Regulatory Flexibility Agenda, 48424-48428 [2022-15035]
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48424
Federal Register / Vol. 87, No. 151 / Monday, August 8, 2022 / UA: Reg Flex Agenda
Comments may be
submitted by any of the following
methods:
ADDRESSES:
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–11054; 34–94793; IA–
6002; IC–34570; File No. S7–15–22]
Regulatory Flexibility Agenda
Securities and Exchange
Commission.
ACTION: Semiannual regulatory agenda.
AGENCY:
The Securities and Exchange
Commission is publishing the Chair’s
agenda of rulemaking actions pursuant
to the Regulatory Flexibility Act (RFA)
(Pub. L. 96–354, 94 Stat. 1164) (Sept. 19,
1980). The items listed in the Regulatory
Flexibility Agenda for Spring 2022
reflect only the priorities of the Chair 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 April 22, 2022, 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 September 7, 2022.
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–
15–22 on the subject line.
Paper Comments
• Send paper comments to Vanessa
A. Countryman, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File No.
S7–15–22. This file number should be
included on the subject line if email is
used. To help the Commission process
and review your comments more
efficiently, please use only one method.
The Commission will post all comments
on the Commission’s 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 a.m. and 3 p.m. Operating
conditions may limit access to the
Commission’s Public Reference Room.
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: Sarit
Klein, Office of the General Counsel,
202–551–5037.
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
The Commission invites public
comment on the agenda and on the
individual agenda entries.
By the Commission.
Vanessa A. Countryman,
Secretary.
DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
366 ....................
Rule 144 Holding Period ..................................................................................................................................
3235–AM78
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DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
367 ....................
368 ....................
369 ....................
Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................
Pay Versus Performance .................................................................................................................................
Mandated Electronic Filings .............................................................................................................................
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3235–AL00
3235–AM15
48425
Federal Register / Vol. 87, No. 151 / Monday, August 8, 2022 / UA: Reg Flex Agenda
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
370 ....................
371 ....................
Universal Proxy ................................................................................................................................................
Filing Fee Disclosure and Payment Methods Modernization ..........................................................................
3235–AL84
3235–AL96
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
372 ....................
Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting on
Executive Compensation Votes by Institutional Investment Managers.
Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and ETFs; Fee Information in Investment Company
Ads.
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews ..................
Cybersecurity Risk Governance ......................................................................................................................
373 ....................
374 ....................
375 ....................
3235–AK67
3235–AM52
3235–AN07
3235–AN08
DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
376 ....................
377 ....................
Amendments to the Custody Rules for Investment Companies .....................................................................
Amendments to Improve Fund Proxy System .................................................................................................
3235–AM66
3235–AM73
DIVISION OF TRADING AND MARKETS—FINAL RULE STAGE
Title
378 ....................
Removal of References to Credit Ratings From Regulation M .......................................................................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
366. Rule 144 Holding Period [3235–
AM78]
khammond on DSKJM1Z7X2PROD with PROPOSALS3
Regulation
Identifier No.
Sequence No.
Legal Authority: 12 U.S.C. 5461 et
seq.; 15 U.S.C. 77b; 15 U.S.C. 77b note;
15 U.S.C. 77c; 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. 77r; 15 U.S.C. 77s;
15 U.S.C. 77s(a); 15 U.S.C. 77z–2; 15
U.S.C. 77z–3; 15 U.S.C. 77sss; 15 U.S.C.
77sss(a); 15 U.S.C. 78a et seq.; 15 U.S.C.
78c; 15 U.S.C. 78c(b); 15 U.S.C. 78d; 15
U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m;
15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C.
78o–7 note; 15 U.S.C. 78o(d); 15 U.S.C.
78t; 15 U.S.C. 78u–5; 15 U.S.C. 78w; 15
U.S.C. 78w(a); 15 U.S.C. 78ll; 15 U.S.C.
78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a–
2(a); 15 U.S.C. 80a–3; 15 U.S.C. 80a–
6(c); 15 U.S.C. 80a–8; 15 U.S.C. 80a–9;
15 U.S.C. 80a–10; 15 U.S.C. 80a–13; 15
U.S.C. 80a–24; 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–37; 15
U.S.C. 7201 et seq.; 18 U.S.C, 1350; sec.
953(b) Pub. L. 111–203, 124 Stat. 1904;
sec. 102(a)(3) Pub. L. 112–106, 126 Stat.
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309 (2012); sec. 107 Pub. L. 112–106,
126 Stat. 313 (2012); sec. 201(a) Pub. L.
112–106, 126 Stat. 313 (2012); sec. 401
Pub. L. 112–106, 126 Stat. 313 (2012);
sec. 72001 Pub. L. 114–94, 129 Stat.
1312 (2015), unless otherwise
noted; . . .
Abstract: The Division is considering
recommending that the Commission
repropose amendments to Rule 144, a
non-exclusive safe harbor that permits
the public resale of restricted or control
securities if the conditions of the rule
are met.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
01/19/21
03/22/21
FR Cite
86 FR 5063
10/00/22
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–AM78
PO 00000
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3235–AL14
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
367. Listing Standards for Recovery of
Erroneously Awarded Compensation
[3235–AK99]
Legal Authority: Pub. L. 111–203, sec.
954; 15 U.S.C. 78j–4
Abstract: The Division is considering
recommending that the Commission
adopt 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
NPRM ..................
NPRM Comment
Period End.
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Date
07/14/15
09/14/15
FR Cite
80 FR 41144
48426
Federal Register / Vol. 87, No. 151 / Monday, August 8, 2022 / UA: Reg Flex Agenda
Action
Date
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
10/21/21
FR Cite
86 FR 58232
11/22/21
Action
10/00/22
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
368. Pay Versus Performance [3235–
AL00]
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 Division is considering
recommending that the Commission
adopt 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
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
FR Cite
05/07/15
07/06/15
80 FR 26329
02/02/22
87 FR 5751
03/04/22
10/00/22
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
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369. Mandated Electronic Filings
[3235–AM15]
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
adopt amendments to Regulation S–T
that would update the mandated
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electronic submissions requirements to
include additional filings. These
additional filings would include: Form
144, Form 11–K and Form 6–K.
Timetable:
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Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
11/22/21
12/22/21
FR Cite
86 FR 66231
10/00/22
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Noel Sean Harrison,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3249, Email:
harrisons@sec.gov.
RIN: 3235–AM15
U.S.C. 78ll; 15 U.S.C. 80a–8; 15 U.S.C.
80a–24; 15 U.S.C. 80a–29; 15 U.S.C.
80a–37
Abstract: The Commission adopted
amendments that would modernize
filing fee disclosure and payment
methods. The Commission amended
most fee-bearing forms, schedules,
statements and related rules to require
each filing fee table and accompanying
disclosure to include all required
information for fee calculation in a
structured format. The amendments will
add options for fee payment via
Automated Clearing House and debit
and credit cards, and eliminate options
for fee payment via paper checks and
money orders. The Commission adopted
other amendments to enhance the
efficiency of the fee process.
Timetable:
Action
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
370. Universal Proxy [3235–AL84]
Legal Authority: 15 U.S.C. 78n; 15
U.S.C. 78w(a)
Abstract: The Commission amended
the Federal proxy rules to enhance the
ability of shareholders to elect directors
through the proxy process in a manner
consistent with their ability to vote in
person at a shareholder meeting.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period Reopened End.
Final Action .........
Final Action Effective.
FR Cite
11/10/16
01/09/17
81 FR 79122
05/06/21
86 FR 24364
06/07/21
12/27/19
02/25/20
84 FR 71580
12/09/21
01/31/22
86 FR 70166
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark W. Green,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–0301, Phone: 202 551–3809,
Email: greenm@sec.gov.
RIN: 3235–AL96
Division of Investment Management
12/01/21
01/31/22
86 FR 68330
371. Filing Fee Disclosure and Payment
Methods Modernization [3235–AL96]
Legal Authority: 15 U.S.C. 77g; 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. 78o(d); 15 U.S.C. 78s(a); 15
Frm 00004
FR Cite
SECURITIES AND EXCHANGE
COMMISSION (SEC)
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–
3440, Email: yut@sec.gov.
RIN: 3235–AL84
PO 00000
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective (Except 17
CFR 202.3a,
230.111, 240.0–
9, & 270.0–8—
Effective 05/31/
22).
Date
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Final Rule Stage
372. Enhanced Reporting of Proxy
Votes by Registered Management
Investment Companies; Reporting on
Executive Compensation Votes by
Institutional Investment Managers
[3235–AK67]
Legal Authority: 15 U.S.C. 78m; 15
U.S.C. 78w(a); 15 U.S.C. 78mm; 15
U.S.C. 78x; 15 U.S.C. 80a–8; 15 U.S.C.
80a–29; 15 U.S.C. 80a–30; 15 U.S.C.
80a–37; 15 U.S.C. 80a–44; Pub. L. 111–
203, sec. 951
Abstract: The Division is considering
recommending that the Commission
adopt rule amendments to implement
section 951 of the Dodd-Frank Act and
to enhance the information reported on
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Form N–PX. 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 ....
Final Action .........
FR Cite
10/28/10
11/18/10
75 FR 66622
10/15/21
10/00/22
86 FR 57478
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Nathan Schurr,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6394, Email:
schuurna@sec.gov.
RIN: 3235–AK67
373. Tailored Shareholder Reports,
Treatment of Annual Prospectus
Updates for Existing Investors, and
Improved Fee and Risk Disclosure for
Mutual Funds and ETFs; Fee
Information in Investment Company
Ads [3235–AM52]
Legal Authority: 15 U.S.C. 77e; 15
U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s;
15 U.S.C. 78c(b); 15 U.S.C. 77f; 15
U.S.C. 78j; 15 U.S.C. 78m; 15 U.S.C.
78n; 15 U.S.C. 78o; 15 U.S.C. 78mm; 15
U.S.C. 80a–6; 15 U.S.C. 80a–8; 15 U.S.C.
80a–20; 15 U.S.C. 80a–24; 15 U.S.C.
80a–29; 15 U.S.C. 80a–37; 44 U.S.C.
3506; 44 U.S.C. 3507
Abstract: The Division is considering
recommending that the Commission
adopt a new streamlined shareholder
report under the Investment Company
Act of 1940. The Division is also
considering recommending that the
Commission adopt rule and form
amendments to improve and modernize
certain aspects of the current disclosure
framework under the Investment
Company Act.
Timetable:
khammond on DSKJM1Z7X2PROD with PROPOSALS3
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
11/05/20
01/04/21
FR Cite
85 FR 70716
10/00/22
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Michael Kosoff,
Division of Investment Management,
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Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6754, Email: kosoffm@
sec.gov.
RIN: 3235–AM52
374. Private Fund Advisers;
Documentation of Registered
Investment Adviser Compliance
Reviews [3235–AN07]
Legal Authority: 15 U.S.C. 80b–1 et
seq.
Abstract: The Division is considering
recommending that the Commission
adopt rules under the Advisers Act to
address lack of transparency, conflicts
of interest, and certain other matters
involving private fund advisers.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
03/24/22
04/25/22
FR Cite
87 FR 16886
Legal Authority: 15 U.S.C. 80b–1 et
seq.; 15 U.S.C. 80a–1 et seq.
Abstract: The Division is considering
recommending that the Commission
adopt rules to enhance fund and
investment adviser disclosures and
governance relating to cybersecurity
risks.
Timetable:
Action
Date
03/09/22
04/11/22
FR Cite
87 FR 13524
Completed Actions
376. Amendments to the Custody Rules
for Investment Companies [3235–
AM66]
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. This
item is being withdrawn.
Timetable:
Action
Date
FR Cite
04/25/22
04/00/23
Fmt 4701
Sfmt 4702
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Bradley Gude,
Special Counsel, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
5590, Email: gudeb@sec.gov.
RIN: 3235–AM66
377. Amendments To Improve Fund
Proxy System [3235–AM73]
Legal Authority: 15 U.S.C. 78m; 15
U.S.C. 78w; 15 U.S.C. 78mm; 15 U.S.C.
80a–2; 15 U.S.C. 80a–6; 15 U.S.C. 80a–
20; 15 U.S.C. 80a–30; 15 U.S.C. 80a–37
Abstract: The Division is considering
recommending that the Commission
propose rule and form amendments to
address the fund proxy system and the
unique challenges that funds as issuers
may experience in seeking shareholder
approvals. This item is being
withdrawn.
Timetable:
Action
Withdrawn ...........
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Christopher Staley,
Branch Chief, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
8475, Email: staleyc@sec.gov.
RIN: 3235–AN08
Frm 00005
Division of Investment Management
Withdrawn ...........
375. Cybersecurity Risk Governance
[3235–AN08]
PO 00000
SECURITIES AND EXCHANGE
COMMISSION (SEC)
04/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Melissa Harke,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6722, Email: harkem@
sec.gov.
RIN: 3235–AN07
NPRM ..................
NPRM Comment
Period End.
Final Action .........
48427
Date
FR Cite
04/25/22
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Amanda Wagner,
Branch Chief, Investment Company
Regulation Office, Securities and
Exchange Commission, Division of
Investment Management, 100 F Street
NE, Washington, DC 20549, Phone: 202
551–6762, Email: wagnera@sec.gov.
RIN: 3235–AM73
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SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
khammond on DSKJM1Z7X2PROD with PROPOSALS3
378. Removal of References to Credit
Ratings From Regulation M [3235–
AL14]
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
Division is considering recommending
that the Commission adopt proposed
amendments to eliminate the exceptions
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for investment grade non-convertible
debt, non-convertible preferred, and
asset-backed securities (as rated by at
least one Nationally Recognized
Statistical Rating Organization) from
Rules 101 and 102 of Regulation M and
replace the exception in Rule 101 with
alternative standards—one based on
distance to default using a Structural
Credit Risk Model for non-convertible
debt and non-convertible preferred debt,
and one based on SF–3 shelf registration
for asset-backed securities.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
PO 00000
Frm 00006
FR Cite
05/06/11
07/05/11
76 FR 26550
01/08/14
79 FR 1522
Action
Final Action Effective.
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
FR Cite
07/07/14
03/30/22
05/23/22
87 FR 18312
04/00/23
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
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[Federal Register Volume 87, Number 151 (Monday, August 8, 2022)]
[Unknown Section]
[Pages 48424-48428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-15035]
[[Page 48423]]
Vol. 87
Monday,
No. 151
August 8, 2022
Part XXVII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 87 , No. 151 / Monday, August 8, 2022 / UA:
Reg Flex Agenda
[[Page 48424]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-11054; 34-94793; IA-6002; IC-34570; File No. S7-15-22]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission is publishing the
Chair's agenda of rulemaking actions pursuant to the Regulatory
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sept. 19, 1980).
The items listed in the Regulatory Flexibility Agenda for Spring 2022
reflect only the priorities of the Chair 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 April 22, 2022, 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 September 7, 2022.
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 S7-15-22 on the subject line.
Paper Comments
Send paper comments to Vanessa A. Countryman, Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File No. S7-15-22. This file number
should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's 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 a.m. and 3 p.m.
Operating conditions may limit access to the Commission's Public
Reference Room. 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: Sarit Klein, Office of the General
Counsel, 202-551-5037.
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
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Vanessa A. Countryman,
Secretary.
Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
366....................... Rule 144 Holding Period... 3235-AM78
------------------------------------------------------------------------
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
367....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
368....................... Pay Versus Performance.... 3235-AL00
369....................... Mandated Electronic 3235-AM15
Filings.
------------------------------------------------------------------------
[[Page 48425]]
Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
370....................... Universal Proxy........... 3235-AL84
371....................... Filing Fee Disclosure and 3235-AL96
Payment Methods
Modernization.
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
372....................... Enhanced Reporting of 3235-AK67
Proxy Votes by Registered
Management Investment
Companies; Reporting on
Executive Compensation
Votes by Institutional
Investment Managers.
373....................... Tailored Shareholder 3235-AM52
Reports, Treatment of
Annual Prospectus Updates
for Existing Investors,
and Improved Fee and Risk
Disclosure for Mutual
Funds and ETFs; Fee
Information in Investment
Company Ads.
374....................... Private Fund Advisers; 3235-AN07
Documentation of
Registered Investment
Adviser Compliance
Reviews.
375....................... Cybersecurity Risk 3235-AN08
Governance.
------------------------------------------------------------------------
Division of Investment Management--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
376....................... Amendments to the Custody 3235-AM66
Rules for Investment
Companies.
377....................... Amendments to Improve Fund 3235-AM73
Proxy System.
------------------------------------------------------------------------
Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
378....................... Removal of References to 3235-AL14
Credit Ratings From
Regulation M.
------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
366. Rule 144 Holding Period [3235-AM78]
Legal Authority: 12 U.S.C. 5461 et seq.; 15 U.S.C. 77b; 15 U.S.C.
77b note; 15 U.S.C. 77c; 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. 77r; 15 U.S.C. 77s; 15 U.S.C.
77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77sss; 15 U.S.C.
77sss(a); 15 U.S.C. 78a et seq.; 15 U.S.C. 78c; 15 U.S.C. 78c(b); 15
U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n;
15 U.S.C. 78o; 15 U.S.C. 78o-7 note; 15 U.S.C. 78o(d); 15 U.S.C. 78t;
15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78w(a); 15 U.S.C. 78ll; 15
U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-3; 15
U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-9; 15 U.S.C. 80a-10; 15
U.S.C. 80a-13; 15 U.S.C. 80a-24; 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-37; 15 U.S.C. 7201 et
seq.; 18 U.S.C, 1350; sec. 953(b) Pub. L. 111-203, 124 Stat. 1904; sec.
102(a)(3) Pub. L. 112-106, 126 Stat. 309 (2012); sec. 107 Pub. L. 112-
106, 126 Stat. 313 (2012); sec. 201(a) Pub. L. 112-106, 126 Stat. 313
(2012); sec. 401 Pub. L. 112-106, 126 Stat. 313 (2012); sec. 72001 Pub.
L. 114-94, 129 Stat. 1312 (2015), unless otherwise noted; . . .
Abstract: The Division is considering recommending that the
Commission repropose amendments to Rule 144, a non-exclusive safe
harbor that permits the public resale of restricted or control
securities if the conditions of the rule are met.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/19/21 86 FR 5063
NPRM Comment Period End............. 03/22/21
Second NPRM......................... 10/00/22
------------------------------------------------------------------------
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-AM78
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
367. Listing Standards for Recovery of Erroneously Awarded Compensation
[3235-AK99]
Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
Abstract: The Division is considering recommending that the
Commission adopt 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
[[Page 48426]]
NPRM Comment Period Reopened........ 10/21/21 86 FR 58232
NPRM Comment Period End............. 11/22/21
Final Action........................ 10/00/22
------------------------------------------------------------------------
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
368. Pay Versus Performance [3235-AL00]
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 Division is considering recommending that the
Commission adopt 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
NPRM Comment Period Reopened........ 02/02/22 87 FR 5751
NPRM Comment Period End............. 03/04/22
Final Action........................ 10/00/22
------------------------------------------------------------------------
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
369. Mandated Electronic Filings [3235-AM15]
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 adopt amendments to Regulation S-T that would update the
mandated electronic submissions requirements to include additional
filings. These additional filings would include: Form 144, Form 11-K
and Form 6-K.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/22/21 86 FR 66231
NPRM Comment Period End............. 12/22/21
Final Action........................ 10/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Noel Sean Harrison, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-3249, Email: [email protected].
RIN: 3235-AM15
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
370. Universal Proxy [3235-AL84]
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
Abstract: The Commission amended the Federal proxy rules to enhance
the ability of shareholders to elect directors through the proxy
process in a manner consistent with their ability to vote in person at
a shareholder meeting.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17
NPRM Comment Period Reopened........ 05/06/21 86 FR 24364
NPRM Comment Period Reopened End.... 06/07/21
Final Action........................ 12/01/21 86 FR 68330
Final Action Effective.............. 01/31/22
------------------------------------------------------------------------
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:
202 551-3440, Email: [email protected].
RIN: 3235-AL84
371. Filing Fee Disclosure and Payment Methods Modernization [3235-
AL96]
Legal Authority: 15 U.S.C. 77g; 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. 78o(d); 15 U.S.C.
78s(a); 15 U.S.C. 78ll; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C.
80a-29; 15 U.S.C. 80a-37
Abstract: The Commission adopted amendments that would modernize
filing fee disclosure and payment methods. The Commission amended most
fee-bearing forms, schedules, statements and related rules to require
each filing fee table and accompanying disclosure to include all
required information for fee calculation in a structured format. The
amendments will add options for fee payment via Automated Clearing
House and debit and credit cards, and eliminate options for fee payment
via paper checks and money orders. The Commission adopted other
amendments to enhance the efficiency of the fee process.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/27/19 84 FR 71580
NPRM Comment Period End............. 02/25/20
Final Action........................ 12/09/21 86 FR 70166
Final Action Effective (Except 17 01/31/22
CFR 202.3a, 230.111, 240.0-9, &
270.0-8--Effective 05/31/22).
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3809, Email: [email protected].
RIN: 3235-AL96
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
372. Enhanced Reporting of Proxy Votes by Registered Management
Investment Companies; Reporting on Executive Compensation Votes by
Institutional Investment Managers [3235-AK67]
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm;
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec. 951
Abstract: The Division is considering recommending that the
Commission adopt rule amendments to implement section 951 of the Dodd-
Frank Act and to enhance the information reported on
[[Page 48427]]
Form N-PX. 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
Second NPRM......................... 10/15/21 86 FR 57478
Final Action........................ 10/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Nathan Schurr, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6394, Email: [email protected].
RIN: 3235-AK67
373. Tailored Shareholder Reports, Treatment of Annual Prospectus
Updates for Existing Investors, and Improved Fee and Risk Disclosure
for Mutual Funds and ETFs; Fee Information in Investment Company Ads
[3235-AM52]
Legal Authority: 15 U.S.C. 77e; 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C. 77s; 15 U.S.C. 78c(b); 15 U.S.C. 77f; 15 U.S.C. 78j; 15 U.S.C.
78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78mm; 15 U.S.C. 80a-6; 15
U.S.C. 80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15
U.S.C. 80a-37; 44 U.S.C. 3506; 44 U.S.C. 3507
Abstract: The Division is considering recommending that the
Commission adopt a new streamlined shareholder report under the
Investment Company Act of 1940. The Division is also considering
recommending that the Commission adopt rule and form amendments to
improve and modernize certain aspects of the current disclosure
framework under the Investment Company Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/05/20 85 FR 70716
NPRM Comment Period End............. 01/04/21
Final Action........................ 10/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Michael Kosoff, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6754, Email: [email protected].
RIN: 3235-AM52
374. Private Fund Advisers; Documentation of Registered Investment
Adviser Compliance Reviews [3235-AN07]
Legal Authority: 15 U.S.C. 80b-1 et seq.
Abstract: The Division is considering recommending that the
Commission adopt rules under the Advisers Act to address lack of
transparency, conflicts of interest, and certain other matters
involving private fund advisers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/24/22 87 FR 16886
NPRM Comment Period End............. 04/25/22
Final Action........................ 04/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Melissa Harke, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6722, Email: [email protected].
RIN: 3235-AN07
375. Cybersecurity Risk Governance [3235-AN08]
Legal Authority: 15 U.S.C. 80b-1 et seq.; 15 U.S.C. 80a-1 et seq.
Abstract: The Division is considering recommending that the
Commission adopt rules to enhance fund and investment adviser
disclosures and governance relating to cybersecurity risks.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/09/22 87 FR 13524
NPRM Comment Period End............. 04/11/22
Final Action........................ 04/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Christopher Staley, Branch Chief, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-8475, Email: [email protected].
RIN: 3235-AN08
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
376. Amendments to the Custody Rules for Investment Companies [3235-
AM66]
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. This item is being withdrawn.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 04/25/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Bradley Gude, Special Counsel, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-5590, Email: [email protected].
RIN: 3235-AM66
377. Amendments To Improve Fund Proxy System [3235-AM73]
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w; 15 U.S.C. 78mm; 15
U.S.C. 80a-2; 15 U.S.C. 80a-6; 15 U.S.C. 80a-20; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission propose rule and form amendments to address the fund proxy
system and the unique challenges that funds as issuers may experience
in seeking shareholder approvals. This item is being withdrawn.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 04/25/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amanda Wagner, Branch Chief, Investment Company
Regulation Office, Securities and Exchange Commission, Division of
Investment Management, 100 F Street NE, Washington, DC 20549, Phone:
202 551-6762, Email: [email protected].
RIN: 3235-AM73
[[Page 48428]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
378. Removal of References to Credit Ratings From Regulation M [3235-
AL14]
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 Division is considering
recommending that the Commission adopt proposed amendments to eliminate
the exceptions for investment grade non-convertible debt, non-
convertible preferred, and asset-backed securities (as rated by at
least one Nationally Recognized Statistical Rating Organization) from
Rules 101 and 102 of Regulation M and replace the exception in Rule 101
with alternative standards--one based on distance to default using a
Structural Credit Risk Model for non-convertible debt and non-
convertible preferred debt, and one based on SF-3 shelf registration
for asset-backed securities.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/06/11 76 FR 26550
NPRM Comment Period End............. 07/05/11
Final Action........................ 01/08/14 79 FR 1522
Final Action Effective.............. 07/07/14
NPRM................................ 03/30/22 87 FR 18312
NPRM Comment Period End............. 05/23/22
Final Action........................ 04/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Guidroz, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6439, Email: [email protected].
RIN: 3235-AL14
[FR Doc. 2022-15035 Filed 8-5-22; 8:45 am]
BILLING CODE 8011-01-P
