identifier No.
Sequence No.
Title
504 ....................
505 ....................
506 ....................
Amendments to Rule 701/Form S–8 ...............................................................................................................
Rule 14a–8 Amendments ................................................................................................................................
Amendments to Form 13F Filer Threshold ......................................................................................................
3235–AM38
3235–AM49
3235–AM65
DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Sequence No.
507
508
509
510
....................
....................
....................
....................
Regulation
Identifier No.
Title
Amendments to Financial Disclosures About Acquired Businesses ...............................................................
Amendments to the Financial Disclosures for Registered Debt Security Offerings ........................................
Extending the Testing the Waters Provision to Non-Emerging Growth Companies .......................................
Accelerated Filer Definition ..............................................................................................................................
3235–AL77
3235–AM12
3235–AM23
3235–AM41
DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS
Sequence No.
511
512
513
514
515
....................
....................
....................
....................
....................
Regulation
Identifier No.
Title
Pay Versus Performance .................................................................................................................................
Universal Proxy ................................................................................................................................................
Corporate Board Diversity ................................................................................................................................
Conflict Minerals Amendments ........................................................................................................................
Mandated Electronic Filings .............................................................................................................................
3235–AL00
3235–AL84
3235–AL91
3235–AM14
3235–AM15
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
516 ....................
Simplification of Disclosure Requirements for Emerging Growth Companies and Forward Incorporation by
Reference on Form S–1 for Smaller Reporting Companies.
Form 10–K Summary .......................................................................................................................................
Amendments to Implement FAST Act Report .................................................................................................
517 ....................
518 ....................
3235–AL88
3235–AL89
3235–AM00
DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
519 ....................
Use of Derivatives by Registered Investment Companies and Business Development Companies .............
3235–AL60
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
520 ....................
521 ....................
Fund of Funds Arrangements ..........................................................................................................................
Offering Reform for Business Development Companies Under the Small Business Credit Availability Act
and Closed-End Funds Under the Economic Growth, Regulatory Relief, and Consumer Protection Act.
3235–AM29
3235–AM31
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Sequence No.
522
523
524
525
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Regulation
Identifier No.
Title
Reporting of Proxy Votes on Executive Compensation and Other Matters ....................................................
Amendments to the Custody Rules for Investment Companies .....................................................................
Amendments to the Family Office Rule ...........................................................................................................
Amendments to Rule 17a–7 Under the Investment Company Act .................................................................
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DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
526 ....................
Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures to Retail Customers
and Restrictions on the Use of Certain Names or Titles.
3235–AL27
DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS
Regulation
Identifier No.
Sequence No.
Title
527 ....................
Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ...................
3235–AL14
DIVISION OF TRADING AND MARKETS—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
528 ....................
Regulation Best Interest ...................................................................................................................................
3235–AM35
OFFICES AND OTHER PROGRAMS—COMPLETED ACTIONS
Title
529 ....................
Auditor Independence With Respect to Loans or Debtor-Creditor Relationships ...........................................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Action
Proposed Rule Stage
497. • Amendments to Certain
Provisions of the Auditor Independence
Rules
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77(f); 15
U.S.C. 77(g); 15 U.S.C. 77(h); 15 U.S.C.
77(j); 15 U.S.C. 77(s); 15 U.S.C. 77(z–2);
15 U.S.C. 77(z–3); 15 U.S.C. 77(aa(25));
15 U.S.C. 77(aa(26)); 15 U.S.C.
77(nn(25)); 15 U.S.C. 77(nn(26)); 15
U.S.C. 78(c); 15 U.S.C. 78(j–1); 15 U.S.C.
78(l); 15 U.S.C. 78(m); 15 U.S.C. 78(n);
15 U.S.C. 78(o(d)); 15 U.S.C. 78(q); 15
U.S.C. 78(u–5); 15 U.S.C. 78(w); 15
U.S.C. 78(ll); 15 U.S.C. 78(mm); 15
U.S.C. 80(a–8); 15 U.S.C. 80(a–20); 15
U.S.C. 80(a–29); 15 U.S.C. 80(a–30); 15
U.S.C. 80(a–31); 15 U.S.C. 80(a–37(a));
15 U.S.C. 80(b–3); 15 U.S.C. 80(b–11);
15 U.S.C. 7202; 15 U.S.C. 7262; Pub. L.
112–106, sec. 102(c); 126 Stat. 310
(2012)
Abstract: The Office of the Chief
Accountant is considering
recommending that the Commission
propose amendments to update certain
auditor independence rules to facilitate
capital formation, in a manner
consistent with investor protection.
Timetable:
VerDate Sep<11>2014
Date
NPRM ..................
3 OOD
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Identifier No.
Sequence No.
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FR Cite
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Duc Dang, Attorney,
Office of Chief Accountant, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202
551–3386, Email: dangd@sec.gov.
RIN: 3235–AM63
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
498. 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.
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Timetable:
Action
04/00/20
3235–AM01
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
Date
07/14/15
09/14/15
FR Cite
80 FR 41144
09/00/20
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, Email:
krauskopfa@sec.gov.
RIN: 3235–AK99
499. Filing Fee Processing
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77s; 15
U.S.C. 78w; 15 U.S.C. 80a–37
Abstract: The Division is considering
recommending that the Commission
propose rule amendments to modernize
the processing of EDGAR filing fees by
structuring fee-related information in
certain Commission filings.
Timetable:
Action
NPRM ..................
Date
FR Cite
11/00/19
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark W. Green,
Division of Corporation Finance,
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Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–0301, Phone: 202 551–3430,
Email: greenm@sec.gov.
RIN: 3235–AL96
500. Accredited Investor Definition
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Division is considering
recommending that the Commission
propose amendments to expand the
definition of accredited investor under
Regulation D of the Securities Act of
1933.
Timetable:
Action
Date
NPRM ..................
FR Cite
Action
09/00/20
501. Regulation Crowdfunding
Amendments
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77a et seq.;
15 U.S.C. 78a et seq.; Pub. L. 112–106;
Pub. L. 301–305
Abstract: Staff completed, consistent
with Release No. 33–9974 (Oct. 30,
2015) 80 FR 71387 (Nov. 16, 2015), a
study and submitted a report to the
Commission on the impact of
Regulation Crowdfunding on capital
formation and investor protection. The
Division is considering recommending
that the Commission propose
amendments to Regulation
Crowdfunding to address staff
recommendations resulting from the
staff’s report.
Timetable:
Date
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NPRM ..................
FR Cite
09/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jennifer Zepralka,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: zepralkaj@
sec.gov.
RIN: 3235–AM20
502. Regulation A Amendments
E.O. 13771 Designation: Independent
agency.
VerDate Sep<11>2014
21:06 Dec 23, 2019
Date
NPRM ..................
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jennifer Zepralka,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: zepralkaj@
sec.gov.
RIN: 3235–AM19
Action
Legal Authority: 15 U.S.C. 77c(b); 15
U.S.C. 77s; 15 U.S.C. 77z–3; 15 U.S.C.
78l; 15 U.S.C. 77o; 15 U.S.C. 77o; 15
U.S.C. 77mm
Abstract: As described in Release No.
33–9741 (Mar. 25, 2015) [80 FR 21805
(Apr. 20, 2015)], the Division staff will
undertake to study and submit a report
to the Commission on the impact of
Regulation A offerings on capital
formation and investor protection. The
Division is considering recommending
that the Commission propose
amendments to Regulation A to address
staff recommendations resulting from
the reviews of the regulation.
Timetable:
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09/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jennifer Zepralka,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: zepralkaj@
sec.gov.
RIN: 3235–AM21
503. Harmonization of Exempt
Offerings
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Division is considering
recommending that the Commission
propose rule amendments to harmonize
and streamline the Commission’s rules
for exempt offerings in order to enhance
their clarity and ease of use.
Timetable:
Action
Date
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
06/26/19
09/24/19
FR Cite
84 FR 30460
09/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jennifer Zepralka,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: zepralkaj@
sec.gov.
RIN: 3235–AM27
504. Amendments to Rule 701/
Form S–8
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77bb
Abstract: The Division is considering
recommending that the Commission
propose rule amendments to Securities
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Act Rule 701, the exemption from
registration for securities issued by nonreporting companies pursuant to
compensatory arrangements, and Form
S–8, the registration statement for
compensatory offerings by reporting
companies.
Timetable:
Action
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
Date
07/24/18
09/24/18
FR Cite
83 FR 34958
04/00/20
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, Email:
krauskopfa@sec.gov.
RIN: 3235–AM38
505. Rule 14A–8 Amendments
E.O. 13771 Designation: Independent
agency.
Legal Authority: Not Yet Determined
Abstract: The Division is considering
recommending that the Commission
propose rule amendments regarding the
thresholds for shareholder proposals
under Rule 14a–8.
Timetable:
Action
NPRM ..................
Date
FR Cite
04/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Dan Greenspan,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3623, Email:
greenspand@sec.gov.
RIN: 3235–AM49
506. • Amendments to Form 13F Filer
Threshold
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 78c(b); 15
U.S.C. 78m(f); 15 U.S.C. 78w; 15 U.S.C.
78x; 15 U.S.C. 78mm
Abstract: The Division is considering
recommending that the Commission
propose rule and related form
amendments regarding the thresholds
for Form 13F filers.
Timetable:
Action
NPRM ..................
Date
FR Cite
09/00/20
Regulatory Flexibility Analysis
Required: Yes.
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Agency Contact: Mark Uyeda, Senior
Special Counsel, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6775, Email: uyedam@sec.gov.
RIN: 3235–AM65
Abstract: The Division is considering
recommending that the Commission
adopt amendments to Rules 3–10
(guaranteed) and 3–16 (collateralized
with affiliate securities) of Regulation
S–X.
Timetable:
Action
SECURITIES AND EXCHANGE
COMMISSION (SEC)
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Division of Corporation Finance
Final Rule Stage
507. Amendments to Financial
Disclosures About Acquired Businesses
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C.
772–3; 15 U.S.C. 78c(b); 15 U.S.C. 77l;
15 U.S.C. 77m; 15 U.S.C. 77o(d); 15
U.S.C. 77w; 15 U.S.C. 77mm
Abstract: The Division is considering
recommending that the Commission
adopt amendments to Regulation S–X
(Rule 3–05) that affect the disclosure of
financial information of acquired
businesses.
Timetable:
Action
Date
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
NPRM Comment
Period End.
Final Action .........
FR Cite
10/01/15
11/30/15
80 FR 59083
05/28/19
07/29/19
84 FR 24600
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E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77c; 15
U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j;
15 U.S.C. 77h; 15 U.S.C. 77s(a); 15
U.S.C. 77z–3; 15 U.S.C. 78c(b); 15 U.S.C.
78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15
U.S.C. 78w(a)
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509. Extending the Testing the Waters
Provision to Non-Emerging Growth
Companies
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C. 77z–
3; 15 U.S.C. 80a–6; 15 U.S.C. 80a–24; 15
U.S.C. 80a–37
Abstract: The Division is considering
recommending that the Commission
adopt amendments to extend the testing
of the waters provision to non-emerging
growth companies.
Timetable:
Action
508. Amendments to the Financial
Disclosures for Registered Debt Security
Offerings
21:06 Dec 23, 2019
10/02/18
12/03/18
FR Cite
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: John Fieldsend,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email:
fieldsendj@sec.gov.
RIN: 3235–AM12
09/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Todd Hardiman,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3516, Email:
hardimant@sec.gov.
Patrick Gilmore, Deputy Chief
Accountant, Division of Corporation
Finance, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3406, Email: gilmorep@sec.gov.
RIN: 3235–AL77
VerDate Sep<11>2014
Date
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
02/28/19
04/29/19
FR Cite
84 FR 6713
12/00/19
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Maryse MillsApenteng, Special Counsel, Office of
Information Technologies and Services,
Securities and Exchange Commission,
Division of Corporation Finance, 100 F
Street NE, Washington, DC 20549,
Phone: 202 551–3457, Email: millsapentengm@sec.gov.
RIN: 3235–AM23
510. Accelerated Filer Definition
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 78e(h); 15
U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C.
78o(d); 15 U.S.C. 78w(a)
Abstract: The Division is considering
recommending that the Commission
adopt changes to the ‘‘accelerated filer’’
definition in Exchange Act Rule 12b–2
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that would have the effect of reducing
the number of registrants that are
subject to the Sarbanes-Oxley Act
Section 404(b) attestation requirement.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
05/29/19
07/29/19
FR Cite
84 FR 24876
04/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: John Fieldsend,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email:
fieldsendj@sec.gov.
RIN: 3235–AM41
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
511. 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:
Action
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
Date
05/07/15
07/06/15
FR Cite
80 FR 26329
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
512. Universal Proxy
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 78n; 15
U.S.C. 78w(a)
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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
Date
NPRM ..................
NPRM Comment
Period End.
Next Action Undetermined.
11/10/16
01/09/17
FR Cite
81 FR 79122
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Ted Yu, Division of
Corporation Finance, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3500, Email: yut@sec.gov.
RIN: 3235–AL84
khammond on DSKJM1Z7X2PROD with PROPOSALS29
513. Corporate Board Diversity
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77c(b); 15
U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 78l;
15 U.S.C. 78m
Abstract: The Division is considering
recommending that the Commission
propose amendments to the proxy rules
to require additional disclosure about
the diversity of board members and
nominees.
Timetable: Next Action
Undetermined.
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Felicia H. Kung,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: kungf@
sec.gov.
RIN: 3235–AL91
514. Conflict Minerals Amendments
E.O. 13771 Designation: Independent
agency.
Legal Authority: Sec. 1502, Pub. L.
111–203, 124 Stat. 1376 and 2213; 15
U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77g;
15 U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C.
77z–2; 15 U.S.C. 77z–3; 15 U.S.C. 77eee;
15 U.S.C. 77ggg; 15 U.S.C. 77jjj; 15
U.S.C. 77kkk; 15 U.S.C. 77nnn; 15
U.S.C. 77sss; 15 U.S.C. 77ttt; 15 U.S.C.
78a et seq.; 15 U.S.C. 78c; 15 U.S.C. 78i;
15 U.S.C. 78j; 15 U.S.C. 78j–1; 15 U.S.C.
78k; 15 U.S.C. 78k–1; 15 U.S.C. 78l; 15
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C.
78n–1; 15 U.S.C. 78o; 15 U.S.C. 78o–4;
15 U.S.C. 78o–8; 15 U.S.C. 78d; 15
U.S.C. 78e; 15 U.S.C. 78f; 15 U.S.C. 78g;
15 U.S.C. 78p; 15 U.S.C. 78q; 15 U.S.C.
78s; 15 U.S.C. 78u–5; 15 U.S.C. 78w; 15
U.S.C. 78x; 15 U.S.C. 78dd(b); 15 U.S.C.
VerDate Sep<11>2014
21:06 Dec 23, 2019
Jkt 250001
78dd(c); 15 U.S.C. 78ll; 15 U.S.C. 78mm;
15 U.S.C. 80a–20; 15 U.S.C. 80a–23; 15
U.S.C. 80a–29; 15 U.S.C. 80a–37; 15
U.S.C. 80b–3; 15 U.S.C. 80b–4; 15 U.S.C.
80b–11; 15 U.S.C. 7201 et seq.; 15 U.S.C.
8302; 18 U.S.C. 1350; 12 U.S.C.
5221(e)(3)
Abstract: The Division is considering
recommendations for the Commission to
address the U.S. District Court for the
District of Columbia’s final decision
(Nat’l Ass’n of Mfrs., et al. v. SEC, No.
13–CF–000635 (D.D.C. Apr. 3, 2017)) in
the litigation over the conflict minerals
rule. The district court set aside those
portions of the rule that required
companies to report to the Commission
and state on their website that any of
their products ‘‘have not been found to
be ‘DRC conflict free.’ ’’
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Extended.
NPRM Comment
Period Extended End.
Final Action .........
Final Action Effective.
Next Action Undetermined.
FR Cite
12/23/10
01/31/11
75 FR 80947
02/03/11
76 FR 6110
03/02/11
09/12/12
11/12/12
77 FR 56273
515. Mandated Electronic Filings
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77d; 15
U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h;
15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C.
78c; 15 U.S.C. 78l; 15 U.S.C. 78m; 15
U.S.C. 78n; 15 U.S.C. 78o(d); 15 U.S.C.
78p; 15 U.S.C. 78w(a); 15 U.S.C. 78ll
Abstract: The Division is considering
recommending that the Commission
propose amendments to Regulation S–T
that would update the mandated
electronic submissions requirements to
include additional filings.
Timetable: Next Action
Undetermined.
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Sean Harrison,
Division of Corporation Finance,
Frm 00007
Fmt 4701
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
516. Simplification of Disclosure
Requirements for Emerging Growth
Companies and Forward Incorporation
by Reference on Form S–1 for Smaller
Reporting Companies
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77f; 15
U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j;
Pub. L. 114–94, secs. 71003 and 84001;
Pub. L. 112–106, sec. 102; 15 U.S.C. 77s
Abstract: An interim final rule was
adopted on 01/19/2016, and this item is
being withdrawn from the agenda.
Timetable:
Action
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: John Fieldsend,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email:
fieldsendj@sec.gov.
RIN: 3235–AM14
PO 00000
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email:
harrisons@sec.gov.
RIN: 3235–AM15
Sfmt 4702
Interim Final Rule
Interim Final Rule
Effective.
Interim Final Rule
Comment Period End.
Withdrawn ...........
Date
01/19/16
01/19/16
FR Cite
81 FR 2743
02/18/16
08/22/19
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–AL88
517. 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: An interim final rule was
adopted on 06/09/2016, and this item is
being withdrawn from the agenda.
Timetable:
Action
Interim Final Rule
Interim Final Rule
Effective.
Interim Final Rule
Comment Period End.
Withdrawn ...........
E:\FR\FM\26DEP29.SGM
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Date
06/09/16
06/09/16
07/11/16
08/22/19
FR Cite
81 FR 37132
71292
Federal Register / Vol. 84, No. 247 / Thursday, December 26, 2019 / UA: Reg Flex Agenda
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, Email:
harrisons@sec.gov.
RIN: 3235–AL89
518. Amendments To Implement FAST
Act Report
E.O. 13771 Designation: Independent
agency.
Legal Authority: Pub. L. 114–94; 129
Stat. 1312
Abstract: The Commission adopted
rule amendments to implement
recommendations made in the staff’s
2016 Report on Modernization and
Simplification of Regulation S–K, a
report to Congress required by section
72003 of the FAST Act. As required by
the FAST Act, the report included
various recommendations on ways to
modernize and simplify the disclosure
requirements in Regulation S–K in a
manner that reduces the costs and
burdens on companies while still
providing all material information to
investors as well as ways to improve the
readability and navigability of
disclosure documents and discourage
repetition and disclosure of immaterial
information.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
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 Division is considering
recommending that the Commission repropose 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.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
11/02/17
01/02/18
82 FR 50988
04/02/19
05/02/19
84 FR 12674
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04/00/20
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80a–8(b);
15 U.S.C. 80a–6(c); 15 U.S.C. 80a–
12(d)(1)(G); 15 U.S.C. 80a–12(d)(1)(J); 15
U.S.C. 80a–17(b); 15 U.S.C. 80a–29(a);
15 U.S.C. 80a–37(a)
Abstract: The Division is considering
recommending that the Commission
adopt new rules and rule amendments
to allow funds to acquire shares of other
funds (i.e., ‘‘fund of funds’’
arrangements), including arrangements
involving exchange-traded funds,
without first obtaining exemptive orders
from the Commission.
Timetable:
Action
Division of Investment Management
Proposed Rule Stage
519. 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–
Jkt 250001
80 FR 80884
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
SECURITIES AND EXCHANGE
COMMISSION (SEC)
21:06 Dec 23, 2019
12/28/15
03/28/16
FR Cite
520. Fund of Funds Arrangements
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Dan Greenspan,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3623, Email:
greenspand@sec.gov.
RIN: 3235–AM00
VerDate Sep<11>2014
Date
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
02/01/19
05/02/19
FR Cite
84 FR 1286
Frm 00008
Fmt 4701
Sfmt 4702
521. Offering Reform for Business
Development Companies Under the
Small Business Credit Availability Act
and Closed-End Funds Under the
Economic Growth, Regulatory Relief,
and Consumer Protection Act
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77f to 77i;
15 U.S.C. 77s; 15 U.S.C. 77z–2 and 77z–
3; 15 U.S.C. 78b and 78c(b); 15 U.S.C.
78i(a); 15 U.S.C. 78i; 15 U.S.C. 78l; 15
U.S.C. 78m to 78o; 15 U.S.C. 78q(a); 15
U.S.C. 78u–5; 15 U.S.C. 78w; 15 U.S.C.
78ll; 15 U.S.C. 78mm; 15 U.S.C. 80a–
6(c); 15 U.S.C. 80a–8; 15 U.S.C. 80a–
20(a); 15 U.S.C. 80a–23 and 80a–24; 15
U.S.C. 80a–29 and 80a–30; 15 U.S.C.
80a–36 and 80a–37; Pub. L. 115–141,
title VIII, sec. 803(b); Pub. L. 115–174,
sec. 509(a)
Abstract: The Division is considering
recommending that the Commission
adopt amendments to existing rules
and/or adopt new rules—under the
Securities Act of 1933 and the
Investment Company Act of 1940 to
implement section 803 of the Small
Business Credit Availability Act and
section 509 of the Economic Growth,
Regulatory Relief, and Consumer
Protection Act.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
04/10/19
06/10/19
FR Cite
84 FR 14448
04/00/20
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–AM31
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
04/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Melissa Gainor,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
PO 00000
Phone: 202 551–6805, Email: gainorm@
sec.gov.
RIN: 3235–AM29
522. 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
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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:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
10/28/10
11/18/10
FR Cite
75 FR 66622
To Be Determined
khammond on DSKJM1Z7X2PROD with PROPOSALS29
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Matthew
DeLesDernier, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6792, Email: delesdernierj@sec.gov.
RIN: 3235–AK67
523. • Amendments to the Custody
Rules for Investment Companies
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80a–6(c);
15 U.S.C. 80a–17(f); 15 U.S.C. 80a–26;
15 U.S.C. 80a–28; 15 U.S.C. 80a–29; 15
U.S.C. 80a–30; 15 U.S.C. 80a–31; 15
U.S.C. 80a–36; 15 U.S.C. 80a–37; 15
U.S.C. 80a–37(a)
Abstract: The Division is considering
recommending that the Commission
propose amendments to rules
concerning custody under the
Investment Company Act of 1940.
Timetable: Next Action
Undetermined.
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jacob Krawitz,
Branch Chief, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
4673, Email: krawitzk@sec.gov.
RIN: 3235–AM66
524. • Amendments to the Family Office
Rule
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80b–
2(a)(11)(G); 15 U.S.C. 80b–6a
VerDate Sep<11>2014
21:06 Dec 23, 2019
Jkt 250001
Abstract: The Division is considering
recommending that the Commission
propose targeted amendments to the
family office rule under section
202(a)(11) of the Investment Advisers
Act of 1940.
Timetable: Next Action
Undetermined.
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Thoreau Adrian
Bartmann, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6745, Email: bartmannt@sec.gov.
RIN: 3235–AM67
525. • Amendments to Rule 17A–7
Under the Investment Company Act
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80a–6(c);
15 U.S.C. 80a–10(f); 15 U.S.C. 80a–
17(d); 15 U.S.C. 80a–37(a)
Abstract: The Division is considering
recommending that the Commission
propose amendments to rule 17a–7
under the Investment Company Act
concerning the exemption of certain
purchase or sale transactions between
an investment company and certain
affiliated persons.
Timetable: Next Action
Undetermined.
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jacob Krawitz,
Branch Chief, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
4673, Email: krawitzk@sec.gov.
RIN: 3235–AM69
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Completed Actions
526. Form CRS Relationship Summary;
Amendments to Form ADV; Required
Disclosures to Retail Customers and
Restrictions on the Use of Certain
Names or Titles
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 80b–11(g);
15 U.S.C. 78c; 15 U.S.C. 78j; 15 U.S.C.
78o; 15 U.S.C. 78o(c)(6); 15 U.S.C.
78o(l); 15 U.S.C. 78q; 15 U.S.C. 78w; 15
U.S.C. 78mm
Abstract: The Commission adopted
new and amended rules and forms
under the Investment Advisers Act of
1940 and the Securities Exchange Act of
PO 00000
Frm 00009
Fmt 4701
Sfmt 4702
1934 to (1) Require registered
investment advisers and registered
broker-dealers to provide a brief
relationship summary to retail investors
and (2) reduce investor confusion in the
marketplace for firm services.
Timetable:
Action
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
03/07/13
07/05/13
78 FR 14848
05/23/18
08/07/18
83 FR 23848
07/12/19
09/10/19
84 FR 33492
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Emily Russell,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–5500, Email: russelle@
sec.gov.
Jennifer Porter, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6739, Email: porterj@sec.gov.
RIN: 3235–AL27
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
527. 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 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:
Action
NPRM ..................
E:\FR\FM\26DEP29.SGM
26DEP29
Date
05/06/11
FR Cite
76 FR 26550
71294
Federal Register / Vol. 84, No. 247 / Thursday, December 26, 2019 / UA: Reg Flex Agenda
Action
Date
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Next Action Undetermined.
FR Cite
Action
07/05/11
01/08/14
07/07/14
79 FR 1522
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
05/09/18
08/07/18
83 FR 21574
07/12/19
09/10/19
84 FR 33318
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
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Lourdes Gonzalez,
Assistant Chief Counsel, Sales Practices,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F St. NE, Washington, DC 20549,
Phone: 202 551–5580, Email:
gonzalezl@sec.gov.
RIN: 3235–AM35
SECURITIES AND EXCHANGE
COMMISSION (SEC)
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Offices and Other Programs
Completed Actions
Completed Actions
528. Regulation Best Interest
529. Auditor Independence With
Respect to Loans or Debtor-Creditor
Relationships
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 77f; 15
U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j;
15 U.S.C. 77s; 15 U.S.C. 77z–2; 15
U.S.C. 77z–3; 15 U.S.C. 77aa(25); 15
U.S.C. 77aa(26); 15 U.S.C. 77nn(25); 15
U.S.C. 77nn(26); 15 U.S.C. 78c; 15
U.S.C. 78j–1; 15 U.S.C. 78l; 15 U.S.C.
78m; 15 U.S.C. 78n; 15 U.S.C. 78o(d); 15
U.S.C. 78q; 15 U.S.C. 78u–5; 15 U.S.C.
78w; 15 U.S.C. 78ll; 15 U.S.C. 78mm; 15
U.S.C. 80a–8; 15 U.S.C. 80a–20; 15
U.S.C. 80a–29; 15 U.S.C. 80a–30; 15
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 78c; 15
U.S.C. 78j; 15 U.S.C. 78o; 15 U.S.C. 78q;
15 U.S.C. 78w; 15 U.S.C. 78mm
Abstract: The Commission adopted
rules to establish a standard of conduct
for broker-dealers and natural persons
who are associated persons of a brokerdealer when making a recommendation
of any securities transaction or
investment strategy involving securities
to a retail customer, as well as to
implement related record-making and
recordkeeping obligations.
Timetable:
khammond on DSKJM1Z7X2PROD with PROPOSALS29
Date
VerDate Sep<11>2014
21:06 Dec 23, 2019
Jkt 250001
PO 00000
Frm 00010
Fmt 4701
U.S.C. 80a–37(a); 15 U.S.C. 80b–3; 15
U.S.C. 80b–11; 15 U.S.C. 7202; 15 U.S.C.
7262
Abstract: The Commission amended
rule 2–01(c)(1)(ii)(A) of Regulation S–X
regarding the independence of an
accountant when the accountant has a
lending relationship with an entity that
holds equity securities of the
accountant’s audit client. The
amendments focus the analysis on
beneficial ownership; replace the
existing 10 percent bright-line
shareholder ownership test with a
‘‘significant influence’’ test; add a
‘‘known through reasonable inquiry’’
standard with respect to identifying
beneficial owners of the audit client’s
equity securities; and exclude from the
definition of ‘‘audit client,’’ for a fund
under audit, any other funds that
otherwise would be considered affiliates
of the audit client.
Timetable:
Action
Sfmt 9990
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
05/08/18
07/09/18
83 FR 20753
07/05/19
10/03/19
84 FR 32040
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Giles Taffle Cohen,
Office of Chief Accountant, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202
551–2512, Email: coheng@sec.gov.
RIN: 3235–AM01
[FR Doc. 2019–26563 Filed 12–23–19; 8:45 am]
BILLING CODE 8011–01–P
E:\FR\FM\26DEP29.SGM
26DEP29
]]>Agencies
[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Unknown Section]
[Pages 71285-71294]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26563]
[[Page 71285]]
Vol. 84
Thursday,
No. 247
December 26, 2019
Part XXIX
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 84 , No. 247 / Thursday, December 26, 2019 /
UA: Reg Flex Agenda
[[Page 71286]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-10674, 34-86748, IA-5328, IC-33607, File No. S7-12-19]
Regulatory Agenda; Semiannual Regulatory Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
-----------------------------------------------------------------------
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 Fall 2019
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 August 7, 2019, 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 January 27, 2020.
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 S7-12-19 on the subject line.
Paper Comments
Send paper comments to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File No. S7-12-19. 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. Persons submitting
comments are cautioned that we do not redact or 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
``FAST Act''--Fixing America's Surface Transportation Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: August 23, 2019.
Vanessa A. Countryman,
Secretary.
3 OOD--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
497....................... Amendments to Certain 3235-AM63
Provisions of the Auditor
Independence Rules.
------------------------------------------------------------------------
Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
498....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
499....................... Filing Fee Processing..... 3235-AL96
500....................... Accredited Investor 3235-AM19
Definition.
501....................... Regulation Crowdfunding 3235-AM20
Amendments.
502....................... Regulation A Amendments... 3235-AM21
503....................... Harmonization of Exempt 3235-AM27
Offerings.
[[Page 71287]]
504....................... Amendments to Rule 701/ 3235-AM38
Form S-8.
505....................... Rule 14a-8 Amendments..... 3235-AM49
506....................... Amendments to Form 13F 3235-AM65
Filer Threshold.
------------------------------------------------------------------------
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
507....................... Amendments to Financial 3235-AL77
Disclosures About
Acquired Businesses.
508....................... Amendments to the 3235-AM12
Financial Disclosures for
Registered Debt Security
Offerings.
509....................... Extending the Testing the 3235-AM23
Waters Provision to Non-
Emerging Growth Companies.
510....................... Accelerated Filer 3235-AM41
Definition.
------------------------------------------------------------------------
Division of Corporation Finance--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
511....................... Pay Versus Performance.... 3235-AL00
512....................... Universal Proxy........... 3235-AL84
513....................... Corporate Board Diversity. 3235-AL91
514....................... Conflict Minerals 3235-AM14
Amendments.
515....................... Mandated Electronic 3235-AM15
Filings.
------------------------------------------------------------------------
Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
516....................... Simplification of 3235-AL88
Disclosure Requirements
for Emerging Growth
Companies and Forward
Incorporation by
Reference on Form S-1 for
Smaller Reporting
Companies.
517....................... Form 10-K Summary......... 3235-AL89
518....................... Amendments to Implement 3235-AM00
FAST Act Report.
------------------------------------------------------------------------
Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
519....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
520....................... Fund of Funds Arrangements 3235-AM29
521....................... Offering Reform for 3235-AM31
Business Development
Companies Under the Small
Business Credit
Availability Act and
Closed-End Funds Under
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
------------------------------------------------------------------------
Division of Investment Management--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
522....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
523....................... Amendments to the Custody 3235-AM66
Rules for Investment
Companies.
524....................... Amendments to the Family 3235-AM67
Office Rule.
525....................... Amendments to Rule 17a-7 3235-AM69
Under the Investment
Company Act.
------------------------------------------------------------------------
[[Page 71288]]
Division of Investment Management--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
526....................... Form CRS Relationship 3235-AL27
Summary; Amendments to
Form ADV; Required
Disclosures to Retail
Customers and
Restrictions on the Use
of Certain Names or
Titles.
------------------------------------------------------------------------
Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
527....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
------------------------------------------------------------------------
Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
528....................... Regulation Best Interest.. 3235-AM35
------------------------------------------------------------------------
Offices and Other Programs--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
529....................... Auditor Independence With 3235-AM01
Respect to Loans or
Debtor-Creditor
Relationships.
------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION (SEC)
3 OOD
Proposed Rule Stage
497. Amendments to Certain Provisions of the Auditor
Independence Rules
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77(f); 15 U.S.C. 77(g); 15 U.S.C. 77(h);
15 U.S.C. 77(j); 15 U.S.C. 77(s); 15 U.S.C. 77(z-2); 15 U.S.C. 77(z-3);
15 U.S.C. 77(aa(25)); 15 U.S.C. 77(aa(26)); 15 U.S.C. 77(nn(25)); 15
U.S.C. 77(nn(26)); 15 U.S.C. 78(c); 15 U.S.C. 78(j-1); 15 U.S.C. 78(l);
15 U.S.C. 78(m); 15 U.S.C. 78(n); 15 U.S.C. 78(o(d)); 15 U.S.C. 78(q);
15 U.S.C. 78(u-5); 15 U.S.C. 78(w); 15 U.S.C. 78(ll); 15 U.S.C. 78(mm);
15 U.S.C. 80(a-8); 15 U.S.C. 80(a-20); 15 U.S.C. 80(a-29); 15 U.S.C.
80(a-30); 15 U.S.C. 80(a-31); 15 U.S.C. 80(a-37(a)); 15 U.S.C. 80(b-3);
15 U.S.C. 80(b-11); 15 U.S.C. 7202; 15 U.S.C. 7262; Pub. L. 112-106,
sec. 102(c); 126 Stat. 310 (2012)
Abstract: The Office of the Chief Accountant is considering
recommending that the Commission propose amendments to update certain
auditor independence rules to facilitate capital formation, in a manner
consistent with investor protection.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Duc Dang, Attorney, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3386, Email: [email protected].
RIN: 3235-AM63
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
498. 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 Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15 .......................
Second NPRM......................... 09/00/20 .......................
------------------------------------------------------------------------
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, Email: [email protected].
RIN: 3235-AK99
499. Filing Fee Processing
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77s; 15 U.S.C. 78w; 15 U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission propose rule amendments to modernize the processing of EDGAR
filing fees by structuring fee-related information in certain
Commission filings.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/00/19 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
[[Page 71289]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL96
500. Accredited Investor Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Division is considering recommending that the
Commission propose amendments to expand the definition of accredited
investor under Regulation D of the Securities Act of 1933.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM19
501. Regulation Crowdfunding Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; Pub.
L. 112-106; Pub. L. 301-305
Abstract: Staff completed, consistent with Release No. 33-9974
(Oct. 30, 2015) 80 FR 71387 (Nov. 16, 2015), a study and submitted a
report to the Commission on the impact of Regulation Crowdfunding on
capital formation and investor protection. The Division is considering
recommending that the Commission propose amendments to Regulation
Crowdfunding to address staff recommendations resulting from the
staff's report.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM20
502. Regulation A Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77s; 15 U.S.C. 77z-3;
15 U.S.C. 78l; 15 U.S.C. 77o; 15 U.S.C. 77o; 15 U.S.C. 77mm
Abstract: As described in Release No. 33-9741 (Mar. 25, 2015) [80
FR 21805 (Apr. 20, 2015)], the Division staff will undertake to study
and submit a report to the Commission on the impact of Regulation A
offerings on capital formation and investor protection. The Division is
considering recommending that the Commission propose amendments to
Regulation A to address staff recommendations resulting from the
reviews of the regulation.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM21
503. Harmonization of Exempt Offerings
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Division is considering recommending that the
Commission propose rule amendments to harmonize and streamline the
Commission's rules for exempt offerings in order to enhance their
clarity and ease of use.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 06/26/19 84 FR 30460
ANPRM Comment Period End............ 09/24/19 .......................
NPRM................................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM27
504. Amendments to Rule 701/ Form S-8
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77bb
Abstract: The Division is considering recommending that the
Commission propose rule amendments to Securities Act Rule 701, the
exemption from registration for securities issued by non-reporting
companies pursuant to compensatory arrangements, and Form S-8, the
registration statement for compensatory offerings by reporting
companies.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 07/24/18 83 FR 34958
ANPRM Comment Period End............ 09/24/18 .......................
NPRM................................ 04/00/20 .......................
------------------------------------------------------------------------
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, Email: [email protected].
RIN: 3235-AM38
505. Rule 14A-8 Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose rule amendments regarding the thresholds for
shareholder proposals under Rule 14a-8.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dan Greenspan, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3623, Email: [email protected].
RIN: 3235-AM49
506. Amendments to Form 13F Filer Threshold
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78m(f); 15 U.S.C. 78w;
15 U.S.C. 78x; 15 U.S.C. 78mm
Abstract: The Division is considering recommending that the
Commission propose rule and related form amendments regarding the
thresholds for Form 13F filers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
[[Page 71290]]
Agency Contact: Mark Uyeda, Senior Special Counsel, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-6775, Email: [email protected].
RIN: 3235-AM65
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
507. Amendments to Financial Disclosures About Acquired Businesses
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15
U.S.C. 772-3; 15 U.S.C. 78c(b); 15 U.S.C. 77l; 15 U.S.C. 77m; 15 U.S.C.
77o(d); 15 U.S.C. 77w; 15 U.S.C. 77mm
Abstract: The Division is considering recommending that the
Commission adopt amendments to Regulation S-X (Rule 3-05) that affect
the disclosure of financial information of acquired businesses.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 10/01/15 80 FR 59083
ANPRM Comment Period End............ 11/30/15 .......................
NPRM................................ 05/28/19 84 FR 24600
NPRM Comment Period End............. 07/29/19 .......................
Final Action........................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Todd Hardiman, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3516, Email: [email protected].
Patrick Gilmore, Deputy Chief Accountant, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-3406, Email: [email protected].
RIN: 3235-AL77
508. Amendments to the Financial Disclosures for Registered Debt
Security Offerings
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77h; 15 U.S.C. 77s(a); 15 U.S.C. 77z-3; 15 U.S.C.
78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15 U.S.C.
78w(a)
Abstract: The Division is considering recommending that the
Commission adopt amendments to Rules 3-10 (guaranteed) and 3-16
(collateralized with affiliate securities) of Regulation S-X.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/02/18 83 FR 49630
NPRM Comment Period End............. 12/03/18 .......................
Final Action........................ 09/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Fieldsend, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM12
509. Extending the Testing the Waters Provision to Non-Emerging Growth
Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15
U.S.C. 77z-3; 15 U.S.C. 80a-6; 15 U.S.C. 80a-24; 15 U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission adopt amendments to extend the testing of the waters
provision to non-emerging growth companies.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/28/19 84 FR 6713
NPRM Comment Period End............. 04/29/19 .......................
Final Action........................ 12/00/19 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Maryse Mills-Apenteng, Special Counsel, Office of
Information Technologies and Services, Securities and Exchange
Commission, Division of Corporation Finance, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-3457, Email: [email protected].
RIN: 3235-AM23
510. Accelerated Filer Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78e(h); 15 U.S.C. 78l; 15 U.S.C. 78m; 15
U.S.C. 78o(d); 15 U.S.C. 78w(a)
Abstract: The Division is considering recommending that the
Commission adopt changes to the ``accelerated filer'' definition in
Exchange Act Rule 12b-2 that would have the effect of reducing the
number of registrants that are subject to the Sarbanes-Oxley Act
Section 404(b) attestation requirement.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/29/19 84 FR 24876
NPRM Comment Period End............. 07/29/19
Final Action........................ 04/00/20
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Fieldsend, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM41
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
511. 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:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15
Next Action Undetermined............
------------------------------------------------------------------------
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
512. Universal Proxy
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
[[Page 71291]]
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 Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17
Next Action Undetermined............
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ted Yu, Division of Corporation Finance, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone:
202 551-3500, Email: [email protected].
RIN: 3235-AL84
513. Corporate Board Diversity
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 78l; 15 U.S.C. 78m
Abstract: The Division is considering recommending that the
Commission propose amendments to the proxy rules to require additional
disclosure about the diversity of board members and nominees.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Felicia H. Kung, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL91
514. Conflict Minerals Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: Sec. 1502, Pub. L. 111-203, 124 Stat. 1376 and
2213; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C. 77s; 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77eee; 15
U.S.C. 77ggg; 15 U.S.C. 77jjj; 15 U.S.C. 77kkk; 15 U.S.C. 77nnn; 15
U.S.C. 77sss; 15 U.S.C. 77ttt; 15 U.S.C. 78a et seq.; 15 U.S.C. 78c; 15
U.S.C. 78i; 15 U.S.C. 78j; 15 U.S.C. 78j-1; 15 U.S.C. 78k; 15 U.S.C.
78k-1; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78n-1; 15
U.S.C. 78o; 15 U.S.C. 78o-4; 15 U.S.C. 78o-8; 15 U.S.C. 78d; 15 U.S.C.
78e; 15 U.S.C. 78f; 15 U.S.C. 78g; 15 U.S.C. 78p; 15 U.S.C. 78q; 15
U.S.C. 78s; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78x; 15 U.S.C.
78dd(b); 15 U.S.C. 78dd(c); 15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C.
80a-20; 15 U.S.C. 80a-23; 15 U.S.C. 80a-29; 15 U.S.C. 80a-37; 15 U.S.C.
80b-3; 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 15 U.S.C. 7201 et seq.; 15
U.S.C. 8302; 18 U.S.C. 1350; 12 U.S.C. 5221(e)(3)
Abstract: The Division is considering recommendations for the
Commission to address the U.S. District Court for the District of
Columbia's final decision (Nat'l Ass'n of Mfrs., et al. v. SEC, No. 13-
CF-000635 (D.D.C. Apr. 3, 2017)) in the litigation over the conflict
minerals rule. The district court set aside those portions of the rule
that required companies to report to the Commission and state on their
website that any of their products ``have not been found to be `DRC
conflict free.' ''
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/23/10 75 FR 80947
NPRM Comment Period End............. 01/31/11
NPRM Comment Period Extended........ 02/03/11 76 FR 6110
NPRM Comment Period Extended End.... 03/02/11
Final Action........................ 09/12/12 77 FR 56273
Final Action Effective.............. 11/12/12
Next Action Undetermined............
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Fieldsend, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM14
515. Mandated Electronic Filings
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C.
78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o(d); 15 U.S.C. 78p; 15
U.S.C. 78w(a); 15 U.S.C. 78ll
Abstract: The Division is considering recommending that the
Commission propose amendments to Regulation S-T that would update the
mandated electronic submissions requirements to include additional
filings.
Timetable: Next Action Undetermined.
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, Email: [email protected].
RIN: 3235-AM15
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
516. Simplification of Disclosure Requirements for Emerging Growth
Companies and Forward Incorporation by Reference on Form S-1 for
Smaller Reporting Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15
U.S.C. 77j; Pub. L. 114-94, secs. 71003 and 84001; Pub. L. 112-106,
sec. 102; 15 U.S.C. 77s
Abstract: An interim final rule was adopted on 01/19/2016, and this
item is being withdrawn from the agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Interim Final Rule.................. 01/19/16 81 FR 2743
Interim Final Rule Effective........ 01/19/16
Interim Final Rule Comment Period 02/18/16
End.
Withdrawn........................... 08/22/19
------------------------------------------------------------------------
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-AL88
517. 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: An interim final rule was adopted on 06/09/2016, and this
item is being withdrawn from the agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
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.
Withdrawn........................... 08/22/19
------------------------------------------------------------------------
[[Page 71292]]
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, Email: [email protected].
RIN: 3235-AL89
518. Amendments To Implement FAST Act Report
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 114-94; 129 Stat. 1312
Abstract: The Commission adopted rule amendments to implement
recommendations made in the staff's 2016 Report on Modernization and
Simplification of Regulation S-K, a report to Congress required by
section 72003 of the FAST Act. As required by the FAST Act, the report
included various recommendations on ways to modernize and simplify the
disclosure requirements in Regulation S-K in a manner that reduces the
costs and burdens on companies while still providing all material
information to investors as well as ways to improve the readability and
navigability of disclosure documents and discourage repetition and
disclosure of immaterial information.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/02/17 82 FR 50988
NPRM Comment Period End............. 01/02/18
Final Action........................ 04/02/19 84 FR 12674
Final Action Effective.............. 05/02/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dan Greenspan, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3623, Email: [email protected].
RIN: 3235-AM00
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
519. 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 Division is considering recommending that the
Commission re-propose 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.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/28/15 80 FR 80884
NPRM Comment Period End............. 03/28/16
Second NPRM......................... 04/00/20
------------------------------------------------------------------------
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
Final Rule Stage
520. Fund of Funds Arrangements
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-8(b); 15 U.S.C. 80a-6(c); 15 U.S.C.
80a-12(d)(1)(G); 15 U.S.C. 80a-12(d)(1)(J); 15 U.S.C. 80a-17(b); 15
U.S.C. 80a-29(a); 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission adopt new rules and rule amendments to allow funds to
acquire shares of other funds (i.e., ``fund of funds'' arrangements),
including arrangements involving exchange-traded funds, without first
obtaining exemptive orders from the Commission.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/01/19 84 FR 1286
NPRM Comment Period End............. 05/02/19
Final Action........................ 04/00/20
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Melissa Gainor, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6805, Email: [email protected].
RIN: 3235-AM29
521. Offering Reform for Business Development Companies Under the Small
Business Credit Availability Act and Closed-End Funds Under the
Economic Growth, Regulatory Relief, and Consumer Protection Act
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f to 77i; 15 U.S.C. 77s; 15 U.S.C.
77z-2 and 77z-3; 15 U.S.C. 78b and 78c(b); 15 U.S.C. 78i(a); 15 U.S.C.
78i; 15 U.S.C. 78l; 15 U.S.C. 78m to 78o; 15 U.S.C. 78q(a); 15 U.S.C.
78u-5; 15 U.S.C. 78w; 15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C. 80a-
6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-20(a); 15 U.S.C. 80a-23 and 80a-
24; 15 U.S.C. 80a-29 and 80a-30; 15 U.S.C. 80a-36 and 80a-37; Pub. L.
115-141, title VIII, sec. 803(b); Pub. L. 115-174, sec. 509(a)
Abstract: The Division is considering recommending that the
Commission adopt amendments to existing rules and/or adopt new rules--
under the Securities Act of 1933 and the Investment Company Act of 1940
to implement section 803 of the Small Business Credit Availability Act
and section 509 of the Economic Growth, Regulatory Relief, and Consumer
Protection Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/10/19 84 FR 14448
NPRM Comment Period End............. 06/10/19
Final Action........................ 04/00/20
------------------------------------------------------------------------
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-AM31
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
522. 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
[[Page 71293]]
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 re-propose 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:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/28/10 75 FR 66622
NPRM Comment Period End............. 11/18/10
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
Second NPRM......................... To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Matthew DeLesDernier, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6792, Email:
[email protected].
RIN: 3235-AK67
523. Amendments to the Custody Rules for Investment Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-17(f); 15 U.S.C.
80a-26; 15 U.S.C. 80a-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C.
80a-31; 15 U.S.C. 80a-36; 15 U.S.C. 80a-37; 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rules concerning custody under the
Investment Company Act of 1940.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jacob Krawitz, Branch Chief, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-4673, Email: [email protected].
RIN: 3235-AM66
524. Amendments to the Family Office Rule
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80b-2(a)(11)(G); 15 U.S.C. 80b-6a
Abstract: The Division is considering recommending that the
Commission propose targeted amendments to the family office rule under
section 202(a)(11) of the Investment Advisers Act of 1940.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Thoreau Adrian Bartmann, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6745, Email: [email protected].
RIN: 3235-AM67
525. Amendments to Rule 17A-7 Under the Investment Company Act
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-10(f); 15 U.S.C.
80a-17(d); 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rule 17a-7 under the Investment
Company Act concerning the exemption of certain purchase or sale
transactions between an investment company and certain affiliated
persons.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jacob Krawitz, Branch Chief, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-4673, Email: [email protected].
RIN: 3235-AM69
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
526. Form CRS Relationship Summary; Amendments to Form ADV; Required
Disclosures to Retail Customers and Restrictions on the Use of Certain
Names or Titles
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80b-11(g); 15 U.S.C. 78c; 15 U.S.C. 78j;
15 U.S.C. 78o; 15 U.S.C. 78o(c)(6); 15 U.S.C. 78o(l); 15 U.S.C. 78q; 15
U.S.C. 78w; 15 U.S.C. 78mm
Abstract: The Commission adopted new and amended rules and forms
under the Investment Advisers Act of 1940 and the Securities Exchange
Act of 1934 to (1) Require registered investment advisers and
registered broker-dealers to provide a brief relationship summary to
retail investors and (2) reduce investor confusion in the marketplace
for firm services.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 03/07/13 78 FR 14848
ANPRM Comment Period End............ 07/05/13
NPRM................................ 05/23/18 83 FR 23848
NPRM Comment Period End............. 08/07/18
Final Action........................ 07/12/19 84 FR 33492
Final Action Effective.............. 09/10/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Emily Russell, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5500, Email: [email protected].
Jennifer Porter, Division of Investment Management, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-6739, Email: [email protected].
RIN: 3235-AL27
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
527. 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:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/06/11 76 FR 26550
[[Page 71294]]
NPRM Comment Period End............. 07/05/11
Final Action........................ 01/08/14 79 FR 1522
Final Action Effective.............. 07/07/14
Next Action Undetermined............
------------------------------------------------------------------------
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
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
528. Regulation Best Interest
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w; 15 U.S.C. 78mm
Abstract: The Commission adopted rules to establish a standard of
conduct for broker-dealers and natural persons who are associated
persons of a broker-dealer when making a recommendation of any
securities transaction or investment strategy involving securities to a
retail customer, as well as to implement related record-making and
recordkeeping obligations.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/09/18 83 FR 21574
NPRM Comment Period End............. 08/07/18
Final Action........................ 07/12/19 84 FR 33318
Final Action Effective.............. 09/10/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Sales
Practices, Division of Trading and Markets, Securities and Exchange
Commission, 100 F St. NE, Washington, DC 20549, Phone: 202 551-5580,
Email: [email protected].
RIN: 3235-AM35
SECURITIES AND EXCHANGE COMMISSION (SEC)
Offices and Other Programs
Completed Actions
529. Auditor Independence With Respect to Loans or Debtor-Creditor
Relationships
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15
U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C.
77aa(25); 15 U.S.C. 77aa(26); 15 U.S.C. 77nn(25); 15 U.S.C. 77nn(26);
15 U.S.C. 78c; 15 U.S.C. 78j-1; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C.
78n; 15 U.S.C. 78o(d); 15 U.S.C. 78q; 15 U.S.C. 78u-5; 15 U.S.C. 78w;
15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C. 80a-8; 15 U.S.C. 80a-20; 15
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37(a); 15 U.S.C. 80b-3;
15 U.S.C. 80b-11; 15 U.S.C. 7202; 15 U.S.C. 7262
Abstract: The Commission amended rule 2-01(c)(1)(ii)(A) of
Regulation S-X regarding the independence of an accountant when the
accountant has a lending relationship with an entity that holds equity
securities of the accountant's audit client. The amendments focus the
analysis on beneficial ownership; replace the existing 10 percent
bright-line shareholder ownership test with a ``significant influence''
test; add a ``known through reasonable inquiry'' standard with respect
to identifying beneficial owners of the audit client's equity
securities; and exclude from the definition of ``audit client,'' for a
fund under audit, any other funds that otherwise would be considered
affiliates of the audit client.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/08/18 83 FR 20753
NPRM Comment Period End............. 07/09/18
Final Action........................ 07/05/19 84 FR 32040
Final Action Effective.............. 10/03/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Giles Taffle Cohen, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-2512, Email: [email protected].
RIN: 3235-AM01
[FR Doc. 2019-26563 Filed 12-23-19; 8:45 am]
BILLING CODE 8011-01-P
