Regulatory Flexibility Agenda, 66976-66983 [2024-16470]
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66976
Federal Register / Vol. 89, No. 159 / Friday, August 16, 2024 / UA: Reg Flex Agenda
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/2024/05/s7-2024-03); or
• Send an email to rule-comments@
sec.gov. Please include File Number S7–
2024–03 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Ch. II
[Release Nos. 33–11287; 34–100157; IA–
6605; IC–35194; File No. S7–2024–03]
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 2024
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 May 1, 2024, the date on
which the Commission’s staff completed
compilation of the data. To the extent
possible, rulemaking actions by the
Commission since that date have been
reflected in the agenda. The
Commission invites questions and
public comment on the agenda and on
the individual agenda entries.
The Commission is now printing in
the Federal Register, along with our
preamble, only those agenda entries for
which we have indicated that
preparation of an RFA analysis is
required.
The Commission’s complete RFA
agenda will be available online at
www.reginfo.gov.
DATES: Comments should be received on
or before September 16, 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.
S7–2024–03. 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/2024/05/s7-2024-03).
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.
Vanessa A. Countryman,
Secretary.
3 OOD—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
365 ....................
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
366 ....................
Rule 144 Holding Period ..................................................................................................................................
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66977
DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
367 ....................
Rule 14a–8 Amendments ................................................................................................................................
3235–AM91
DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
368 ....................
369 ....................
370 ....................
Prohibition Against Conflicts of Interest in Certain Securitizations .................................................................
The Enhancement and Standardization of Climate-Related Disclosures for Investors ..................................
Special Purpose Acquisition Companies, Shell Companies, and Projections ................................................
3235–AL04
3235–AM87
3235–AM90
DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
371 ....................
Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers .....
3235–AN34
DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
372 ....................
Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental,
Social, and Governance Investment Practices.
Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies.
Outsourcing by Investment Advisers ...............................................................................................................
373 ....................
374 ....................
3235–AM96
3235–AN08
3235–AN18
DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
375 ....................
376 ....................
Regulation S P: Privacy of Consumer Financial Information and Safeguarding Customer Information ........
Exemption for Certain Investment Advisers Operating Through the Internet .................................................
3235–AN26
3235–AN31
DIVISION OF TRADING AND MARKETS—FINAL RULE STAGE
Title
377 ....................
Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding FOCUS Report.
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 ...............................................................................................................................
378 ....................
379 ....................
380 ....................
381 ....................
SECURITIES AND EXCHANGE
COMMISSION (SEC)
3 OOD
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Regulation
Identifier No.
Sequence No.
Final Rule Stage
365. 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; . . .
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Abstract: The EDGAR Business Office
is considering recommending that the
Commission adopt rules and
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
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3235–AL85
3235–AM45
3235–AN15
3235–AN23
3235–AN24
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
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account credentials in the manner to be
specified in the EDGAR Filer Manual.
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:
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
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
09/22/23
11/21/23
88 FR 65524
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
01/19/21
03/22/21
86 FR 5063
04/00/25
Division of Corporation Finance
Division of Corporation Finance
Final Rule Stage
Proposed Rule Stage
366. 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–
22:22 Aug 15, 2024
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Luna Bloom,
Attorney Adviser, Division of
Corporation Finance, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3194, Email: blooml@sec.gov.
RIN: 3235–AM78
SECURITIES AND EXCHANGE
COMMISSION (SEC)
SECURITIES AND EXCHANGE
COMMISSION (SEC)
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10/00/24
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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367. 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
04/00/25
Regulatory Flexibility Analysis
Required: Yes.
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Agency Contact: Steve Hearne,
Special Counsel, Division of
Corporation Finance, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3430, Email: hearnes@sec.gov.
RIN: 3235–AM91
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
368. 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 Commission adopted a
rule to implement Section 621 of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010
prohibiting an underwriter, placement
agent, initial purchaser, or sponsor of an
asset-backed security (including a
synthetic asset backed security), or
certain affiliates or subsidiaries of any
such entity, from engaging in any
transaction that would involve or result
in certain material conflicts of interest.
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 .........
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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
12/07/23
88 FR 85396
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Action
Date
Final Action Effective.
FR Cite
02/05/24
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
369. The Enhancement and
Standardization of Climate-Related
Disclosures for Investors [3235–AM87]
Legal Authority: 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. 78c(b); 15 U.S.C. 78l;
15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C.
78mm; . . .
Abstract: The Commission adopted
amendments to its rules under the
Securities Act of 1933 and Securities
Exchange Act of 1934 that will require
registrants to provide certain climaterelated information in their registration
statements and annual reports. The final
rules will require information about a
registrant’s climate-related risks that
have materially impacted, or are
reasonably likely to have a material
impact on, its business strategy, results
of operations, or financial condition. In
addition, under the final rules, certain
disclosures related to severe weather
events and other natural conditions will
be required in a registrant’s audited
financial statements.
Timetable:
Action
Date
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NPRM ..................
NPRM Comment
Period Extended.
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Effective Date Delayed.
04/11/22
05/12/22
FR Cite
87 FR 21334
87 FR 29059
06/17/22
10/18/22
87 FR 63016
11/01/22
03/28/24
04/12/24
89 FR 21668
89 FR 25804
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Elliot Staffin,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3243, Email: staffine@
sec.gov.
RIN: 3235–AM87
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370. Special Purpose Acquisition
Companies, Shell Companies, and
Projections [3235–AM90]
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. 77z–3; 15 U.S.C. 78c;
15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C.
78n; 15 U.S.C. 78o; 15 U.S.C. 78w(a); 15
U.S.C. 78mm; 15 U.S.C. 80a–6(c); 15
U.S.C. 80a–37(a); . . .
Abstract: The Commission adopted
rules intended to enhance investor
protections in initial public offerings by
special purpose acquisition companies
(commonly known as SPACs) and in
subsequent business combination
transactions between SPACs and private
operating companies (commonly known
as de-SPAC transactions). Specifically,
the Commission adopted disclosure
requirements with respect to, among
other things, compensation paid to
sponsors, conflicts of interest, dilution,
and the determination, if any, of the
board of directors (or similar governing
body) of a SPAC regarding whether a deSPAC transaction is advisable and in the
best interests of the SPAC and its
shareholders. The Commission adopted
rules that require a minimum
dissemination period for the
distribution of security holder
communication materials in connection
with de-SPAC transactions. The
Commission adopted rules that require
the re-determination of smaller
reporting company (SRC) status in
connection with de-SPAC transactions.
The Commission also adopted rules that
address the scope of the safe harbor for
forward-looking statements under the
Private Securities Litigation Reform Act
of 1995. Further, the Commission
adopted a rule that would deem any
business combination transaction
involving a reporting shell company,
including a SPAC, to be a sale of
securities to the reporting shell
company’s shareholders and are
adopting amendments to a number of
financial statement requirements
applicable to transactions involving
shell companies. In addition, the
Commission provided guidance on the
status of potential underwriters in deSPAC transactions and adopting
updates to our guidance regarding the
use of projections in Commission filings
as well as requiring additional
disclosure regarding projections when
used in connection with business
combination transactions involving
SPACs. Finally, the Commission
provided guidance for SPACs to
consider when analyzing their status
under the Investment Company Act of
1940.
Timetable:
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Action
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
Date
FR Cite
05/13/22
06/13/22
87 FR 29458
10/18/22
87 FR 63016
11/01/22
02/26/24
07/01/24
89 FR 14158
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Mark Saltzburg,
Division of Corporation Finance,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–3430, Email:
saltzburgm@sec.gov.
RIN: 3235–AM90
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
371. • Customer Identification
Programs for Registered Investment
Advisers and Exempt Reporting
Advisers [3235–AN34]
Legal Authority: Pub. L. 107–56; 31
U.S.C. 5311 et seq.
Abstract: The Department of the
Treasury and the SEC jointly issued a
proposed rulemaking implementing
section 326 of the Uniting and
Strengthening America by Providing
Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001
with regard to certain investment
advisers. If, as proposed in a separate
rulemaking, certain investment advisers
are included in the definition of
‘‘financial institution’’ under the Bank
Secrecy Act, section 326 will require the
Secretary of the Treasury and the SEC
to jointly prescribe a regulation that,
among other things, requires investment
advisers to implement reasonable
procedures to verify the identities of
their customers.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Date
05/21/24
07/22/24
FR Cite
89 FR 44571
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Thomas Strumpf,
Branch Chief, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
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Washington, DC 20549, Phone: 202 227–
0576.
RIN: 3235–AN34
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
372. 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:
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Action
Date
NPRM ..................
NPRM Comment
Period End.
NPRM Comment
Period Reopened.
NPRM Comment
Period End.
Final Action .........
VerDate Sep<11>2014
FR Cite
06/17/22
08/16/22
87 FR 36654
10/18/22
87 FR 63016
11/01/22
10/00/24
22:22 Aug 15, 2024
Jkt 250001
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Zeena AbdulRahman, Branch Chief, 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–AM96
373. 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
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
10/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Robert Holowka,
Branch Chief, Division of Investment
Management, Securities and Exchange
Commission, 100 F Street NE,
PO 00000
Frm 00006
Fmt 4701
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Washington, DC 20549, Phone: 202 714–
0905, Email: holowkar@sec.gov.
RIN: 3235–AN08
374. 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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
11/16/22
12/27/22
FR Cite
87 FR 68816
10/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jennifer Porter,
Senior Special Counsel, Division of
Investment Management, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
6739, Email: porterj@sec.gov.
RIN: 3235–AN18
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Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
5590, Email: gudeb@sec.gov.
RIN: 3235–AN26
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Investment Management
Completed Actions
375. 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 Commission adopted
rule amendments that will require
brokers and dealers (or ‘‘brokerdealers’’), investment companies,
investment advisers registered with the
Commission (‘‘registered investment
advisers’’), funding portals, and transfer
agents registered with the Commission
or another appropriate regulatory
agency as defined in the Securities
Exchange Act of 1934 (‘‘transfer agents’’)
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. In addition, the
amendments extend the application of
requirements to safeguard customer
records and information to transfer
agents; broaden the scope of information
covered by the requirements for
safeguarding customer records and
information and for properly disposing
of consumer report information; impose
requirements to maintain written
records documenting compliance with
the amended rules; and conform annual
privacy notice delivery provisions to the
terms of an exception provided by a
statutory amendment to the GrammLeach-Bliley Act.
Timetable:
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Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Final Action Effective.
FR Cite
04/06/23
06/05/23
88 FR 20616
06/03/24
08/02/24
89 FR 47688
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Bradley Gude,
Branch Chief, Division of Investment
Management, Securities and Exchange
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376. Exemption for Certain Investment
Advisers Operating Through the
Internet [3235–AN31]
Legal Authority: 15 U.S.C. 80b–3a(c);
15 U.S.C. 80b–11(a)
Abstract: The Commission adopted
amendments to the rule under the
Investment Advisers Act of 1940 that
exempts certain investment advisers
that provide advisory services through
the internet from the prohibition on
Commission registration, as well as
related amendments to Form ADV. The
amendments are designed to modernize
the rule’s conditions to account for the
evolution in technology and the
investment advisory industry since the
initial adoption of the rule in 2002.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
FR Cite
08/01/23
10/02/23
88 FR 50076
04/09/24
89 FR 24693
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Sirimal Mukerjee,
Senior Special Counsel, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
3340, Email: mukerjees@sec.gov.
RIN: 3235–AN31
SECURITIES AND EXCHANGE
COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
377. Electronic Submission of Certain
Materials Under the Securities
Exchange Act of 1934; Amendments
Regarding Focus Report [3235–AL85]
Legal Authority: 15 U.S.C. 77f, 77g,
77h, 77j, and 77s(a); 15 U.S.C. 78c, 78l,
78m, 78n, 78o, 78o–3, 78o–8, 78q, 78q–
1, 78s, 78w, 78dd and 78ll; 15 U.S.C.
77rrr; 15 U.S.C. 80a–8; 15 U.S.C. 80a–
29; 15 U.S.C. 80a–30; 15 U.S.C. 80a–37;
Pub. L. 111–203, sec. 761(b)
Abstract: The Division is considering
recommending that the Commission
require electronic filing or submission
of certain forms and other filings or
submissions that are required to be filed
with or submitted to the Commission
under the Securities Exchange Act of
1934 and the rules and regulations
under the Exchange Act. The
Commission proposed to require the
PO 00000
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66981
electronic filing or submission on the
Commission’s Electronic Data
Gathering, Analysis, and Retrieval
(‘‘EDGAR’’) system, using structured
data where appropriate, for certain
forms filed or submitted by selfregulatory organizations (‘‘SROs’’). The
proposal would require the information
currently contained in Form 19b–4(e) to
be publicly posted on the SRO’s website
and remove the manual signature
requirements for SRO proposed rule
change filings. The Commission also
proposed that a clearing agency post
supplemental material to its website. In
addition, the proposal would amend
rules under the Exchange Act and the
Securities Act of 1933 to require the
electronic filing or submission on
EDGAR, using structured data where
appropriate, of certain forms, reports
and notices provided by broker-dealers,
security-based swap dealers and major
security-based swap participants. The
proposed amendments also would
require withdrawal in certain
circumstances of notices filed in
connection with an exception to
counting certain dealing transactions
toward determining whether a person is
a security-based swap dealer. Finally,
the Commission proposed to allow
electronic signatures in certain brokerdealer filings, and proposed
amendments regarding the Financial
and Operational Combined Uniform
Single Report (‘‘FOCUS Report’’) to
harmonize with other rules, make
technical corrections, and provide
clarifications.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
04/18/23
05/22/23
FR Cite
88 FR 23920
10/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Raymond Lombardo,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
Phone: 202 551–5755, Email:
lombardor@sec.gov.
RIN: 3235–AL85
378. 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.
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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
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
10/00/24
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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
379. 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.
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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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
04/05/23
06/05/23
FR Cite
88 FR 20212
10/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Nina Kostyukovsky,
Attorney, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551–
8833, Email: kostyukovskyn@sec.gov.
RIN: 3235–AN15
PO 00000
Frm 00008
Fmt 4701
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380. 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
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
12/29/22
03/31/23
FR Cite
87 FR 80266
10/00/24
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
381. 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.
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Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
01/27/23
03/31/23
FR Cite
88 FR 5440
10/00/24
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
[FR Doc. 2024–16470 Filed 8–15–24; 8:45 am]
BILLING CODE 8011–01–P
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]]>Agencies
[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Unknown Section]
[Pages 66976-66983]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16470]
[[Page 66975]]
Vol. 89
Friday,
No. 159
August 16, 2024
Part XXVI
Securities and Exchange Commission
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 89 , No. 159 / Friday, August 16, 2024 / UA:
Reg Flex Agenda
[[Page 66976]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-11287; 34-100157; IA-6605; IC-35194; File No. S7-2024-
03]
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 2024
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 May 1, 2024, the date on
which the Commission's staff completed compilation of the data. To the
extent possible, rulemaking actions by the Commission since that date
have been reflected in the agenda. The Commission invites questions and
public comment on the agenda and on the individual agenda entries.
The Commission is now printing in the Federal Register, along with
our preamble, only those agenda entries for which we have indicated
that preparation of an RFA analysis is required.
The Commission's complete RFA agenda will be available online at
www.reginfo.gov.
DATES: Comments should be received on or before September 16, 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/2024/05/s7-2024-03); or
Send an email to [email protected]. Please include
File Number S7-2024-03 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. S7-2024-03. 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/2024/05/s7-2024-03).
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.
Vanessa A. Countryman,
Secretary.
3 OOD--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
365....................... EDGAR Filer Access and 3235-AM58
Account Management.
------------------------------------------------------------------------
Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
366....................... Rule 144 Holding Period... 3235-AM78
------------------------------------------------------------------------
[[Page 66977]]
Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
367....................... Rule 14a-8 Amendments..... 3235-AM91
------------------------------------------------------------------------
Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
368....................... Prohibition Against 3235-AL04
Conflicts of Interest in
Certain Securitizations.
369....................... The Enhancement and 3235-AM87
Standardization of
Climate-Related
Disclosures for Investors.
370....................... Special Purpose 3235-AM90
Acquisition Companies,
Shell Companies, and
Projections.
------------------------------------------------------------------------
Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
371....................... Customer Identification 3235-AN34
Programs for Registered
Investment Advisers and
Exempt Reporting Advisers.
------------------------------------------------------------------------
Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
372....................... Enhanced Disclosures by 3235-AM96
Certain Investment
Advisers and Investment
Companies about
Environmental, Social,
and Governance Investment
Practices.
373....................... Cybersecurity Risk 3235-AN08
Management for Investment
Advisers, Registered
Investment Companies, and
Business Development
Companies.
374....................... Outsourcing by Investment 3235-AN18
Advisers.
------------------------------------------------------------------------
Division of Investment Management--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
375....................... Regulation S P: Privacy of 3235-AN26
Consumer Financial
Information and
Safeguarding Customer
Information.
376....................... Exemption for Certain 3235-AN31
Investment Advisers
Operating Through the
Internet.
------------------------------------------------------------------------
Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
377....................... Electronic Submission of 3235-AL85
Certain Materials Under
the Securities Exchange
Act of 1934; Amendments
Regarding FOCUS Report.
378....................... 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.
379....................... 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.
380....................... Regulation NMS: Minimum 3235-AN23
Pricing Increments,
Access Fees, and
Transparency of Better
Priced Orders.
381....................... Regulation Best Execution. 3235-AN24
------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION (SEC)
3 OOD
Final Rule Stage
365. 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 EDGAR Business Office is considering recommending
that the Commission adopt rules and 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
[[Page 66978]]
account credentials in the manner to be specified in the EDGAR Filer
Manual. 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
Final Action........................ 10/00/24
------------------------------------------------------------------------
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
366. 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......................... 04/00/25
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Luna Bloom, Attorney Adviser, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-3194, Email: [email protected].
RIN: 3235-AM78
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
367. 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........................ 04/00/25
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steve Hearne, Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM91
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
368. 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 Commission adopted a rule to implement Section 621 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
prohibiting an underwriter, placement agent, initial purchaser, or
sponsor of an asset-backed security (including a synthetic asset backed
security), or certain affiliates or subsidiaries of any such entity,
from engaging in any transaction that would involve or result in
certain material conflicts of interest.
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........................ 12/07/23 88 FR 85396
[[Page 66979]]
Final Action Effective.............. 02/05/24
------------------------------------------------------------------------
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
369. The Enhancement and Standardization of Climate-Related Disclosures
for Investors [3235-AM87]
Legal Authority: 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. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C.
78o; 15 U.S.C. 78mm; . . .
Abstract: The Commission adopted amendments to its rules under the
Securities Act of 1933 and Securities Exchange Act of 1934 that will
require registrants to provide certain climate-related information in
their registration statements and annual reports. The final rules will
require information about a registrant's climate-related risks that
have materially impacted, or are reasonably likely to have a material
impact on, its business strategy, results of operations, or financial
condition. In addition, under the final rules, certain disclosures
related to severe weather events and other natural conditions will be
required in a registrant's audited financial statements.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/11/22 87 FR 21334
NPRM Comment Period Extended........ 05/12/22 87 FR 29059
NPRM Comment Period End............. 06/17/22
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22
Final Action........................ 03/28/24 89 FR 21668
Effective Date Delayed.............. 04/12/24 89 FR 25804
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Elliot Staffin, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3243, Email: [email protected].
RIN: 3235-AM87
370. Special Purpose Acquisition Companies, Shell Companies, and
Projections [3235-AM90]
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. 77z-3; 15 U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C.
78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15
U.S.C. 80a-6(c); 15 U.S.C. 80a-37(a); . . .
Abstract: The Commission adopted rules intended to enhance investor
protections in initial public offerings by special purpose acquisition
companies (commonly known as SPACs) and in subsequent business
combination transactions between SPACs and private operating companies
(commonly known as de-SPAC transactions). Specifically, the Commission
adopted disclosure requirements with respect to, among other things,
compensation paid to sponsors, conflicts of interest, dilution, and the
determination, if any, of the board of directors (or similar governing
body) of a SPAC regarding whether a de-SPAC transaction is advisable
and in the best interests of the SPAC and its shareholders. The
Commission adopted rules that require a minimum dissemination period
for the distribution of security holder communication materials in
connection with de-SPAC transactions. The Commission adopted rules that
require the re-determination of smaller reporting company (SRC) status
in connection with de-SPAC transactions. The Commission also adopted
rules that address the scope of the safe harbor for forward-looking
statements under the Private Securities Litigation Reform Act of 1995.
Further, the Commission adopted a rule that would deem any business
combination transaction involving a reporting shell company, including
a SPAC, to be a sale of securities to the reporting shell company's
shareholders and are adopting amendments to a number of financial
statement requirements applicable to transactions involving shell
companies. In addition, the Commission provided guidance on the status
of potential underwriters in de-SPAC transactions and adopting updates
to our guidance regarding the use of projections in Commission filings
as well as requiring additional disclosure regarding projections when
used in connection with business combination transactions involving
SPACs. Finally, the Commission provided guidance for SPACs to consider
when analyzing their status under the Investment Company Act of 1940.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/13/22 87 FR 29458
NPRM Comment Period End............. 06/13/22 .......................
NPRM Comment Period Reopened........ 10/18/22 87 FR 63016
NPRM Comment Period End............. 11/01/22 .......................
Final Action........................ 02/26/24 89 FR 14158
Final Action Effective.............. 07/01/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark Saltzburg, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM90
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
371. Customer Identification Programs for Registered
Investment Advisers and Exempt Reporting Advisers [3235-AN34]
Legal Authority: Pub. L. 107-56; 31 U.S.C. 5311 et seq.
Abstract: The Department of the Treasury and the SEC jointly issued
a proposed rulemaking implementing section 326 of the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 with regard to certain
investment advisers. If, as proposed in a separate rulemaking, certain
investment advisers are included in the definition of ``financial
institution'' under the Bank Secrecy Act, section 326 will require the
Secretary of the Treasury and the SEC to jointly prescribe a regulation
that, among other things, requires investment advisers to implement
reasonable procedures to verify the identities of their customers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/21/24 89 FR 44571
NPRM Comment Period End............. 07/22/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Thomas Strumpf, Branch Chief, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE,
[[Page 66980]]
Washington, DC 20549, Phone: 202 227-0576.
RIN: 3235-AN34
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
372. 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........................ 10/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Zeena Abdul-Rahman, Branch Chief, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-4099, Email:
[email protected].
RIN: 3235-AM96
373. 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 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........................ 10/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Robert Holowka, Branch Chief, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 714-0905, Email: [email protected].
RIN: 3235-AN08
374. 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........................ 10/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Porter, Senior Special Counsel, Division
of Investment Management, Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549, Phone: 202 551-6739, Email:
[email protected].
RIN: 3235-AN18
[[Page 66981]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
375. 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 Commission adopted rule amendments that will require
brokers and dealers (or ``broker-dealers''), investment companies,
investment advisers registered with the Commission (``registered
investment advisers''), funding portals, and transfer agents registered
with the Commission or another appropriate regulatory agency as defined
in the Securities Exchange Act of 1934 (``transfer agents'') 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. In addition, the amendments extend
the application of requirements to safeguard customer records and
information to transfer agents; broaden the scope of information
covered by the requirements for safeguarding customer records and
information and for properly disposing of consumer report information;
impose requirements to maintain written records documenting compliance
with the amended rules; and 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........................ 06/03/24 89 FR 47688
Final Action Effective.............. 08/02/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Bradley Gude, Branch Chief, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-5590, Email: [email protected].
RIN: 3235-AN26
376. Exemption for Certain Investment Advisers Operating Through the
Internet [3235-AN31]
Legal Authority: 15 U.S.C. 80b-3a(c); 15 U.S.C. 80b-11(a)
Abstract: The Commission adopted amendments to the rule under the
Investment Advisers Act of 1940 that exempts certain investment
advisers that provide advisory services through the internet from the
prohibition on Commission registration, as well as related amendments
to Form ADV. The amendments are designed to modernize the rule's
conditions to account for the evolution in technology and the
investment advisory industry since the initial adoption of the rule in
2002.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 08/01/23 88 FR 50076
NPRM Comment Period End............. 10/02/23 .......................
Final Action........................ 04/09/24 89 FR 24693
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sirimal Mukerjee, Senior Special Counsel,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3340, Email: [email protected].
RIN: 3235-AN31
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Final Rule Stage
377. Electronic Submission of Certain Materials Under the Securities
Exchange Act of 1934; Amendments Regarding Focus Report [3235-AL85]
Legal Authority: 15 U.S.C. 77f, 77g, 77h, 77j, and 77s(a); 15
U.S.C. 78c, 78l, 78m, 78n, 78o, 78o-3, 78o-8, 78q, 78q-1, 78s, 78w,
78dd and 78ll; 15 U.S.C. 77rrr; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15
U.S.C. 80a-30; 15 U.S.C. 80a-37; Pub. L. 111-203, sec. 761(b)
Abstract: The Division is considering recommending that the
Commission require electronic filing or submission of certain forms and
other filings or submissions that are required to be filed with or
submitted to the Commission under the Securities Exchange Act of 1934
and the rules and regulations under the Exchange Act. The Commission
proposed to require the electronic filing or submission on the
Commission's Electronic Data Gathering, Analysis, and Retrieval
(``EDGAR'') system, using structured data where appropriate, for
certain forms filed or submitted by self-regulatory organizations
(``SROs''). The proposal would require the information currently
contained in Form 19b-4(e) to be publicly posted on the SRO's website
and remove the manual signature requirements for SRO proposed rule
change filings. The Commission also proposed that a clearing agency
post supplemental material to its website. In addition, the proposal
would amend rules under the Exchange Act and the Securities Act of 1933
to require the electronic filing or submission on EDGAR, using
structured data where appropriate, of certain forms, reports and
notices provided by broker-dealers, security-based swap dealers and
major security-based swap participants. The proposed amendments also
would require withdrawal in certain circumstances of notices filed in
connection with an exception to counting certain dealing transactions
toward determining whether a person is a security-based swap dealer.
Finally, the Commission proposed to allow electronic signatures in
certain broker-dealer filings, and proposed amendments regarding the
Financial and Operational Combined Uniform Single Report (``FOCUS
Report'') to harmonize with other rules, make technical corrections,
and provide clarifications.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/18/23 88 FR 23920
NPRM Comment Period End............. 05/22/23 .......................
Final Action........................ 10/00/24 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Raymond Lombardo, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5755, Email: [email protected].
RIN: 3235-AL85
378. 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.
[[Page 66982]]
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 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........................ 10/00/24
------------------------------------------------------------------------
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
379. 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........................ 10/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Nina Kostyukovsky, Attorney, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-8833, Email: [email protected].
RIN: 3235-AN15
380. 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........................ 10/00/24
------------------------------------------------------------------------
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
381. 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.
[[Page 66983]]
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/27/23 88 FR 5440
NPRM Comment Period End............. 03/31/23
Final Action........................ 10/00/24
------------------------------------------------------------------------
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
[FR Doc. 2024-16470 Filed 8-15-24; 8:45 am]
BILLING CODE 8011-01-P
