[Federal Register Volume 84, Number 121 (Monday, June 24, 2019)]
[Proposed Rules]
[Pages 29783-29788]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11690]



[[Page 29783]]

Vol. 84

Monday,

No. 121

June 24, 2019

Part XXVIII





Securities and Exchange Commission





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Unified Agenda

  Federal Register / Vol. 84 , No. 121 / Monday, June 24, 2019 / 
Unified Agenda  

[[Page 29784]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10620, 34-85401, IA-5207, IC-33428, File No. S7-04-19]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission is publishing the 
Chairman's agenda of rulemaking actions pursuant to the Regulatory 
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980). 
The items listed in the Regulatory Flexibility Agenda for Spring 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 March 18, 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 July 24, 2019.

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 S7-04-19 on the subject line.

Paper Comments

     Send paper comments to Brent J. Fields, Secretary, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1090.

All submissions should refer to File No. S7-04-19. 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: March 18, 2019.
Vanessa A. Countryman,
Secretary.

           Division of Corporation Finance--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
336.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
337.......................  Pay Versus Performance....         3235-AL00
338.......................  Universal Proxy...........         3235-AL84
339.......................  Form 10-K Summary.........         3235-AL89
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
340.......................  Disclosure of Hedging by           3235-AL49
                             Employees, Officers, and
                             Directors.
341.......................  Modernization of Property          3235-AL81
                             Disclosures for Mining
                             Registrants.
342.......................  Disclosure Update and              3235-AL82
                             Simplification.
------------------------------------------------------------------------


[[Page 29785]]


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
343.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
344.......................  Fund of Funds Arrangements         3235-AM29
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
345.......................  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.
------------------------------------------------------------------------


          Division of Investment Management--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
346.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
347.......................  Amendments to Securities           3235-AM24
                             Act Rules Under the Fair
                             Access to Investment
                             Research Act of 2017.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
348.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Long-Term Actions

336. Listing Standards for Recovery of Erroneously Awarded Compensation

    E.O. 13771 Designation: Independent agency.
    Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
    Abstract: The Commission proposed rules to implement section 954 of 
the Dodd-Frank Act, which requires the Commission to adopt rules to 
direct national securities exchanges to prohibit the listing of 
securities of issuers that have not developed and implemented a policy 
providing for disclosure of the issuer's policy on incentive-based 
compensation and mandating the clawback of such compensation in certain 
circumstances.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/14/15  80 FR 41144
NPRM Comment Period End.............   09/14/15  .......................
Next Action Undetermined............             .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Anne M. Krauskopf, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3500, Email: [email protected].
    RIN: 3235-AK99

337. Pay Versus Performance

    E.O. 13771 Designation: Independent agency.
    Legal Authority: Pub. L. 111-203, sec. 953(a); 15 U.S.C. 78c(b); 15 
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
    Abstract: The Commission proposed rules to implement section 953(a) 
of the Dodd-Frank Act, which added section 14(i) to the Exchange Act to 
require issuers to disclose information that shows the relationship 
between executive compensation actually paid and the financial 
performance of the issuer.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/07/15  80 FR 26329
NPRM Comment Period End.............   07/06/15  .......................
Next Action Undetermined............             .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Steven G. Hearne, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AL00

338. Universal Proxy

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
    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:

[[Page 29786]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/10/16  81 FR 79122
NPRM Comment Period End.............   01/09/17  .......................
Next Action Undetermined............             .......................
------------------------------------------------------------------------

    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

339. 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: The Commission adopted an interim final amendment to 
implement section 72001 of the FAST Act by permitting an issuer to 
include a summary in its Form 10-K and also requested comment on the 
interim final amendment.
    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.
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-AL89

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

340. Disclosure of Hedging by Employees, Officers, and Directors

    E.O. 13771 Designation: Independent agency.
    Legal Authority: Pub. L. 111-203
    Abstract: The Commission adopted rules to implement section 955 of 
the Dodd-Frank Act, which added section 14(j) to the Exchange Act to 
require annual meeting proxy statement disclosure of whether employees 
or members of the board of directors are permitted to engage in 
transactions to hedge or offset any decrease in the market value of 
equity securities granted to the employee or board member as 
compensation, or held directly or indirectly by the employee or board 
member.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/17/15  80 FR 8486
NPRM Comment Period End.............   04/20/15  .......................
Final Action........................   02/28/19  84 FR 6713
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Carolyn Sherman, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3500, Email: [email protected].
    RIN: 3235-AL49

341. Modernization of Property Disclosures for Mining Registrants

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77g; 15 U.S.C. 77j; 15 
U.S.C. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d)
    Abstract: The Commission adopted rules to modernize and clarify the 
disclosure requirements for companies engaged in mining operations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/27/16  81 FR 41652
NPRM Comment Period End.............   08/26/16  .......................
NPRM Comment Period Extended........   08/26/16  81 FR 58877
NPRM Comment Period Extended End....   09/26/16  .......................
Final Action........................   12/26/18  83 FR 66344
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elliot Staffin, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3450, Email: [email protected].
    RIN: 3235-AL81

342. Disclosure Update and Simplification

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.; 15 
U.S.C. 80a-1 et seq.; Pub. L. 114-94
    Abstract: The Commission adopted rules to update certain disclosure 
requirements in Regulations S-X and S-K that may have become redundant, 
duplicative, overlapping, outdated, or superseded in light of other 
Commission disclosure requirements, U.S. Generally Accepted Accounting 
Principles, International Financial Reporting Standards, or changes in 
the information environment.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/04/16  81 FR 51607
NPRM Comment Period Extended........   09/29/16  81 FR 66898
NPRM Comment Period End.............   10/03/16  .......................
NPRM Comment Period Extended End....   11/02/16  .......................
Final Action........................   10/04/18  83 FR 50148
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Lindsay McCord, Securities and Exchange Commission, 
100 F Street NE, Washington, DC 20549, Phone: 202 551-3255, Email: 
[email protected].
    RIN: 3235-AL82

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Proposed Rule Stage

343. 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  .......................

[[Page 29787]]

 
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

344. Fund of Funds Arrangements

    E.O. 13771 Designation: Independent agency.
    Legal Authority: Not Yet Determined
    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

345. 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)
    Abstract: The Division is considering making recommendations, 
jointly with the Division of Trading and Markets, that the Commission 
adopt 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........................   09/00/19  .......................
------------------------------------------------------------------------

    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].
    Sara Cortes, Division of Investment Management, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 
551-5137, Email: [email protected].
    RIN: 3235-AL27

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Long-Term Actions

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

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec 951
    Abstract: The Division is considering recommending that the 
Commission 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  .......................
                                     -----------------------------------
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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

347. Amendments to Securities Act Rules Under the Fair Access to 
Investment Research Act of 2017

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 77e; 15 U.S.C. 
78a et seq.; 15 U.S.C. 80a et seq.
    Abstract: The Commission adopted rules and amendments to implement 
section 2 of the Fair Access to Investment Research Act of 2017.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/08/18  83 FR 26788
NPRM Comment Period End.............   07/09/18  .......................
Final Action........................   12/13/18  83 FR 64180
Final Action Effective..............   01/14/19  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Amanda Wagner, Branch Chief, Investment Company 
Regulation Office, Securities and Exchange Commission, Division of 
Investment Management, 100 F Street NE, Washington, DC 20549, Phone: 
202 551-6762, Email: [email protected].
    RIN: 3235-AM24

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

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

    E.O. 13771 Designation: Independent agency.

[[Page 29788]]

    Legal Authority: Pub. L. 111-203, sec. 939A
    Abstract: Section 939A of the Dodd-Frank Act requires the 
Commission to remove certain references to credit ratings from its 
regulations and to substitute such standards of creditworthiness as the 
Commission determines to be appropriate. The Commission amended certain 
rules and one form under the Exchange Act applicable to broker-dealer 
financial responsibility and confirmation of transactions. The 
Commission has not yet finalized amendments to certain rules regarding 
the distribution of securities.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/06/11  76 FR 26550
NPRM Comment Period End.............   07/05/11  .......................
Final Action........................   01/08/14  79 FR 1522
Final Action Effective..............   07/07/14  .......................
Next Action Undetermined............             .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: John Guidroz, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-6439, Email: [email protected].
    RIN: 3235-AL14

[FR Doc. 2019-11690 Filed 6-21-19; 8:45 am]
BILLING CODE 8011-01-P