Regulatory Flexibility Agenda, 11376-11380 [2023-02043]
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Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / 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. 33–11118; 34–96009; IA–
6165; IC–34725; File No. S7–24–22]
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 Fall 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 October 6, 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 March 24, 2023.
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–
24–22 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.
S7–24–22. 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
588 ....................
Rule 144 Holding Period ..................................................................................................................................
3235–AM78
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DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
589 ....................
Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................
3235–AK99
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
590 ....................
Pay Versus Performance .................................................................................................................................
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Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
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DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS—Continued
Regulation
Identifier No.
Sequence No.
Title
591 ....................
592 ....................
Updating EDGAR Filing Requirements and Form 144 Filings ........................................................................
Proxy Voting Advice .........................................................................................................................................
3235–AM15
3235–AM92
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
593 ....................
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 ......................................................................................................................
594 ....................
595 ....................
596 ....................
3235–AK67
3235–AM52
3235–AN07
3235–AN08
DIVISION OF TRADING AND MARKETS—FINAL RULE STAGE
Title
597 ....................
Removal of References to Credit Ratings From Regulation M .......................................................................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Action
Proposed Rule Stage
588. Rule 144 Holding Period [3235–
AM78]
Legal Authority: 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. 77z–3; 15
U.S.C. 77sss; 15 U.S.C. 78c; 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. 78t;
15 U.S.C. 78w; 15 U.S.C. 78ll(d); 15
U.S.C. 78mm; 15 U.S.C. 80a–8; 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; sec.
201(a) Pub. L. 112–106, 126 Stat. 313
(2012); sec. 401 Pub. L. 112–106, 126
Stat. 313 (2012); 126 Stat. 313 (2012),
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.
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03/22/21
22:20 Feb 21, 2023
FR Cite
86 FR 5063
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Date
Second NPRM ....
Division of Corporation Finance
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Regulation
Identifier No.
Sequence No.
FR Cite
10/00/23
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
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
589. Listing Standards for Recovery of
Erroneously Awarded Compensation
[3235–AK99]
Legal Authority: Pub. L. 111–203, sec.
954; 15 U.S.C. 78j–4; 15 U.S.C. 78m; 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C.
78mm; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C.
80a–20; 15 U.S.C. 80a–29; 15 U.S.C.
80a–37; . . .
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
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3235–AL14
issuer’s policy on incentive-based
compensation and mandating the
clawback of such compensation in
certain circumstances.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Date
FR Cite
07/14/15
09/14/15
80 FR 41144
10/21/21
86 FR 58232
11/22/21
06/14/22
87 FR 35938
07/14/22
04/00/23
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
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Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
590. 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(i); 15 U.S.C. 78w(a); 15 U.S.C.
78mm; . . .
Abstract: The Commission adopted
amendments to implement Section 14(i)
of the Securities Exchange Act of 1934,
as added by Section 953(a) of the DoddFrank Wall Street Reform and Consumer
Protection Act. Section 14(i) directs the
Commission to adopt rules requiring
registrants to provide disclosure of pay
versus performance. The disclosure is
required in proxy or information
statements in which executive
compensation disclosure is required.
The disclosure requirements do not
apply to emerging growth companies,
registered investment companies, or
foreign private issuers.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
05/07/15
07/06/15
80 FR 26329
02/02/22
87 FR 5751
03/04/22
09/08/22
10/11/22
87 FR 55134
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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591. Updating EDGAR Filing
Requirements and Form 144 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; 15
U.S.C. 80a–10; 15 U.S.C. 80a–37; 15
U.S.C. 77b; 15 U.S.C. 77b note; 15
U.S.C. 77c; 15 U.S.C. 77r; 15 U.S.C. 77s;
15 U.S.C. 77z–2; 15 U.S.C. 77z–3; 15
U.S.C. 77s(a); 15 U.S.C. 77eee; 15 U.S.C.
77ggg; 15 U.S.C. 77nnn; 15 U.S.C. 77sss;
15 U.S.C. 77sss(a); 15 U.S.C. 77ttt; 15
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U.S.C. 78a et seq.; 15 U.S.C. 78c(b); 15
U.S.C. 78c–3; 15 U.S.C. 78c–5; 15 U.S.C.
78d; 15 U.S.C. 78e; 15 U.S.C. 78f; 15
U.S.C. 78g; 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. 78n–1; 15 U.S.C. 78o;
15 U.S.C. 78o–4; 15 U.S.C. 78o–7 note;
15 U.S.C. 78o–10; 15 U.S.C. 78q; 15
U.S.C. 78q–1; 15 U.S.C. 78s; 15 U.S.C.
78t; 15 U.S.C. 78u–5; 15 U.S.C. 78w; 15
U.S.C. 78x; 15 U.S.C. 78dd; 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–13; 15 U.S.C. 80a–20; 15
U.S.C. 80a–23; 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. 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; 7 U.S.C.
2(c)((2)(E); 12 U.S.C. 5221(e)(3); 12
U.S.C. 5461 et seq.; Pub. L. 111–203,
939A, 124 Stat. 1376 (2010); Pub. L.
112–106, Sec. 107, Sec. 201(a), Sec. 401,
Sec. 503 and Sec. 602, 126 Stat. 313
(2012); Sec. 102(a)(3), Pub. L. 112–106,
126 Stat. 209 (2012); Sec. 107, Pub. L.
112–106, 126 Stat. 209 (2012); Sec.
72001, Pub. L. 114–94, 129 Stat. 1312
(2015); Secs. 2 and 3, Pub. L. 116–222,
134 Stat. 1063 (2020), unless otherwise
noted.; Sec. 249.220f is also issued
under Secs. 3(a), 202, 208, 302, 306(a),
401(a), 401(b), 406 and 407, Pub. L.
107–204, 116 Stat. 745, and Secs. 2 and
3, Pub. L. 116–222, 134 Stat. 1063; Sec.
249.240f is also issued under Secs. 3(a),
202, 208, 302, 306(a), 401(a), 401(b), 406
and 407, Pub. L. 107–204, 116 Stat. 745,
and Secs. 2 and 3, Pub. L. 116–222, 134
Stat. 1063; . . .
Abstract: The Commission adopted
rule and form amendments that
mandate the electronic filing or
submission of documents that are
currently permitted electronic
submissions, including the ‘‘glossy’’
annual report to security holders,
notices of exempt solicitations and
exempt preliminary roll-up
communications, notices of sales of
securities of certain issuers, filings of
required reports by foreign private
issuers and filings made by multilateral
development banks on our Electronic
Data Gathering, Analysis, and Retrieval
system.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
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11/22/21
12/22/21
86 FR 66231
06/10/22
07/11/22
87 FR 35393
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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
592. Proxy Voting Advice [3235–AM92]
Legal Authority: 15 U.S.C. 78c(b); 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C.
78mm; 15 U.S.C. 80B et seq.; . . .
Abstract: The Commission adopted
amendments to the Federal proxy rules
governing proxy voting advice as part of
its reassessment of those rules and in
light of feedback from market
participants on those rules, certain
developments in the market for proxy
voting advice, and comments received
regarding the proposed amendments.
The amendments remove a condition to
the availability of certain exemptions
from the information and filing
requirements of the Federal proxy rules
for proxy voting advice businesses. The
release also rescinds certain guidance
that the Commission issued to
investment advisers about their proxy
voting obligations. In addition, the
amendments remove a note that
provides examples of situations in
which the failure to disclose certain
information in proxy voting advice may
be considered misleading within the
meaning of the Federal proxy rules’
prohibition on material misstatements
or omissions. Finally, the release
discusses the Commission’s views
regarding the application of that
prohibition to proxy voting advice, in
particular with respect to statements of
opinion.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
11/26/21
12/27/21
86 FR 67383
07/19/22
09/19/22
87 FR 43168
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Valian Afshar,
Special Counsel, Division of
Corporation Finance, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3440, Email: afsharv@sec.gov.
RIN: 3235–AM92
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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:
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
593. 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
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
04/00/23
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
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594. 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
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Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
11/05/20
01/04/21
FR Cite
85 FR 70716
04/00/23
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: kosoffm@
sec.gov.
RIN: 3235–AM52
595. 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.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
FR Cite
03/24/22
04/25/22
87 FR 16886
05/12/22
87 FR 29059
06/13/22
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
596. Cybersecurity Risk Governance
[3235–AN08]
Legal Authority: 15 U.S.C. 80b–1 et
seq.; 15 U.S.C. 80a–1 et seq.
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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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
03/09/22
04/11/22
FR Cite
87 FR 13524
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: staleyc@sec.gov.
RIN: 3235–AN08
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
597. Removal of References to Credit
Ratings From Regulation M [3235–
AL14]
Legal Authority: Pub. L. 111–203, sec.
939A
Abstract: Section 939Aof 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
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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
NPRM ..................
E:\FR\FM\22FEP26.SGM
22FEP26
Date
FR Cite
05/06/11
07/05/11
76 FR 26550
01/08/14
07/07/14
79 FR 1522
03/30/22
87 FR 18312
11380
Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
Action
Date
NPRM Comment
Period End.
Final Action .........
FR Cite
05/23/22
04/00/23
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6439, Email: guidrozj@
sec.gov.
RIN: 3235–AL14
[FR Doc. 2023–02043 Filed 2–21–23; 8:45 am]
lotter on DSK11XQN23PROD with PROPOSALS22
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: John Guidroz,
Division of Trading and Markets,
Securities and Exchange Commission,
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22:20 Feb 21, 2023
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]]>Agencies
[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Unknown Section]
[Pages 11376-11380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02043]
[[Page 11375]]
Vol. 88
Wednesday,
No. 35
February 22, 2023
Part XXVI
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 88 , No. 35 / Wednesday, February 22, 2023 /
UA: Reg Flex Agenda
[[Page 11376]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-11118; 34-96009; IA-6165; IC-34725; File No. S7-24-22]
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 Fall 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 October 6, 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 March 24, 2023.
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 S7-24-22 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. S7-24-22. 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.
------------------------------------------------------------------------
588....................... Rule 144 Holding Period... 3235-AM78
------------------------------------------------------------------------
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
589....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
------------------------------------------------------------------------
Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
590....................... Pay Versus Performance.... 3235-AL00
[[Page 11377]]
591....................... Updating EDGAR Filing 3235-AM15
Requirements and Form 144
Filings.
592....................... Proxy Voting Advice....... 3235-AM92
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
593....................... Enhanced Reporting of 3235-AK67
Proxy Votes by Registered
Management Investment
Companies; Reporting on
Executive Compensation
Votes by Institutional
Investment Managers.
594....................... 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.
595....................... Private Fund Advisers; 3235-AN07
Documentation of
Registered Investment
Adviser Compliance
Reviews.
596....................... Cybersecurity Risk 3235-AN08
Governance.
------------------------------------------------------------------------
Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
597....................... Removal of References to 3235-AL14
Credit Ratings From
Regulation M.
------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
588. Rule 144 Holding Period [3235-AM78]
Legal Authority: 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. 77z-3; 15 U.S.C. 77sss; 15
U.S.C. 78c; 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. 78t; 15
U.S.C. 78w; 15 U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-8; 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; sec. 201(a) Pub. L. 112-106, 126 Stat.
313 (2012); sec. 401 Pub. L. 112-106, 126 Stat. 313 (2012); 126 Stat.
313 (2012), 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......................... 10/00/23
------------------------------------------------------------------------
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
589. Listing Standards for Recovery of Erroneously Awarded Compensation
[3235-AK99]
Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4; 15
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C.
77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 80a-20;
15 U.S.C. 80a-29; 15 U.S.C. 80a-37; . . .
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
NPRM Comment Period Reopened........ 10/21/21 86 FR 58232
NPRM Comment Period End............. 11/22/21
NPRM Comment Period Reopened........ 06/14/22 87 FR 35938
NPRM Comment Period End............. 07/14/22
Final Action........................ 04/00/23
------------------------------------------------------------------------
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
[[Page 11378]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
590. 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(i); 15 U.S.C. 78w(a); 15 U.S.C. 78mm; . . .
Abstract: The Commission adopted amendments to implement Section
14(i) of the Securities Exchange Act of 1934, as added by Section
953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection
Act. Section 14(i) directs the Commission to adopt rules requiring
registrants to provide disclosure of pay versus performance. The
disclosure is required in proxy or information statements in which
executive compensation disclosure is required. The disclosure
requirements do not apply to emerging growth companies, registered
investment companies, or foreign private issuers.
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........................ 09/08/22 87 FR 55134
Final Action Effective.............. 10/11/22
------------------------------------------------------------------------
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
591. Updating EDGAR Filing Requirements and Form 144 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; 15 U.S.C. 80a-10; 15 U.S.C. 80a-37; 15
U.S.C. 77b; 15 U.S.C. 77b note; 15 U.S.C. 77c; 15 U.S.C. 77r; 15 U.S.C.
77s; 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77s(a); 15 U.S.C.
77eee; 15 U.S.C. 77ggg; 15 U.S.C. 77nnn; 15 U.S.C. 77sss; 15 U.S.C.
77sss(a); 15 U.S.C. 77ttt; 15 U.S.C. 78a et seq.; 15 U.S.C. 78c(b); 15
U.S.C. 78c-3; 15 U.S.C. 78c-5; 15 U.S.C. 78d; 15 U.S.C. 78e; 15 U.S.C.
78f; 15 U.S.C. 78g; 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. 78n-1; 15 U.S.C. 78o; 15 U.S.C.
78o-4; 15 U.S.C. 78o-7 note; 15 U.S.C. 78o-10; 15 U.S.C. 78q; 15 U.S.C.
78q-1; 15 U.S.C. 78s; 15 U.S.C. 78t; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15
U.S.C. 78x; 15 U.S.C. 78dd; 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-13; 15 U.S.C. 80a-20; 15 U.S.C. 80a-23;
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. 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; 7 U.S.C.
2(c)((2)(E); 12 U.S.C. 5221(e)(3); 12 U.S.C. 5461 et seq.; Pub. L. 111-
203, 939A, 124 Stat. 1376 (2010); Pub. L. 112-106, Sec. 107, Sec.
201(a), Sec. 401, Sec. 503 and Sec. 602, 126 Stat. 313 (2012); Sec.
102(a)(3), Pub. L. 112-106, 126 Stat. 209 (2012); Sec. 107, Pub. L.
112-106, 126 Stat. 209 (2012); Sec. 72001, Pub. L. 114-94, 129 Stat.
1312 (2015); Secs. 2 and 3, Pub. L. 116-222, 134 Stat. 1063 (2020),
unless otherwise noted.; Sec. 249.220f is also issued under Secs. 3(a),
202, 208, 302, 306(a), 401(a), 401(b), 406 and 407, Pub. L. 107-204,
116 Stat. 745, and Secs. 2 and 3, Pub. L. 116-222, 134 Stat. 1063; Sec.
249.240f is also issued under Secs. 3(a), 202, 208, 302, 306(a),
401(a), 401(b), 406 and 407, Pub. L. 107-204, 116 Stat. 745, and Secs.
2 and 3, Pub. L. 116-222, 134 Stat. 1063; . . .
Abstract: The Commission adopted rule and form amendments that
mandate the electronic filing or submission of documents that are
currently permitted electronic submissions, including the ``glossy''
annual report to security holders, notices of exempt solicitations and
exempt preliminary roll-up communications, notices of sales of
securities of certain issuers, filings of required reports by foreign
private issuers and filings made by multilateral development banks on
our Electronic Data Gathering, Analysis, and Retrieval system.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/22/21 86 FR 66231
NPRM Comment Period End............. 12/22/21 .......................
Final Action........................ 06/10/22 87 FR 35393
Final Action Effective.............. 07/11/22 .......................
------------------------------------------------------------------------
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
592. Proxy Voting Advice [3235-AM92]
Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78n; 15 U.S.C. 78w(a);
15 U.S.C. 78mm; 15 U.S.C. 80B et seq.; . . .
Abstract: The Commission adopted amendments to the Federal proxy
rules governing proxy voting advice as part of its reassessment of
those rules and in light of feedback from market participants on those
rules, certain developments in the market for proxy voting advice, and
comments received regarding the proposed amendments. The amendments
remove a condition to the availability of certain exemptions from the
information and filing requirements of the Federal proxy rules for
proxy voting advice businesses. The release also rescinds certain
guidance that the Commission issued to investment advisers about their
proxy voting obligations. In addition, the amendments remove a note
that provides examples of situations in which the failure to disclose
certain information in proxy voting advice may be considered misleading
within the meaning of the Federal proxy rules' prohibition on material
misstatements or omissions. Finally, the release discusses the
Commission's views regarding the application of that prohibition to
proxy voting advice, in particular with respect to statements of
opinion.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/26/21 86 FR 67383
NPRM Comment Period End............. 12/27/21 .......................
Final Action........................ 07/19/22 87 FR 43168
Final Action Effective.............. 09/19/22 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Valian Afshar, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-3440, Email: [email protected].
RIN: 3235-AM92
[[Page 11379]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
593. 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 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........................ 04/00/23 .......................
------------------------------------------------------------------------
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
594. 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........................ 04/00/23 .......................
------------------------------------------------------------------------
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
595. 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 .......................
NPRM Comment Period Reopened........ 05/12/22 87 FR 29059
NPRM Comment Period End............. 06/13/22 .......................
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
596. 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 Trading and Markets
Final Rule Stage
597. Removal of References to Credit Ratings From Regulation M [3235-
AL14]
Legal Authority: Pub. L. 111-203, sec. 939A
Abstract: Section 939Aof 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
[[Page 11380]]
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. 2023-02043 Filed 2-21-23; 8:45 am]
BILLING CODE 8011-01-P
