[Federal Register Volume 87, Number 20 (Monday, January 31, 2022)]
[Proposed Rules]
[Pages 5382-5386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27952]



[[Page 5381]]

Vol. 87

Monday,

No. 20

January 31, 2022

Part XXVII





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 87 , No. 20 / Monday, January 31, 2022 / UA: 
Reg Flex Agenda  

[[Page 5382]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-10995; 34-93258; IA-5885; IC-34393; File No. S7-13-21]


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 Fall 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 September 27, 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 March 2, 2022.

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 S7-13-21 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. S7-13-21. 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. 
Operating conditions may limit access to the Commission's public 
reference room. 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 4, 2021.
Vanessa A. Countryman,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
544.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
545.......................  Pay Versus Performance....         3235-AL00
546.......................  Mandated Electronic                3235-AM15
                             Filings.
547.......................  Rule 144 Holding Period            3235-AM78
                             and Form 144 Filings.
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
548.......................  Universal Proxy...........         3235-AL84
549.......................  Filing Fee Disclosure and          3235-AL96
                             Payment Methods
                             Modernization.
------------------------------------------------------------------------


[[Page 5383]]


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
550.......................  Modernization of Rules and         3235-AM38
                             Forms for Compensatory
                             Securities Offerings and
                             Sales.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
551.......................  Reporting of Proxy Votes           3235-AK67
                             on Executive Compensation
                             and Other Matters.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
552.......................  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.
------------------------------------------------------------------------
553.......................  Amendments to the Custody          3235-AM32
                             Rules for Investment
                             Advisers.
554.......................  Amendments to the Custody          3235-AM66
                             Rules for Investment
                             Companies.
555.......................  Amendments to Improve Fund         3235-AM73
                             Proxy System.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
556.......................  Amendments to Rule 17a-7           3235-AM69
                             Under the Investment
                             Company Act.
------------------------------------------------------------------------


          Division of Trading and Markets--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
557.......................  Removal of References to           3235-AL14
                             Credit Ratings from
                             Regulation M.
------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

544. 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-open the comment period on 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 Comment Period Reopened........   12/00/21
------------------------------------------------------------------------

    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

545. 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 re-open the comment period on 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

[[Page 5384]]

 
NPRM Comment Period Reopened........   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

546. 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................................   12/00/21
------------------------------------------------------------------------

    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

547. 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, 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 re-open the comment period on 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
NPRM Comment Period Reopened........   04/00/22
------------------------------------------------------------------------

    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

Final Rule Stage

548. 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........................   12/00/21
------------------------------------------------------------------------

    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: 3235-AL84

549. 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.
    Timetable:

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

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

550. 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. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   07/24/18  83 FR 34958

[[Page 5385]]

 
ANPRM Comment Period End............   09/24/18
NPRM................................   12/11/20  85 FR 80232
NPRM Comment Period End.............   02/09/21
Withdrawn...........................   09/30/21
------------------------------------------------------------------------

    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 Investment Management

Proposed Rule Stage

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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

552. 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........................   10/00/22
------------------------------------------------------------------------

    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

553. 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
------------------------------------------------------------------------
Next Action Undetermined............           To Be Determined
------------------------------------------------------------------------

    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

554. 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

555. 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.

[[Page 5386]]

    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

556. 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 was 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. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   09/30/21
------------------------------------------------------------------------

    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 Trading and Markets

Proposed Rule Stage

557. Removal of References to Credit Ratings From Regulation M

    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 Division is considering 
recommending that the Commission propose to eliminate the exceptions 
for investment grade non-convertible debt, non-convertible preferred, 
and asset-backed securities (as rated by at least one Nationally 
Recognized Statistical Rating Organization) from Rules 101 and 102 of 
Regulation M.
    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
NPRM................................   12/00/21
------------------------------------------------------------------------

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

[FR Doc. 2021-27952 Filed 1-28-22; 8:45 am]
BILLING CODE 8011-01-P