[Federal Register Volume 86, Number 144 (Friday, July 30, 2021)]
[Unknown Section]
[Pages 41372-41378]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-14888]



[[Page 41371]]

Vol. 86

Friday,

No. 144

July 30, 2021

Part XXVII





 Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg 
Flex Agenda  

[[Page 41372]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10942; 34-91852; IA-5734; IC-34269; S7-06-21]


Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

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

SUMMARY: The Securities and Exchange Commission is publishing the 
Chair'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 2021 
reflect only the priorities of the Chair 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 May 11, 2021, 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 August 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 S7-06-21 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. S7-06-21. 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 a.m. and 3 p.m. Due to 
pandemic conditions, however, access to the Commission's public 
reference room is not permitted at this time. 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: May 11, 2021.
Vanessa A. Countryman,
Secretary.

          DIVISION OF CORPORATION FINANCE--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
367.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
368.......................  Mandated Electronic                3235-AM15
                             Filings.
------------------------------------------------------------------------


            DIVISION OF CORPORATION FINANCE--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
369.......................  Pay Versus Performance....         3235-AL00
370.......................  Universal Proxy...........         3235-AL84
371.......................  Filing Fee Disclosure and          3235-AL96
                             Payment Methods
                             Modernization.
372.......................  Rule 144 Holding Period            3235-AM78
                             and Form 144 Filings.
------------------------------------------------------------------------


[[Page 41373]]


           DIVISION OF CORPORATION FINANCE--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
373.......................  Modernization of Rules and         3235-AM38
                             Forms for Compensatory
                             Securities Offerings and
                             Sales.
------------------------------------------------------------------------


           DIVISION OF CORPORATION FINANCE--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
374.......................  Facilitating Capital               3235-AM27
                             Formation and Expanding
                             Investment Opportunities
                             by Improving Access to
                             Capital in Private
                             Markets.
375.......................  Temporary Rules to Include         3235-AM79
                             Certain ``Platform
                             Workers'' in Compensatory
                             Offerings Under Rule 701
                             and Form S-8.
------------------------------------------------------------------------


         DIVISION OF INVESTMENT MANAGEMENT--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
376.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
377.......................  Amendments to the Custody          3235-AM32
                             Rules for Investment
                             Advisers.
378.......................  Amendments to Rule 17a-7           3235-AM69
                             Under the Investment
                             Company Act.
------------------------------------------------------------------------


           DIVISION OF INVESTMENT MANAGEMENT--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
379.......................  Tailored Shareholder               3235-AM52
                             Reports, Treatment of
                             Annual Prospectus Updates
                             for Existing Investors,
                             and Improved Fee and Risk
                             Disclosure for Mutual
                             Funds and ETFs; Fee
                             Information in Investment
                             Company Ads.
------------------------------------------------------------------------


          DIVISION OF INVESTMENT MANAGEMENT--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
380.......................  Amendments to the Custody          3235-AM66
                             Rules for Investment
                             Companies.
381.......................  Amendments to Improve Fund         3235-AM73
                             Proxy System.
------------------------------------------------------------------------


          DIVISION OF INVESTMENT MANAGEMENT--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
382.......................  Use of Derivatives by              3235-AL60
                             Registered Investment
                             Companies and Business
                             Development Companies.
383.......................  Investment Adviser                 3235-AM08
                             Marketing.
384.......................  Reporting Threshold for            3235-AM65
                             Institutional Investment
                             Managers.
385.......................  Amendments to the Family           3235-AM67
                             Office Rule.
386.......................  Good Faith Determinations          3235-AM71
                             of Fair Value.
------------------------------------------------------------------------


           DIVISION OF TRADING AND MARKETS--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
387.......................  Removal of Certain                 3235-AL14
                             References to Credit
                             Ratings Under the
                             Securities Exchange Act
                             of 1934.
------------------------------------------------------------------------


              Offices and Other Programs--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
388.......................  Qualifications of                  3235-AM63
                             Accountants.
------------------------------------------------------------------------


[[Page 41374]]

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

367. Listing Standards for Recovery of Erroneously Awarded Compensation

    Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
    Abstract: The Division is considering recommending that the 
Commission re-propose 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
NPRM................................   04/00/22
------------------------------------------------------------------------

    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

368. Mandated Electronic Filings

    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: Noel Sean Harrison, Division of Corporation 
Finance, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549, Phone: 202 551-3249, Email: [email protected].
    RIN: 3235-AM15

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

369. Pay Versus Performance

    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 Division is considering recommending that the 
Commission adopt 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
Final Action........................   04/00/22
------------------------------------------------------------------------

    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

370. Universal Proxy

    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 all 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
NPRM Comment Period Reopened........   05/06/21  86 FR 24364
NPRM Comment Period Reopened End....   06/07/21
Final Action........................   04/00/22
------------------------------------------------------------------------

    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: 3235-AL84

371. Filing Fee Disclosure and Payment Methods Modernization

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

    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: 202 551-3809, Email: [email protected].
    RIN: 3235-AL96

372. Rule 144 Holding Period and Form 144 Filings

    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,

[[Page 41375]]

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 adopt 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................................   01/19/21  86 FR 5063
NPRM Comment Period End.............   03/22/21
Final Action........................   10/00/21
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Long-Term Actions

373. Modernization of Rules and Forms for Compensatory Securities 
Offerings and Sales

    Legal Authority: 15 U.S.C. 77bb
    Abstract: The Division is considering recommending that the 
Commission adopt 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................................   12/11/20  85 FR 80232
NPRM Comment Period End.............   02/09/21
                                     -----------------------------------
Next Action Undetermined............           To Be Determined
------------------------------------------------------------------------

    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

Completed Actions

374. Facilitating Capital Formation and Expanding Investment 
Opportunities by Improving Access to Capital in Private Markets

    Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77d-1; 15 
U.S.C. 77s; 15 U.S.C. 77z-3; 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C. 
78l; 15 U.S.C. 78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 
U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 80a-30; 
15 U.S.C. 80a-38; 15 U.S.C. 80a-45; . . .
    Abstract: The Commission adopted 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........................   01/14/21  86 FR 3496
Final Action Effective..............   03/15/21
------------------------------------------------------------------------

    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

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

    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 Commission proposed temporary rule amendments to Rule 
701 and Form S-8 for offers and sales of securities for a compensatory 
purpose to certain platform workers. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/11/20  85 FR 79936
NPRM Comment Period End.............   02/09/21
Withdrawn...........................   05/11/21
------------------------------------------------------------------------

    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: 202 551-3243, Email: [email protected].
    RIN: 3235-AM79

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Proposed Rule Stage

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

    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 and to enhance the information reported on Form N-PX. 
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
NPRM................................   11/00/21
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Pamela Ellis, Division of Investment Management, 
Securities and Exchange Commission,

[[Page 41376]]

100 F Street NE, Washington, DC 20549, Phone: 202 551-3506, Email: 
[email protected].
    RIN: 3235-AK67

377. Amendments to the Custody Rules for Investment Advisers

    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-37(a); 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. 80b-4; 15 U.S.C. 80b-6(4); 15 U.S.C 80b-
11(a); 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-18b
    Abstract: The Division is considering recommending that the 
Commission propose amendments to existing rules and/or propose new 
rules under the Investment Advisers Act of 1940 to improve and 
modernize the regulations around the custody of funds or investments of 
clients by Investment Advisers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/22
------------------------------------------------------------------------

    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-AM32

378. Amendments to Rule 17A-7 Under the Investment Company Act

    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................................   04/00/22
------------------------------------------------------------------------

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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

379. Tailored Shareholder Reports, Treatment of Annual Prospectus 
Updates for Existing Investors, and Improved Fee and Risk Disclosure 
for Mutual Funds and ETFS; Fee Information in Investment Company Ads

    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 adopt a new streamlined shareholder report under the 
Investment Company Act of 1940. The Division is also considering 
recommending that the Commission adopt 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
Final Action........................   04/00/22
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Long-Term Actions

380. Amendments to the Custody Rules for Investment Companies

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

381. Amendments To Improve Fund Proxy System

    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

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

    Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-12(a); 15 U.S.C. 
80a-18; 15 U.S.C. 80a-22(c); 15 U.S.C. 80a-22(e); 15 U.S.C. 80a-29; 15 
U.S.C. 80a-30(a); 15 U.S.C. 80a-33(b); 15 U.S.C. 80a-35; 15 U.S.C. 80a-
8; 15 U.S.C. 80a-37; 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-60; 15 U.S.C. 
80b-6(4); 15 U.S.C. 77f; 15 U.S.C. 77g(a); 15 U.S.C. 77j; 15 U.S.C. 
77s(a); 15 U.S.C. 77a et seq; 15 U.S.C. 78j; 15 U.S.C. 78m; 15 U.S.C. 
78o; 15 U.S.C. 78w; 15 U.S.C. 78ll
    Abstract: The Commission adopted 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.

[[Page 41377]]

    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........................   12/21/20  85 FR 83162
------------------------------------------------------------------------

    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

383. Investment Adviser Marketing

    Legal Authority: 15 U.S.C. 80b-3(d); 15 U.S.C. 80b-6(4); 15 U.S.C. 
80b-11(a); 15 U.S.C. 80b-11(h); 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 15 
U.S.C. 77s(a); 15 U.S.C. 78w(a); 15 U.S.C. 78bb(e)(2); 15 U.S.C. 
7sss(a); 15 U.S.C. 80a-37(a); 15 U.S.C. 80b-3(c)(1); 15 U.S.C. 80b-4; 
15 U.S.C. 80b-11(a)
    Abstract: The Commission adopted amended rule 206(4)-1 under the 
Investment Advisers Act of 1940 regarding marketing communications and 
practices by investment advisers and rescinded rule 206(4)-3 under the 
Investment Advisers Act of 1940.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/10/19  84 FR 67518
NPRM Comment Period End.............   02/10/20
Final Action........................   03/05/21  86 FR 13024
Final Action Effective..............   05/04/21
------------------------------------------------------------------------

    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

384. Reporting Threshold for Institutional Investment Managers

    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. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/31/20  85 FR 46016
NPRM Comment Period End.............   09/29/20
Withdrawn...........................   05/11/21
------------------------------------------------------------------------

    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

385. Amendments to the Family Office Rule

    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. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   05/11/21
------------------------------------------------------------------------

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

386. Good Faith Determinations of Fair Value

    Legal Authority: 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-6(c); 15 U.S.C. 
80a-30(a); 15 U.S.C. 80a-31(c); 15 U.S.C. 80a-37(a); 15 U.S.C. 80a-58; 
15 U.S.C. 80a-63(a)
    Abstract: The Commission adopted 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........................   01/06/21  86 FR 748
Final Action Effective..............   03/08/21
------------------------------------------------------------------------

    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 Trading and Markets

Long-Term Actions

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

    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,

[[Page 41378]]

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

Completed Actions

388. Qualifications of Accountants

    Legal Authority: 15 U.S.C. 77aa; 15 U.S.C. 77g and 77h; 15 U.S.C. 
77j; 15 U.S.C. 77s; 15 U.S.C. 78c; 15 U.S.C. 78j-1; 15 U.S.C. 78l; 15 
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78q; 15 U.S.C. 78w; 15 U.S.C. 80a-
8; 15 U.S.C. 80a-30; 15 U.S.C. 80a-31; 15 U.S.C. 80a-38; 15 U.S.C. 80b-
3; 15 U.S.C. 80b-11; Pub. L. 107-204, 116 Stat. 745 (2002), sec. 3(a)
    Abstract: The Commission adopted 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........................   12/11/20  85 FR 80508
Final Action Effective..............   06/09/21
------------------------------------------------------------------------

    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. 2021-14888 Filed 7-29-21; 8:45 am]
BILLING CODE 8011-01-P