Proposed Rule2021-14888
Regulatory Flexibility Agenda
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 30, 2021
Issuing agencies
Securities and Exchange Commission
Abstract
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) (Sep. 19, 1980). The items listed in the Regulatory Flexibility Agenda for Spring 2021 reflect only the priorities of the Chair of the U.S. Securities and Exchange Commission, and do not necessarily reflect the view and priorities of any individual Commissioner. Information in the agenda was accurate on May 11, 2021, 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.
Full Text
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[Federal Register Volume 86, Number 144 (Friday, July 30, 2021)]
[Unknown Section]
[Pages 41372-41378]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-14888]
[[Page 41371]]
Vol. 86
Friday,
No. 144
July 30, 2021
Part XXVII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg
Flex Agenda
[[Page 41372]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-10942; 34-91852; IA-5734; IC-34269; S7-06-21]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
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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) (Sep. 19, 1980).
The items listed in the Regulatory Flexibility Agenda for Spring 2021
reflect only the priorities of the Chair of the U.S. Securities and
Exchange Commission, and do not necessarily reflect the view and
priorities of any individual Commissioner.
Information in the agenda was accurate on May 11, 2021, 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
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
DATES: Comments should be received on or before August 30, 2021.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/other.shtml">http://www.sec.gov/rules/other.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b9cbccd5dc94dad6d4d4dcd7cdcaf9cadcda97ded6cf"><span class="__cf_email__" data-cfemail="bccec9d0d991dfd3d1d1d9d2c8cffccfd9df92dbd3ca">[email protected]</span></a>. Please include
File Number S7-06-21 on the subject line.
Paper Comments
<bullet> 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. S7-06-21. This file number
should be included on the subject line if email is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
internet website (<a href="http://www.sec.gov/rules/other.shtml">http://www.sec.gov/rules/other.shtml</a>). 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. Due to
pandemic conditions, however, access to the Commission's public
reference room is not permitted at this time. All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: William Miller, Office of the General
Counsel, 202-551-8372.
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: May 11, 2021.
Vanessa A. Countryman,
Secretary.
DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
367....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
368....................... Mandated Electronic 3235-AM15
Filings.
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DIVISION OF CORPORATION FINANCE--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
369....................... Pay Versus Performance.... 3235-AL00
370....................... Universal Proxy........... 3235-AL84
371....................... Filing Fee Disclosure and 3235-AL96
Payment Methods
Modernization.
372....................... Rule 144 Holding Period 3235-AM78
and Form 144 Filings.
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[[Page 41373]]
DIVISION OF CORPORATION FINANCE--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
373....................... Modernization of Rules and 3235-AM38
Forms for Compensatory
Securities Offerings and
Sales.
------------------------------------------------------------------------
DIVISION OF CORPORATION FINANCE--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
374....................... Facilitating Capital 3235-AM27
Formation and Expanding
Investment Opportunities
by Improving Access to
Capital in Private
Markets.
375....................... Temporary Rules to Include 3235-AM79
Certain ``Platform
Workers'' in Compensatory
Offerings Under Rule 701
and Form S-8.
------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
376....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
377....................... Amendments to the Custody 3235-AM32
Rules for Investment
Advisers.
378....................... Amendments to Rule 17a-7 3235-AM69
Under the Investment
Company Act.
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DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
379....................... Tailored Shareholder 3235-AM52
Reports, Treatment of
Annual Prospectus Updates
for Existing Investors,
and Improved Fee and Risk
Disclosure for Mutual
Funds and ETFs; Fee
Information in Investment
Company Ads.
------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
380....................... Amendments to the Custody 3235-AM66
Rules for Investment
Companies.
381....................... Amendments to Improve Fund 3235-AM73
Proxy System.
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DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
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382....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
383....................... Investment Adviser 3235-AM08
Marketing.
384....................... Reporting Threshold for 3235-AM65
Institutional Investment
Managers.
385....................... Amendments to the Family 3235-AM67
Office Rule.
386....................... Good Faith Determinations 3235-AM71
of Fair Value.
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DIVISION OF TRADING AND MARKETS--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
387....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
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Offices and Other Programs--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
388....................... Qualifications of 3235-AM63
Accountants.
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[[Page 41374]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
367. Listing Standards for Recovery of Erroneously Awarded Compensation
Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
Abstract: The Division is considering recommending that the
Commission re-propose rules to implement section 954 of the Dodd Frank
Act, which requires the Commission to adopt rules to direct national
securities exchanges to prohibit the listing of securities of issuers
that have not developed and implemented a policy providing for
disclosure of the issuer's policy on incentive-based compensation and
mandating the clawback of such compensation in certain circumstances.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15
NPRM................................ 04/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anne M. Krauskopf, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3500, Email: <a href="/cdn-cgi/l/email-protection#09627b687c7a6266796f68497a6c6a276e667f"><span class="__cf_email__" data-cfemail="640f160511170f0b140205241701074a030b12">[email protected]</span></a>.
RIN: 3235-AK99
368. Mandated Electronic Filings
Legal Authority: 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C.
78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o(d); 15 U.S.C. 78p; 15
U.S.C. 78w(a); 15 U.S.C. 78ll
Abstract: The Division is considering recommending that the
Commission propose amendments to Regulation S-T that would update the
mandated electronic submissions requirements to include additional
filings.
Timetable:
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Action Date FR Cite
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NPRM................................ 10/00/21
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Noel Sean Harrison, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-3249, Email: <a href="/cdn-cgi/l/email-protection#472f2635352e342829340734222469202831"><span class="__cf_email__" data-cfemail="d1b9b0a3a3b8a2bebfa291a2b4b2ffb6bea7">[email protected]</span></a>.
RIN: 3235-AM15
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
369. Pay Versus Performance
Legal Authority: Pub. L. 111-203, sec. 953(a); 15 U.S.C. 78c(b); 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Division is considering recommending that the
Commission adopt rules to implement section 953(a) of the Dodd-Frank
Act, which added section 14(i) to the Exchange Act to require issuers
to disclose information that shows the relationship between executive
compensation actually paid and the financial performance of the issuer.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
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NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15
Final Action........................ 04/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steven G. Hearne, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: <a href="/cdn-cgi/l/email-protection#3c54595d4e52594f7c4f595f125b534a"><span class="__cf_email__" data-cfemail="fc94999d8e92998fbc8f999fd29b938a">[email protected]</span></a>.
RIN: 3235-AL00
370. Universal Proxy
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
Abstract: The Division is considering recommending that the
Commission adopt amendments to the proxy rules to allow a shareholder
voting by proxy to choose among all duly-nominated candidates in a
contested election of directors.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17
NPRM Comment Period Reopened........ 05/06/21 86 FR 24364
NPRM Comment Period Reopened End.... 06/07/21
Final Action........................ 04/00/22
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ted Yu, Division of Corporation Finance, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone:
202 551-3440, Email: <a href="/cdn-cgi/l/email-protection#09707c7d497a6c6a276e667f"><span class="__cf_email__" data-cfemail="d1a8a4a591a2b4b2ffb6bea7">[email protected]</span></a>.
RIN: 3235-AL84
371. Filing Fee Disclosure and Payment Methods Modernization
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15
U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15 U.S.C.
78s(a); 15 U.S.C. 78ll; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C.
80a-29; 15 U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission adopt amendments that would modernize filing fee disclosure
and payment methods by requiring fee calculation information to be
provided in a structured format, and by updating the fee payment
options. The amendments are intended to improve filing fee preparation
and payment processing by facilitating both enhanced validation through
fee structuring and lower-cost, easily routable payments.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/27/19 84 FR 71580
NPRM Comment Period End............. 02/25/20
Final Action........................ 10/00/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3809, Email: <a href="/cdn-cgi/l/email-protection#bddacfd8d8d3d0fdced8de93dad2cb"><span class="__cf_email__" data-cfemail="32554057575c5f724157511c555d44">[email protected]</span></a>.
RIN: 3235-AL96
372. Rule 144 Holding Period and Form 144 Filings
Legal Authority: 12 U.S.C. 5461 et seq.; 15 U.S.C. 77b; 15 U.S.C.
77b note; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g;
15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77r; 15 U.S.C. 77s; 15 U.S.C.
77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77sss; 15 U.S.C.
77sss(a); 15 U.S.C. 78a et seq.; 15 U.S.C. 78c; 15 U.S.C. 78c(b); 15
U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n;
15 U.S.C. 78o; 15 U.S.C. 78o-7 note; 15 U.S.C. 78o(d); 15 U.S.C. 78t;
15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78w(a); 15 U.S.C. 78ll; 15
U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-3; 15
U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-9; 15 U.S.C. 80a-10; 15
U.S.C. 80a-13; 15 U.S.C. 80a-24; 15 U.S.C. 80a-26; 15 U.S.C. 80a-28; 15
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 U.S.C. 7201 et
seq.; 18 U.S.C, 1350; sec. 953(b) Pub. L. 111-203, 124 Stat. 1904; sec.
102(a)(3) Pub. L. 112-106, 126 Stat. 309 (2012); sec. 107 Pub. L. 112-
106,
[[Page 41375]]
126 Stat. 313 (2012); sec. 201(a) Pub. L. 112-106, 126 Stat. 313
(2012); sec. 401 Pub. L. 112-106, 126 Stat. 313 (2012); sec. 72001 Pub.
L. 114-94, 129 Stat. 1312 (2015), unless otherwise noted; . . .
Abstract: The Division is considering recommending that the
Commission adopt 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, and rule amendments to update the
electronic filing requirements applicable to Form 144.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/19/21 86 FR 5063
NPRM Comment Period End............. 03/22/21
Final Action........................ 10/00/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Fieldsend, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: <a href="/cdn-cgi/l/email-protection#a0c6c9c5ccc4d3c5cec4cae0d3c5c38ec7cfd6"><span class="__cf_email__" data-cfemail="07616e626b63746269636d4774626429606871">[email protected]</span></a>.
RIN: 3235-AM78
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
373. Modernization of Rules and Forms for Compensatory Securities
Offerings and Sales
Legal Authority: 15 U.S.C. 77bb
Abstract: The Division is considering recommending that the
Commission adopt rule amendments to Securities Act Rule 701, the
exemption from registration for securities issued by non-reporting
companies pursuant to compensatory arrangements, and Form S-8, the
registration statement for compensatory offerings by reporting
companies.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 07/24/18 83 FR 34958
ANPRM Comment Period End............ 09/24/18
NPRM................................ 12/11/20 85 FR 80232
NPRM Comment Period End............. 02/09/21
-----------------------------------
Next Action Undetermined............ To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anne M. Krauskopf, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3500, Email: <a href="/cdn-cgi/l/email-protection#721900130701191d021413320117115c151d04"><span class="__cf_email__" data-cfemail="600b120115130b0f100601201305034e070f16">[email protected]</span></a>.
RIN: 3235-AM38
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
374. Facilitating Capital Formation and Expanding Investment
Opportunities by Improving Access to Capital in Private Markets
Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77d-1; 15
U.S.C. 77s; 15 U.S.C. 77z-3; 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C.
78l; 15 U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15
U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 80a-30;
15 U.S.C. 80a-38; 15 U.S.C. 80a-45; . . .
Abstract: The Commission adopted rule amendments to harmonize and
streamline the Commission's rules for exempt offerings under the
Securities Act of 1933, including Regulation A, Regulation D, and
Regulation Crowdfunding, in order to enhance their clarity and ease of
use.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 06/26/19 84 FR 30460
ANPRM Comment Period End............ 09/24/19
NPRM................................ 03/31/20 85 FR 17956
NPRM Comment Period End............. 06/01/20
Final Action........................ 01/14/21 86 FR 3496
Final Action Effective.............. 03/15/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: <a href="/cdn-cgi/l/email-protection#7e041b0e0c1f12151f143e0d1b1d50191108"><span class="__cf_email__" data-cfemail="d1abb4a1a3b0bdbab0bb91a2b4b2ffb6bea7">[email protected]</span></a>.
RIN: 3235-AM27
375. Temporary Rules To Include Certain ``Platform Workers'' in
Compensatory Offerings Under Rule 701 and Form S-8
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15
U.S.C. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C.
78w(a); 15 U.S.C. 78mm; . . .
Abstract: The Commission proposed temporary rule amendments to Rule
701 and Form S-8 for offers and sales of securities for a compensatory
purpose to certain platform workers. This item is being withdrawn.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/11/20 85 FR 79936
NPRM Comment Period End............. 02/09/21
Withdrawn........................... 05/11/21
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#8ffcfbeee9e9e6e1eacffceaeca1e8e0f9"><span class="__cf_email__" data-cfemail="7f0c0b1e191916111a3f0c1a1c51181009">[email protected]</span></a>.
RIN: 3235-AM79
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
376. Reporting of Proxy Votes on Executive Compensation and Other
Matters
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm;
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec. 951
Abstract: The Division is considering recommending that the
Commission repropose rule amendments to implement section 951 of the
Dodd-Frank Act and to enhance the information reported on Form N-PX.
The Commission previously proposed amendments to rules and Form N-PX
that would require institutional investment managers subject to section
13(f) of the Exchange Act to report how they voted on any shareholder
vote on executive compensation or golden parachutes pursuant to
sections 14A(a) and (b) of the Exchange Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/28/10 75 FR 66622
NPRM Comment Period End............. 11/18/10
NPRM................................ 11/00/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Pamela Ellis, Division of Investment Management,
Securities and Exchange Commission,
[[Page 41376]]
100 F Street NE, Washington, DC 20549, Phone: 202 551-3506, Email:
<a href="/cdn-cgi/l/email-protection#482d2424213b38083b2d2b662f273e"><span class="__cf_email__" data-cfemail="8de8e1e1e4fefdcdfee8eea3eae2fb">[email protected]</span></a>.
RIN: 3235-AK67
377. Amendments to the Custody Rules for Investment Advisers
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-17)(f); 15
U.S.C. 80a-26; 15 U.S.C. 80a-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37(a); 15 U.S.C. 80a-30; 15 U.S.C. 80a-31; 15 U.S.C. 80a-36;
15 U.S.C. 80a-37; 15 U.S.C. 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
Abstract: The Division is considering recommending that the
Commission propose amendments to existing rules and/or propose 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................................ 04/00/22
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#d6beb7a4bdb3bb96a5b3b5f8b1b9a0"><span class="__cf_email__" data-cfemail="8ae2ebf8e1efe7caf9efe9a4ede5fc">[email protected]</span></a>.
RIN: 3235-AM32
378. Amendments to Rule 17A-7 Under the Investment Company Act
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-10(f); 15 U.S.C.
80a-17(d); 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rule 17a-7 under the Investment
Company Act of 1940 concerning the exemption of certain purchase or
sale transactions between an investment company and certain affiliated
persons.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Adam Lovell, Senior Counsel, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-6637, Email: <a href="/cdn-cgi/l/email-protection#c3afacb5a6afafa283b0a6a0eda4acb5"><span class="__cf_email__" data-cfemail="e08c8f96858c8c81a0938583ce878f96">[email protected]</span></a>.
RIN: 3235-AM69
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
379. Tailored Shareholder Reports, Treatment of Annual Prospectus
Updates for Existing Investors, and Improved Fee and Risk Disclosure
for Mutual Funds and ETFS; Fee Information in Investment Company Ads
Legal Authority: 15 U.S.C. 77e ; 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C. 77s; 15 U.S.C. 78c(b); 15 U.S.C. 77f; 15 U.S.C. 78j; 15 U.S.C.
78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78mm; 15 U.S.C. 80a-6; 15
U.S.C. 80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15
U.S.C. 80a-37; 44 U.S.C. 3506; 44 U.S.C. 3507
Abstract: The Division is considering recommending that the
Commission adopt a new streamlined shareholder report under the
Investment Company Act of 1940. The Division is also considering
recommending that the Commission adopt rule and form amendments to
improve and modernize certain aspects of the current disclosure
framework under the Investment Company Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/05/20 85 FR 70716
NPRM Comment Period End............. 01/04/21
Final Action........................ 04/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Michael Kosoff, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6754, Email: <a href="/cdn-cgi/l/email-protection#3a515549555c5c577a495f59145d554c"><span class="__cf_email__" data-cfemail="ec87839f838a8a81ac9f898fc28b839a">[email protected]</span></a>.
RIN: 3235-AM52
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
380. Amendments to the Custody Rules for Investment Companies
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-17(f); 15 U.S.C.
80a-26; 15 U.S.C. 80a-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C.
80a-31; 15 U.S.C. 80a-36; 15 U.S.C. 80a-37; 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rules concerning custody under the
Investment Company Act of 1940.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Bradley Gude, Special Counsel, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-5590, Email: <a href="/cdn-cgi/l/email-protection#ddbaa8b9b8bf9daeb8bef3bab2ab"><span class="__cf_email__" data-cfemail="721507161710320117115c151d04">[email protected]</span></a>.
RIN: 3235-AM66
381. Amendments To Improve Fund Proxy System
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w; 15 U.S.C. 78mm; 15
U.S.C. 80a-2; 15 U.S.C. 80a-6; 15 U.S.C. 80a-20; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission propose rule and form amendments to address the fund proxy
system and the unique challenges that funds as issuers may experience
in seeking shareholder approvals.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amanda Wagner, Branch Chief, Investment Company
Regulation Office, Securities and Exchange Commission, Division of
Investment Management, 100 F Street NE, Washington, DC 20549, Phone:
202 551-6762, Email: <a href="/cdn-cgi/l/email-protection#d9aeb8beb7bcabb899aabcbaf7beb6af"><span class="__cf_email__" data-cfemail="bccbdddbd2d9ceddfccfd9df92dbd3ca">[email protected]</span></a>.
RIN: 3235-AM73
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
382. Use of Derivatives by Registered Investment Companies and Business
Development Companies
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-12(a); 15 U.S.C.
80a-18; 15 U.S.C. 80a-22(c); 15 U.S.C. 80a-22(e); 15 U.S.C. 80a-29; 15
U.S.C. 80a-30(a); 15 U.S.C. 80a-33(b); 15 U.S.C. 80a-35; 15 U.S.C. 80a-
8; 15 U.S.C. 80a-37; 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-60; 15 U.S.C.
80b-6(4); 15 U.S.C. 77f; 15 U.S.C. 77g(a); 15 U.S.C. 77j; 15 U.S.C.
77s(a); 15 U.S.C. 77a et seq; 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 adopted a new rule designed to enhance the
regulation of the use of derivatives by registered investment
companies, including mutual funds, exchange-traded funds, closed-end
funds, and business development companies.
[[Page 41377]]
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/28/15 80 FR 80884
NPRM Comment Period End............. 03/28/16
Second NPRM......................... 01/24/20 85 FR 4446
Second NPRM Comment Period End...... 03/04/20
Final Action........................ 12/21/20 85 FR 83162
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Brian Johnson, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6740, Email: <a href="/cdn-cgi/l/email-protection#b0dadfd8dec3dfded2ddf0c3d5d39ed7dfc6"><span class="__cf_email__" data-cfemail="7c161314120f13121e113c0f191f521b130a">[email protected]</span></a>.
RIN: 3235-AL60
383. Investment Adviser Marketing
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; 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); 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-4;
15 U.S.C. 80b-11(a)
Abstract: The Commission adopted amended rule 206(4)-1 under the
Investment Advisers Act of 1940 regarding marketing communications and
practices by investment advisers and rescinded rule 206(4)-3 under the
Investment Advisers Act of 1940.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/10/19 84 FR 67518
NPRM Comment Period End............. 02/10/20
Final Action........................ 03/05/21 86 FR 13024
Final Action Effective.............. 05/04/21
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#412920332a242c013224226f262e37"><span class="__cf_email__" data-cfemail="deb6bfacb5bbb39eadbbbdf0b9b1a8">[email protected]</span></a>.
RIN: 3235-AM08
384. Reporting Threshold for Institutional Investment Managers
Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78m(f); 15 U.S.C. 78w;
15 U.S.C. 78x; 15 U.S.C. 78mm
Abstract: Form 13F is the reporting form filed by institutional
investment managers pursuant to section 13(f) of the Securities
Exchange Act of 1934. Institutional investment managers that exercise
investment discretion over $100 million or more in section 13(f)
securities must file Form 13F. The Commission proposed rule and related
form amendments regarding, among other things, the thresholds for Form
13F filers. The Division is considering recommendations for next steps,
including whether to recommend targeted amendments to Form 13F and
targeted exemptions from the filing requirements where duplicative
filings exist. This item is being withdrawn.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/31/20 85 FR 46016
NPRM Comment Period End............. 09/29/20
Withdrawn........................... 05/11/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Zeena Abdul-Rahman, Senior Counsel, Divisions of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-4099, Email:
<a href="/cdn-cgi/l/email-protection#72131016071e00131a1f131c08320117115c151d04"><span class="__cf_email__" data-cfemail="9afbf8feeff6e8fbf2f7fbf4e0dae9fff9b4fdf5ec">[email protected]</span></a>.
RIN: 3235-AM65
385. Amendments to the Family Office Rule
Legal Authority: 15 U.S.C. 80b-2(a)(11)(G); 15 U.S.C. 80b-6a
Abstract: The Division is considering recommending that the
Commission propose targeted amendments to the family office rule under
section 202(a)(11) of the Investment Advisers Act of 1940. Family
offices, as so defined in the Act, are excluded from the Act's
definition of investment adviser, and are thus not subject to any of
the provisions of the Act. This item is being withdrawn.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 05/11/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alexis Palascak, Senior Counsel, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-6246, Email: <a href="/cdn-cgi/l/email-protection#e696878a879585878d87a6958385c8818990"><span class="__cf_email__" data-cfemail="dbabbab7baa8b8bab0ba9ba8beb8f5bcb4ad">[email protected]</span></a>.
RIN: 3235-AM67
386. Good Faith Determinations of Fair Value
Legal Authority: 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-6(c); 15 U.S.C.
80a-30(a); 15 U.S.C. 80a-31(c); 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-58;
15 U.S.C. 80a-63(a)
Abstract: The Commission adopted a rule regarding the valuation
practices and the role of the board of directors with respect to the
fair value of the investments of a registered investment company or
business development company.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/13/20 85 FR 28734
NPRM Comment Period End............. 07/21/20
Final Action........................ 01/06/21 86 FR 748
Final Action Effective.............. 03/08/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Thoreau Adrian Bartmann, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6745, Email: <a href="/cdn-cgi/l/email-protection#93f1f2e1e7fef2fdfde7d3e0f6f0bdf4fce5"><span class="__cf_email__" data-cfemail="40222132342d212e2e34003325236e272f36">[email protected]</span></a>.
RIN: 3235-AM71
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
387. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934
Legal Authority: Pub. L. 111-203, sec. 939A
Abstract: Section 939A of the Dodd-Frank Act requires the
Commission to remove certain references to credit ratings from its
regulations and to substitute such standards of creditworthiness as the
Commission determines to be appropriate. The Commission amended certain
rules and one form under the Exchange Act applicable to broker-dealer
financial responsibility and confirmation of transactions. The
Commission has not yet finalized amendments to certain rules regarding
the distribution of securities.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/06/11 76 FR 26550
NPRM Comment Period End............. 07/05/11
Final Action........................ 01/08/14 79 FR 1522
Final Action Effective.............. 07/07/14
Next Action Undetermined............
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Guidroz, Division of Trading and Markets,
[[Page 41378]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6439, Email: <a href="/cdn-cgi/l/email-protection#dcbba9b5b8aeb3a6b69cafb9bff2bbb3aa"><span class="__cf_email__" data-cfemail="9bfceef2ffe9f4e1f1dbe8fef8b5fcf4ed">[email protected]</span></a>.
RIN: 3235-AL14
SECURITIES AND EXCHANGE COMMISSION (SEC)
Offices and Other Programs
Completed Actions
388. Qualifications of Accountants
Legal Authority: 15 U.S.C. 77aa; 15 U.S.C. 77g and 77h; 15 U.S.C.
77j; 15 U.S.C. 77s; 15 U.S.C. 78c; 15 U.S.C. 78j-1; 15 U.S.C. 78l; 15
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78q; 15 U.S.C. 78w; 15 U.S.C. 80a-
8; 15 U.S.C. 80a-30; 15 U.S.C. 80a-31; 15 U.S.C. 80a-38; 15 U.S.C. 80b-
3; 15 U.S.C. 80b-11; Pub. L. 107-204, 116 Stat. 745 (2002), sec. 3(a)
Abstract: The Commission adopted amendments to update certain
auditor independence rules to facilitate capital formation, in a manner
consistent with investor protection.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/15/20 85 FR 2332
NPRM Comment Period End............. 03/16/20
Final Action........................ 12/11/20 85 FR 80508
Final Action Effective.............. 06/09/21
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Duc Dang, Attorney, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3386, Email: <a href="/cdn-cgi/l/email-protection#bfdbded1d8dbffccdadc91d8d0c9"><span class="__cf_email__" data-cfemail="aacecbc4cdceead9cfc984cdc5dc">[email protected]</span></a>.
RIN: 3235-AM63
[FR Doc. 2021-14888 Filed 7-29-21; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on July 30, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.