Regulatory Flexibility Agenda, 9728-9735 [2024-00469]
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Federal Register / Vol. 89, No. 28 / Friday, February 9, 2024 / UA: Reg Flex Agenda
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–
14–23 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–11225; 34–98226; IA–
6388; IC–34993; File No. S7–14–23]
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 Fall 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 August 22, 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 March 11, 2024.
ADDRESSES: Comments may be
submitted by any of the following
methods:
SUMMARY:
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.
S7–14–23. 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 identifying
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.
Dated: August 25, 2023.
Vanessa A. Countryman,
Secretary.
3 OOD—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
610 ....................
EDGAR Filer Access and Account Management ............................................................................................
3235–AM58
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DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
611 ....................
Rule 144 Holding Period ..................................................................................................................................
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DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
612 ....................
613 ....................
Prohibition Against Conflicts of Interest in Certain Securitizations .................................................................
Rule 14a–8 Amendments ................................................................................................................................
3235–AL04
3235–AM91
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
614 ....................
Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure ........................................
3235–AM89
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
615 ....................
616 ....................
Safeguarding Advisory Client Assets ...............................................................................................................
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 ........
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 ........
617 ....................
618 ....................
619 ....................
620 ....................
3235–AM32
3235–AM96
3235–AM98
3235–AN08
3235–AN18
3235–AN26
DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
621 ....................
622 ....................
Investment Company Names ...........................................................................................................................
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews ..................
3235–AM72
3235–AN07
DIVISION OF TRADING AND MARKETS—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
623 ....................
Amendments to Exchange Act Rule 3b–16 re Definition of ‘‘Exchange’’; Regulation ATS and Regulation
SCI for ATSs That Trade U.S. Government Securities, NMS Stocks and Other Securities.
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 ...............................................................................................................................
624 ....................
625 ....................
626 ....................
3235–AM45
3235–AN15
3235–AN23
3235–AN24
DIVISION OF TRADING AND MARKETS—COMPLETED ACTIONS
Title
627 ....................
Exemption for Certain Exchange Members .....................................................................................................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
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Regulation
Identifier No.
Sequence No.
3 OOD
Proposed Rule Stage
610. EDGAR Filer Access and Account
Management [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; . . .
VerDate Sep<11>2014
22:49 Feb 08, 2024
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Abstract: The Commission proposed
rule and form amendments concerning
access to and management of accounts
on the Commission’s Electronic Data
Gathering, Analysis, and Retrieval
system (‘‘EDGAR’’) that are related to
potential technical changes to EDGAR
(collectively referred to as ‘‘EDGAR
Next’’). The Commission proposed to
require that electronic filers (‘‘filers’’)
authorize and maintain designated
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3235–AN17
individuals as account administrators
and that filers, through their account
administrators, take certain actions to
manage their accounts on a dashboard
on EDGAR. Further, the Commission
proposed that filers may only authorize
individuals as account administrators or
in the other roles described herein if
those individuals first obtain individual
account credentials in the manner to be
specified in the EDGAR Filer Manual.
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As part of the EDGAR Next changes, the
Commission would offer filers optional
Application Programming Interfaces
(‘‘APIs’’) for machine-to-machine
communication with EDGAR, including
submission of filings and retrieval of
related information. If the proposed rule
and form amendments are adopted, the
Commission would make corresponding
changes to the EDGAR Filer Manual and
implement the potential technical
changes.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
I
09/22/23
11/21/23
FR Cite
88 FR 65524
I
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: filour@
sec.gov.
RIN: 3235–AM58
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NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
FR Cite
01/19/21
03/22/21
I
10/00/24
86 FR 5063
I
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Felicia H. Kung,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: kungf@
sec.gov.
RIN: 3235–AM78
Final Rule Stage
Proposed Rule Stage
611. 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);
Jkt 262001
Date
Division of Corporation Finance
Division of Corporation Finance
22:49 Feb 08, 2024
Action
SECURITIES AND EXCHANGE
COMMISSION (SEC)
SECURITIES AND EXCHANGE
COMMISSION (SEC)
VerDate Sep<11>2014
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:
612. 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
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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
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 .........
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
11/00/23
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
613. Rule 14A–8 Amendments [3235–
AM91]
Legal Authority: 5 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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
07/27/22
09/12/22
I
FR Cite
87 FR 45052
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Hughes Bates,
Special Counsel, Division of
Corporation Finance, Securities and
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Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3500, Email: batesh@sec.gov.
RIN: 3235–AM91
Division of Corporation Finance
Completed Actions
614. Cybersecurity Risk Management,
Strategy, Governance, and Incident
Disclosure [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 Commission adopted
new rules to enhance and standardize
disclosures regarding cybersecurity risk
management, strategy, governance, and
incidents by public companies that are
subject to the reporting requirements of
the Securities Exchange Act of 1934.
Specifically, the Commission adopted
amendments to require current
disclosure about material cybersecurity
incidents. The Commission also
adopted rules requiring periodic
disclosures about a registrant’s
processes to assess, identify, and
manage material cybersecurity risks,
management’s role in assessing and
managing material cybersecurity risks,
and the board of directors’ oversight of
cybersecurity risks. Lastly, the final
rules require the cybersecurity
disclosures to be presented in Inline
eXtensible Business Reporting Language
(‘‘Inline XBRL’’).
Timetable:
Date
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NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
03/23/22
05/09/22
87 FR 16590
10/18/22
87 FR 63016
11/01/22
08/04/23
09/05/23
88 FR 51896
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Nabeel Cheema,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email: cheeman@
sec.gov.
RIN: 3235–AM89
VerDate Sep<11>2014
22:49 Feb 08, 2024
Division of Investment Management
Final Rule Stage
615. Safeguarding Advisory Client
Assets [3235–AM32]
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Action
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Jkt 262001
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:
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
Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period Reopened End.
Final Action .........
03/09/23
05/08/23
88 FR 14672
08/30/23
88 FR 59818
10/30/23
04/00/24
616. 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
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Date
FR Cite
FR Cite
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
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NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
06/17/22
08/16/22
87 FR 36654
10/18/22
87 FR 63016
11/01/22
04/00/24
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:
schuurna@sec.gov.
RIN: 3235–AM96
617. 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
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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:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
FR Cite
12/16/22
02/14/23
I
04/00/24
87 FR 77172
I
ddrumheller on DSK120RN23PROD with PROPOSALS26
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
618. Cybersecurity Risk Management
for Investment Advisers, Registered
Investment Companies, and Business
Development Companies [3235–AN08]
Legal Authority: 5 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)
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Abstract: The Division is considering
recommending that the Commission
adopt rules to enhance fund and
investment adviser disclosures and
governance relating to cybersecurity
risks. 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 .........
FR Cite
03/09/22
04/11/22
87 FR 13524
03/21/23
88 FR 16921
05/22/23
04/00/24
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
619. 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
PO 00000
Frm 00006
Fmt 4701
Sfmt 4702
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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
11/16/22
12/27/22
I
FR Cite
87 FR 68816
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
620. 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
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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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
FR Cite
04/06/23
06/05/23
I
04/00/24
88 FR 20616
I
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
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Action
Date
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
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
10/11/23
12/11/23
88 FR 70436
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
Completed Actions
622. Private Fund Advisers;
Documentation of Registered
Investment Adviser Compliance
Reviews [3235–AN07]
621. 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 Commission amended
the rule under the Investment Company
Act of 1940 that addresses certain broad
categories of investment company
names that are likely to mislead
investors about an investment
company’s investments and risks. The
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 Commission adopted
new rules under the Investment
Advisers Act of 1940. The rules are
designed to protect investors who
directly or indirectly invest in private
funds by increasing visibility into
certain practices involving
compensation schemes, sales practices,
and conflicts of interest through
disclosure; establishing requirements to
address such practices that have the
potential to lead to investor harm; and
restricting practices that are contrary to
the public interest and the protection of
investors. These rules are likewise
Division of Investment Management
ddrumheller on DSK120RN23PROD with PROPOSALS26
amendments to this rule are designed to
increase investor protection by
improving, and broadening the scope of,
the requirement for certain funds to
adopt a policy to invest at least 80
percent of the value 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
adopted 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 names-related
regulatory requirements.
Timetable:
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Fmt 4701
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designed to prevent fraud, deception, or
manipulation by the investment
advisers to those funds. The
Commission adopted corresponding
amendments to the Advisers Act books
and records rule to facilitate compliance
with these new rules and assist its
examination staff. Finally, the
Commission adopted amendments to
the Advisers Act compliance rule,
which affect all registered investment
advisers, to better enable its staff to
conduct examinations.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
03/24/22
04/25/22
87 FR 16886
05/12/22
87 FR 29059
06/13/22
09/14/23
11/13/23
88 FR 63206
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
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
623. Amendments to Exchange Act Rule
3b–16 Re Definition of ‘‘Exchange’’;
Regulation ATS and Regulation SCI for
ATSS That Trade U.S. Government
Securities, NMS Stocks and Other
Securities [3235–AM45]
Legal Authority: 15 U.S.C. 77g; 15
U.S.C. 78mm; 15. U.S.C. 78w(a); 15
U.S.C. 78q(h); 15 U.S.C. 77q(a); 15
U.S.C. 78n; 15 U.S.C. 78dd–1; 15 U.S.C.
78b; 15 U.S.C. 78o(c); 15 U.S.C. 80(a)–
23; 15 U.S.C. 78c; 15 U.S.C. 78o(g); 15
U.S.C. 80a–29; 15 U.S.C. 78j; 15 U.S.C.
78o–4; 15 U.S.C. 80a–37; 15 U.S.C. 78k–
1(c); 15 U.S.C. 78o–5; 15 U.S.C. 77s(a);
15 U.S.C. 781; 15 U.S.C. 78q(a); 15
U.S.C. 78i(a); 15 U.S.C. 78m; 15 U.S.C.
78q(b); 15 U.S.C. 78o(b)
Abstract: The Division is considering
recommending that the Commission
adopt proposed amendments to
Exchange Act Rule 3b–16 to include
systems that offer the use of non-firm
trading interest and communication
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protocols to bring together buyers and
sellers of securities.
The Division is considering
recommending that the Commission
adopt proposed amendments to
Regulation ATS and Regulation SCI for
ATSs that trade U.S. Government
Securities, NMS stock, and other types
of securities and to require the
electronic filing of a modernized version
of Form ATS and Form ATS–R.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
Second NPRM
Comment Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period Reopened End.
NPRM Comment
Period Reopened.
NPRM Comment
Period Reopened End.
Final Action .........
FR Cite
12/31/20
03/01/21
85 FR 87106
03/18/22
04/18/22
87 FR 15496
05/12/22
87 FR 29059
06/13/22
05/05/23
88 FR 29448
06/13/23
04/00/24
ddrumheller on DSK120RN23PROD with PROPOSALS26
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Tyler Raimo,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–6227, Email: raimot@
sec.gov.
RIN: 3235–AM45
624. 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
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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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
FR Cite
04/05/23
06/05/23
I
04/00/24
88 FR 20212
I
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
625. 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;
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
PO 00000
Frm 00008
Fmt 4701
Sfmt 4702
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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
12/29/22
03/31/23
I
FR Cite
87 FR 80266
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
626. 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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
01/27/23
03/31/23
I
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,
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Phone: 202 551–5131, Email:
dimitriousd@sec.gov.
RIN: 3235–AN24
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
ddrumheller on DSK120RN23PROD with PROPOSALS26
627. Exemption for Certain Exchange
Members [3235–AN17]
Legal Authority: 15 U.S.C. 78c; 15
U.S.C. 78o; 15 U.S.C. 78o–1; 15 U.S.C.
78q; 15 U.S.C. 78s; 15 U.S.C. 78w; 15
U.S.C. 78mm; . . .
Abstract: The Commission adopted
amendments to a rule under the
Securities Exchange Act of 1934 that
exempts certain Commission-registered
brokers or dealers from membership in
a registered national securities
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association (‘‘Association’’). The
amendments replace rule provisions
that provide an exemption for
proprietary trading with narrower
exemptions from Association
membership for any registered broker or
dealer that is a member of a national
securities exchange, carries no customer
accounts, and effects transactions in
securities otherwise than on a national
securities exchange of which it is a
member. The amendments create
exemptions for such a registered broker
or dealer that effects securities
transactions otherwise than on an
exchange of which it is a member that
result solely from orders that are routed
by a national securities exchange of
which it is a member to comply with
order protection regulatory
requirements, or are solely for the
purpose of executing the stock leg of a
stock-option order.
PO 00000
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Fmt 4701
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9735
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
08/12/22
09/27/22
87 FR 49930
09/07/23
11/06/23
88 FR 61850
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Michael Bradley,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–5594, Email:
bradleym@sec.gov.
RIN: 3235–AN17
[FR Doc. 2024–00469 Filed 2–8–24; 8:45 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 89, Number 28 (Friday, February 9, 2024)]
[Unknown Section]
[Pages 9728-9735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00469]
[[Page 9727]]
Vol. 89
Friday,
No. 28
February 9, 2024
Part XXVI
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 89 , No. 28 / Friday, February 9, 2024 / UA:
Reg Flex Agenda
[[Page 9728]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-11225; 34-98226; IA-6388; IC-34993; File No. S7-14-23]
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 Fall 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 August 22, 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 March 11, 2024.
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 S7-14-23 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. S7-14-23. 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 identifying 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.
Dated: August 25, 2023.
Vanessa A. Countryman,
Secretary.
3 OOD--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
610....................... EDGAR Filer Access and 3235-AM58
Account Management.
------------------------------------------------------------------------
Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
611....................... Rule 144 Holding Period... 3235-AM78
------------------------------------------------------------------------
[[Page 9729]]
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
612....................... Prohibition Against 3235-AL04
Conflicts of Interest in
Certain Securitizations.
613....................... Rule 14a-8 Amendments..... 3235-AM91
------------------------------------------------------------------------
Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
614....................... Cybersecurity Risk 3235-AM89
Management, Strategy,
Governance, and Incident
Disclosure.
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
615....................... Safeguarding Advisory 3235-AM32
Client Assets.
616....................... Enhanced Disclosures by 3235-AM96
Certain Investment
Advisers and Investment
Companies about
Environmental, Social,
and Governance Investment
Practices.
617....................... Open-End Fund Liquidity 3235-AM98
Risk Management Programs
and Swing Pricing; Form N-
PORT Reporting.
618....................... Cybersecurity Risk 3235-AN08
Management for Investment
Advisers, Registered
Investment Companies, and
Business Development
Companies.
619....................... Outsourcing by Investment 3235-AN18
Advisers.
620....................... 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.
------------------------------------------------------------------------
621....................... Investment Company Names.. 3235-AM72
622....................... Private Fund Advisers; 3235-AN07
Documentation of
Registered Investment
Adviser Compliance
Reviews.
------------------------------------------------------------------------
Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
623....................... Amendments to Exchange Act 3235-AM45
Rule 3b-16 re Definition
of ``Exchange'';
Regulation ATS and
Regulation SCI for ATSs
That Trade U.S.
Government Securities,
NMS Stocks and Other
Securities.
624....................... 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.
625....................... Regulation NMS: Minimum 3235-AN23
Pricing Increments,
Access Fees, and
Transparency of Better
Priced Orders.
626....................... Regulation Best Execution. 3235-AN24
------------------------------------------------------------------------
Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
627....................... Exemption for Certain 3235-AN17
Exchange Members.
------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION (SEC)
3 OOD
Proposed Rule Stage
610. EDGAR Filer Access and Account Management [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 Commission proposed rule and form amendments
concerning access to and management of accounts on the Commission's
Electronic Data Gathering, Analysis, and Retrieval system (``EDGAR'')
that are related to potential technical changes to EDGAR (collectively
referred to as ``EDGAR Next''). The Commission proposed to require that
electronic filers (``filers'') authorize and maintain designated
individuals as account administrators and that filers, through their
account administrators, take certain actions to manage their accounts
on a dashboard on EDGAR. Further, the Commission proposed that filers
may only authorize individuals as account administrators or in the
other roles described herein if those individuals first obtain
individual account credentials in the manner to be specified in the
EDGAR Filer Manual.
[[Page 9730]]
As part of the EDGAR Next changes, the Commission would offer filers
optional Application Programming Interfaces (``APIs'') for machine-to-
machine communication with EDGAR, including submission of filings and
retrieval of related information. If the proposed rule and form
amendments are adopted, the Commission would make corresponding changes
to the EDGAR Filer Manual and implement the potential technical
changes.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/22/23 88 FR 65524
NPRM Comment Period End............. 11/21/23
------------------------------------------------------------------------
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
611. 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......................... 10/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Felicia H. Kung, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM78
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
612. 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........................ 11/00/23
------------------------------------------------------------------------
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
613. Rule 14A-8 Amendments [3235-AM91]
Legal Authority: 5 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........................ 04/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Hughes Bates, Special Counsel, Division of
Corporation Finance, Securities and
[[Page 9731]]
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
614. Cybersecurity Risk Management, Strategy, Governance, and Incident
Disclosure [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 Commission adopted new rules to enhance and
standardize disclosures regarding cybersecurity risk management,
strategy, governance, and incidents by public companies that are
subject to the reporting requirements of the Securities Exchange Act of
1934. Specifically, the Commission adopted amendments to require
current disclosure about material cybersecurity incidents. The
Commission also adopted rules requiring periodic disclosures about a
registrant's processes to assess, identify, and manage material
cybersecurity risks, management's role in assessing and managing
material cybersecurity risks, and the board of directors' oversight of
cybersecurity risks. Lastly, the final rules require the cybersecurity
disclosures to be presented in Inline eXtensible Business Reporting
Language (``Inline XBRL'').
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/23/22 87 FR 16590
NPRM Comment Period End............. 05/09/22
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22
Final Action........................ 08/04/23 88 FR 51896
Final Action Effective.............. 09/05/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Nabeel Cheema, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM89
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
615. 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
NPRM Comment Period Reopened........ 08/30/23 88 FR 59818
NPRM Comment Period Reopened End.... 10/30/23
Final Action........................ 04/00/24
------------------------------------------------------------------------
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
616. 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........................ 04/00/24
------------------------------------------------------------------------
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-AM96
617. 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
[[Page 9732]]
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........................ 04/00/24
------------------------------------------------------------------------
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
618. Cybersecurity Risk Management for Investment Advisers, Registered
Investment Companies, and Business Development Companies [3235-AN08]
Legal Authority: 5 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 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........................ 04/00/24
------------------------------------------------------------------------
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
619. 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
620. 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
[[Page 9733]]
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
621. 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 Commission amended the rule under the Investment
Company Act of 1940 that addresses certain broad categories of
investment company names that are likely to mislead investors about an
investment company's investments and risks. The amendments to this rule
are designed to increase investor protection by improving, and
broadening the scope of, the requirement for certain funds to adopt a
policy to invest at least 80 percent of the value 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 adopted 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 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........................ 10/11/23 88 FR 70436
Final Action Effective.............. 12/11/23
------------------------------------------------------------------------
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
622. 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 Commission adopted new rules under the Investment
Advisers Act of 1940. The rules are designed to protect investors who
directly or indirectly invest in private funds by increasing visibility
into certain practices involving compensation schemes, sales practices,
and conflicts of interest through disclosure; establishing requirements
to address such practices that have the potential to lead to investor
harm; and restricting practices that are contrary to the public
interest and the protection of investors. These rules are likewise
designed to prevent fraud, deception, or manipulation by the investment
advisers to those funds. The Commission adopted corresponding
amendments to the Advisers Act books and records rule to facilitate
compliance with these new rules and assist its examination staff.
Finally, the Commission adopted amendments to the Advisers Act
compliance rule, which affect all registered investment advisers, to
better enable its staff to conduct examinations.
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........................ 09/14/23 88 FR 63206
Final Action Effective.............. 11/13/23
------------------------------------------------------------------------
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
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
623. Amendments to Exchange Act Rule 3b-16 Re Definition of
``Exchange''; Regulation ATS and Regulation SCI for ATSS That Trade
U.S. Government Securities, NMS Stocks and Other Securities [3235-AM45]
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78mm; 15. U.S.C. 78w(a);
15 U.S.C. 78q(h); 15 U.S.C. 77q(a); 15 U.S.C. 78n; 15 U.S.C. 78dd-1; 15
U.S.C. 78b; 15 U.S.C. 78o(c); 15 U.S.C. 80(a)-23; 15 U.S.C. 78c; 15
U.S.C. 78o(g); 15 U.S.C. 80a-29; 15 U.S.C. 78j; 15 U.S.C. 78o-4; 15
U.S.C. 80a-37; 15 U.S.C. 78k-1(c); 15 U.S.C. 78o-5; 15 U.S.C. 77s(a);
15 U.S.C. 781; 15 U.S.C. 78q(a); 15 U.S.C. 78i(a); 15 U.S.C. 78m; 15
U.S.C. 78q(b); 15 U.S.C. 78o(b)
Abstract: The Division is considering recommending that the
Commission adopt proposed amendments to Exchange Act Rule 3b-16 to
include systems that offer the use of non-firm trading interest and
communication
[[Page 9734]]
protocols to bring together buyers and sellers of securities.
The Division is considering recommending that the Commission adopt
proposed amendments to Regulation ATS and Regulation SCI for ATSs that
trade U.S. Government Securities, NMS stock, and other types of
securities and to require the electronic filing of a modernized version
of Form ATS and Form ATS-R.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/31/20 85 FR 87106
NPRM Comment Period End............. 03/01/21
Second NPRM......................... 03/18/22 87 FR 15496
Second NPRM Comment Period End...... 04/18/22
NPRM Comment Period Reopened........ 05/12/22 87 FR 29059
NPRM Comment Period Reopened End.... 06/13/22
NPRM Comment Period Reopened........ 05/05/23 88 FR 29448
NPRM Comment Period Reopened End.... 06/13/23
Final Action........................ 04/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Tyler Raimo, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6227, Email: [email protected].
RIN: 3235-AM45
624. 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
625. 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; 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
626. 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,
[[Page 9735]]
Phone: 202 551-5131, Email: [email protected].
RIN: 3235-AN24
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
627. Exemption for Certain Exchange Members [3235-AN17]
Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78o; 15 U.S.C. 78o-1; 15
U.S.C. 78q; 15 U.S.C. 78s; 15 U.S.C. 78w; 15 U.S.C. 78mm; . . .
Abstract: The Commission adopted amendments to a rule under the
Securities Exchange Act of 1934 that exempts certain Commission-
registered brokers or dealers from membership in a registered national
securities association (``Association''). The amendments replace rule
provisions that provide an exemption for proprietary trading with
narrower exemptions from Association membership for any registered
broker or dealer that is a member of a national securities exchange,
carries no customer accounts, and effects transactions in securities
otherwise than on a national securities exchange of which it is a
member. The amendments create exemptions for such a registered broker
or dealer that effects securities transactions otherwise than on an
exchange of which it is a member that result solely from orders that
are routed by a national securities exchange of which it is a member to
comply with order protection regulatory requirements, or are solely for
the purpose of executing the stock leg of a stock-option order.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 08/12/22 87 FR 49930
NPRM Comment Period End............. 09/27/22
Final Action........................ 09/07/23 88 FR 61850
Final Action Effective.............. 11/06/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Michael Bradley, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5594, Email: [email protected].
RIN: 3235-AN17
[FR Doc. 2024-00469 Filed 2-8-24; 8:45 am]
BILLING CODE 8011-01-P
