[Federal Register Volume 86, Number 60 (Wednesday, March 31, 2021)]
[Proposed Rules]
[Pages 17040-17047]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04360]



[[Page 17039]]

Vol. 86

Wednesday,

No. 60

March 31, 2021

Part XXVII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 86 , No. 60 / Wednesday, March 31, 2021 / UA: 
Reg Flex Agenda  

[[Page 17040]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-10873, 34-90131, IA-5610, IC-34047, File No. S7-14-20]


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 Fall 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 October 7, 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 April 30, 2021.

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 S7-14-20 on the subject line.

Paper Comments

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

All submissions should refer to File No. S7-14-20. 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: Sarit Klein, Office of the General 
Counsel, 202-551-5037.

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: October 8, 2020.
Vanessa A. Countryman,
Secretary.

            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
477.......................  Mandated Electronic                3235-AM15
                             Filings.
478.......................  Amendments to Rule 701/            3235-AM38
                             Form S-8.
479.......................  Rule 144 Holding Period            3235-AM78
                             and Form 144 Filings.
480.......................  Temporary Rules to Include         3235-AM79
                             Certain ``Platform
                             Workers'' in Compensatory
                             Offerings Under Rule 701
                             and Form S-8.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
481.......................  Universal Proxy...........         3235-AL84
482.......................  Filing Fee Disclosure and          3235-AL96
                             Payment Methods
                             Modernization.
483.......................  Harmonization of Exempt            3235-AM27
                             Offerings.
------------------------------------------------------------------------


[[Page 17041]]


           Division of Corporation Finance--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
484.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
485.......................  Pay Versus Performance....         3235-AL00
486.......................  Corporate Board Diversity.         3235-AL91
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
487.......................  Amendments to Financial            3235-AL77
                             Disclosures About
                             Acquired Businesses.
488.......................  Amending the ``Accredited          3235-AM19
                             Investor'' Definition.
489.......................  Procedural Requirements            3235-AM49
                             and Resubmission
                             Thresholds Under Exchange
                             Act Rule 14a-8.
490.......................  Amendments to Exemptions           3235-AM50
                             From the Proxy Rules for
                             Proxy Voting Advice.
------------------------------------------------------------------------


         Division of Investment Management--Propused Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
491.......................  Investment Company                 3235-AM52
                             Shareholder Report and
                             Modernization of Certain
                             Investment Company
                             Disclosure.
492.......................  Amendments to the Family           3235-AM67
                             Office Rule.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
493.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
494.......................  Investment Adviser                 3235-AM08
                             Advertisements;
                             Compensation for
                             Solicitations.
495.......................  Investment Company Fair            3235-AM71
                             Value.
------------------------------------------------------------------------


          Division of Investment Management--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
496.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
497.......................  Amendments to Form 13F             3235-AM65
                             Filer Threshold.
498.......................  Amendments to the Custody          3235-AM66
                             Rules for Investment
                             Companies.
499.......................  Amendments to Rule 17a-7           3235-AM69
                             Under the Investment
                             Company Act.
500.......................  Amendments to Improve Fund         3235-AM73
                             Proxy System.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
501.......................  Fund of Funds Arrangements         3235-AM29
502.......................  Amendments to Procedures           3235-AM51
                             With Respect to
                             Applications under the
                             Investment Company Act of
                             1940.
------------------------------------------------------------------------


           Division of Trading and Markets--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
503.......................  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.
------------------------------------------------------------------------
504.......................  Amendments to Certain              3235-AM63
                             Provisions of the Auditor
                             Independence Rules.
------------------------------------------------------------------------


[[Page 17042]]

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

477. 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................................   10/00/21
------------------------------------------------------------------------

    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-AM15

478. 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................................   11/00/20
------------------------------------------------------------------------

    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

479.  Rule 144 Holding Period and Form 144 Filings

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 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. 77f; 15 U.S.C. 77g; 
15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77r; 15 U.S.C. 77s; 15 U.S.C. 
77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77sss; 15 U.S.C. 
77sss(a); 15 U.S.C. 78a et seq.; 15 U.S.C. 78c; 15 U.S.C. 78c(b); 15 
U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 
15 U.S.C. 78o; 15 U.S.C. 78o-7 note; 15 U.S.C. 78o(d); 15 U.S.C. 78t; 
15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78w(a); 15 U.S.C. 78ll; 15 
U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-3; 15 
U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-9; 15 U.S.C. 80a-10; 15 
U.S.C. 80a-13; 15 U.S.C. 80a-24; 15 U.S.C. 80a-26; 15 U.S.C. 80a-28; 15 
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 U.S.C. 7201 et 
seq.; 18 U.S.C, 1350; Sec 953(b) Pub. L. 111-203, 124 Stat. 1904; Sec 
102(a)(3) Pub. L. 112-106, 126 Stat. 309 (2012); Sec 107 Pub. L. 112-
106, 126 Stat. 313 (2012); Sec 201(a) Pub. L. 112-106, 126 Stat. 313 
(2012); Sec 401 Pub. L. 112-106, 126 Stat. 313 (2012); Sec 72001 Pub. 
L. 114-94, 129 Stat. 1312 (2015), unless otherwise noted; . . .
    Abstract: The Division is considering recommending that the 
Commission propose amendments to Rule 144, a non-exclusive safe harbor 
that permits the public resale of restricted or control securities if 
the conditions of the rule are met, and rule amendments to update the 
electronic filing requirements applicable to Form 144.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/00/20  .......................
------------------------------------------------------------------------

    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-AM78

480.  Temporary Rules To Include Certain ``Platform Workers'' 
in Compensatory Offerings Under Rule 701 and Form S-8

    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(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 
78w(a); 15 U.S.C. 78mm; . . .
    Abstract: The Division is considering recommending that the 
Commission propose temporary rule amendments to Rule 701 and Form S-8 
for offers and sales of securities for a compensatory purpose to 
certain platform workers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/00/20  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elliot Staffin, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3450, Email: [email protected].
    RIN: 3235-AM79

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

481. 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........................   10/00/21  .......................
------------------------------------------------------------------------

    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: 
202 551-3440, Email: [email protected].
    RIN: 235-AL84

482. 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

[[Page 17043]]

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 amendments that would modernize filing fee disclosure 
and payment methods by requiring fee calculation information to be 
provided in a structured format, and by updating the fee payment 
options. The amendments are intended to improve filing fee preparation 
and payment processing by facilitating both enhanced validation through 
fee structuring and lower-cost, easily routable payments.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/27/19  84 FR 71580
NPRM Comment Period End.............   02/25/20  .......................
Final Action........................   05/00/21  .......................
------------------------------------------------------------------------

    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

483. 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 adopt 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........................   11/00/20  .......................
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Long-Term Actions

484. Listing Standards for Recovery of Erroneously Awarded Compensation

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

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

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

485. 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

486. 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

487. 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 Commission adopted 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

[[Page 17044]]

 
ANPRM Comment Period End............   11/30/15  .......................
NPRM................................   05/28/19  84 FR 24600
NPRM Comment Period End.............   07/29/19  .......................
Final Action........................   08/31/20  85 FR 54002
------------------------------------------------------------------------

    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

488. Amending the ``Accredited Investor'' Definition

    E.O. 13771 Designaion: Independent agency.
    Legal Authority: 15 U.S.C. 77a et seq.
    Abstract: The Commission adopted amendments to the definition of 
accredited investor'' to add new categories of qualifying natural 
persons and entities and to make certain other modifications to the 
existing definition. The amendments are intended to update and improve 
the definition to identify more effectively investors that have 
sufficient knowledge and expertise to participate in investment 
opportunities that do not have the rigorous disclosure and procedural 
requirements, and related investor protections, provided by 
registration under the Securities Act of 1933. Specifically, the 
amendments add new categories of natural persons that may qualify as 
accredited investors based on certain professional certifications or 
designations or other credentials or their status as a private fund's 
knowledgeable employee,'' expand the list of entities that may qualify 
as accredited investors, add entities owning $5 million in investments, 
add family offices with at least $5 million in assets under management 
and their family clients, and add the term spousal equivalent'' to the 
definition. The amendments also include amendments to the qualified 
institutional buyer'' definition in Rule 144A under the Securities Act 
to expand the list of entities that are eligible to qualify as 
qualified institutional buyers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/15/20  85 FR 2574
NPRM Comment Period End.............   03/16/20  .......................
Final Action........................   10/09/20  85 FR 64234
Final Action Effective..............   12/08/20  .......................
------------------------------------------------------------------------

    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

489. 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.; 15 U.S.C. 78c(b); 15 U.S.C. 
78n; 15 U.S.C. 78w(a)
    Abstract: The Commission adopted 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........................   11/04/20  85 FR 70240
Final Action Effective--Except for     01/04/21  .......................
 Amendatory Instruction 2.b which is
 effective 1/4/2021 thru 1/1/23.
------------------------------------------------------------------------

    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

490. 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 Commission adopted amendments to its rules governing 
proxy solicitations so that investors who use proxy voting advice 
receive more transparent, accurate, and complete information on which 
to make their voting decisions, without imposing undue costs or delays 
that could adversely affect the timely provision of proxy voting 
advice. The amendments add conditions to the availability of certain 
existing exemptions from the information and filing requirements of the 
Federal proxy rules that are commonly used by proxy voting advice 
businesses. These conditions require compliance with disclosure and 
procedural requirements, including conflicts of interest disclosures by 
proxy voting advice businesses and two principles-based requirements. 
In addition, the amendments codify the Commission's interpretation that 
proxy voting advice generally constitutes a solicitation within the 
meaning of the Securities Exchange Act of 1934. Finally, the amendments 
clarify when the failure to disclose certain information in proxy 
voting advice may be considered misleading within the meaning of the 
antifraud provision of the proxy rules, depending upon the particular 
facts and circumstances.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/04/19  84 FR 66518
NPRM Comment Period End.............   02/03/20  .......................
Final Action........................   09/03/20  85 FR 55082
------------------------------------------------------------------------

    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 Investment Management

Proposed Rule Stage

491. Investment Company 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. 80a-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

[[Page 17045]]

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................................   11/05/20  85 FR 70716
NPRM Comment Period End.............   01/04/21  .......................
------------------------------------------------------------------------

    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

492. 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................................   05/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Alexis Palascak, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-6246.
    RIN: 3235-AM67

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

493. 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........................   11/00/20  .......................
------------------------------------------------------------------------

    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

494. 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........................   05/00/21  .......................
------------------------------------------------------------------------

    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

495. 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 Division is considering recommending that the 
Commission adopt 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  .......................
Final Action........................   12/00/20  .......................
------------------------------------------------------------------------

    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-AM71

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Long-Term Actions

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

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

[[Page 17046]]



------------------------------------------------------------------------
               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: Pamela Ellis, Securities and Exchange Commission, 
100 F Street NE, Washington, DC 20549, Phone: 202 551-3506, Email: 
[email protected].
    RIN: 3235-AK67

497. 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: 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. The Commission proposed rule and related 
form amendments regarding, among other things, the thresholds for Form 
13F filers. The Division is considering recommendations for next steps, 
including whether to recommend targeted amendments to Form 13F and 
targeted exemptions from the filing requirements where duplicative 
filings exist.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/31/20  85 FR 46016
Next Action Undetermined............
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Zeena Abdul-Rahman, Senior Counsel, Divisions of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-4099, Email: 
[email protected].
    RIN: 3235-AM65

498. 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: Mr. Bradley Gude, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-5590, 
Email:[email protected].
    RIN: 3235-AM66

499. 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: Next Action Undetermined.
    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Adam Lovell, Securities and Exchange Commission, 
100 F Street NE, Washington, DC 20549, Phone: 202 551-6637, Email: 
[email protected].
    RIN: 3235-AM69

500. 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

501. 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 Commission adopted 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........................   11/19/20  85 FR 73924
Final Action Effective..............   01/19/21  .......................
------------------------------------------------------------------------

    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

502. Amendments to Procedures With Respect to Applications Under the 
Investment Company Act of 1940

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-37(a)
    Abstract: The Commission adopted 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........................   09/15/20  85 FR 57089
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Steven Amchan, Attorney, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE,

[[Page 17047]]

Washington, DC 20549, Phone: 202 551-6826, Email: [email protected].
    RIN: 3235-AM51

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

503. 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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Offices and Other Programs

Final Rule Stage

504. 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........................   11/00/20  .......................
------------------------------------------------------------------------

    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. 2021-04360 Filed 3-30-21; 8:45 am]
BILLING CODE 8011-01-P