Regulatory Flexibility Agenda

SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-10873, 34-90131, IA-5610, IC-34047, File No. S7-14-20]

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) (Sep. 19, 1980). The items listed in the Regulatory Flexibility Agenda for Fall 2020 reflect only the priorities of the Chairman 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 October 7, 2020, the date on which the Commission's staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries.

The Commission is now printing in the

Federal Register

, along with our preamble, only those agenda entries for which we have indicated that preparation of an RFA analysis is required.

The Commission's complete RFA agenda will be available online at

www.reginfo.gov.

DATES:

Comments should be received on or before April 30, 2021.

ADDRESSES:

Comments may be submitted by any of the following methods:

Electronic Comments

• Use the Commission's internet comment form (

http://www.sec.gov/rules/other.shtml

); or

• Send an email to

rule-comments@sec.gov.

Please include File Number S7-14-20 on the subject line.

Paper Comments

• Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File No. S7-14-20. 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 (

http://www.sec.gov/rules/other.shtml

). Comments are also available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. 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:

Sarit Klein, Office of the General Counsel, 202-551-5037.

SUPPLEMENTARY INFORMATION:

The RFA requires each Federal agency, twice each year, to publish in the

Federal Register

an agenda identifying rules that the agency expects to consider in the next 12 months that are likely to have a significant economic impact on a substantial number of small entities (5 U.S.C. 602(a)). The RFA specifically provides that publication of the agenda does not preclude an agency from considering or acting on any matter not included in the agenda and that an agency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). The Commission may consider or act on any matter earlier or later than the estimated date provided on the agenda. While the agenda reflects the current intent to complete a number of rulemakings in the next year, the precise dates for each rulemaking at this point are uncertain. Actions that do not have an estimated date are placed in the long-term category; the Commission may nevertheless act on items in that category within the next 12 months. The agenda includes new entries, entries carried over from prior publications, and rulemaking actions that have been completed (or withdrawn) since publication of the last agenda.

The following abbreviations for the acts administered by the Commission are used in the agenda:

“Securities Act”—Securities Act of 1933

“Exchange Act”—Securities Exchange Act of 1934

“Investment Company Act”—Investment Company Act of 1940

“Investment Advisers Act”—Investment Advisers Act of 1940

“Dodd Frank Act”—Dodd-Frank Wall Street Reform and Consumer Protection Act

The Commission invites public comment on the agenda and on the individual agenda entries.

By the Commission.

Dated: October 8, 2020.

Vanessa A. Countryman,

Secretary.

Division of Corporation Finance—Final Rule Stage

Sequence No.

Title

Regulation

Identifier No.

477

Mandated Electronic Filings

3235-AM15

478

Amendments to Rule 701/Form S-8

3235-AM38

479

Rule 144 Holding Period and Form 144 Filings

3235-AM78

480

Temporary Rules to Include Certain “Platform Workers” in Compensatory Offerings Under Rule 701 and Form S-8

3235-AM79

Division of Corporation Finance—Final Rule Stage

Sequence No.

Title

Regulation

Identifier No.

481

Universal Proxy

3235-AL84

482

Filing Fee Disclosure and Payment Methods Modernization

3235-AL96

483

Harmonization of Exempt Offerings

3235-AM27

Division of Corporation Finance—Long-Term Actions

Sequence No.

Title

Regulation

Identifier No.

484

Listing Standards for Recovery of Erroneously Awarded Compensation

3235-AK99

485

Pay Versus Performance

3235-AL00

486

Corporate Board Diversity

3235-AL91

Division of Corporation Finance—Completed Actions

Sequence No.

Title

Regulation

Identifier No.

487

Amendments to Financial Disclosures About Acquired Businesses

3235-AL77

488

Amending the “Accredited Investor” Definition

3235-AM19

489

Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8

3235-AM49

490

Amendments to Exemptions From the Proxy Rules for Proxy Voting Advice

3235-AM50

Division of Investment Management—Propused Rule Stage

Sequence No.

Title

Regulation

Identifier No.

491

Investment Company Shareholder Report and Modernization of Certain Investment Company Disclosure

3235-AM52

492

Amendments to the Family Office Rule

3235-AM67

Division of Investment Management—Final Rule Stage

Sequence No.

Title

Regulation

Identifier No.

493

Use of Derivatives by Registered Investment Companies and Business Development Companies

3235-AL60

494

Investment Adviser Advertisements; Compensation for Solicitations

3235-AM08

495

Investment Company Fair Value

3235-AM71

Division of Investment Management—Long-Term Actions

Sequence No.

Title

Regulation

Identifier No.

496

Reporting of Proxy Votes on Executive Compensation and Other Matters

3235-AK67

497

Amendments to Form 13F Filer Threshold

3235-AM65

498

Amendments to the Custody Rules for Investment Companies

3235-AM66

499

Amendments to Rule 17a-7 Under the Investment Company Act

3235-AM69

500

Amendments to Improve Fund Proxy System

3235-AM73

Division of Investment Management—Completed Actions

Sequence No.

Title

Regulation

Identifier No.

501

Fund of Funds Arrangements

3235-AM29

502

Amendments to Procedures With Respect to Applications under the Investment Company Act of 1940

3235-AM51

Division of Trading and Markets—Long-Term Actions

Sequence No.

Title

Regulation

Identifier No.

503

Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934

3235-AL14

Offices and Other Programs—Final Rule Stage

Sequence No.

Title

Regulation

Identifier No.

504

Amendments to Certain Provisions of the Auditor Independence Rules

3235-AM63

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

477. Mandated Electronic Filings

E.O. 13771 Designation:

Independent agency.

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:

Action

Date

FR Cite

NPRM

10/00/21

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Sean Harrison, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3430,

Email: harrisons@sec.gov.

RIN:

3235-AM15

478. Amendments to Rule 701/Form S-8

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 77bb

Abstract:

The Division is considering recommending that the Commission propose 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

11/00/20

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Anne M. Krauskopf, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3500,

Email: krauskopfa@sec.gov.

RIN:

3235-AM38

479. • Rule 144 Holding Period and Form 144 Filings

E.O. 13771 Designation:

Independent agency.

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, 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 propose 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

12/00/20

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

John Fieldsend, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3430,

Email: fieldsendj@sec.gov

.

RIN:

3235-AM78

480. • Temporary Rules To Include Certain “Platform Workers” in Compensatory Offerings Under Rule 701 and Form S-8

E.O. 13771 Designation:

Independent agency.

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 Division is considering recommending that the Commission propose temporary rule amendments to Rule 701 and Form S-8 for offers and sales of securities for a compensatory purpose to certain platform workers.

Timetable:

Action

Date

FR Cite

NPRM

11/00/20

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

: 202 551-3450,

Email: staffine@sec.gov

.

RIN:

3235-AM79

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

481. Universal Proxy

E.O. 13771 Designation:

Independent agency.

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 duly-nominated candidates in a contested election of directors.

Timetable:

Action

Date

FR Cite

NPRM

11/10/16

81 FR 79122

NPRM Comment Period End

01/09/17

Final Action

10/00/21

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: yut@sec.gov

.

RIN:

235-AL84

482. Filing Fee Disclosure and Payment Methods Modernization

E.O. 13771 Designation:

Independent agency.

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

05/00/21

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

: 202 551-3430,

Email: greenm@sec.gov

.

RIN:

3235-AL96

483. Harmonization of Exempt Offerings

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 77a

et seq.

Abstract:

The Division is considering recommending that the Commission adopt 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

11/00/20

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: zepralkaj@sec.gov

.

RIN:

3235-AM27

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Long-Term Actions

484. Listing Standards for Recovery of Erroneously Awarded Compensation

E.O. 13771 Designation:

Independent agency.

Legal Authority:

Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4

Abstract:

The Commission proposed 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:

Action

Date

FR Cite

NPRM

07/14/15

80 FR 41144

NPRM Comment Period End

09/14/15

Next Action Undetermined

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Anne M. Krauskopf, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3500,

Email: krauskopfa@sec.gov

.

RIN

: 3235-AK99

485. Pay Versus Performance

E.O. 13771 Designation:

Independent agency.

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 Commission proposed 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

NPRM

05/07/15

80 FR 26329

NPRM Comment Period End

07/06/15

Next Action Undetermined

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: hearnes@sec.gov

.

RIN:

3235-AL00

486. Corporate Board Diversity

E.O. 13771 Designation

: Independent agency.

Legal Authority:

15 U.S.C. 77c(b); 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 78l; 15 U.S.C. 78m

Abstract:

The Division is considering recommending that the Commission propose amendments to the proxy rules to require additional disclosure about the diversity of board members and nominees.

Timetable:

Next Action Undetermined.

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Felicia H. Kung, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3430,

Email: kungf@sec.gov

.

RIN:

3235-AL91

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

487. Amendments to Financial Disclosures About Acquired Businesses

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 77z-3; 15 U.S.C. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15 U.S.C. 78w(a); 15 U.S.C. 778mm; 15 U.S.C. 77c; 15 U.S.C. 77f; 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-24(a); 15 U.S.C. 80a-29; 15 U.S.C. 80a-37

Abstract:

The Commission adopted amendments to Regulation S-X (Rule 3-05) that affect the disclosure of financial information of acquired businesses. When a registrant acquires a business other than a real estate operation, Rule 305 generally requires a registrant to provide separate audited annual and unaudited interim pre-acquisition financial statements of the business if it is significant to the registrant.

Timetable:

Action

Date

FR Cite

ANPRM

10/01/15

80 FR 59083

ANPRM Comment Period End

11/30/15

NPRM

05/28/19

84 FR 24600

NPRM Comment Period End

07/29/19

Final Action

08/31/20

85 FR 54002

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Todd Hardiman, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3516,

Email: hardimant@sec.gov

.

Patrick Gilmore, Deputy Chief Accountant, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3406,

Email: gilmorep@sec.gov

.

RIN:

3235-AL77

488. Amending the “Accredited Investor” Definition

E.O. 13771 Designaion:

Independent agency.

Legal Authority

: 15 U.S.C. 77a

et seq.

Abstract:

The Commission adopted amendments to the definition of accredited investor” to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition. The amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in investment opportunities that do not have the rigorous disclosure and procedural requirements, and related investor protections, provided by registration under the Securities Act of 1933. Specifically, the amendments add new categories of natural persons that may qualify as accredited investors based on certain professional certifications or designations or other credentials or their status as a private fund's knowledgeable employee,” expand the list of entities that may qualify as accredited investors, add entities owning $5 million in investments, add family offices with at least $5 million in assets under management and their family clients, and add the term spousal equivalent” to the definition. The amendments also include amendments to the qualified institutional buyer” definition in Rule 144A under the Securities Act to expand the list of entities that are eligible to qualify as qualified institutional buyers.

Timetable:

Action

Date

FR Cite

NPRM

01/15/20

85 FR 2574

NPRM Comment Period End

03/16/20

Final Action

10/09/20

85 FR 64234

Final Action Effective

12/08/20

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: zepralkaj@sec.gov

.

RIN:

3235-AM19

489. Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14A-8

E.O. 13771 Designation:

Independent agency

Legal Authority:

15 U.S.C. 78a

et seq.

; 15 U.S.C. 78c(b); 15 U.S.C. 78n; 15 U.S.C. 78w(a)

Abstract:

The Commission adopted amendments regarding the thresholds for shareholder proposals under Rule 14a-8.

Timetable

:

Action

Date

FR Cite

NPRM

12/04/19

84 FR 66458

NPRM Comment Period End

02/03/20

Final Action

11/04/20

85 FR 70240

Final Action Effective—Except for Amendatory Instruction 2.b which is effective 1/4/2021 thru 1/1/23

01/04/21

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Dan Greenspan, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3623,

Email: greenspand@sec.gov

.

RIN:

3235-AM49

490. Amendments to Exemptions From the Proxy Rules for Proxy Voting Advice

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 78a

et seq.

Abstract:

The Commission adopted amendments to its rules governing proxy solicitations so that investors who use proxy voting advice receive more transparent, accurate, and complete information on which to make their voting decisions, without imposing undue costs or delays that could adversely affect the timely provision of proxy voting advice. The amendments add conditions to the availability of certain existing exemptions from the information and filing requirements of the Federal proxy rules that are commonly used by proxy voting advice businesses. These conditions require compliance with disclosure and procedural requirements, including conflicts of interest disclosures by proxy voting advice businesses and two principles-based requirements. In addition, the amendments codify the Commission's interpretation that proxy voting advice generally constitutes a solicitation within the meaning of the Securities Exchange Act of 1934. Finally, the amendments clarify when the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the antifraud provision of the proxy rules, depending upon the particular facts and circumstances.

Timetable:

Action

Date

FR Cite

NPRM

12/04/19

84 FR 66518

NPRM Comment Period End

02/03/20

Final Action

09/03/20

85 FR 55082

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Dan Greenspan, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3623,

Email: greenspand@sec.gov.

RIN:

3235-AM50

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Proposed Rule Stage

491. Investment Company Shareholder Report and Modernization of Certain Investment Company Disclosure

E.O. 13771 Designation:

Independent agency.

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 propose a new streamlined shareholder report under the Investment Company

Act of 1940. The Division is also considering recommending that the Commission propose 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

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact

: Michael Kosoff, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-6754,

Email: kosoffm@sec.gov

.

RIN:

3235-AM52

492. Amendments to the Family Office Rule

E.O. 13771 Designation:

Independent agency.

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.

Timetable:

Action

Date

FR Cite

NPRM

05/00/21

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Alexis Palascak, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-6246.

RIN:

3235-AM67

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

493. Use of Derivatives by Registered Investment Companies and Business Development Companies

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 80a-6(c); 15 U.S.C. 80a-60; 15 U.S.C. 80a-12(a); 15 U.S.C. 80a-37; 15 U.S.C. 80a-8; 15 U.S.C. 80a-22(c); 15 U.S.C. 80a-18; 15 U.S.C. 78c; 15 U.S.C. 78c-5; 15 U.S.C. 78j; 15 U.S.C. 78o; 15 U.S.C. 78m; 15 U.S.C. 78o-10; 15 U.S.C. 78q; 15 U.S.C. 78w; 15 U.S.C. 78mm; 15 U.S.C. 80b-6; 15 U.S.C. 80b-6a; 15 U.S.C. 80b-8; 15 U.S.C. 80b-aa; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C. 78ll

Abstract:

The Division is considering recommending that the Commission adopt 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.

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

11/00/20

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: johnsonbm@sec.gov

.

RIN:

3235-AL60

494. Investment Adviser Advertisements; Compensation for Solicitations

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 80b-b(4); 15 U.S.C. 80b-11a; 15 U.S.C. 80b-(4)

Abstract:

The Division is considering recommending that the Commission adopt amendments to rules 206(4)-1 and 206(4)-3 under the Investment Advisers Act of 1940 regarding marketing communications and practices by investment advisers.

Timetable:

Action

Date

FR Cite

NPRM

12/10/19

84 FR 67518

NPRM Comment Period End

02/10/20

Final Action

05/00/21

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: harkem@sec.gov

.

RIN:

3235-AM08

495. Investment Company Fair Value

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 80a-2(a); 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-37(a)

Abstract:

The Division is considering recommending that the Commission adopt 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

12/00/20

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: bartmannt@sec.gov

.

RIN:

3235-AM71

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Long-Term Actions

496. Reporting of Proxy Votes on Executive Compensation and Other Matters

E.O. 13771 Designation:

Independent agency.

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. 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

Next Action Undetermined

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Pamela Ellis, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-3506,

Email: ellisp@sec.gov

.

RIN:

3235-AK67

497. Amendments to Form 13F Filer Threshold

E.O. 13771 Designation:

Independent agency.

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.

Timetable:

Action

Date

FR Cite

NPRM

07/31/20

85 FR 46016

Next Action Undetermined

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: abdulrahmanz@sec.gov

.

RIN:

3235-AM65

498. Amendments to the Custody Rules for Investment Companies

E.O. 13771 Designation:

Independent agency.

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:

Mr. Bradley Gude, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-5590,

Email:gudeb@sec.gov

.

RIN:

3235-AM66

499. Amendments to Rule 17A-7 Under the Investment Company Act

E.O. 13771 Designation:

Independent agency.

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:

Next Action Undetermined.

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Adam Lovell, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-6637,

Email: lovella@sec.gov

.

RIN:

3235-AM69

500. Amendments To Improve Fund Proxy System

E.O. 13771 Designation:

Independent agency.

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:

wagnera@sec.gov

.

RIN:

3235-AM73

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

501. Fund of Funds Arrangements

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 80a-8(b); 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-12(d)(1)(G) ; 15 U.S.C. 80a-12(d)(1)(J); 15 U.S.C. 80a-17(b); 15 U.S.C. 80a-29(a); 15 U.S.C. 80a-37(a)

Abstract:

The Commission adopted new rules and rule amendments to allow funds to acquire shares of other funds (

i.e.,

“fund of funds” arrangements), including arrangements involving exchange-traded funds, without first obtaining exemptive orders from the Commission.

Timetable:

Action

Date

FR Cite

NPRM

02/01/19

84 FR 1286

NPRM Comment Period End

05/02/19

Final Action

11/19/20

85 FR 73924

Final Action Effective

01/19/21

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Melissa Gainor, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-6805,

Email: gainorm@sec.gov

.

RIN:

3235-AM29

502. Amendments to Procedures With Respect to Applications Under the Investment Company Act of 1940

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 80a-6(c); 15 U.S.C. 80a-37(a)

Abstract:

The Commission adopted amendments to rule 0-5 under the Investment Company Act of 1940 to establish an expedited review procedure for certain applications.

Timetable:

Action

Date

FR Cite

NPRM

10/30/19

84 FR 58075

NPRM Comment Period End

11/29/19

Final Action

09/15/20

85 FR 57089

Regulatory Flexibility Analysis Required:

Yes.

Agency Contact:

Steven Amchan, Attorney, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE,

Washington, DC 20549,

Phone:

202 551-6826,

Email: amchans@sec.gov

.

RIN:

3235-AM51

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

503. Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934

E.O. 13771 Designation:

Independent agency.

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, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549,

Phone:

202 551-6439,

Email: guidrozj@sec.gov

.

RIN:

3235-AL14

SECURITIES AND EXCHANGE COMMISSION (SEC)

Offices and Other Programs

Final Rule Stage

504. Amendments to Certain Provisions of the Auditor Independence Rules

E.O. 13771 Designation:

Independent agency.

Legal Authority:

15 U.S.C. 77(f); 15 U.S.C. 77(g); 15 U.S.C. 77(h); 15 U.S.C. 77(j); 15 U.S.C. 77(s); 15 U.S.C. 77(z-2); 15 U.S.C. 77(z-3); 15 U.S.C. 77(aa(25)); 15 U.S.C. 77(aa(26)); 15 U.S.C. 77(nn(25)); 15 U.S.C. 77(nn(26)); 15 U.S.C. 78(c); 15 U.S.C. 78(j-1); 15 U.S.C. 78(l); 15 U.S.C. 78(m); 15 U.S.C. 78(n); 15 U.S.C. 78(o(d)); 15 U.S.C. 78(q); 15 U.S.C. 78(u-5); 15 U.S.C. 78(w); 15 U.S.C. 78(ll); 15 U.S.C. 78(mm); 15 U.S.C. 80(a-8); 15 U.S.C. 80(a-20); 15 U.S.C. 80(a-29); 15 U.S.C. 80(a-30); 15 U.S.C. 80(a-31); 15 U.S.C. 80(a-37(a)); 15 U.S.C. 80(b-3); 15 U.S.C. 80(b-11); 15 U.S.C. 7202; 15 U.S.C. 7262; Pub. L. 112-106, sec. 102(c); 126 Stat. 310 (2012)

Abstract:

The Office of the Chief Accountant is considering recommending that the Commission adopt 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

11/00/20

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: dangd@sec.gov

.

RIN:

3235-AM63

[FR Doc. 2021-04360 Filed 3-30-21; 8:45 am]

BILLING CODE 8011-01-P