Notice2025-18321
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
September 22, 2025
Issuing agencies
Securities and Exchange Commission
Abstract
The Securities and Exchange Commission is publishing the Chairman'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 2025 reflect only the priorities of the Chairman 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 June 27, 2025, 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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<title>Federal Register, Volume 90 Issue 181 (Monday, September 22, 2025)</title>
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[Federal Register Volume 90, Number 181 (Monday, September 22, 2025)]
[Proposed Rules]
[Pages 45652-45658]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18321]
[[Page 45651]]
Vol. 90
Monday,
No. 181
September 22, 2025
Part XXII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 90, No. 181 / Monday, September 22, 2025 /
Unified Agenda
[[Page 45652]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-11379; 34-103337; IA-6891; IC-35661; File No. S7-2025-
02]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual Regulatory Agenda.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission is publishing the
Chairman'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
2025 reflect only the priorities of the Chairman 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 June 27, 2025, 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 October 22, 2025.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/other.shtml">https://www.sec.gov/rules/other.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5d2f283138703e3230303833292e1d2e383e733a322b"><span class="__cf_email__" data-cfemail="ea989f868fc7898587878f849e99aa998f89c48d859c">[email protected]</span></a>. Please include
File Number S7-2025-02 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. S7-2025-02. 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 (<a href="https://www.sec.gov/rules/other.shtml">https://www.sec.gov/rules/other.shtml</a>). 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: Dorothy McCuaig or Natalie Shioji,
Office of the General Counsel, 202-551-5100.
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
several 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: June 27, 2025.
Vanessa A. Countryman,
Secretary.
3 OOD--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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313....................... EDGAR Filer Access and 3235-AM58
Account Management.
------------------------------------------------------------------------
DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
314....................... Rule 144 Safe Harbor...... 3235-AM78
315....................... Crypto Assets............. 3235-AN38
316....................... Enhancement of Emerging 3235-AN40
Growth Company
Accommodations and
Simplification of Filer
Status for Reporting
Companies.
317....................... Updating the Exempt 3235-AN42
Offering Pathways.
318....................... Rationalization of 3235-AN43
Disclosure Practices.
319....................... Shareholder Proposal 3235-AN47
Modernization.
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[[Page 45653]]
DIVISION OF CORPORATION FINANCE--Completed Actions
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Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
320....................... Rule 14a-8 Amendments..... 3235-AM91
------------------------------------------------------------------------
DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
321....................... Amendments to Rule 17a-7 3235-AN45
Under the Investment
Company Act.
322....................... Amendments to the Custody 3235-AN46
Rules.
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DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
323....................... Customer Identification 3235-AN34
Programs for Registered
Investment Advisers and
Exempt Reporting Advisers.
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DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
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324....................... Safeguarding Advisory 3235-AM32
Client Assets.
325....................... Enhanced Disclosures by 3235-AM96
Certain Investment
Advisers and Investment
Companies about
Environmental, Social,
and Governance Investment
Practices.
326....................... Cybersecurity Risk 3235-AN08
Management for Investment
Advisers, Registered
Investment Companies, and
Business Development
Companies.
327....................... Fund Fee Disclosure and 3235-AN12
Reform.
328....................... Conflicts of Interest 3235-AN14
Associated With the Use
of Predictive Data
Analytics by Broker-
Dealers and Investment
Advisers.
329....................... Outsourcing by Investment 3235-AN18
Advisers.
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DIVISION OF TRADING AND MARKETS--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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330....................... Transfer Agents........... 3235-AL55
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DIVISION OF TRADING AND MARKETS--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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331....................... Electronic Submission of 3235-AL85
Certain Materials Under
the Securities Exchange
Act of 1934; Amendments
Regarding FOCUS Report.
332....................... 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.
333....................... Regulation Best Execution. 3235-AN24
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Securities and Exchange Commission (SEC)
------------------------------------------- Completed Actions
3 OOD
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313. EDGAR FILER ACCESS AND ACCOUNT MANAGEMENT [3235-AM58]
Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 78l; 15 U.S.C. 78m; ...
Abstract: The Commission adopted rule and form amendments
concerning access to and management of accounts on the Commission's
Electronic Data Gathering, Analysis, and Retrieval system (``EDGAR'')
that are related to certain technical changes to EDGAR (collectively
referred to as ``EDGAR Next''). EDGAR Next will improve the security of
EDGAR, enhance filers' ability to manage their EDGAR accounts, and
modernize connections to EDGAR. The amendments require electronic
filers (``filers'') to authorize and maintain designated individuals as
account administrators and to take certain actions, through their
account administrators, to manage their accounts on EDGAR. Further,
pursuant to these amendments, filers may only authorize individuals as
account administrators or in the other roles described herein if those
individuals first obtain individual account credentials in the manner
specified in the EDGAR Filer Manual. As part of the EDGAR Next changes,
[[Page 45654]]
optional Application Programming Interfaces (``APIs'') will be offered
to filers for machine-to-machine communication with EDGAR. Moreover,
the Commission amended Volume I of the EDGAR Filer Manual to accord
with these changes. Filers will have 12 months from the issuance of
this release to transition to EDGAR Next.
Timetable:
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Action Date FR Cite
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NPRM................................ 09/22/23 88 FR 65524
NPRM Comment Period End............. 11/21/23
Final Action........................ 12/27/24 89 FR 106168
Final Action Effective.............. 03/24/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#6f090603001a1d2f1c0a0c41080019"><span class="__cf_email__" data-cfemail="3d5b545152484f7d4e585e135a524b">[email protected]</span></a>
RIN: 3235-AM58
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Proposed Rule Stage
Division of Corporation Finance
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314. RULE 144 SAFE HARBOR [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, to increase instances
in which the safe harbor would be available.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
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NPRM................................ 01/19/21 86 FR 5063
NPRM Comment Period End............. 03/22/21
Second NPRM......................... 04/00/26
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#afcdc3c0c0c2c3efdccacc81c8c0d9"><span class="__cf_email__" data-cfemail="f1939d9e9e9c9db1829492df969e87">[email protected]</span></a>
RIN: 3235-AM78
315. <bullet> CRYPTO ASSETS [3235-AN38]
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose rules relating to the offer and sale of crypto
assets, potentially to include certain exemptions and safe harbors, to
help clarify the regulatory framework for crypto assets and provide
greater certainty to the market.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Valian Afshar, Chief, Office of Rulemaking,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-8729
Email: <a href="/cdn-cgi/l/email-protection#68090e1b00091a1e281b0d0b460f071e"><span class="__cf_email__" data-cfemail="1c7d7a6f747d6e6a5c6f797f327b736a">[email protected]</span></a>
RIN: 3235-AN38
316. <bullet> ENHANCEMENT OF EMERGING GROWTH COMPANY ACCOMMODATIONS AND
SIMPLIFICATION OF FILER STATUS FOR REPORTING COMPANIES [3235-AN40]
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose rule amendments to expand accommodations that are
available for Emerging Growth Companies (defined generally to include
new issuers with total annual gross revenues of less than $1.235
billion) and to rationalize filer statuses to simplify the
categorization of registrants and reduce their compliance burdens.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Nabeel Cheema, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-3430
Email: <a href="/cdn-cgi/l/email-protection#60030805050d010e201305034e070f16"><span class="__cf_email__" data-cfemail="b8dbd0ddddd5d9d6f8cbdddb96dfd7ce">[email protected]</span></a>
RIN: 3235-AN40
317. <bullet> UPDATING THE EXEMPT OFFERING PATHWAYS [3235-AN42]
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose rule amendments to facilitate capital formation and
simplify the pathways for raising capital for, and investor access to,
private businesses.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Jeb Byrne, Chief, Office of Small Business Policy,
Division of Corporation Finance, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549
Phone: 202 551-3460
Email: <a href="/cdn-cgi/l/email-protection#ef8d969d818a8580af9c8a8cc1888099"><span class="__cf_email__" data-cfemail="afcdd6ddc1cac5c0efdccacc81c8c0d9">[email protected]</span></a>
RIN: 3235-AN42
318. <bullet> RATIONALIZATION OF DISCLOSURE PRACTICES [3235-AN43]
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose rule amendments to rationalize disclosure practices
to facilitate material disclosure by companies and shareholders' access
to that information.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Dennis Hermreck, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-3365
Email: <a href="/cdn-cgi/l/email-protection#3d55584f504f585e56597d4e585e135a524b"><span class="__cf_email__" data-cfemail="f19994839c8394929a95b1829492df969e87">[email protected]</span></a>
[[Page 45655]]
RIN: 3235-AN43
319. <bullet> SHAREHOLDER PROPOSAL MODERNIZATION [3235-AN47]
Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78cn; 15 U.S.C.
78w(a); 15 U.S.C. 80a-20(a); 15 U.S.C. 80a-29
Abstract: The Division is considering recommending that the
Commission propose rule amendments to modernize the requirements of
Exchange Act Rule 14a-8 to reduce compliance burdens for registrants
and account for developments since the rule was last amended.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Anna Abramson, Senior Special Counsel, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 554-4969
Email: <a href="/cdn-cgi/l/email-protection#fe9f9c8c9f938d91909f90be8d9b9dd0999188"><span class="__cf_email__" data-cfemail="48292a3a29253b27262926083b2d2b662f273e">[email protected]</span></a>
RIN: 3235-AN47
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Completed Actions
Division of Corporation Finance
------------------------------------------------------------------------
320. 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 was 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 have amended the substantial implementation exclusion, the
duplication exclusion, and the resubmission exclusion. This item is
being withdrawn from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/27/22 87 FR 45052
NPRM Comment Period End............. 09/12/22
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#d3bbb6b2a1bdb6a093a0b6b0fdb4bca5"><span class="__cf_email__" data-cfemail="20484541524e4553605345430e474f56">[email protected]</span></a>
RIN: 3235-AM91
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Proposed Rule Stage
Division of Investment Management
------------------------------------------------------------------------
321. <bullet> AMENDMENTS TO RULE 17A-7 UNDER THE INVESTMENT COMPANY ACT
[3235-AN45]
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. 80-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rule 17a-7 under the Investment
Company Act of 1940 to modernize the conditions for and expand the
availability of the exemption of certain purchase or sale transactions
between an investment company and certain affiliated persons.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Michael Khalil, Senior Counsel, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549
Phone: 202 551-6792
Email: <a href="/cdn-cgi/l/email-protection#a3c8cbc2cfcacfcee3d0c6c08dc4ccd5"><span class="__cf_email__" data-cfemail="c5aeada4a9aca9a885b6a0a6eba2aab3">[email protected]</span></a>
RIN: 3235-AN45
322. <bullet> AMENDMENTS TO THE CUSTODY RULES [3235-AN46]
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-17(f); 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; 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 and the Investment
Company Act of 1940 to improve and modernize the regulations around the
custody of advisory client and fund assets, including to address in
each case crypto assets.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Samuel Thomas, Securities and Exchange Commission,
100 F St NE, Washington, DC 20549
Phone: 202 551-7952
Email: <a href="/cdn-cgi/l/email-protection#45312d2a2824363624053620266b222a33"><span class="__cf_email__" data-cfemail="394d515654584a4a58794a5c5a175e564f">[email protected]</span></a>
RIN: 3235-AN46
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Final Rule Stage
Division of Investment Management
............................
------------------------------------------------------------------------
323. 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 Division is considering recommending that the
Commission, jointly with the Department of the Treasury, issue a final
rule 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 that,
among other things, requires those investment advisers, as financial
institutions under the Bank Secrecy Act, 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
Final Action........................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Ted Uliassi, Securities and Exchange Commission,
100 F St NE, Washington, DC 20549
Phone: 202 551-6095
Email: <a href="/cdn-cgi/l/email-protection#9beef7f2fae8e8f2efdbe8fef8b5fcf4ed"><span class="__cf_email__" data-cfemail="bfcad3d6deccccd6cbffccdadc91d8d0c9">[email protected]</span></a>
RIN: 3235-AN34
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Completed Actions
Division of Investment Management
............................
------------------------------------------------------------------------
324. SAFEGUARDING ADVISORY CLIENT ASSETS [3235-AM32]
Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C.
80b-11(a); 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-18b; 15 U.S.C. 80b-11;
15 U.S.C. 80b-23
[[Page 45656]]
Abstract: The Division was considering recommending that the
Commission repropose amendments to existing rules and/or adopt new
rules under the Investment Advisers Act of 1940 to improve and
modernize the regulations around the investment advisers' safeguarding
of client assets. The Division was considering recommending that the
Commission adopt amendments related to certain of the custody rule's
provisions, including the audit, notice, and surprise examination
provisions, and the treatment of standing letters of authorization
under the rule, as well as related amendments to the recordkeeping rule
and to Form ADV under the Advisers Act. This item is being withdrawn
from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/09/23 88 FR 14672
NPRM Comment Period End............. 05/08/23
NPRM Comment Period Reopened........ 08/30/23 88 FR 59818
NPRM Comment Period Reopened End.... 10/30/23
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Christopher Staley, Branch Chief, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-8475
Email: <a href="/cdn-cgi/l/email-protection#f08384919c958993b0839593de979f86"><span class="__cf_email__" data-cfemail="4c3f382d2029352f0c3f292f622b233a">[email protected]</span></a>
RIN: 3235-AM32
325. 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 was 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. This item is being withdrawn from the Agenda.
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
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#c7a6a5a3b2abb5a6afaaa6a9bd87b4a2a4e9a0a8b1"><span class="__cf_email__" data-cfemail="6f0e0d0b1a031d0e07020e01152f1c0a0c41080019">[email protected]</span></a>
RIN: 3235-AM96
326. 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 was 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. This
item is being withdrawn from the Agenda.
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
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#e48c8b888b938f8596a4978187ca838b92"><span class="__cf_email__" data-cfemail="523a3d3e3d25393320122137317c353d24">[email protected]</span></a>
RIN: 3235-AN08
327. FUND FEE DISCLOSURE AND REFORM [3235-AN12]
Legal Authority: Not Yet Determined
Abstract: The Division was considering recommending that the
Commission propose changes to regulatory requirements relating to
registered investment companies' fees and fee disclosure. This item is
being withdrawn from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Mykaila DeLesDernier, Senior Counsel, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549
Phone: 202 551-5129
Email: <a href="/cdn-cgi/l/email-protection#b0d4d5dcd5c3d4d5c2ded9d5c2ddf0c3d5d39ed7dfc6"><span class="__cf_email__" data-cfemail="294d4c454c5a4d4c5b47404c5b44695a4c4a074e465f">[email protected]</span></a>
RIN: 3235-AN12
328. CONFLICTS OF INTEREST ASSOCIATED WITH THE USE OF PREDICTIVE DATA
ANALYTICS BY BROKER-DEALERS AND INVESTMENT ADVISERS [3235-AN14]
Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78q; 15 U.S.C. 80b-4; 15
U.S.C. 80b-11; 15 U.S.C. 80b-11(a); 15 U.S.C. 80b-11(h)
Abstract: The Division of Trading and Markets and the Division of
Investment
[[Page 45657]]
Management were considering recommending that the Commission re-propose
rules related to broker-dealer and investment adviser conflicts in the
use of predictive data analytics, artificial intelligence, machine
learning, and similar technologies in connection with certain investor
interactions. This item is being withdrawn from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 08/09/23 88 FR 53960
NPRM Comment Period End............. 10/10/23
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Sirimal Mukerjee, Senior Special Counsel, Division
of Investment Management, Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549
Phone: 202 551-3340
Email: <a href="/cdn-cgi/l/email-protection#cba6bea0aeb9a1aeaeb88bb8aea8e5aca4bd"><span class="__cf_email__" data-cfemail="1b766e707e69717e7e685b687e78357c746d">[email protected]</span></a>
RIN: 3235-AN14
329. 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 was 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.
This item is being withdrawn from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/16/22 87 FR 68816
NPRM Comment Period End............. 12/27/22
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#99e9f6ebedfcebf3d9eafcfab7fef6ef"><span class="__cf_email__" data-cfemail="4f3f203d3b2a3d250f3c2a2c61282039">[email protected]</span></a>
RIN: 3235-AN18
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Proposed Rule Stage
Division of Trading and Markets
............................
------------------------------------------------------------------------
330. TRANSFER AGENTS [3235-AL55]
Legal Authority: 15 U.S.C. 78q-1
Abstract: The Division is considering recommending that the
Commission propose updates and refinements to modernize the
Commission's existing regulatory regime for transfer agents, including
rules relating to crypto assets and the use of distributed ledger
technology by transfer agents.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 12/31/15 80 FR 81948
ANPRM Comment Period Extended....... 02/23/16 81 FR 8867
ANPRM Comment Period End............ 02/29/16
ANPRM Comment Period Extended End... 04/14/16
NPRM................................ 04/00/26
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Moshe Rothman, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549
Phone: 202 551-5645
Email: <a href="/cdn-cgi/l/email-protection#45372a312d28242b28053620266b222a33"><span class="__cf_email__" data-cfemail="d7a5b8a3bfbab6b9ba97a4b2b4f9b0b8a1">[email protected]</span></a>
RIN: 3235-AL55
------------------------------------------------------------------------
Securities and Exchange Commission (SEC)
------------------------------------------- Completed Actions
Division of Trading and Markets
------------------------------------------------------------------------
331. 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 Commission amended its rules to 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 (``Exchange Act'') and the rules
and regulations under the Exchange Act. The amendments 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 amendments 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 required that a
clearing agency post supplemental material to its website. In addition,
the Commission amended rules under the Exchange Act and the Securities
Act of 1933 (``Securities Act'') 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 amendments also 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 allowed
electronic signatures in certain broker-dealer filings, and amending
the Financial and Operational Combined Uniform Single Report (``FOCUS
Report'') to harmonize with other rules, make technical corrections,
and provide clarifications.
Timetable:
[[Page 45658]]
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/18/23 88 FR 23920
NPRM Comment Period End............. 05/22/23
Final Action........................ 01/21/25 90 FR 7250
Final Action Effective.............. 03/24/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#65090a08070417010a17251600064b020a13"><span class="__cf_email__" data-cfemail="4a262527282b382e25380a392f29642d253c">[email protected]</span></a>
RIN: 3235-AL85
332. 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 was considering recommending that the
Commission repropose amendments related to cybersecurity risks. This
item is being withdrawn from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/05/23 88 FR 20212
NPRM Comment Period End............. 06/05/23
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#cca7a3bfb8b5b9a7a3babfa7b5a28cbfa9afe2aba3ba"><span class="__cf_email__" data-cfemail="7e15110d0a070b1511080d1507103e0d1b1d50191108">[email protected]</span></a>
RIN: 3235-AN15
333. 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 was 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. This item is
being withdrawn from the Agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/27/23 88 FR 5440
NPRM Comment Period End............. 03/31/23
Withdrawn........................... 04/21/25
------------------------------------------------------------------------
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: <a href="/cdn-cgi/l/email-protection#2b4f4246425f5942445e584f6b584e48054c445d"><span class="__cf_email__" data-cfemail="9efaf7f3f7eaecf7f1ebedfadeedfbfdb0f9f1e8">[email protected]</span></a>
RIN: 3235-AN24
[FR Doc. Filed 08-18-25; 0:00 a.m.]
BILLING CODE 8011-01-P
[FR Doc. 2025-18321 Filed 9-19-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 22, 2025.
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.