Regulatory Flexibility Agenda, 48694-48702 [2023-14566]
Download as PDF
<![CDATA[
48694
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–11178; 34–97286; IA–
6281; IC–34884; File No. S7–09–23]
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 2023
reflect only the priorities of the Chair of
the U.S. Securities and Exchange
Commission, and do not necessarily
reflect the views and priorities of any
individual Commissioner.
Information in the agenda was
accurate on April 10, 2023, 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 August 28, 2023.
ADDRESSES: Comments may be
submitted by any of the following
methods:
SUMMARY:
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–
09–23 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. S7–09–23. 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.
Do not include personal identifiable
information in submissions; you should
submit only information that you wish
to make available publicly. We may
redact in part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection.
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.
3 OOD—PROPOSED RULE STAGE
Sequence
No.
Title
Regulation
Identifier No.
348 ....................
Amendments to Requirements for Filer Validation and Access to the EDGAR Filing System ......................
3235–AM58
ddrumheller on DSK120RN23PROD with PROPOSALS25
DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
349 ....................
Rule 144 Holding Period ..................................................................................................................................
VerDate Sep<11>2014
20:12 Jul 26, 2023
Jkt 259001
PO 00000
Frm 00002
Fmt 4701
Sfmt 4702
E:\FR\FM\27JYP25.SGM
27JYP25
3235–AM78
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
48695
DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
350 ....................
351 ....................
352 ....................
Prohibition Against Conflicts of Interest in Certain Securitizations .................................................................
Cybersecurity Risk Governance ......................................................................................................................
Rule 14a–8 Amendments ................................................................................................................................
3235–AL04
3235–AM89
3235–AM91
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
353 ....................
354 ....................
355 ....................
Listing Standards for Recovery of Erroneously Awarded Compensation .......................................................
Insider Trading Arrangements and Related Disclosures .................................................................................
Share Repurchase Disclosure Modernization .................................................................................................
3235–AK99
3235–AM86
3235–AM94
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
356 ....................
357 ....................
358 ....................
Safeguarding Advisory Client Assets ...............................................................................................................
Investment Company Names ...........................................................................................................................
Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental,
Social, and Governance Investment Practices.
Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N–PORT Reporting ........
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews ..................
Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies.
Outsourcing by Investment Advisers ...............................................................................................................
Regulation S P: Privacy of Consumer Financial Information and Safeguarding Customer Information ........
359 ....................
360 ....................
361 ....................
362 ....................
363 ....................
3235–AM32
3235–AM72
3235–AM96
3235–AM98
3235–AN07
3235–AN08
3235–AN18
3235–AN26
DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
364 ....................
Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting on
Executive Compensation Votes by Institutional Investment Managers.
Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements.
365 ....................
3235–AK67
3235–AM52
DIVISION OF TRADING AND MARKETS—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
366 ....................
Cybersecurity Risk Management Rules for Broker-Dealers, Clearing Agencies, MSBSPs, the MSRB, National Securities Associations, National Securities Exchanges, SBSDRs, SBS Dealers, and Transfer
Agents.
Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders ..
Regulation Best Execution ...............................................................................................................................
367 ....................
368 ....................
3235–AN15
3235–AN23
3235–AN24
ddrumheller on DSK120RN23PROD with PROPOSALS25
DIVISION OF TRADING AND MARKETS—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
369 ....................
Electronic Recordkeeping Requirements for Broker-Dealers and Security-Based Swap Dealers and Major
Security-Based Swap Participants.
Shortening the Securities Transaction Settlement Cycle ................................................................................
370 ....................
VerDate Sep<11>2014
20:12 Jul 26, 2023
Jkt 259001
PO 00000
Frm 00003
Fmt 4701
Sfmt 4702
E:\FR\FM\27JYP25.SGM
27JYP25
3235–AM76
3235–AN02
48696
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Economics
Proposed Rule Stage
348. Amendments to Requirements for
Filer Validation and Access to the
Edgar Filing System [3235–AM58]
Legal Authority: 15 U.S.C. 77c; 15
U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 78l;
15 U.S.C. 78m; . . .
Abstract: The EDGAR Business Office
is considering recommending that the
Commission propose rules and
amendments to modernize and enhance
access to the EDGAR Filing System,
including new validation requirements
for Filers and/or their representatives.
Timetable:
Action
Date
NPRM ..................
FR Cite
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
01/19/21
03/22/21
FR Cite
86 FR 5063
04/00/24
Division of Corporation Finance
Division of Corporation Finance
Final Rule Stage
Proposed Rule Stage
349. 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; Pub. L.
112–106, sec. 201(a), sec. 401, 126 Stat.
313 (2012); Sec. 401 Pub. L. 112–106,
126 Stat. 313 (2012); Sec. 107, Pub. L.
112–106, 126 Stat. 312; 12 U.S.C. 5461
et seq.; 15 U.S.C. 77s(a); 15 U.S.C. 77z–
2; 15 U.S.C. 77sss(a); 15 U.S.C. 78a et
seq.; 15 U.S.C. 78c(b); 15 U.S.C. 78o(d);
15 U.S.C. 78u–5; 15 U.S.C. 78w(a); 15
U.S.C. 78ll; 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–9; 15 U.S.C. 80a–10; 15
20:12 Jul 26, 2023
Jkt 259001
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)
SECURITIES AND EXCHANGE
COMMISSION (SEC)
ddrumheller on DSK120RN23PROD with PROPOSALS25
Action
10/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Rosemary Filou,
Chief Counsel, EDGAR Business Office,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–4813, Email: flour@
sec.gov.
RIN: 3235–AM58
VerDate Sep<11>2014
U.S.C. 80a–13; 15 U.S.C. 7201 et seq.; 18
U.S.C. 1350; Sec. 107, Pub. L. 112–106,
126 Stat. 312; 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. 72001 Pub. L. 114–94, 129
Stat. 1312 (2015); . . .
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:
350. Prohibition Against Conflicts of
Interest in Certain Securitizations
[3235–AL04]
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–28; 15
U.S.C. 80a–29; 15 U.S.C. 80a–30; 15
U.S.C. 80a–37; Pub. L. 112–106, sec.
201(a), sec. 401, 126 Stat. 313(2012),
unless otherwise noted; . . .
Abstract: The Division is considering
recommending that the Commission
adopt a rule under the Securities Act to
implement the prohibition under
section 621 of the Dodd-Frank Act on
material conflicts of interest in
connection with certain securitizations.
The proposed rules would prohibit, for
a specified period, a securitization
PO 00000
Frm 00004
Fmt 4701
Sfmt 4702
participant from engaging in any
transaction that would result in a
material conflict of interest between a
securitization participant and an
investor in the relevant asset-backed
security. As specified in section 621, the
proposed rule would provide exceptions
for risk-mitigating hedging activities,
bona fide market-making activities, and
liquidity commitments.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Extended.
NPRM Comment
Period Extended End.
NPRM Comment
Period Extended.
NPRM Comment
Period Extended End.
Second NPRM ....
Second NPRM
Comment Period End.
Final Action .........
Date
FR Cite
09/28/11
12/19/11
76 FR 60320
12/16/11
76 FR 78181
01/13/12
01/03/12
77 FR 24
02/13/12
02/14/23
03/27/23
88 FR 9678
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Rolaine Bancroft,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430.
RIN: 3235–AL04
351. Cybersecurity Risk Governance
[3235–AM89]
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 77s(a); 15 U.S.C. 78c(b); 15 U.S.C.
78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15
U.S.C. 78o; 15 U.S.C. 78w(a); . . .
Abstract: The Division is considering
recommending that the Commission
adopt rule amendments to better inform
investors about a registrant’s
cybersecurity risk management, strategy
and governance, and to provide timely
notification of material cybersecurity
incidents. The Commission proposed
rules to enhance and standardize
disclosures regarding cybersecurity risk
management, strategy, governance, and
cybersecurity incident reporting by
public companies that are subject to the
reporting requirements of the Exchange
Act.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
E:\FR\FM\27JYP25.SGM
27JYP25
Date
03/23/22
05/09/22
FR Cite
87 FR 16590
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
Action
Date
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
10/18/22
FR Cite
87 FR 63016
11/01/22
10/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Charles Kwon,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3231, Email: kwonc@
sec.gov.
RIN: 3235–AM89
352. Rule 14a–8 Amendments [3235–
AM91]
Legal Authority: 15 U.S.C. 78c(b); 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C.
80a–20(a); 15 U.S.C. 80a–29; 15 U.S.C.
80a–37; . . .
Abstract: The Division is considering
recommending that the Commission
adopt rule amendments regarding
shareholder proposals under Rule 14a–
8. The Commission proposed to, among
other things, update certain substantive
bases for exclusion of shareholder
proposals under the Commission’s
shareholder proposal rule. The
proposed amendments would amend
the substantial implementation
exclusion, the duplication exclusion,
and the resubmission exclusion.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
07/27/22
09/12/22
FR Cite
87 FR 45052
10/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Hughes Bates,
Special Counsel, Division of
Corporation Finance, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3500, Email: batesh@sec.gov.
RIN: 3235–AM91
ddrumheller on DSK120RN23PROD with PROPOSALS25
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
353. Listing Standards for Recovery of
Erroneously Awarded Compensation
[3235–AK99]
Legal Authority: 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. 78c(b); 15 U.S.C. 78j–
VerDate Sep<11>2014
20:12 Jul 26, 2023
Jkt 259001
4; 15 U.S.C. 78l; 15 U.S.C. 78m; 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C.
80a–20; 15 U.S.C. 80a–29; 15 U.S.C.
80a–37; 15 U.S.C. 78mm
Abstract: The Commission adopted a
new rule and rule amendments to
implement Section 954 of the DoddFrank Wall Street Reform and Consumer
Protection Act of 2010, which added
Section 10D to the Securities Exchange
Act of 1934. In accordance with Section
10D of the Exchange Act, the final rules
direct the national securities exchanges
and associations that list securities to
establish listing standards that require
each issuer to develop and implement a
policy providing for the recovery, in the
event of a required accounting
restatement, of incentive-based
compensation received by current or
former executive officers where that
compensation is based on the
erroneously reported financial
information. The listing standards must
also require the disclosure of the policy.
Additionally, the final rules require a
listed issuer to file the policy as an
exhibit to its annual report and to
include other disclosures in the event a
recovery analysis is triggered under the
policy.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
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
11/28/22
01/27/23
87 FR 73076
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
354. Insider Trading Arrangements and
Related Disclosures [3235–AM86]
Legal Authority: 15 U.S.C. 77c(b); 15
U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j;
15 U.S.C. 77q; 15 U.S.C. 77s(a); 15
U.S.C. 77z–3 ; 15 U.S.C. 78c; 15 U.S.C.
78i; 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(d); 15 U.S.C. 78t–1; 15 U.S.C. 78u–
PO 00000
Frm 00005
Fmt 4701
1 ; 15 U.S.C. 78w(a); 15 U.S.C. 78mm;
15 U.S.C. 80a–8 ; 15 U.S.C. 80a–20(a);
15 U.S.C. 80a–24(a); 15 U.S.C. 80a–29 ;
15 U.S.C. 80a–37; 15 U.S.C. 7264; . . .
Abstract: The Commission adopted
amendments to the rule under the
Securities Exchange Act of 1934 that
provides affirmative defenses to trading
on the basis of material nonpublic
information in insider trading cases.
The amendments add new conditions to
this rule that are designed to address
concerns about abuse of the rule to trade
securities opportunistically on the basis
of material nonpublic information in
ways that harm investors and
undermine the integrity of the securities
markets. The Commission also adopted
new disclosure requirements regarding
the insider trading policies and
procedures of issuers, the adoption and
termination (including modification) of
plans that are intended to meet the
rule’s conditions for establishing an
affirmative defense, and certain other
similar trading arrangements by
directors and officers. In addition, the
Commission adopted amendments to
the disclosure requirements for director
and executive compensation regarding
equity compensation awards made close
in time to the issuer’s disclosure of
material nonpublic information. Finally,
the Commission adopted amendments
to Forms 4 and 5 to require filers to
identify transactions made pursuant to a
plan intended to meet the rule’s
conditions for establishing an
affirmative defense, and to require
disclosure of bona fide gifts of securities
on Form 4.
Timetable:
Action
07/14/22
Sfmt 4702
48697
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
02/15/22
04/01/22
87 FR 8686
12/29/22
02/27/23
87 FR 80362
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–AM86
355. Share Repurchase Disclosure
Modernization [3235–AM94]
Legal Authority: 15 U.S.C. 78l; 15
U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C.
78w(a); 15 U.S.C. 80a–8; 15 U.S.C. 80a–
23; 15 U.S.C. 80a–24; 15 U.S.C. 80a–29;
15 U.S.C. 80a–30; 15 U.S.C. 80a–37; 7
U.S.C. 2(c)(2)(E); 12 U.S.C. 5221(e)(3),
E:\FR\FM\27JYP25.SGM
27JYP25
ddrumheller on DSK120RN23PROD with PROPOSALS25
48698
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
5461 et seq.; 15 U.S.C. 77c; 15 U.S.C.
77d; 15 U.S.C. 77e; 15 U.S.C. 77f; 15
U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j;
15 U.S.C. 77k; 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. 77aa(25); 15 U.S.C.
77aa(26); 15 U.S.C. 77ddd; 15 U.S.C.
77eee; 15 U.S.C. 77ggg; 15 U.S.C. 77hhh;
15 U.S.C. 77iii; 15 U.S.C. 77jjj; 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; 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. 78j–3; 15
U.S.C. 78k; 15 U.S.C. 78k–1; 15 U.S.C.
78n–1; 15 U.S.C. 78n; 15 U.S.C. 78o(d);
15 U.S.C. 78o–4; 15 U.S.C. 78o–10; 15
U.S.C. 78p; 15 U.S.C. 78q; 15 U.S.C.
78q–1; 15 U.S.C. 78s; 15 U.S.C. 78u–5;
15 U.S.C. 78w; 15 U.S.C. 78x; 15 U.S.C.
78dd; 15 U.S.C. 78ll; 15 U.S.C. 78mm;
15 U.S.C. 80a–6(c); 15 U.S.C. 80a–9; 15
U.S.C. 80a–20; 15 U.S.C. 80a–26; 15
U.S.C. 80a–31(c); 15 U.S.C. 80a–38(a);
15 U.S.C. 80a–39; 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., and 8302; 18 U.S.C.
1350; Sec. 953(b), Pub. L. 111–203, 124
Stat. 1904 (2010); Sec. 102(c), Pub. L.
112–106, 126 Stat. 310 (2012); Pub. L.
111–203, 939A, 124 Stat. 1376 (2010);
Pub. L. 112–106, sec. 503 and 602, 126
Stat. 326 (2012); 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. 72001 Pub. L. 114–94, 129
Stat. 1312 (2015); Secs. 2 and 3 Pub. L.
116–222, 134 Stat. 1063 (2020); unless
otherwise noted; . . .
Abstract: The Commission adopted
amendments to modernize and improve
disclosure about repurchases of an
issuer’s equity securities that are
registered under the Securities
Exchange Act of 1934. The amendments
require additional detail regarding the
structure of an issuer’s repurchase
program and its share repurchases,
require the filing of daily quantitative
repurchase data either quarterly or
semiannually, and eliminate the
requirement to file monthly repurchase
data in an issuer’s periodic reports. The
amendments also revise and expand the
existing periodic disclosure
requirements about these repurchases.
Finally, the amendments add new
quarterly disclosure in certain periodic
reports related to an issuer’s adoption
and termination of certain trading
arrangements.
Timetable:
Action
Date
NPRM ..................
VerDate Sep<11>2014
02/15/22
20:12 Jul 26, 2023
FR Cite
87 FR 8443
Jkt 259001
Action
Date
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
04/01/22
10/18/22
87 FR 63016
11/01/22
12/12/22
87 FR 75975
01/11/23
06/01/23
07/31/23
88 FR 36002
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–AM94
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
356. Safeguarding Advisory Client
Assets [3235–AM32]
Legal Authority: 15 U.S.C. 80b–4; 15
U.S.C. 80b–6(4); 15 U.S.C. 80b–11(a); 15
U.S.C. 80b–3(c)(1); 15 U.S.C. 80b–18b;
15 U.S.C. 80b–11; 15 U.S.C. 80b–23
Abstract: The Division is considering
recommending that the Commission
adopt amendments to existing rules
and/or adopt new rules under the
Investment Advisers Act of 1940 to
improve and modernize the regulations
around the custody of funds or
investments of clients by Investment
Advisers.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
03/09/23
05/08/23
FR Cite
88 FR 14672
10/00/23
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–AM32
PO 00000
Frm 00006
Fmt 4701
Sfmt 4702
357. Investment Company Names
[3235–AM72]
Legal Authority: 15 U.S.C. 80a–8; 15
U.S.C. 80a–29; 15 U.S.C. 80a–30; 15
U.S.C. 80a–33; 15 U.S.C. 80a–34; 15
U.S.C. 80a–37; 15 U.S.C. 80a–58; 15
U.S.C. 80a–63; 15 U.S.C. 80a–18; 15
U.S.C. 77e; 15 U.S.C. 77f; 15 U.S.C.
77g(a); 15 U.S.C. 77h; 15 U.S.C. 77j; 15
U.S.C. 77s(a); 15 U.S.C. 78j; 15 U.S.C.
78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15
U.S.C. 78ll; . . .
Abstract: The Division is considering
recommending that the Commission
adopt amendments to Investment
Company Act rule 35d–1, which applies
to names used by registered investment
companies. The Commission proposed
to amend the rule that addresses certain
broad categories of investment company
names that are likely to mislead
investors about an investment
company’s investments and risks. The
proposed amendments to this rule are
designed to increase investor protection
by improving and clarifying the
requirement for certain funds to adopt a
policy to invest at least 80% of their
assets in accordance with the
investment focus that the fund’s name
suggests, updating the rule’s notice
requirements, and establishing
recordkeeping requirements. The
Commission also proposed enhanced
prospectus disclosure requirements for
terminology used in fund names, and
additional requirements for funds to
report information on Form N–PORT
regarding compliance with the proposed
names-related regulatory requirements.
Timetable:
Action
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Date
FR Cite
03/06/20
05/05/20
85 FR 13221
06/17/22
08/16/22
87 FR 36594
10/18/22
87 FR 63016
11/01/22
10/00/23
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–AM72
E:\FR\FM\27JYP25.SGM
27JYP25
48699
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
358. Enhanced Disclosures by Certain
Investment Advisers and Investment
Companies About Environmental,
Social, and Governance Investment
Practices [3235–AM96]
Legal Authority: 15 U.S.C. 77e; 15
U.S.C. 77f ; 15 U.S.C. 77g; 15 U.S.C. 77j;
15 U.S.C. 77s; 15 U.S.C. 78m; 15 U.S.C.
78o; 15 U.S.C. 78w; 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; 15
U.S.C. 80b–3; 15 U.S.C. 80b–4; 15 U.S.C.
80b–11; 44 U.S.C. 3506 and 3507; . . .
Abstract: The Division is considering
recommending that the Commission
adopt requirements for investment
companies and investment advisers
related to environmental, social and
governance (ESG) factors, including ESG
claims and related disclosures. Among
other things, the Commission proposed
to amend rules and forms under both
the Investment Advisers Act of 1940
and the Investment Company Act of
1940 to require registered investment
advisers, certain advisers that are
exempt from registration, registered
investment companies, and business
development companies, to provide
additional information regarding their
ESG investment practices. The proposed
amendments to these forms and
associated rules seek to facilitate
enhanced disclosure of ESG issues to
clients and shareholders. The proposed
rules and form amendments are
designed to create a consistent,
comparable, and decision-useful
regulatory framework for ESG advisory
services and investment companies to
inform and protect investors while
facilitating further innovation in this
evolving area of the asset management
industry.
Timetable:
Action
Date
ddrumheller on DSK120RN23PROD with PROPOSALS25
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
FR Cite
06/17/22
08/16/22
87 FR 36654
10/18/22
87 FR 63016
11/01/22
10/00/23
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:
schuurna@sec.gov.
RIN: 3235–AM96
VerDate Sep<11>2014
20:12 Jul 26, 2023
Jkt 259001
359. Open-End Fund Liquidity Risk
Management Programs and Swing
Pricing; Form N–PORT Reporting
[3235–AM98]
Legal Authority: 15 U.S.C. 80a–22(c);
15 U.S.C. 80a–37(a); 15 U.S.C. 80a–
31(a); 15 U.S.C. 80a–35b; 15 U.S.C. 80a–
6; 15 U.S.C. 80a–8; 15 U.S.C. 80a–22; 15
U.S.C. 80a–24; 15 U.S.C. 80a–29; 15
U.S.C. 80a–30; 15 U.S.C. 80a–33; 15
U.S.C. 80a–37; 15 U.S.C. 80a–44; 15
U.S.C. 80b–6; 15 U.S.C. 78j; 15 U.S.C.
78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15
U.S.C. 78ll; 15 U.S.C. 77g; 15 U.S.C. 77j;
15 U.S.C. 77q; 15 U.S.C. 77s; 15 U.S.C.
77sss; 44 U.S.C. 3506; 44 U.S.C. 3507
Abstract: The Division is considering
recommending that the Commission
adopt changes to regulatory
requirements relating to open-end
fund’s liquidity and dilution
management. The Commission
proposed amendments to its current
rules for open-end management
investment companies (‘‘open-end
funds’’) regarding liquidity risk
management programs and swing
pricing. The proposed amendments are
designed to improve liquidity risk
management programs to better prepare
funds for stressed conditions and
improve transparency in liquidity
classifications. The amendments are
also designed to mitigate dilution of
shareholders’ interests in a fund by
requiring any open-end fund, other than
a money market fund or exchangetraded fund, to use swing pricing to
adjust a fund’s net asset value (‘‘NAV’’)
per share to pass on costs stemming
from shareholder purchase or
redemption activity to the shareholders
engaged in that activity. In addition, to
help operationalize the proposed swing
pricing requirement, and to improve
order processing more generally, the
Commission proposed a ‘‘hard close’’
requirement for these funds. Finally, the
Commission proposed amendments to
reporting and disclosure requirements
on Forms N–PORT, N–1A, and N–CEN
that apply to certain registered
investment companies, including
registered open-end funds (other than
money market funds), registered closedend funds, and unit investment trusts.
The proposed amendments would
require more frequent reporting of
monthly portfolio holdings and related
information to the Commission and the
public, amend certain reported
identifiers, and make other amendments
to require additional information about
funds’ liquidity risk management and
use of swing pricing.
Timetable:
PO 00000
Frm 00007
Fmt 4701
Sfmt 4702
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
12/16/22
02/14/23
FR Cite
87 FR 77172
10/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mykaila
DeLesDernier, Senior Counsel, Division
of Investment Management, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202
551–5129, Email: delesdernierm@
sec.gov.
RIN: 3235–AM98
360. Private Fund Advisers;
Documentation of Registered
Investment Adviser Compliance
Reviews [3235–AN07]
Legal Authority: 15 U.S.C. 80b–3(d);
15 U.S.C. 80b–6(4); 15 U.S.C. 80b–11(a);
15 U.S.C. 80b–11(h); 15 U.S.C. 80b–4;
15 U.S.C. 80b–11
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
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Date
FR Cite
03/24/22
04/25/22
87 FR 16886
05/12/22
87 FR 29059
06/13/22
10/00/23
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
361. Cybersecurity Risk Management
for Investment Advisers, Registered
Investment Companies, and Business
Development Companies [3235–AN08]
Legal Authority: 15 U.S.C. 80a–30(a);
15 U.S.C. 80a–37(a); 15 U.S.C. 80b–4; 15
U.S.C. 80b–11; 15 U.S.C. 80b–3(d); 15
U.S.C. 80b–6(4); 15 U.S.C. 80b–11(a); 15
U.S.C. 80b–11(h); 15 U.S.C. 80a–8; 15
U.S.C. 80a–29; 15 U.S.C. 80a–37; 15
U.S.C. 80b–3(c)(1)
Abstract: The Division is considering
recommending that the Commission
adopt rules to enhance fund and
E:\FR\FM\27JYP25.SGM
27JYP25
48700
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
investment adviser disclosures and
governance relating to cybersecurity
risks. The Commission proposed new
rules to require registered investment
advisers (advisers’’) and investment
companies (funds’’) to adopt and
implement written cybersecurity
policies and procedures reasonably
designed to address cybersecurity risks.
The Commission also proposed a new
rule and form under the Advisers Act to
require advisers to report significant
cybersecurity incidents affecting the
adviser, or its fund or private fund
clients, to the Commission. With respect
to disclosure, the Commission proposed
amendments to various forms regarding
the disclosure related to significant
cybersecurity risks and cybersecurity
incidents that affect advisers and funds
and their clients and shareholders.
Finally, the Commission proposed new
recordkeeping requirements under the
Advisers Act and Investment Company
Act.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
03/09/22
04/11/22
03/21/23
FR Cite
87 FR 13524
88 FR 16921
05/22/23
10/00/23
ddrumheller on DSK120RN23PROD with PROPOSALS25
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
362. Outsourcing by Investment
Advisers [3235–AN18]
Legal Authority: 15 U.S.C. 10b–3; 15
U.S.C. 10b–4; 15 U.S.C. 10b–11; 15
U.S.C. 77s(a); 15 U.S.C. 78w(a); 15
U.S.C. 78bb(e)(2); 15 U.S.C. 7sss(a); 15
U.S.C. 80a–37(a)
Abstract: The Division is considering
recommending that the Commission
adopt rules related to the oversight of
third-party service providers. The
Commission proposed a new rule under
the Investment Advisers Act of 1940 to
prohibit registered investment advisers
(‘‘advisers’’) from outsourcing certain
services or functions without first
meeting minimum requirements. The
proposed rule would require advisers to
conduct due diligence prior to engaging
a service provider to perform certain
services or functions. It would further
require advisers to periodically monitor
VerDate Sep<11>2014
20:12 Jul 26, 2023
Jkt 259001
the performance and reassess the
retention of the service provider in
accordance with due diligence
requirements to reasonably determine
that it is appropriate to continue to
outsource those services or functions to
that service provider. The Commission
also proposed corresponding
amendments to the investment adviser
registration form to collect census-type
information about the service providers
defined in the proposed rule. In
addition, the Commission proposed
related amendments to the Advisers Act
books and records rule, including a new
provision requiring advisers that rely on
a third party to make and/or keep books
and records to conduct due diligence
and monitoring of that third party and
obtain certain reasonable assurances
that the third party will meet certain
standards.
Timetable:
incident and information designed to
help affected individuals respond
appropriately. The Commission also
proposed to broaden the scope of
information covered by amending
requirements for safeguarding customer
records and information, and for
properly disposing of consumer report
information. In addition, the proposed
amendments would extend the
application of the safeguards provisions
to transfer agents. The proposed
amendments would also include
requirements to maintain written
records documenting compliance with
the proposed amended rules. Finally,
the proposed amendments would
conform annual privacy notice delivery
provisions to the terms of an exception
provided by a statutory amendment to
the Gramm-Leach-Bliley Act.
Timetable:
Action
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
11/16/22
12/27/22
FR Cite
87 FR 68816
04/00/24
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
04/06/23
06/05/23
FR Cite
88 FR 20616
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark Stewart,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–4410, Email: stewartm@
sec.gov.
RIN: 3235–AN18
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Zeena AbdulRahman, Senior Counsel, Division of
Investment Management, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
4099, Email: abdulrahmanz@sec.gov.
RIN: 3235–AN26
363. • Regulation S P: Privacy of
Consumer Financial Information and
Safeguarding Customer Information
[3235–AN26]
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Legal Authority: 15 U.S.C. 78q; 15
U.S.C. 78q–1; 15 U.S.C. 78mm; 15
U.S.C. 80a–30; 15 U.S.C. 80a–37; 15
U.S.C. 80b–4; 15 U.S.C. 80b–4a; 15
U.S.C. 80b–11; 15 U.S.C. 1681w(a); 15
U.S.C. 6801; 15 U.S.C. 6804; 15 U.S.C.
6805; 15 U.S.C. 6825; 15 U.S.C. 78w
Abstract: The Division of Investment
Management and Division of Trading
and Markets are considering
recommending that the Commission
adopt amendments to Regulation S–P.
The Commission proposed rule
amendments that would require brokers
and dealers, investment companies and
investment advisers registered with the
Commission to adopt written policies
and procedures for incident response
programs to address unauthorized
access to or use of customer
information, including procedures for
providing timely notification to
individuals affected by an incident
involving sensitive customer
information with details about the
PO 00000
Frm 00008
Fmt 4701
Sfmt 4702
Division of Investment Management
Completed Actions
364. 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; 15 U.S.C. 78mm; 15 U.S.C.
78x; 15 U.S.C. 80a–8; 15 U.S.C. 80a–24;
15 U.S.C. 80a–30; 15 U.S.C. 80a–37; 15
U.S.C. 80a–44; 15 U.S.C. 80b–4; 15
U.S.C. 77e; 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.
77z–3; 15 U.S.C. 78d–1; 15 U.S.C. 78d–
2; 15 U.S.C. 78j(b); 15 U.S.C. 78n–1; 15
U.S.C. 78o(d); 15 U.S.C. 78ll; 15 U.S.C.
80a–6(c); 15 U.S.C. 80a–29
Abstract: The Commission adopted
amendments to Form N–PX under the
Investment Company Act of 1940 to
enhance the information mutual funds,
exchange-traded funds, and certain
E:\FR\FM\27JYP25.SGM
27JYP25
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
other funds currently report about their
proxy votes and to make that
information easier to analyze. The
Commission also adopted rule and form
amendments under the Securities
Exchange Act of 1934 that would
require an institutional investment
manager subject to the Exchange Act to
report on Form N–PX how it voted
proxies relating to executive
compensation matters, as required by
the Exchange Act. The reporting
requirements for institutional
investment managers complete
implementation of those requirements
added by the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
Second NPRM
Comment Period End.
Final Action .........
Final Action Effective.
FR Cite
10/28/10
11/18/10
75 FR 66622
10/15/21
12/14/22
86 FR 57478
12/22/22
07/01/24
87 FR 78770
ddrumheller on DSK120RN23PROD with PROPOSALS25
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
365. Tailored Shareholder Reports for
Mutual Funds and Exchange-Traded
Funds; Fee Information in Investment
Company Advertisements [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 Commission adopted
rule and form amendments that require
open-end management investment
companies to transmit concise and
visually engaging annual and semiannual reports to shareholders that
highlight key information that is
particularly important for retail
investors to assess and monitor their
fund investments. Certain information
that may be more relevant to financial
professionals and investors who desire
more in-depth information will no
longer appear in funds’ shareholder
reports but will be available online,
VerDate Sep<11>2014
20:12 Jul 26, 2023
Jkt 259001
delivered free of charge upon request,
and filed on a semi-annual basis on
Form N–CSR. The amendments exclude
open-end management investment
companies from the scope of the current
rule that generally permits registered
investment companies to satisfy
shareholder report transmission
requirements by making these reports
and other materials available online and
providing a notice of that availability.
The amendments also require that funds
tag their reports to shareholders using
the Inline eXtensible Business Reporting
Language structured data language to
provide machine-readable data that
retail investors and other market
participants may use to more efficiently
access and evaluate investments.
Finally, the Commission adopted
amendments to the advertising rules for
registered investment companies and
business development companies to
promote more transparent and balanced
statements about investment costs.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
11/05/20
01/04/21
85 FR 70716
11/25/22
01/24/23
87 FR 72758
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
15 U.S.C. 80a–37; 15 U.S.C. 80b–4; 15
U.S.C. 80b–10; 15 U.S.C. 80b–11; 15
U.S.C. 7201 et seq.; 18 U.S.C. 1350; . . .
Abstract: The Division is considering
recommending that the Commission
adopt amendments to require that
market entities address cybersecurity
risks, to improve the Commission’s
ability to obtain information about
significant cybersecurity incidents
impacting market entities, and to
improve transparency about
cybersecurity risk in the U.S. securities
markets. The Commission proposed a
new rule and form and amendments to
existing recordkeeping rules to require
broker-dealers, clearing agencies, major
security-based swap participants, the
Municipal Securities Rulemaking Board,
national securities associations, national
securities exchanges, security-based
swap data repositories, security-based
swap dealers, and transfer agents to
address cybersecurity risks through
policies and procedures, immediate
notification to the Commission of the
occurrence of a significant cybersecurity
incident and, as applicable, reporting
detailed information to the Commission
about a significant cybersecurity
incident, and public disclosures that
would improve transparency with
respect to cybersecurity risks and
significant cybersecurity incidents. In
addition, the Commission proposed
amendments to existing clearing agency
exemption orders to require the
retention of records that would need to
be made under the proposed
cybersecurity requirements. Finally, the
Commission proposed amendments to
address the potential availability to
security-based swap dealers and major
security-based swap participants of
substituted compliance in connection
with those requirements.
Timetable:
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
366. Cybersecurity Risk Management
Rules For Broker-Dealers, Clearing
Agencies, MSBSPS, The MSRB,
National Securities Associations,
National Securities Exchanges,
SBSDRS, SBS Dealers, and Transfer
Agents [3235–AN15]
Legal Authority: 15 U.S.C. 77c; 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.
77z–3; 15 U.S.C. 77sss(a); 15 U.S.C.
78c(b); 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.
78o–10; 15 U.S.C. 78w(a); 15 U.S.C.
78ll; 15 U.S.C. 80a–6(c); 15 U.S.C. 80a–
8; 15 U.S.C. 80a–29; 15 U.S.C. 80a–30;
PO 00000
Frm 00009
Fmt 4701
Sfmt 4702
48701
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
04/05/23
06/05/23
FR Cite
88 FR 20212
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Nina Kostyukovskyn,
Attorney, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
8833, Email: kostyukovskyn@sec.gov.
RIN: 3235–AN15
367. • Regulation NMS: Minimum
Pricing Increments, Access Fees, and
Transparency of Better Priced Orders
[3235–AN23]
Legal Authority: 15 U.S.C. 78b; 15
U.S.C. 78c; 15 U.S.C. 78e; 15 U.S.C. 78f;
E:\FR\FM\27JYP25.SGM
27JYP25
48702
Federal Register / Vol. 88, No. 143 / Thursday, July 27, 2023 / UA: Reg Flex Agenda
15 U.S.C. 78k; 15 U.S.C. 78k–1; 15
U.S.C. 78o; 15 U.S.C. 78o–3; 15 U.S.C.
78q; 15 U.S.C. 78s; 15 U.S.C. 78w(a); 15
U.S.C. 78mm
Abstract: The Division is considering
recommending that the Commission
amend certain rules of Regulation
National Market System (Regulation
NMS) under the Securities Exchange
Act of 1934, as amended, to adopt
variable minimum pricing increments
for the quoting and trading of NMS
stocks, reduce the access fee caps, and
enhance the transparency of better
priced orders.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
12/29/22
03/31/23
FR Cite
87 FR 80266
368. • Regulation Best Execution [3235–
AN24]
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 77q(a); 15 U.S.C. 77s(a); 15 U.S.C.
78b; 15 U.S.C. 78c(b); 15 U.S.C. 78e; 15
U.S.C. 78g(c)(2); 15 U.S.C. 78i(a); 15
U.S.C. 78j; 15 U.S.C. 78k–1; 15 U.S.C.
78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15
U.S.C. 78o(b); 15 U.S.C. 78o(c); 15
U.S.C. 78o(g); 15 U.S.C. 78o–1; 15
U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C.
78x; 15 U.S.C. 78dd–1; 15 U.S.C. 78mm;
15 U.S.C. 80a–23; 15 U.S.C. 80a–29; 15
U.S.C. 80a–30; . . .
Abstract: The Division is considering
recommending that the Commission
adopt new rules under the Securities
Exchange Act of 1934 relating to a
broker-dealer’s duty of best execution.
Proposed Regulation Best Execution
would enhance the existing regulatory
framework concerning the duty of best
execution by requiring detailed policies
and procedures for all broker-dealers
and more robust policies and
procedures for broker-dealers engaging
ddrumheller on DSK120RN23PROD with PROPOSALS25
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
01/27/23
03/31/23
FR Cite
88 FR 5440
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: David R. Dimitrious,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–5131, Email:
dimitriousd@sec.gov.
RIN: 3235–AN24
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Kelly Riley, Senior
Special Counsel, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6772, Email: reileyke@sec.gov.
RIN: 3235–AN23
VerDate Sep<11>2014
in certain conflicted transactions with
retail customers, as well as related
review and documentation
requirements.
Timetable:
20:12 Jul 26, 2023
Jkt 259001
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
369. Electronic Recordkeeping
Requirements for Broker-Dealers and
Security-Based Swap Dealers and
Major Security-Based Swap
Participants [3235–AM76]
Legal Authority: 15 U.S.C. 78q; 15
U.S.C. 78o–10(f)(2)
Abstract: The Commission adopted
amendments to the recordkeeping rules
applicable to broker-dealers, securitybased swap dealers, and major securitybased swap participants. The
amendments modify requirements
regarding the maintenance and
preservation of electronic records, the
use of third-party recordkeeping
services to hold records, and the prompt
production of records. The Commission
also designated broker-dealer examining
authorities as Commission designees for
purposes of certain provisions of the
broker-dealer record maintenance and
preservation rule.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
PO 00000
Frm 00010
Fmt 4701
12/01/21
01/03/22
FR Cite
86 FR 68300
Action
Final Action .........
Final Action Effective.
11/03/22
01/03/23
FR Cite
87 FR 66412
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Timothy Fox,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–5687, Email: foxt@
sec.gov.
RIN: 3235–AM76
370. Shortening the Securities
Transaction Settlement Cycle [3235–
AN02]
Legal Authority: 15 U.S.C. 78o(c)(6);
15 U.S.C. 78q–1; 15 U.S.C. 78w(a); 15
U.S.C. 80b–4; 15 U.S.C. 80b–11; 15
U.S.C. 78ll; . . .
Abstract: The Commission adopted
rule amendments to shorten the
standard settlement cycle for most
broker-dealer transactions from two
business days after the trade date
(‘‘T+2’’) to one business day after the
trade date (‘‘T+1’’). In addition, the
Commission adopted new rules related
to the processing of institutional trades
by broker-dealers and certain clearing
agencies. The Commission also
amended certain recordkeeping
requirements applicable to registered
investment advisers.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
02/24/22
04/11/22
87 FR 10436
03/06/23
05/05/23
88 FR 13872
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Matthew Lee,
Assistant Director, Division of Trading
and Markets, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
5794, Email: leemat@sec.gov.
RIN: 3235–AN02
[FR Doc. 2023–14566 Filed 7–26–23; 8:45 am]
BILLING CODE 8011–01–P
Sfmt 9990
Date
E:\FR\FM\27JYP25.SGM
27JYP25
]]>Agencies
[Federal Register Volume 88, Number 143 (Thursday, July 27, 2023)]
[Unknown Section]
[Pages 48694-48702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14566]
[[Page 48693]]
Vol. 88
Thursday,
No. 143
July 27, 2023
Part XXV
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 88 , No. 143 / Thursday, July 27, 2023 / UA:
Reg Flex Agenda
[[Page 48694]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-11178; 34-97286; IA-6281; IC-34884; File No. S7-09-23]
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 2023
reflect only the priorities of the Chair of the U.S. Securities and
Exchange Commission, and do not necessarily reflect the views and
priorities of any individual Commissioner.
Information in the agenda was accurate on April 10, 2023, 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 August 28, 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 S7-09-23 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. S7-09-23. 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. Do not include personal identifiable information in
submissions; you should submit only information that you wish to make
available publicly. We may redact in part or withhold entirely from
publication submitted material that is obscene or subject to copyright
protection.
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.
3 OOD--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
348....................... Amendments to Requirements 3235-AM58
for Filer Validation and
Access to the EDGAR
Filing System.
------------------------------------------------------------------------
Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
349....................... Rule 144 Holding Period... 3235-AM78
------------------------------------------------------------------------
[[Page 48695]]
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
350....................... Prohibition Against 3235-AL04
Conflicts of Interest in
Certain Securitizations.
351....................... Cybersecurity Risk 3235-AM89
Governance.
352....................... Rule 14a-8 Amendments..... 3235-AM91
------------------------------------------------------------------------
Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
353....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
354....................... Insider Trading 3235-AM86
Arrangements and Related
Disclosures.
355....................... Share Repurchase 3235-AM94
Disclosure Modernization.
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
356....................... Safeguarding Advisory 3235-AM32
Client Assets.
357....................... Investment Company Names.. 3235-AM72
358....................... Enhanced Disclosures by 3235-AM96
Certain Investment
Advisers and Investment
Companies about
Environmental, Social,
and Governance Investment
Practices.
359....................... Open-End Fund Liquidity 3235-AM98
Risk Management Programs
and Swing Pricing; Form N-
PORT Reporting.
360....................... Private Fund Advisers; 3235-AN07
Documentation of
Registered Investment
Adviser Compliance
Reviews.
361....................... Cybersecurity Risk 3235-AN08
Management for Investment
Advisers, Registered
Investment Companies, and
Business Development
Companies.
362....................... Outsourcing by Investment 3235-AN18
Advisers.
363....................... Regulation S P: Privacy of 3235-AN26
Consumer Financial
Information and
Safeguarding Customer
Information.
------------------------------------------------------------------------
Division of Investment Management--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
364....................... Enhanced Reporting of 3235-AK67
Proxy Votes by Registered
Management Investment
Companies; Reporting on
Executive Compensation
Votes by Institutional
Investment Managers.
365....................... Tailored Shareholder 3235-AM52
Reports for Mutual Funds
and Exchange-Traded
Funds; Fee Information in
Investment Company
Advertisements.
------------------------------------------------------------------------
Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
366....................... Cybersecurity Risk 3235-AN15
Management Rules for
Broker-Dealers, Clearing
Agencies, MSBSPs, the
MSRB, National Securities
Associations, National
Securities Exchanges,
SBSDRs, SBS Dealers, and
Transfer Agents.
367....................... Regulation NMS: Minimum 3235-AN23
Pricing Increments,
Access Fees, and
Transparency of Better
Priced Orders.
368....................... Regulation Best Execution. 3235-AN24
------------------------------------------------------------------------
Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
369....................... Electronic Recordkeeping 3235-AM76
Requirements for Broker-
Dealers and Security-
Based Swap Dealers and
Major Security-Based Swap
Participants.
370....................... Shortening the Securities 3235-AN02
Transaction Settlement
Cycle.
------------------------------------------------------------------------
[[Page 48696]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Economics
Proposed Rule Stage
348. Amendments to Requirements for Filer Validation and Access to the
Edgar Filing System [3235-AM58]
Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 78l; 15 U.S.C. 78m; . . .
Abstract: The EDGAR Business Office is considering recommending
that the Commission propose rules and amendments to modernize and
enhance access to the EDGAR Filing System, including new validation
requirements for Filers and/or their representatives.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Rosemary Filou, Chief Counsel, EDGAR Business
Office, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-4813, Email: [email protected].
RIN: 3235-AM58
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
349. 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; Pub. L. 112-106, sec. 201(a), sec.
401, 126 Stat. 313 (2012); Sec. 401 Pub. L. 112-106, 126 Stat. 313
(2012); Sec. 107, Pub. L. 112-106, 126 Stat. 312; 12 U.S.C. 5461 et
seq.; 15 U.S.C. 77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77sss(a); 15 U.S.C.
78a et seq.; 15 U.S.C. 78c(b); 15 U.S.C. 78o(d); 15 U.S.C. 78u-5; 15
U.S.C. 78w(a); 15 U.S.C. 78ll; 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-9; 15 U.S.C. 80a-10; 15 U.S.C. 80a-13;
15 U.S.C. 7201 et seq.; 18 U.S.C. 1350; Sec. 107, Pub. L. 112-106, 126
Stat. 312; 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. 72001 Pub. L. 114-94, 129 Stat. 1312 (2015); . .
.
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......................... 04/00/24
------------------------------------------------------------------------
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
350. Prohibition Against Conflicts of Interest in Certain
Securitizations [3235-AL04]
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-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37; Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat.
313(2012), unless otherwise noted; . . .
Abstract: The Division is considering recommending that the
Commission adopt a rule under the Securities Act to implement the
prohibition under section 621 of the Dodd-Frank Act on material
conflicts of interest in connection with certain securitizations. The
proposed rules would prohibit, for a specified period, a securitization
participant from engaging in any transaction that would result in a
material conflict of interest between a securitization participant and
an investor in the relevant asset-backed security. As specified in
section 621, the proposed rule would provide exceptions for risk-
mitigating hedging activities, bona fide market-making activities, and
liquidity commitments.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/28/11 76 FR 60320
NPRM Comment Period End............. 12/19/11
NPRM Comment Period Extended........ 12/16/11 76 FR 78181
NPRM Comment Period Extended End.... 01/13/12
NPRM Comment Period Extended........ 01/03/12 77 FR 24
NPRM Comment Period Extended End.... 02/13/12
Second NPRM......................... 02/14/23 88 FR 9678
Second NPRM Comment Period End...... 03/27/23
Final Action........................ 04/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Rolaine Bancroft, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430.
RIN: 3235-AL04
351. Cybersecurity Risk Governance [3235-AM89]
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77s(a); 15 U.S.C. 78c(b);
15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C.
78w(a); . . .
Abstract: The Division is considering recommending that the
Commission adopt rule amendments to better inform investors about a
registrant's cybersecurity risk management, strategy and governance,
and to provide timely notification of material cybersecurity incidents.
The Commission proposed rules to enhance and standardize disclosures
regarding cybersecurity risk management, strategy, governance, and
cybersecurity incident reporting by public companies that are subject
to the reporting requirements of the Exchange Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/23/22 87 FR 16590
NPRM Comment Period End............. 05/09/22
[[Page 48697]]
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22
Final Action........................ 10/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Charles Kwon, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3231, Email: [email protected].
RIN: 3235-AM89
352. Rule 14a-8 Amendments [3235-AM91]
Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78n; 15 U.S.C. 78w(a);
15 U.S.C. 80a-20(a); 15 U.S.C. 80a-29; 15 U.S.C. 80a-37; . . .
Abstract: The Division is considering recommending that the
Commission adopt rule amendments regarding shareholder proposals under
Rule 14a-8. The Commission proposed to, among other things, update
certain substantive bases for exclusion of shareholder proposals under
the Commission's shareholder proposal rule. The proposed amendments
would amend the substantial implementation exclusion, the duplication
exclusion, and the resubmission exclusion.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/27/22 87 FR 45052
NPRM Comment Period End............. 09/12/22
Final Action........................ 10/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Hughes Bates, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-3500, Email: [email protected].
RIN: 3235-AM91
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
353. Listing Standards for Recovery of Erroneously Awarded Compensation
[3235-AK99]
Legal Authority: 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. 78c(b); 15 U.S.C. 78j-4; 15 U.S.C. 78l; 15
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 80a-20; 15
U.S.C. 80a-29; 15 U.S.C. 80a-37; 15 U.S.C. 78mm
Abstract: The Commission adopted a new rule and rule amendments to
implement Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, which added Section 10D to the Securities
Exchange Act of 1934. In accordance with Section 10D of the Exchange
Act, the final rules direct the national securities exchanges and
associations that list securities to establish listing standards that
require each issuer to develop and implement a policy providing for the
recovery, in the event of a required accounting restatement, of
incentive-based compensation received by current or former executive
officers where that compensation is based on the erroneously reported
financial information. The listing standards must also require the
disclosure of the policy. Additionally, the final rules require a
listed issuer to file the policy as an exhibit to its annual report and
to include other disclosures in the event a recovery analysis is
triggered under the policy.
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........................ 11/28/22 87 FR 73076
Final Action Effective.............. 01/27/23
------------------------------------------------------------------------
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
354. Insider Trading Arrangements and Related Disclosures [3235-AM86]
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77q; 15 U.S.C. 77s(a); 15 U.S.C. 77z-3 ; 15
U.S.C. 78c; 15 U.S.C. 78i; 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(d); 15 U.S.C. 78t-1; 15 U.S.C. 78u-1 ; 15
U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 80a-8 ; 15 U.S.C. 80a-20(a);
15 U.S.C. 80a-24(a); 15 U.S.C. 80a-29 ; 15 U.S.C. 80a-37; 15 U.S.C.
7264; . . .
Abstract: The Commission adopted amendments to the rule under the
Securities Exchange Act of 1934 that provides affirmative defenses to
trading on the basis of material nonpublic information in insider
trading cases. The amendments add new conditions to this rule that are
designed to address concerns about abuse of the rule to trade
securities opportunistically on the basis of material nonpublic
information in ways that harm investors and undermine the integrity of
the securities markets. The Commission also adopted new disclosure
requirements regarding the insider trading policies and procedures of
issuers, the adoption and termination (including modification) of plans
that are intended to meet the rule's conditions for establishing an
affirmative defense, and certain other similar trading arrangements by
directors and officers. In addition, the Commission adopted amendments
to the disclosure requirements for director and executive compensation
regarding equity compensation awards made close in time to the issuer's
disclosure of material nonpublic information. Finally, the Commission
adopted amendments to Forms 4 and 5 to require filers to identify
transactions made pursuant to a plan intended to meet the rule's
conditions for establishing an affirmative defense, and to require
disclosure of bona fide gifts of securities on Form 4.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/15/22 87 FR 8686
NPRM Comment Period End............. 04/01/22
Final Action........................ 12/29/22 87 FR 80362
Final Action Effective.............. 02/27/23
------------------------------------------------------------------------
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-AM86
355. Share Repurchase Disclosure Modernization [3235-AM94]
Legal Authority: 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15
U.S.C. 78w(a); 15 U.S.C. 80a-8; 15 U.S.C. 80a-23; 15 U.S.C. 80a-24; 15
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 7 U.S.C. 2(c)(2)(E);
12 U.S.C. 5221(e)(3),
[[Page 48698]]
5461 et seq.; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77e; 15 U.S.C.
77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77k; 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. 77aa(25); 15 U.S.C. 77aa(26); 15 U.S.C. 77ddd; 15 U.S.C. 77eee;
15 U.S.C. 77ggg; 15 U.S.C. 77hhh; 15 U.S.C. 77iii; 15 U.S.C. 77jjj; 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; 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. 78j-3; 15
U.S.C. 78k; 15 U.S.C. 78k-1; 15 U.S.C. 78n-1; 15 U.S.C. 78n; 15 U.S.C.
78o(d); 15 U.S.C. 78o-4; 15 U.S.C. 78o-10; 15 U.S.C. 78p; 15 U.S.C.
78q; 15 U.S.C. 78q-1; 15 U.S.C. 78s; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15
U.S.C. 78x; 15 U.S.C. 78dd; 15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C.
80a-6(c); 15 U.S.C. 80a-9; 15 U.S.C. 80a-20; 15 U.S.C. 80a-26; 15
U.S.C. 80a-31(c); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-39; 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., and 8302;
18 U.S.C. 1350; Sec. 953(b), Pub. L. 111-203, 124 Stat. 1904 (2010);
Sec. 102(c), Pub. L. 112-106, 126 Stat. 310 (2012); Pub. L. 111-203,
939A, 124 Stat. 1376 (2010); Pub. L. 112-106, sec. 503 and 602, 126
Stat. 326 (2012); 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. 72001 Pub. L. 114-94, 129 Stat. 1312
(2015); Secs. 2 and 3 Pub. L. 116-222, 134 Stat. 1063 (2020); unless
otherwise noted; . . .
Abstract: The Commission adopted amendments to modernize and
improve disclosure about repurchases of an issuer's equity securities
that are registered under the Securities Exchange Act of 1934. The
amendments require additional detail regarding the structure of an
issuer's repurchase program and its share repurchases, require the
filing of daily quantitative repurchase data either quarterly or
semiannually, and eliminate the requirement to file monthly repurchase
data in an issuer's periodic reports. The amendments also revise and
expand the existing periodic disclosure requirements about these
repurchases. Finally, the amendments add new quarterly disclosure in
certain periodic reports related to an issuer's adoption and
termination of certain trading arrangements.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/15/22 87 FR 8443
NPRM Comment Period End............. 04/01/22
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22
NPRM Comment Period Reopened........ 12/12/22 87 FR 75975
NPRM Comment Period End............. 01/11/23
Final Action........................ 06/01/23 88 FR 36002
Final Action Effective.............. 07/31/23
------------------------------------------------------------------------
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-AM94
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
356. Safeguarding Advisory Client Assets [3235-AM32]
Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C.
80b-11(a); 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-18b; 15 U.S.C. 80b-11;
15 U.S.C. 80b-23
Abstract: The Division is considering recommending that the
Commission adopt amendments to existing rules and/or adopt new rules
under the Investment Advisers Act of 1940 to improve and modernize the
regulations around the custody of funds or investments of clients by
Investment Advisers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/09/23 88 FR 14672
NPRM Comment Period End............. 05/08/23
Final Action........................ 10/00/23
------------------------------------------------------------------------
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-AM32
357. Investment Company Names [3235-AM72]
Legal Authority: 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-
30; 15 U.S.C. 80a-33; 15 U.S.C. 80a-34; 15 U.S.C. 80a-37; 15 U.S.C.
80a-58; 15 U.S.C. 80a-63; 15 U.S.C. 80a-18; 15 U.S.C. 77e; 15 U.S.C.
77f; 15 U.S.C. 77g(a); 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a);
15 U.S.C. 78j; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15 U.S.C.
78ll; . . .
Abstract: The Division is considering recommending that the
Commission adopt amendments to Investment Company Act rule 35d-1, which
applies to names used by registered investment companies. The
Commission proposed to amend the rule that addresses certain broad
categories of investment company names that are likely to mislead
investors about an investment company's investments and risks. The
proposed amendments to this rule are designed to increase investor
protection by improving and clarifying the requirement for certain
funds to adopt a policy to invest at least 80% of their assets in
accordance with the investment focus that the fund's name suggests,
updating the rule's notice requirements, and establishing recordkeeping
requirements. The Commission also proposed enhanced prospectus
disclosure requirements for terminology used in fund names, and
additional requirements for funds to report information on Form N-PORT
regarding compliance with the proposed names-related regulatory
requirements.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 03/06/20 85 FR 13221
ANPRM Comment Period End............ 05/05/20
NPRM................................ 06/17/22 87 FR 36594
NPRM Comment Period End............. 08/16/22
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22
Final Action........................ 10/00/23
------------------------------------------------------------------------
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-AM72
[[Page 48699]]
358. Enhanced Disclosures by Certain Investment Advisers and Investment
Companies About Environmental, Social, and Governance Investment
Practices [3235-AM96]
Legal Authority: 15 U.S.C. 77e; 15 U.S.C. 77f ; 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w;
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; 15 U.S.C. 80b-3; 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 44
U.S.C. 3506 and 3507; . . .
Abstract: The Division is considering recommending that the
Commission adopt requirements for investment companies and investment
advisers related to environmental, social and governance (ESG) factors,
including ESG claims and related disclosures. Among other things, the
Commission proposed to amend rules and forms under both the Investment
Advisers Act of 1940 and the Investment Company Act of 1940 to require
registered investment advisers, certain advisers that are exempt from
registration, registered investment companies, and business development
companies, to provide additional information regarding their ESG
investment practices. The proposed amendments to these forms and
associated rules seek to facilitate enhanced disclosure of ESG issues
to clients and shareholders. The proposed rules and form amendments are
designed to create a consistent, comparable, and decision-useful
regulatory framework for ESG advisory services and investment companies
to inform and protect investors while facilitating further innovation
in this evolving area of the asset management industry.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 06/17/22 87 FR 36654
NPRM Comment Period End............. 08/16/22
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22
Final Action........................ 10/00/23
------------------------------------------------------------------------
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-AM96
359. Open-End Fund Liquidity Risk Management Programs and Swing
Pricing; Form N-PORT Reporting [3235-AM98]
Legal Authority: 15 U.S.C. 80a-22(c); 15 U.S.C. 80a-37(a); 15
U.S.C. 80a-31(a); 15 U.S.C. 80a-35b; 15 U.S.C. 80a-6; 15 U.S.C. 80a-8;
15 U.S.C. 80a-22; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30;
15 U.S.C. 80a-33; 15 U.S.C. 80a-37; 15 U.S.C. 80a-44; 15 U.S.C. 80b-6;
15 U.S.C. 78j; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 15 U.S.C.
78ll; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77q; 15 U.S.C. 77s; 15
U.S.C. 77sss; 44 U.S.C. 3506; 44 U.S.C. 3507
Abstract: The Division is considering recommending that the
Commission adopt changes to regulatory requirements relating to open-
end fund's liquidity and dilution management. The Commission proposed
amendments to its current rules for open-end management investment
companies (``open-end funds'') regarding liquidity risk management
programs and swing pricing. The proposed amendments are designed to
improve liquidity risk management programs to better prepare funds for
stressed conditions and improve transparency in liquidity
classifications. The amendments are also designed to mitigate dilution
of shareholders' interests in a fund by requiring any open-end fund,
other than a money market fund or exchange-traded fund, to use swing
pricing to adjust a fund's net asset value (``NAV'') per share to pass
on costs stemming from shareholder purchase or redemption activity to
the shareholders engaged in that activity. In addition, to help
operationalize the proposed swing pricing requirement, and to improve
order processing more generally, the Commission proposed a ``hard
close'' requirement for these funds. Finally, the Commission proposed
amendments to reporting and disclosure requirements on Forms N-PORT, N-
1A, and N-CEN that apply to certain registered investment companies,
including registered open-end funds (other than money market funds),
registered closed-end funds, and unit investment trusts. The proposed
amendments would require more frequent reporting of monthly portfolio
holdings and related information to the Commission and the public,
amend certain reported identifiers, and make other amendments to
require additional information about funds' liquidity risk management
and use of swing pricing.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/16/22 87 FR 77172
NPRM Comment Period End............. 02/14/23
Final Action........................ 10/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mykaila DeLesDernier, Senior Counsel, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-5129, Email:
[email protected].
RIN: 3235-AM98
360. Private Fund Advisers; Documentation of Registered Investment
Adviser Compliance Reviews [3235-AN07]
Legal Authority: 15 U.S.C. 80b-3(d); 15 U.S.C. 80b-6(4); 15 U.S.C.
80b-11(a); 15 U.S.C. 80b-11(h); 15 U.S.C. 80b-4; 15 U.S.C. 80b-11
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........................ 10/00/23
------------------------------------------------------------------------
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
361. Cybersecurity Risk Management for Investment Advisers, Registered
Investment Companies, and Business Development Companies [3235-AN08]
Legal Authority: 15 U.S.C. 80a-30(a); 15 U.S.C. 80a-37(a); 15
U.S.C. 80b-4; 15 U.S.C. 80b-11; 15 U.S.C. 80b-3(d); 15 U.S.C. 80b-6(4);
15 U.S.C. 80b-11(a); 15 U.S.C. 80b-11(h); 15 U.S.C. 80a-8; 15 U.S.C.
80a-29; 15 U.S.C. 80a-37; 15 U.S.C. 80b-3(c)(1)
Abstract: The Division is considering recommending that the
Commission adopt rules to enhance fund and
[[Page 48700]]
investment adviser disclosures and governance relating to cybersecurity
risks. The Commission proposed new rules to require registered
investment advisers (advisers'') and investment companies (funds'') to
adopt and implement written cybersecurity policies and procedures
reasonably designed to address cybersecurity risks. The Commission also
proposed a new rule and form under the Advisers Act to require advisers
to report significant cybersecurity incidents affecting the adviser, or
its fund or private fund clients, to the Commission. With respect to
disclosure, the Commission proposed amendments to various forms
regarding the disclosure related to significant cybersecurity risks and
cybersecurity incidents that affect advisers and funds and their
clients and shareholders. Finally, the Commission proposed new
recordkeeping requirements under the Advisers Act and Investment
Company Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/09/22 87 FR 13524
NPRM Comment Period End............. 04/11/22
NPRM Comment Period Reopened........ 03/21/23 88 FR 16921
NPRM Comment Period End............. 05/22/23
Final Action........................ 10/00/23
------------------------------------------------------------------------
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
362. Outsourcing by Investment Advisers [3235-AN18]
Legal Authority: 15 U.S.C. 10b-3; 15 U.S.C. 10b-4; 15 U.S.C. 10b-
11; 15 U.S.C. 77s(a); 15 U.S.C. 78w(a); 15 U.S.C. 78bb(e)(2); 15 U.S.C.
7sss(a); 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission adopt rules related to the oversight of third-party service
providers. The Commission proposed a new rule under the Investment
Advisers Act of 1940 to prohibit registered investment advisers
(``advisers'') from outsourcing certain services or functions without
first meeting minimum requirements. The proposed rule would require
advisers to conduct due diligence prior to engaging a service provider
to perform certain services or functions. It would further require
advisers to periodically monitor the performance and reassess the
retention of the service provider in accordance with due diligence
requirements to reasonably determine that it is appropriate to continue
to outsource those services or functions to that service provider. The
Commission also proposed corresponding amendments to the investment
adviser registration form to collect census-type information about the
service providers defined in the proposed rule. In addition, the
Commission proposed related amendments to the Advisers Act books and
records rule, including a new provision requiring advisers that rely on
a third party to make and/or keep books and records to conduct due
diligence and monitoring of that third party and obtain certain
reasonable assurances that the third party will meet certain standards.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/16/22 87 FR 68816
NPRM Comment Period End............. 12/27/22
Final Action........................ 04/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark Stewart, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, Phone: 202 551-4410, Email:
[email protected].
RIN: 3235-AN18
363. Regulation S P: Privacy of Consumer Financial Information
and Safeguarding Customer Information [3235-AN26]
Legal Authority: 15 U.S.C. 78q; 15 U.S.C. 78q-1; 15 U.S.C. 78mm; 15
U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 U.S.C. 80b-4; 15 U.S.C. 80b-4a; 15
U.S.C. 80b-11; 15 U.S.C. 1681w(a); 15 U.S.C. 6801; 15 U.S.C. 6804; 15
U.S.C. 6805; 15 U.S.C. 6825; 15 U.S.C. 78w
Abstract: The Division of Investment Management and Division of
Trading and Markets are considering recommending that the Commission
adopt amendments to Regulation S-P. The Commission proposed rule
amendments that would require brokers and dealers, investment companies
and investment advisers registered with the Commission to adopt written
policies and procedures for incident response programs to address
unauthorized access to or use of customer information, including
procedures for providing timely notification to individuals affected by
an incident involving sensitive customer information with details about
the incident and information designed to help affected individuals
respond appropriately. The Commission also proposed to broaden the
scope of information covered by amending requirements for safeguarding
customer records and information, and for properly disposing of
consumer report information. In addition, the proposed amendments would
extend the application of the safeguards provisions to transfer agents.
The proposed amendments would also include requirements to maintain
written records documenting compliance with the proposed amended rules.
Finally, the proposed amendments would conform annual privacy notice
delivery provisions to the terms of an exception provided by a
statutory amendment to the Gramm-Leach-Bliley Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/06/23 88 FR 20616
NPRM Comment Period End............. 06/05/23 .......................
Final Action........................ 04/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Zeena Abdul-Rahman, Senior Counsel, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-4099, Email:
[email protected].
RIN: 3235-AN26
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
364. 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; 15 U.S.C. 78mm; 15
U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37; 15 U.S.C. 80a-44; 15 U.S.C. 80b-4; 15 U.S.C. 77e; 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.
77z-3; 15 U.S.C. 78d-1; 15 U.S.C. 78d-2; 15 U.S.C. 78j(b); 15 U.S.C.
78n-1; 15 U.S.C. 78o(d); 15 U.S.C. 78ll; 15 U.S.C. 80a-6(c); 15 U.S.C.
80a-29
Abstract: The Commission adopted amendments to Form N-PX under the
Investment Company Act of 1940 to enhance the information mutual funds,
exchange-traded funds, and certain
[[Page 48701]]
other funds currently report about their proxy votes and to make that
information easier to analyze. The Commission also adopted rule and
form amendments under the Securities Exchange Act of 1934 that would
require an institutional investment manager subject to the Exchange Act
to report on Form N-PX how it voted proxies relating to executive
compensation matters, as required by the Exchange Act. The reporting
requirements for institutional investment managers complete
implementation of those requirements added by the Dodd-Frank Wall
Street Reform and Consumer Protection 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
Second NPRM Comment Period End...... 12/14/22 .......................
Final Action........................ 12/22/22 87 FR 78770
Final Action Effective.............. 07/01/24 .......................
------------------------------------------------------------------------
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
365. Tailored Shareholder Reports for Mutual Funds and Exchange-Traded
Funds; Fee Information in Investment Company Advertisements [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 Commission adopted rule and form amendments that
require open-end management investment companies to transmit concise
and visually engaging annual and semi-annual reports to shareholders
that highlight key information that is particularly important for
retail investors to assess and monitor their fund investments. Certain
information that may be more relevant to financial professionals and
investors who desire more in-depth information will no longer appear in
funds' shareholder reports but will be available online, delivered free
of charge upon request, and filed on a semi-annual basis on Form N-CSR.
The amendments exclude open-end management investment companies from
the scope of the current rule that generally permits registered
investment companies to satisfy shareholder report transmission
requirements by making these reports and other materials available
online and providing a notice of that availability. The amendments also
require that funds tag their reports to shareholders using the Inline
eXtensible Business Reporting Language structured data language to
provide machine-readable data that retail investors and other market
participants may use to more efficiently access and evaluate
investments. Finally, the Commission adopted amendments to the
advertising rules for registered investment companies and business
development companies to promote more transparent and balanced
statements about investment costs.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/05/20 85 FR 70716
NPRM Comment Period End............. 01/04/21 .......................
Final Action........................ 11/25/22 87 FR 72758
Final Action Effective.............. 01/24/23 .......................
------------------------------------------------------------------------
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
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
366. Cybersecurity Risk Management Rules For Broker-Dealers, Clearing
Agencies, MSBSPS, The MSRB, National Securities Associations, National
Securities Exchanges, SBSDRS, SBS Dealers, and Transfer Agents [3235-
AN15]
Legal Authority: 15 U.S.C. 77c; 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. 77z-3; 15 U.S.C.
77sss(a); 15 U.S.C. 78c(b); 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. 78o-10; 15 U.S.C. 78w(a); 15 U.S.C.
78ll; 15 U.S.C. 80a-6(c); 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. 80b-4; 15 U.S.C. 80b-10; 15 U.S.C.
80b-11; 15 U.S.C. 7201 et seq.; 18 U.S.C. 1350; . . .
Abstract: The Division is considering recommending that the
Commission adopt amendments to require that market entities address
cybersecurity risks, to improve the Commission's ability to obtain
information about significant cybersecurity incidents impacting market
entities, and to improve transparency about cybersecurity risk in the
U.S. securities markets. The Commission proposed a new rule and form
and amendments to existing recordkeeping rules to require broker-
dealers, clearing agencies, major security-based swap participants, the
Municipal Securities Rulemaking Board, national securities
associations, national securities exchanges, security-based swap data
repositories, security-based swap dealers, and transfer agents to
address cybersecurity risks through policies and procedures, immediate
notification to the Commission of the occurrence of a significant
cybersecurity incident and, as applicable, reporting detailed
information to the Commission about a significant cybersecurity
incident, and public disclosures that would improve transparency with
respect to cybersecurity risks and significant cybersecurity incidents.
In addition, the Commission proposed amendments to existing clearing
agency exemption orders to require the retention of records that would
need to be made under the proposed cybersecurity requirements. Finally,
the Commission proposed amendments to address the potential
availability to security-based swap dealers and major security-based
swap participants of substituted compliance in connection with those
requirements.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/05/23 88 FR 20212
NPRM Comment Period End............. 06/05/23 .......................
Final Action........................ 04/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Nina Kostyukovskyn, Attorney, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-8833, Email: [email protected].
RIN: 3235-AN15
367. Regulation NMS: Minimum Pricing Increments, Access Fees,
and Transparency of Better Priced Orders [3235-AN23]
Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78c; 15 U.S.C. 78e; 15
U.S.C. 78f;
[[Page 48702]]
15 U.S.C. 78k; 15 U.S.C. 78k-1; 15 U.S.C. 78o; 15 U.S.C. 78o-3; 15
U.S.C. 78q; 15 U.S.C. 78s; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Division is considering recommending that the
Commission amend certain rules of Regulation National Market System
(Regulation NMS) under the Securities Exchange Act of 1934, as amended,
to adopt variable minimum pricing increments for the quoting and
trading of NMS stocks, reduce the access fee caps, and enhance the
transparency of better priced orders.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/29/22 87 FR 80266
NPRM Comment Period End............. 03/31/23 .......................
Final Action........................ 04/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kelly Riley, Senior Special Counsel, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-6772, Email: [email protected].
RIN: 3235-AN23
368. Regulation Best Execution [3235-AN24]
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77q(a); 15 U.S.C. 77s(a);
15 U.S.C. 78b; 15 U.S.C. 78c(b); 15 U.S.C. 78e; 15 U.S.C. 78g(c)(2); 15
U.S.C. 78i(a); 15 U.S.C. 78j; 15 U.S.C. 78k-1; 15 U.S.C. 78l; 15 U.S.C.
78m; 15 U.S.C. 78n; 15 U.S.C. 78o(b); 15 U.S.C. 78o(c); 15 U.S.C.
78o(g); 15 U.S.C. 78o-1; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C.
78x; 15 U.S.C. 78dd-1; 15 U.S.C. 78mm; 15 U.S.C. 80a-23; 15 U.S.C. 80a-
29; 15 U.S.C. 80a-30; . . .
Abstract: The Division is considering recommending that the
Commission adopt new rules under the Securities Exchange Act of 1934
relating to a broker-dealer's duty of best execution. Proposed
Regulation Best Execution would enhance the existing regulatory
framework concerning the duty of best execution by requiring detailed
policies and procedures for all broker-dealers and more robust policies
and procedures for broker-dealers engaging in certain conflicted
transactions with retail customers, as well as related review and
documentation requirements.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/27/23 88 FR 5440
NPRM Comment Period End............. 03/31/23 .......................
Final Action........................ 04/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: David R. Dimitrious, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-5131,
Email: [email protected].
RIN: 3235-AN24
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
369. Electronic Recordkeeping Requirements for Broker-Dealers and
Security-Based Swap Dealers and Major Security-Based Swap Participants
[3235-AM76]
Legal Authority: 15 U.S.C. 78q; 15 U.S.C. 78o-10(f)(2)
Abstract: The Commission adopted amendments to the recordkeeping
rules applicable to broker-dealers, security-based swap dealers, and
major security-based swap participants. The amendments modify
requirements regarding the maintenance and preservation of electronic
records, the use of third-party recordkeeping services to hold records,
and the prompt production of records. The Commission also designated
broker-dealer examining authorities as Commission designees for
purposes of certain provisions of the broker-dealer record maintenance
and preservation rule.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/01/21 86 FR 68300
NPRM Comment Period End............. 01/03/22 .......................
Final Action........................ 11/03/22 87 FR 66412
Final Action Effective.............. 01/03/23 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Timothy Fox, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5687, Email: [email protected].
RIN: 3235-AM76
370. Shortening the Securities Transaction Settlement Cycle [3235-AN02]
Legal Authority: 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-1; 15 U.S.C.
78w(a); 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 15 U.S.C. 78ll; . . .
Abstract: The Commission adopted rule amendments to shorten the
standard settlement cycle for most broker-dealer transactions from two
business days after the trade date (``T+2'') to one business day after
the trade date (``T+1''). In addition, the Commission adopted new rules
related to the processing of institutional trades by broker-dealers and
certain clearing agencies. The Commission also amended certain
recordkeeping requirements applicable to registered investment
advisers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/24/22 87 FR 10436
NPRM Comment Period End............. 04/11/22 .......................
Final Action........................ 03/06/23 88 FR 13872
Final Action Effective.............. 05/05/23 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Matthew Lee, Assistant Director, Division of
Trading and Markets, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-5794, Email: [email protected].
RIN: 3235-AN02
[FR Doc. 2023-14566 Filed 7-26-23; 8:45 am]
BILLING CODE 8011-01-P
