[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Proposed Rules]
[Pages 71285-71294]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26563]
[[Page 71285]]
Vol. 84
Thursday,
No. 247
December 26, 2019
Part XXIX
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 84 , No. 247 / Thursday, December 26, 2019 /
UA: Reg Flex Agenda
[[Page 71286]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Ch. II
[Release Nos. 33-10674, 34-86748, IA-5328, IC-33607, File No. S7-12-19]
Regulatory Agenda; Semiannual Regulatory 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) (Sep. 19, 1980).
The items listed in the Regulatory Flexibility Agenda for Fall 2019
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 August 7, 2019, 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 January 27, 2020.
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 [email protected]. Please include
File Number S7-12-19 on the subject line.
Paper Comments
Send paper comments to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File No. S7-12-19. 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: Mykaila DeLesDernier, Office of the
General Counsel, 202-551-5129.
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
``JOBS Act''--Jumpstart Our Business Startups Act
``FAST Act''--Fixing America's Surface Transportation Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: August 23, 2019.
Vanessa A. Countryman,
Secretary.
3 OOD--Proposed Rule Stage
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Regulation
Sequence No. Title Identifier No.
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497....................... Amendments to Certain 3235-AM63
Provisions of the Auditor
Independence Rules.
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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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498....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
499....................... Filing Fee Processing..... 3235-AL96
500....................... Accredited Investor 3235-AM19
Definition.
501....................... Regulation Crowdfunding 3235-AM20
Amendments.
502....................... Regulation A Amendments... 3235-AM21
503....................... Harmonization of Exempt 3235-AM27
Offerings.
[[Page 71287]]
504....................... Amendments to Rule 701/ 3235-AM38
Form S-8.
505....................... Rule 14a-8 Amendments..... 3235-AM49
506....................... Amendments to Form 13F 3235-AM65
Filer Threshold.
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Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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507....................... Amendments to Financial 3235-AL77
Disclosures About
Acquired Businesses.
508....................... Amendments to the 3235-AM12
Financial Disclosures for
Registered Debt Security
Offerings.
509....................... Extending the Testing the 3235-AM23
Waters Provision to Non-
Emerging Growth Companies.
510....................... Accelerated Filer 3235-AM41
Definition.
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Division of Corporation Finance--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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511....................... Pay Versus Performance.... 3235-AL00
512....................... Universal Proxy........... 3235-AL84
513....................... Corporate Board Diversity. 3235-AL91
514....................... Conflict Minerals 3235-AM14
Amendments.
515....................... Mandated Electronic 3235-AM15
Filings.
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Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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516....................... Simplification of 3235-AL88
Disclosure Requirements
for Emerging Growth
Companies and Forward
Incorporation by
Reference on Form S-1 for
Smaller Reporting
Companies.
517....................... Form 10-K Summary......... 3235-AL89
518....................... Amendments to Implement 3235-AM00
FAST Act Report.
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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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519....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
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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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520....................... Fund of Funds Arrangements 3235-AM29
521....................... Offering Reform for 3235-AM31
Business Development
Companies Under the Small
Business Credit
Availability Act and
Closed-End Funds Under
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
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Division of Investment Management--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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522....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
523....................... Amendments to the Custody 3235-AM66
Rules for Investment
Companies.
524....................... Amendments to the Family 3235-AM67
Office Rule.
525....................... Amendments to Rule 17a-7 3235-AM69
Under the Investment
Company Act.
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[[Page 71288]]
Division of Investment Management--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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526....................... Form CRS Relationship 3235-AL27
Summary; Amendments to
Form ADV; Required
Disclosures to Retail
Customers and
Restrictions on the Use
of Certain Names or
Titles.
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Division of Trading and Markets--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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527....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
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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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528....................... Regulation Best Interest.. 3235-AM35
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Offices and Other Programs--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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529....................... Auditor Independence With 3235-AM01
Respect to Loans or
Debtor-Creditor
Relationships.
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SECURITIES AND EXCHANGE COMMISSION (SEC)
3 OOD
Proposed Rule Stage
497. 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 propose amendments to update certain
auditor independence rules to facilitate capital formation, in a manner
consistent with investor protection.
Timetable:
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Action Date FR Cite
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NPRM................................ 04/00/20 .......................
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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: [email protected].
RIN: 3235-AM63
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
498. 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:
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Action Date FR Cite
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NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15 .......................
Second NPRM......................... 09/00/20 .......................
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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: [email protected].
RIN: 3235-AK99
499. Filing Fee Processing
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77s; 15 U.S.C. 78w; 15 U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission propose rule amendments to modernize the processing of EDGAR
filing fees by structuring fee-related information in certain
Commission filings.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/00/19 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mark W. Green, Division of Corporation Finance,
[[Page 71289]]
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-0301, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL96
500. Accredited Investor Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Division is considering recommending that the
Commission propose amendments to expand the definition of accredited
investor under Regulation D of the Securities Act of 1933.
Timetable:
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Action Date FR Cite
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NPRM................................ 09/00/20 .......................
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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: [email protected].
RIN: 3235-AM19
501. Regulation Crowdfunding Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; Pub.
L. 112-106; Pub. L. 301-305
Abstract: Staff completed, consistent with Release No. 33-9974
(Oct. 30, 2015) 80 FR 71387 (Nov. 16, 2015), a study and submitted a
report to the Commission on the impact of Regulation Crowdfunding on
capital formation and investor protection. The Division is considering
recommending that the Commission propose amendments to Regulation
Crowdfunding to address staff recommendations resulting from the
staff's report.
Timetable:
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Action Date FR Cite
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NPRM................................ 09/00/20 .......................
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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: [email protected].
RIN: 3235-AM20
502. Regulation A Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77s; 15 U.S.C. 77z-3;
15 U.S.C. 78l; 15 U.S.C. 77o; 15 U.S.C. 77o; 15 U.S.C. 77mm
Abstract: As described in Release No. 33-9741 (Mar. 25, 2015) [80
FR 21805 (Apr. 20, 2015)], the Division staff will undertake to study
and submit a report to the Commission on the impact of Regulation A
offerings on capital formation and investor protection. The Division is
considering recommending that the Commission propose amendments to
Regulation A to address staff recommendations resulting from the
reviews of the regulation.
Timetable:
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Action Date FR Cite
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NPRM................................ 09/00/20 .......................
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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: [email protected].
RIN: 3235-AM21
503. 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 propose rule amendments to harmonize and streamline the
Commission's rules for exempt offerings in order to enhance their
clarity and ease of use.
Timetable:
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Action Date FR Cite
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ANPRM............................... 06/26/19 84 FR 30460
ANPRM Comment Period End............ 09/24/19 .......................
NPRM................................ 09/00/20 .......................
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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: [email protected].
RIN: 3235-AM27
504. 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:
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Action Date FR Cite
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ANPRM............................... 07/24/18 83 FR 34958
ANPRM Comment Period End............ 09/24/18 .......................
NPRM................................ 04/00/20 .......................
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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: [email protected].
RIN: 3235-AM38
505. Rule 14A-8 Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: Not Yet Determined
Abstract: The Division is considering recommending that the
Commission propose rule amendments regarding the thresholds for
shareholder proposals under Rule 14a-8.
Timetable:
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Action Date FR Cite
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NPRM................................ 04/00/20 .......................
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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: [email protected].
RIN: 3235-AM49
506. 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: The Division is considering recommending that the
Commission propose rule and related form amendments regarding the
thresholds for Form 13F filers.
Timetable:
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Action Date FR Cite
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NPRM................................ 09/00/20 .......................
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Regulatory Flexibility Analysis Required: Yes.
[[Page 71290]]
Agency Contact: Mark Uyeda, Senior Special Counsel, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-6775, Email: [email protected].
RIN: 3235-AM65
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
507. 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. 772-3; 15 U.S.C. 78c(b); 15 U.S.C. 77l; 15 U.S.C. 77m; 15 U.S.C.
77o(d); 15 U.S.C. 77w; 15 U.S.C. 77mm
Abstract: The Division is considering recommending that the
Commission adopt amendments to Regulation S-X (Rule 3-05) that affect
the disclosure of financial information of acquired businesses.
Timetable:
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Action Date FR Cite
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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........................ 09/00/20 .......................
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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: [email protected].
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: [email protected].
RIN: 3235-AL77
508. Amendments to the Financial Disclosures for Registered Debt
Security Offerings
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77j; 15 U.S.C. 77h; 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)
Abstract: The Division is considering recommending that the
Commission adopt amendments to Rules 3-10 (guaranteed) and 3-16
(collateralized with affiliate securities) of Regulation S-X.
Timetable:
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Action Date FR Cite
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NPRM................................ 10/02/18 83 FR 49630
NPRM Comment Period End............. 12/03/18 .......................
Final Action........................ 09/00/20 .......................
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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: [email protected].
RIN: 3235-AM12
509. Extending the Testing the Waters Provision to Non-Emerging Growth
Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15
U.S.C. 77z-3; 15 U.S.C. 80a-6; 15 U.S.C. 80a-24; 15 U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission adopt amendments to extend the testing of the waters
provision to non-emerging growth companies.
Timetable:
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Action Date FR Cite
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NPRM................................ 02/28/19 84 FR 6713
NPRM Comment Period End............. 04/29/19 .......................
Final Action........................ 12/00/19 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Maryse Mills-Apenteng, Special Counsel, Office of
Information Technologies and Services, Securities and Exchange
Commission, Division of Corporation Finance, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-3457, Email: [email protected].
RIN: 3235-AM23
510. Accelerated Filer Definition
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78e(h); 15 U.S.C. 78l; 15 U.S.C. 78m; 15
U.S.C. 78o(d); 15 U.S.C. 78w(a)
Abstract: The Division is considering recommending that the
Commission adopt changes to the ``accelerated filer'' definition in
Exchange Act Rule 12b-2 that would have the effect of reducing the
number of registrants that are subject to the Sarbanes-Oxley Act
Section 404(b) attestation requirement.
Timetable:
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Action Date FR Cite
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NPRM................................ 05/29/19 84 FR 24876
NPRM Comment Period End............. 07/29/19
Final Action........................ 04/00/20
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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: [email protected].
RIN: 3235-AM41
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
511. 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:
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Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15
Next Action Undetermined............
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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: [email protected].
RIN: 3235-AL00
512. Universal Proxy
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
[[Page 71291]]
Abstract: The Commission proposed to amend the proxy rules to
expand shareholders' ability to vote by proxy to select among duly-
nominated candidates in a contested election of directors.
Timetable:
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Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17
Next Action Undetermined............
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ted Yu, Division of Corporation Finance, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone:
202 551-3500, Email: [email protected].
RIN: 3235-AL84
513. 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: [email protected].
RIN: 3235-AL91
514. Conflict Minerals Amendments
E.O. 13771 Designation: Independent agency.
Legal Authority: Sec. 1502, Pub. L. 111-203, 124 Stat. 1376 and
2213; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C. 77s; 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77eee; 15
U.S.C. 77ggg; 15 U.S.C. 77jjj; 15 U.S.C. 77kkk; 15 U.S.C. 77nnn; 15
U.S.C. 77sss; 15 U.S.C. 77ttt; 15 U.S.C. 78a et seq.; 15 U.S.C. 78c; 15
U.S.C. 78i; 15 U.S.C. 78j; 15 U.S.C. 78j-1; 15 U.S.C. 78k; 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. 78n-1; 15
U.S.C. 78o; 15 U.S.C. 78o-4; 15 U.S.C. 78o-8; 15 U.S.C. 78d; 15 U.S.C.
78e; 15 U.S.C. 78f; 15 U.S.C. 78g; 15 U.S.C. 78p; 15 U.S.C. 78q; 15
U.S.C. 78s; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78x; 15 U.S.C.
78dd(b); 15 U.S.C. 78dd(c); 15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C.
80a-20; 15 U.S.C. 80a-23; 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; 15 U.S.C. 7201 et seq.; 15
U.S.C. 8302; 18 U.S.C. 1350; 12 U.S.C. 5221(e)(3)
Abstract: The Division is considering recommendations for the
Commission to address the U.S. District Court for the District of
Columbia's final decision (Nat'l Ass'n of Mfrs., et al. v. SEC, No. 13-
CF-000635 (D.D.C. Apr. 3, 2017)) in the litigation over the conflict
minerals rule. The district court set aside those portions of the rule
that required companies to report to the Commission and state on their
website that any of their products ``have not been found to be `DRC
conflict free.' ''
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/23/10 75 FR 80947
NPRM Comment Period End............. 01/31/11
NPRM Comment Period Extended........ 02/03/11 76 FR 6110
NPRM Comment Period Extended End.... 03/02/11
Final Action........................ 09/12/12 77 FR 56273
Final Action Effective.............. 11/12/12
Next Action Undetermined............
------------------------------------------------------------------------
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: [email protected].
RIN: 3235-AM14
515. 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: Next Action Undetermined.
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: [email protected].
RIN: 3235-AM15
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
516. Simplification of Disclosure Requirements for Emerging Growth
Companies and Forward Incorporation by Reference on Form S-1 for
Smaller Reporting Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15
U.S.C. 77j; Pub. L. 114-94, secs. 71003 and 84001; Pub. L. 112-106,
sec. 102; 15 U.S.C. 77s
Abstract: An interim final rule was adopted on 01/19/2016, and this
item is being withdrawn from the agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Interim Final Rule.................. 01/19/16 81 FR 2743
Interim Final Rule Effective........ 01/19/16
Interim Final Rule Comment Period 02/18/16
End.
Withdrawn........................... 08/22/19
------------------------------------------------------------------------
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: [email protected].
RIN: 3235-AL88
517. Form 10-K Summary
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 114-94; 15 U.S.C. 78c; 15 U.S.C. 78l; 15
U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w
Abstract: An interim final rule was adopted on 06/09/2016, and this
item is being withdrawn from the agenda.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Interim Final Rule.................. 06/09/16 81 FR 37132
Interim Final Rule Effective........ 06/09/16
Interim Final Rule Comment Period 07/11/16
End.
Withdrawn........................... 08/22/19
------------------------------------------------------------------------
[[Page 71292]]
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: [email protected].
RIN: 3235-AL89
518. Amendments To Implement FAST Act Report
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 114-94; 129 Stat. 1312
Abstract: The Commission adopted rule amendments to implement
recommendations made in the staff's 2016 Report on Modernization and
Simplification of Regulation S-K, a report to Congress required by
section 72003 of the FAST Act. As required by the FAST Act, the report
included various recommendations on ways to modernize and simplify the
disclosure requirements in Regulation S-K in a manner that reduces the
costs and burdens on companies while still providing all material
information to investors as well as ways to improve the readability and
navigability of disclosure documents and discourage repetition and
disclosure of immaterial information.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/02/17 82 FR 50988
NPRM Comment Period End............. 01/02/18
Final Action........................ 04/02/19 84 FR 12674
Final Action Effective.............. 05/02/19
------------------------------------------------------------------------
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: [email protected].
RIN: 3235-AM00
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
519. 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-31(a); 15 U.S.C.
80a-12(a); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-8; 15 U.S.C. 80a-30; 15
U.S.C. 80a-38
Abstract: The Division is considering recommending that the
Commission re-propose 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......................... 04/00/20
------------------------------------------------------------------------
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: [email protected].
RIN: 3235-AL60
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
520. 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 Division is considering recommending that the
Commission adopt 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........................ 04/00/20
------------------------------------------------------------------------
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: [email protected].
RIN: 3235-AM29
521. Offering Reform for Business Development Companies Under the Small
Business Credit Availability Act and Closed-End Funds Under the
Economic Growth, Regulatory Relief, and Consumer Protection Act
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77f to 77i; 15 U.S.C. 77s; 15 U.S.C.
77z-2 and 77z-3; 15 U.S.C. 78b and 78c(b); 15 U.S.C. 78i(a); 15 U.S.C.
78i; 15 U.S.C. 78l; 15 U.S.C. 78m to 78o; 15 U.S.C. 78q(a); 15 U.S.C.
78u-5; 15 U.S.C. 78w; 15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C. 80a-
6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-20(a); 15 U.S.C. 80a-23 and 80a-
24; 15 U.S.C. 80a-29 and 80a-30; 15 U.S.C. 80a-36 and 80a-37; Pub. L.
115-141, title VIII, sec. 803(b); Pub. L. 115-174, sec. 509(a)
Abstract: The Division is considering recommending that the
Commission adopt amendments to existing rules and/or adopt new rules--
under the Securities Act of 1933 and the Investment Company Act of 1940
to implement section 803 of the Small Business Credit Availability Act
and section 509 of the Economic Growth, Regulatory Relief, and Consumer
Protection Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/10/19 84 FR 14448
NPRM Comment Period End............. 06/10/19
Final Action........................ 04/00/20
------------------------------------------------------------------------
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: [email protected].
RIN: 3235-AM31
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
522. 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
[[Page 71293]]
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 re-propose 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
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
Second NPRM......................... To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Matthew DeLesDernier, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6792, Email:
[email protected].
RIN: 3235-AK67
523. 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: Jacob Krawitz, Branch Chief, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-4673, Email: [email protected].
RIN: 3235-AM66
524. 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.
Timetable: Next Action Undetermined.
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: [email protected].
RIN: 3235-AM67
525. 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 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: Jacob Krawitz, Branch Chief, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-4673, Email: [email protected].
RIN: 3235-AM69
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
526. Form CRS Relationship Summary; Amendments to Form ADV; Required
Disclosures to Retail Customers and Restrictions on the Use of Certain
Names or Titles
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80b-11(g); 15 U.S.C. 78c; 15 U.S.C. 78j;
15 U.S.C. 78o; 15 U.S.C. 78o(c)(6); 15 U.S.C. 78o(l); 15 U.S.C. 78q; 15
U.S.C. 78w; 15 U.S.C. 78mm
Abstract: The Commission adopted new and amended rules and forms
under the Investment Advisers Act of 1940 and the Securities Exchange
Act of 1934 to (1) Require registered investment advisers and
registered broker-dealers to provide a brief relationship summary to
retail investors and (2) reduce investor confusion in the marketplace
for firm services.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 03/07/13 78 FR 14848
ANPRM Comment Period End............ 07/05/13
NPRM................................ 05/23/18 83 FR 23848
NPRM Comment Period End............. 08/07/18
Final Action........................ 07/12/19 84 FR 33492
Final Action Effective.............. 09/10/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Emily Russell, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-5500, Email: [email protected].
Jennifer Porter, Division of Investment Management, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202
551-6739, Email: [email protected].
RIN: 3235-AL27
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
527. 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
[[Page 71294]]
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: [email protected].
RIN: 3235-AL14
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Completed Actions
528. Regulation Best Interest
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j; 15 U.S.C. 78o; 15
U.S.C. 78q; 15 U.S.C. 78w; 15 U.S.C. 78mm
Abstract: The Commission adopted rules to establish a standard of
conduct for broker-dealers and natural persons who are associated
persons of a broker-dealer when making a recommendation of any
securities transaction or investment strategy involving securities to a
retail customer, as well as to implement related record-making and
recordkeeping obligations.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/09/18 83 FR 21574
NPRM Comment Period End............. 08/07/18
Final Action........................ 07/12/19 84 FR 33318
Final Action Effective.............. 09/10/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Lourdes Gonzalez, Assistant Chief Counsel, Sales
Practices, Division of Trading and Markets, Securities and Exchange
Commission, 100 F St. NE, Washington, DC 20549, Phone: 202 551-5580,
Email: [email protected].
RIN: 3235-AM35
SECURITIES AND EXCHANGE COMMISSION (SEC)
Offices and Other Programs
Completed Actions
529. Auditor Independence With Respect to Loans or Debtor-Creditor
Relationships
E.O. 13771 Designation: Independent agency.
Legal Authority: 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; 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C.
77aa(25); 15 U.S.C. 77aa(26); 15 U.S.C. 77nn(25); 15 U.S.C. 77nn(26);
15 U.S.C. 78c; 15 U.S.C. 78j-1; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C.
78n; 15 U.S.C. 78o(d); 15 U.S.C. 78q; 15 U.S.C. 78u-5; 15 U.S.C. 78w;
15 U.S.C. 78ll; 15 U.S.C. 78mm; 15 U.S.C. 80a-8; 15 U.S.C. 80a-20; 15
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37(a); 15 U.S.C. 80b-3;
15 U.S.C. 80b-11; 15 U.S.C. 7202; 15 U.S.C. 7262
Abstract: The Commission amended rule 2-01(c)(1)(ii)(A) of
Regulation S-X regarding the independence of an accountant when the
accountant has a lending relationship with an entity that holds equity
securities of the accountant's audit client. The amendments focus the
analysis on beneficial ownership; replace the existing 10 percent
bright-line shareholder ownership test with a ``significant influence''
test; add a ``known through reasonable inquiry'' standard with respect
to identifying beneficial owners of the audit client's equity
securities; and exclude from the definition of ``audit client,'' for a
fund under audit, any other funds that otherwise would be considered
affiliates of the audit client.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/08/18 83 FR 20753
NPRM Comment Period End............. 07/09/18
Final Action........................ 07/05/19 84 FR 32040
Final Action Effective.............. 10/03/19
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Giles Taffle Cohen, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-2512, Email: [email protected].
RIN: 3235-AM01
[FR Doc. 2019-26563 Filed 12-23-19; 8:45 am]
BILLING CODE 8011-01-P