Regulatory Flexibility Agenda

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.

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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

www.reginfo.gov.

DATES: Comments should be received on or before October 22, 2025.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

Use the Commission's internet comment form (https://www.sec.gov/rules/other.shtml); or

Send an email to [email protected]. Please include

File Number S7-2025-02 on the subject line.

Paper Comments

Send paper comments to Vanessa A. Countryman, Secretary,

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

20549-1090.

All submissions should refer to File No. S7-2025-02. 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 (https://www.sec.gov/rules/other.shtml). 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.

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DIVISION OF CORPORATION FINANCE--Proposed Rule Stage

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Regulation

Sequence No. Title Identifier No.

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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.

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320....................... Rule 14a-8 Amendments..... 3235-AM91

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DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage

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Regulation

Sequence No. Title Identifier No.

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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

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Regulation

Sequence No. Title Identifier No.

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323....................... Customer Identification 3235-AN34

Programs for Registered

Investment Advisers and

Exempt Reporting Advisers.

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DIVISION OF INVESTMENT MANAGEMENT--Completed Actions

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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

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Rosemary Filou, Chief Counsel, EDGAR Business

Office, Securities and Exchange Commission, 100 F Street NE,

Washington, DC 20549

Phone: 202 551-4813

Email: [email protected]

RIN: 3235-AM58

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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:

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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

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Luna Bloom, Attorney Adviser, Division of

Corporation Finance, Securities and Exchange Commission, 100 F Street

NE, Washington, DC 20549

Phone: 202 551-3194

Email: [email protected]

RIN: 3235-AM78

315. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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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: [email protected]

RIN: 3235-AN38

316. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Nabeel Cheema, Division of Corporation Finance,

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

20549

Phone: 202 551-3430

Email: [email protected]

RIN: 3235-AN40

317. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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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: [email protected]

RIN: 3235-AN42

318. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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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: [email protected]

[[Page 45655]]

RIN: 3235-AN43

319. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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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: [email protected]

RIN: 3235-AN47

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Securities and Exchange Commission (SEC)

------------------------------------------- Completed Actions

Division of Corporation Finance

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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:

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Action Date FR Cite

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NPRM................................ 07/27/22 87 FR 45052

NPRM Comment Period End............. 09/12/22

Withdrawn........................... 04/21/25

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Steve Hearne, Special Counsel, Division of

Corporation Finance, Securities and Exchange Commission, 100 F Street

NE, Washington, DC 20549

Phone: 202 551-3430

Email: [email protected]

RIN: 3235-AM91

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Securities and Exchange Commission (SEC)

------------------------------------------- Proposed Rule Stage

Division of Investment Management

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321. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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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: [email protected]

RIN: 3235-AN45

322. 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:

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Action Date FR Cite

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NPRM................................ 04/00/26

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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: [email protected]

RIN: 3235-AN46

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Securities and Exchange Commission (SEC)

------------------------------------------- Final Rule Stage

Division of Investment Management

............................

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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:

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Action Date FR Cite

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NPRM................................ 05/21/24 89 FR 44571

NPRM Comment Period End............. 07/22/24

Final Action........................ 04/00/26

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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: [email protected]

RIN: 3235-AN34

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Securities and Exchange Commission (SEC)

------------------------------------------- Completed Actions

Division of Investment Management

............................

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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:

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Action Date FR Cite

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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

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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: [email protected]

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:

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Action Date FR Cite

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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

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Zeena Abdul-Rahman, Branch Chief, Division of

Investment Management, Securities and Exchange Commission, 100 F Street

NE, Washington, DC 20549

Phone: 202 551-4099

Email: [email protected]

RIN: 3235-AM96

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:

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Action Date FR Cite

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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

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Robert Holowka, Branch Chief, Division of

Investment Management, Securities and Exchange Commission, 100 F Street

NE, Washington, DC 20549

Phone: 202 714-0905

Email: [email protected]

RIN: 3235-AN08

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:

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Action Date FR Cite

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Withdrawn........................... 04/21/25

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Regulatory Flexibility Analysis Required: Yes

Agency Contact: Mykaila DeLesDernier, Senior Counsel, Division of

Investment Management, Securities and Exchange Commission, 100 F Street

NE, Washington, DC 20549

Phone: 202 551-5129

Email: [email protected]

RIN: 3235-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:

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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: [email protected]

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: [email protected]

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: [email protected]

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: [email protected]

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: [email protected]

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: [email protected]

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