[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.

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

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
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
497.......................  Amendments to Certain              3235-AM63
                             Provisions of the Auditor
                             Independence Rules.
------------------------------------------------------------------------


          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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.
------------------------------------------------------------------------


           Division of Corporation Finance--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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.
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
519.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
------------------------------------------------------------------------


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


          Division of Investment Management--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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.
------------------------------------------------------------------------


[[Page 71288]]


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
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.
------------------------------------------------------------------------


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


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
528.......................  Regulation Best Interest..         3235-AM35
------------------------------------------------------------------------


              Offices and Other Programs--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
529.......................  Auditor Independence With          3235-AM01
                             Respect to Loans or
                             Debtor-Creditor
                             Relationships.
------------------------------------------------------------------------

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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Duc Dang, Attorney, Office of Chief Accountant, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3386, Email: [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
------------------------------------------------------------------------
NPRM................................   07/14/15  80 FR 41144
NPRM Comment Period End.............   09/14/15  .......................
Second NPRM.........................   09/00/20  .......................
------------------------------------------------------------------------

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

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/00/19  .......................
------------------------------------------------------------------------

    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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Zepralka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Zepralka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Zepralka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   06/26/19  84 FR 30460
ANPRM Comment Period End............   09/24/19  .......................
NPRM................................   09/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Zepralka, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   07/24/18  83 FR 34958
ANPRM Comment Period End............   09/24/18  .......................
NPRM................................   04/00/20  .......................
------------------------------------------------------------------------

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

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/20  .......................
------------------------------------------------------------------------

    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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/00/20  .......................
------------------------------------------------------------------------

    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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   10/01/15  80 FR 59083
ANPRM Comment Period End............   11/30/15  .......................
NPRM................................   05/28/19  84 FR 24600
NPRM Comment Period End.............   07/29/19  .......................
Final Action........................   09/00/20  .......................
------------------------------------------------------------------------

    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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/02/18  83 FR 49630
NPRM Comment Period End.............   12/03/18  .......................
Final Action........................   09/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: John Fieldsend, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/28/19  84 FR 6713
NPRM Comment Period End.............   04/29/19  .......................
Final Action........................   12/00/19  .......................
------------------------------------------------------------------------

    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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/29/19  84 FR 24876
NPRM Comment Period End.............   07/29/19
Final Action........................   04/00/20
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: John Fieldsend, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [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:

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

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:

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

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