[Federal Register Volume 85, Number 166 (Wednesday, August 26, 2020)]
[Proposed Rules]
[Pages 52861-52870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16750]



[[Page 52861]]

Vol. 85

Wednesday,

No. 166

August 26, 2020

Part XXIX





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 85, No. 166 / Wednesday, August 26, 2020 / 
UA: Reg Flex Agenda  

[[Page 52862]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10769, 34-88531, IA-5470, IC-33833, File No. S7-06-20]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

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

SUMMARY: The Securities and Exchange Commission is publishing the 
Chairman's agenda of rulemaking actions pursuant to the Regulatory 
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980). 
The items listed in the Regulatory Flexibility Agenda for Spring 2020 
reflect only the priorities of the Chairman of the U.S. Securities and 
Exchange Commission, and do not necessarily reflect the view and 
priorities of any individual Commissioner.
    Information in the agenda was accurate on March 31, 2020, the date 
on which the Commission's staff completed compilation of the data. To 
the extent possible, rulemaking actions by the Commission since that 
date have been reflected in the agenda. The Commission invites 
questions and public comment on the agenda and on the individual agenda 
entries.
    The Commission is now printing in the Federal Register, along with 
our preamble, only those agenda entries for which we have indicated 
that preparation of an RFA analysis is required.
    The Commission's complete RFA agenda will be available online at 
www.reginfo.gov.

DATES: Comments should be received on or before September 25, 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 S7-06-20 on the subject line.

Paper Comments

     Send paper comments to Vanessa A. Countryman, Secretary, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1090.
All submissions should refer to File No. S7-06-20. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
internet website (http://www.sec.gov/rules/other.shtml). Comments are 
also available for website viewing and printing in the Commission's 
Public Reference Room, 100 F Street NE, Washington, DC 20549, on 
official business days between the hours of 10:00 a.m. and 3:00 p.m. 
All comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: William Miller, Office of the General 
Counsel, 202-551-8372.

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

``Securities Act''--Securities Act of 1933
``Exchange Act''--Securities Exchange Act of 1934
``Investment Company Act''--Investment Company Act of 1940
``Investment Advisers Act''--Investment Advisers Act of 1940
``Dodd Frank Act''--Dodd-Frank Wall Street Reform and Consumer 
Protection Act

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

    By the Commission.

    Dated: April 1, 2020.
Vanessa A. Countryman,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
356.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
357.......................  Mandated Electronic                3235-AM15
                             Filings.
358.......................  Amendments to Rule 701/            3235-AM38
                             Form S-8.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
359.......................  Amendments to Financial            3235-AL77
                             Disclosures About
                             Acquired Businesses.
360.......................  Universal Proxy...........         3235-AL84
361.......................  Filing Fee Disclosure and          3235-AL96
                             Payment Methods
                             Modernization.
362.......................  Amending the ``Accredited          3235-AM19
                             Investor'' Definition.
363.......................  Harmonization of Exempt            3235-AM27
                             Offerings.
364.......................  Procedural Requirements            3235-AM49
                             and Resubmission
                             Thresholds Under Exchange
                             Act Rule 14a-8.

[[Page 52863]]

 
365.......................  Amendments to Exemptions           3235-AM50
                             From the Proxy Rules for
                             Proxy Voting Advice.
------------------------------------------------------------------------


           Division of Corporation Finance--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
366.......................  Pay Versus Performance....         3235-AL00
367.......................  Corporate Board Diversity.         3235-AL91
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
368.......................  Amendments to the                  3235-AM12
                             Financial Disclosures for
                             Registered Debt Security
                             Offerings.
369.......................  Regulation Crowdfunding            3235-AM20
                             Amendments.
370.......................  Regulation A Amendments...         3235-AM21
371.......................  Solicitations of Interest          3235-AM23
                             Prior to a Registered
                             Public Offering.
372.......................  Accelerated Filer                  3235-AM41
                             Definition.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
373.......................  Investment Company Summary         3235-AM52
                             Shareholder Report and
                             Modernization of Certain
                             Investment Company
                             Disclosure.
374.......................  Amendments to Form 13F             3235-AM65
                             Filer Threshold.
375.......................  Amendments to the Family           3235-AM67
                             Office Rule.
376.......................  Amendments to Rule 17a-7           3235-AM69
                             Under the Investment
                             Company Act.
377.......................  Investment Company Fair            3235-AM71
                             Value.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
378.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
379.......................  Investment Adviser                 3235-AM08
                             Advertisements;
                             Compensation for
                             Solicitations.
380.......................  Fund of Funds Arrangements         3235-AM29
381.......................  Amendments to Procedures           3235-AM51
                             for Applications under
                             the Investment Company
                             Act.
------------------------------------------------------------------------


          Division of Investment Management--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
382.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
383.......................  Amendments to the Custody          3235-AM66
                             Rules for Investment
                             Companies.
384.......................  Amendments to Improve Fund         3235-AM73
                             Proxy System.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
385.......................  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.
------------------------------------------------------------------------


[[Page 52864]]


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


              Offices and Other Programs--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
387.......................  Amendments to Certain              3235-AM63
                             Provisions of the Auditor
                             Independence Rules.
------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

356. 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
Second NPRM.........................   10/00/20
------------------------------------------------------------------------

    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

357. Mandated Electronic Filings

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 
U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C. 
78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o(d); 15 U.S.C. 78p; 15 
U.S.C. 78w(a); 15 U.S.C. 78ll
    Abstract: The Division is considering recommending that the 
Commission propose amendments to Regulation S-T that would update the 
mandated electronic submissions requirements to include additional 
filings.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/00/20
------------------------------------------------------------------------

    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

358. 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................................   10/00/20  .......................
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

359. Amendments to Financial Disclosures About Acquired Businesses

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 
U.S.C. 77z-3; 15 U.S.C. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 
78o(d); 15 U.S.C. 78w(a); 15 U.S.C. 778mm; 15 U.S.C. 77c; 15 U.S.C. 
77f; 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-24(a); 15 
U.S.C. 80a-29; 15 U.S.C. 80a-37
    Abstract: The 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. When a 
registrant acquires a business other than a real estate operation, Rule 
305 generally requires a registrant to provide separate audited annual 
and unaudited interim pre-acquisition financial statements of the 
business if it is significant to the registrant.
    Timetable:

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

    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

[[Page 52865]]

Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-3406, 
Email: [email protected].
    RIN: 3235-AL77

360. Universal Proxy

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
    Abstract: The Division is considering recommending that the 
Commission adopt amendments to the proxy rules to allow a shareholder 
voting by proxy to choose among duly-nominated candidates in a 
contested election of directors.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/10/16  81 FR 79122
NPRM Comment Period End.............   01/09/17  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    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

361. Filing Fee Disclosure and Payment Methods Modernization

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 
U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15 U.S.C. 
78s(a); 15 U.S.C. 78ll; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 
80a-29; 15 U.S.C. 80a-37
    Abstract: The Division is considering recommending that the 
Commission adopt rule amendments to modernize filing fee disclosure and 
payment methods.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/27/19  84 FR 71580
NPRM Comment Period End.............   02/25/20  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark W. Green, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-0301, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AL96

362. Amending the ``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 adopt amendments to expand the definition of accredited 
investor under Regulation D of the Securities Act of 1933.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/15/20  85 FR 2574
NPRM Comment Period End.............   03/16/20  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    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: 202-551-3480, Email: [email protected].
    RIN: 3235-AM19

363. Harmonization of Exempt Offerings

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77a et seq.
    Abstract: The Commission proposed rule amendments to harmonize and 
streamline the Commission's rules for exempt offerings under the 
Securities Act of 1933, including Regulation A, Regulation D, and 
Regulation Crowdfunding, in order to enhance their clarity and ease of 
use.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   06/26/19  84 FR 30460
ANPRM Comment Period End............   09/24/19
NPRM................................   03/31/20  85 FR 17956
NPRM Comment Period End.............   06/01/20
Final Action........................   10/00/20
------------------------------------------------------------------------

    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

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

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 78a et seq.
    Abstract: The Division is considering recommending that the 
Commission adopt rule amendments regarding the thresholds for 
shareholder proposals under Rule 14a-8.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/04/19  84 FR 66458
NPRM Comment Period End.............   02/03/20
Final Action........................   10/00/20
------------------------------------------------------------------------

    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

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

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 78a et seq.
    Abstract: The Division is considering recommending that the 
Commission adopt rule amendments to address certain advisors' reliance 
on the proxy solicitation exemptions in Rule 14a-2(b).
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/04/19  84 FR 66518
NPRM Comment Period End.............   02/03/20
Final Action........................   10/00/20
------------------------------------------------------------------------

    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-AM50

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Long-Term Actions

366. 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

[[Page 52866]]

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

367. 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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

368. 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); 15 U.S.C. 78mm
    Abstract: The Commission adopted amendments to the financial 
disclosure requirements for guarantors and issuers of guaranteed 
securities registered or being registered, and issuers' affiliates 
whose securities collateralize securities registered or being 
registered in Regulation S-X to improve those requirements for both 
investors and registrants.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/02/18  83 FR 49630
NPRM Comment Period End.............   12/03/18
Final Action........................   04/20/20  85 FR 21940
Final Action Effective..............   01/04/21
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sean Harrison, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AM12

369. 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. https://www.sec.gov/files/regulation-crowdfunding-2019_0.pdf. In a separate rulemaking (https://www.sec.gov/rules/proposed/2020/33-10763.pdf), the Commission proposed 
amendments to Regulation Crowdfunding to address issues identified in 
the staff's report, such as the relatively modest aggregate Regulation 
Crowdfunding financing levels compared to the Regulation D market. This 
item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn (Consolidated With 3235-     03/31/20
 AM27).
------------------------------------------------------------------------

    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

370. 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: Staff completed, consistent with Release No. 33-9741 
(Mar. 25, 2015) 80 FR 21805 (Apr. 20, 2015), a study and submitted a 
report to the Commission on the impact of Regulation A offerings on 
capital formation and investor protection. https://www.sec.gov/smallbusiness/exemptofferings/rega/2020Report. In a separate rulemaking 
(https://www.sec.gov/rules/proposed/2020/33-10763.pdf), the Commission 
proposed amendments to Regulation A to address issues identified in the 
reviews of the regulation, such as the relatively modest aggregate 
Regulation A financing levels compared to traditional IPOs and the 
Regulation D market. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn (Consolidated With 3235-     03/31/20
 AM27).
------------------------------------------------------------------------

    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

371. Solicitations of Interest Prior to a Registered Public Offering

    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 Commission adopted 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........................   10/04/19  84 FR 53011
Final Action Effective..............   12/03/19
------------------------------------------------------------------------


[[Page 52867]]

    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

372. Accelerated Filer Definition

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 7 U.S.C. 2(c)(2)(E); 7 U.S.C. 5221(e)(3); 12 
U.S.C. 5461 et seq.; 15 U.S.C. 77b; 15 U.S.C. 77b note; 15 U.S.C. 77c; 
15 U.S.C. 77d; 15 U.S.C. 77e; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 
77h; 15 U.S.C. 77j; 15 U.S.C. 77k; 15 U.S.C. 77r; 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. 77ddd; 15 U.S.C. 77eee; 15 U.S.C. 77ggg; 15 U.S.C. 77hhh; 15 
U.S.C. 77iii; 15 U.S.C. 77jjj; 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. 78c-3; 15 
U.S.C. 78c-5; 15 U.S.C. 78d; 15 U.S.C. 78e; 15 U.S.C. 78f; 15 U.S.C. 
78g; 15 U.S.C. 78i; 15 U.S.C. 78j; 15 U.S.C. 78j-1; 15 U.S.C. 78j-3; 15 
U.S.C. 78k
    Abstract: The Commission adopted changes to the ``accelerated 
filer'' definition in Exchange Act Rule 12b-2 that have the effect of 
reducing the number of registrants that are subject to the Sarbanes-
Oxley Act section 404(b) auditor attestation requirement.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/29/19  84 FR 24876
NPRM Comment Period End.............   07/29/19
Final Action........................   03/26/20  85 FR 17178
Final Action Effective..............   04/27/20
------------------------------------------------------------------------

    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 Investment Management

Proposed Rule Stage

373. Investment Company Summary Shareholder Report and Modernization of 
Certain Investment Company Disclosure

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77e; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 
U.S.C.77s; 15 U.S.C. 78c(b); 15 U.S.C. 77f; 15 U.S.C. 78j; 15 U.S.C. 
78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78mm; 15 U.S.C. 80 a-6; 15 
U.S.C.80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15 
U.S.C. 80a-37; 44 U.S.C. 3506; 44 U.S.C. 3507
    Abstract: The Division is considering recommending that the 
Commission propose a new streamlined shareholder report under the 
Investment Company Act of 1940. The Division is also considering 
recommending that the Commission propose rule and form amendments to 
improve and modernize certain aspects of the current disclosure 
framework under the Investment Company Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Michael Kosoff, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-6754, Email: [email protected].
    RIN: 3235-AM52

374. 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. Form 13F is the reporting form filed by 
institutional investment managers pursuant to section 13(f) of the 
Securities Exchange Act of 1934. Institutional investment managers that 
exercise investment discretion over $100 million or more in section 
13(f) securities must file Form 13F.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    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

375. Amendments to the Family Office Rule

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 80b-2(a)(11)(G); 15 U.S.C. 80b-6a
    Abstract: The Division is considering recommending that the 
Commission propose targeted amendments to the family office rule under 
section 202(a)(11) of the Investment Advisers Act of 1940. Family 
offices, as so defined in the Act, are excluded from the Act's 
definition of investment adviser, and are thus not subject to any of 
the provisions of the Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Thoreau Adrian Bartmann, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549, Phone: 202 551-6745, Email: [email protected].
    RIN: 3235-AM67

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

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-10(f); 15 U.S.C. 
80a-17(d); 15 U.S.C. 80a-37(a)
    Abstract: The Division is considering recommending that the 
Commission propose amendments to rule 17a-7 under the Investment 
Company Act of 1940 concerning the exemption of certain purchase or 
sale transactions between an investment company and certain affiliated 
persons.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jacob Krawitz, Branch Chief, Division of Investment

[[Page 52868]]

Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549, Phone: 202 551-4673, Email: [email protected].
    RIN: 3235-AM69

377.  Investment Company Fair Value

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-6(c); 15 U.S.C. 
80a-37(a)
    Abstract: The Commission proposed a rule regarding the valuation 
practices and the role of the board of directors with respect to the 
fair value of the investments of a registered investment company or 
business development company.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/13/20  85 FR 28734
NPRM Comment Period End.............   07/21/20  .......................
------------------------------------------------------------------------

    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-AM71

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

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

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-60; 15 U.S.C. 
80a-12(a); 15 U.S.C. 80a-37; 15 U.S.C. 80a-8; 15 U.S.C. 80a-22(c); 15 
U.S.C. 80a-18; 15 U.S.C. 78c; 15 U.S.C. 78c-5; 15 U.S.C. 78j; 15 U.S.C. 
78o; 15 U.S.C. 78m; 15 U.S.C. 78o-10; 15 U.S.C. 78q; 15 U.S.C. 78w; 15 
U.S.C. 78mm; 15 U.S.C. 80b-6; 15 U.S.C. 80b-6a; 15 U.S.C. 80b-8; 15 
U.S.C. 80b-aa; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 
77s; 15 U.S.C. 78ll
    Abstract: The Division is considering recommending that the 
Commission adopt a new rule designed to enhance the regulation of the 
use of derivatives by registered investment companies, including mutual 
funds, exchange-traded funds, closed-end funds, and business 
development companies.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/28/15  80 FR 80884
NPRM Comment Period End.............   03/28/16  .......................
Second NPRM.........................   01/24/20  85 FR 4446
Second NPRM Comment Period End......   03/04/20  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    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

379. Investment Adviser Advertisements; Compensation for Solicitations

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 80b-b(4); 15 U.S.C. 80b-11a; 15 U.S.C. 
80b-(4)
    Abstract: The Division is considering recommending that the 
Commission adopt amendments to rules 206(4)-1 and 206(4)-3 under the 
Investment Advisers Act of 1940 regarding marketing communications and 
practices by investment advisers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/10/19  84 FR 67518
NPRM Comment Period End.............   02/10/20  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Melissa Harke, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-6722, Email: [email protected].
    RIN: 3235-AM08

380. 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........................   10/00/20  .......................
------------------------------------------------------------------------

    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

381. Amendments to Procedures for Applications 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-37(a)
    Abstract: The Division is considering recommending that the 
Commission adopt amendments to rule 0-5 under the Investment Company 
Act of 1940 to establish an expedited review procedure for certain 
applications.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/30/19  84 FR 58075
NPRM Comment Period End.............   11/29/19  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Steven Amchan, Attorney, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549, Phone: 202-551-6826, Email: [email protected].
    RIN: 3235-AM51

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Long-Term Actions

382. 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

[[Page 52869]]

    Abstract: The Division is considering recommending that the 
Commission repropose rule amendments to implement section 951 of the 
Dodd-Frank Act. The Commission previously proposed amendments to rules 
and Form N-PX that would require institutional investment managers 
subject to section 13(f) of the Exchange Act to report how they voted 
on any shareholder vote on executive compensation or golden parachutes 
pursuant to sections 14A(a) and (b) of the Exchange Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/28/10  75 FR 66622
NPRM Comment Period End.............   11/18/10  .......................
Next Action Undetermined............
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: 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-AK67

383. 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

384.  Amendments To Improve Fund Proxy System

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w; 15 U.S.C. 78mm; 15 
U.S.C. 80a-2; 15 U.S.C. 80a-6; 15 U.S.C. 80a-20; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37
    Abstract: The Division is considering recommending that the 
Commission propose rule and form amendments to address the fund proxy 
system and the unique challenges that funds as issuers may experience 
in seeking shareholder approvals.
    Timetable: Next Action Undetermined.
    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Amanda Wagner, Branch Chief, Investment Company 
Regulation Office, Securities and Exchange Commission, Division of 
Investment Management, 100 F Street NE, Washington, DC 20549, Phone: 
202 551-6762, Email: [email protected].
    RIN: 3235-AM73

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

385. 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; 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-3; 15 U.S.C. 78c; 15 U.S.C. 
78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 
U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w; 15 U.S.C. 78ll; 15 U.S.C. 
78mm; 15 U.S.C. 80a-6; 15 U.S.C. 80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 
80a-23; 15 U.S.C. 80a-24; 15 U.S.C. 80a-30; 15 U.S.C. 80a-31; 15 U.S.C. 
80a-38; Pub. L. 115-141, title VIII, sec. 803(b); Pub. L. 115-174, 
title V, sec. 509(a)
    Abstract: The Commission adopted amendments that modify the 
registration, communications, and offering processes for business 
development companies (BDCs) and other closed-end investment companies 
under the Securities Act of 1933; tailor the disclosure and regulatory 
framework to these investment companies; expand the ability of certain 
registered closed-end funds or BDCs that conduct continuous offerings 
to make changes to their registration statements on an immediately 
effective basis or on an automatically effective basis a set period of 
time after filing; and establish certain structured data reporting 
requirements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/10/19  84 FR 14448
NPRM Comment Period End.............   06/10/19  .......................
Final Action........................   06/01/20  85 FR 33290
Final Action Effective..............   08/01/20  .......................
------------------------------------------------------------------------

    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 Trading and Markets

Long-Term Actions

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

    E.O. 13771 Designation: Independent agency.
    Legal Authority: Pub. L. 111-203, sec. 939A
    Abstract: Section 939A of the Dodd-Frank Act requires the 
Commission to remove certain references to credit ratings from its 
regulations and to substitute such standards of creditworthiness as the 
Commission determines to be appropriate. The Commission amended certain 
rules and one form under the Exchange Act applicable to broker-dealer 
financial responsibility and confirmation of transactions. The 
Commission has not yet finalized amendments to certain rules regarding 
the distribution of securities.
    Timetable:

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

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


[[Page 52870]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Offices and Other Programs

Final Rule Stage

387. Amendments to Certain Provisions of the Auditor Independence Rules

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 77(f); 15 U.S.C. 77(g); 15 U.S.C. 77(h); 
15 U.S.C. 77(j); 15 U.S.C. 77(s); 15 U.S.C. 77(z-2); 15 U.S.C. 77(z-3); 
15 U.S.C. 77(aa(25)); 15 U.S.C. 77(aa(26)); 15 U.S.C. 77(nn(25)); 15 
U.S.C. 77(nn(26)); 15 U.S.C. 78(c); 15 U.S.C. 78(j-1); 15 U.S.C. 78(l); 
15 U.S.C. 78(m); 15 U.S.C. 78(n); 15 U.S.C. 78(o(d)); 15 U.S.C. 78(q); 
15 U.S.C. 78(u-5); 15 U.S.C. 78(w); 15 U.S.C. 78(ll); 15 U.S.C. 78(mm); 
15 U.S.C. 80(a-8); 15 U.S.C. 80(a-20); 15 U.S.C. 80(a-29); 15 U.S.C. 
80(a-30); 15 U.S.C. 80(a-31); 15 U.S.C. 80(a-37(a)); 15 U.S.C. 80(b-3); 
15 U.S.C. 80(b-11); 15 U.S.C. 7202; 15 U.S.C. 7262; Pub. L. 112-106, 
sec. 102(c); 126 Stat. 310 (2012)
    Abstract: The Office of the Chief Accountant is considering 
recommending that the Commission adopt amendments to update certain 
auditor independence rules to facilitate capital formation, in a manner 
consistent with investor protection.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/15/20  85 FR 2332
NPRM Comment Period End.............   03/16/20  .......................
Final Action........................   10/00/20  .......................
------------------------------------------------------------------------

    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

[FR Doc. 2020-16750 Filed 8-25-20; 8:45 am]
 BILLING CODE 8011-01-P