[Federal Register Volume 87, Number 151 (Monday, August 8, 2022)]
[Proposed Rules]
[Pages 48424-48428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-15035]



[[Page 48423]]

Vol. 87

Monday,

No. 151

August 8, 2022

Part XXVII





 Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 87 , No. 151 / Monday, August 8, 2022 / UA: 
Reg Flex Agenda  

[[Page 48424]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-11054; 34-94793; IA-6002; IC-34570; File No. S7-15-22]


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) (Sept. 19, 1980). 
The items listed in the Regulatory Flexibility Agenda for Spring 2022 
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 April 22, 2022, the date 
on which the Commission's staff completed compilation of the data. To 
the extent possible, rulemaking actions by the Commission since that 
date have been reflected in the agenda. The Commission invites 
questions and public comment on the agenda and on the individual agenda 
entries.
    The Commission is now printing in the Federal Register, along with 
our preamble, only those agenda entries for which we have indicated 
that preparation of an RFA analysis is required.
    The Commission's complete RFA agenda will be available online at 
www.reginfo.gov.

DATES: Comments should be received on or before September 7, 2022.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/other.shtml); or
     Send an email to [email protected]. Please include 
File Number S7-15-22 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. S7-15-22. This file number 
should be included on the subject line if email is used. To help the 
Commission process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's website (https://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.
Vanessa A. Countryman,
Secretary.

          Division of Corporation Finance--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
366.......................  Rule 144 Holding Period...         3235-AM78
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
367.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
368.......................  Pay Versus Performance....         3235-AL00
369.......................  Mandated Electronic                3235-AM15
                             Filings.
------------------------------------------------------------------------


[[Page 48425]]


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
370.......................  Universal Proxy...........         3235-AL84
371.......................  Filing Fee Disclosure and          3235-AL96
                             Payment Methods
                             Modernization.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
372.......................  Enhanced Reporting of              3235-AK67
                             Proxy Votes by Registered
                             Management Investment
                             Companies; Reporting on
                             Executive Compensation
                             Votes by Institutional
                             Investment Managers.
373.......................  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.
374.......................  Private Fund Advisers;             3235-AN07
                             Documentation of
                             Registered Investment
                             Adviser Compliance
                             Reviews.
375.......................  Cybersecurity Risk                 3235-AN08
                             Governance.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
376.......................  Amendments to the Custody          3235-AM66
                             Rules for Investment
                             Companies.
377.......................  Amendments to Improve Fund         3235-AM73
                             Proxy System.
------------------------------------------------------------------------


            Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
378.......................  Removal of References to           3235-AL14
                             Credit Ratings From
                             Regulation M.
------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

366. Rule 144 Holding Period [3235-AM78]

    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 repropose 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.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/19/21  86 FR 5063
NPRM Comment Period End.............   03/22/21
Second NPRM.........................   10/00/22
------------------------------------------------------------------------

    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

367. Listing Standards for Recovery of Erroneously Awarded Compensation 
[3235-AK99]

    Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
    Abstract: The Division is considering recommending that the 
Commission adopt 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

[[Page 48426]]

 
NPRM Comment Period Reopened........   10/21/21  86 FR 58232
NPRM Comment Period End.............   11/22/21
Final Action........................   10/00/22
------------------------------------------------------------------------

    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. Pay Versus Performance [3235-AL00]

    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
NPRM Comment Period Reopened........   02/02/22  87 FR 5751
NPRM Comment Period End.............   03/04/22
Final Action........................   10/00/22
------------------------------------------------------------------------

    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

369. Mandated Electronic Filings [3235-AM15]

    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 adopt amendments to Regulation S-T that would update the 
mandated electronic submissions requirements to include additional 
filings. These additional filings would include: Form 144, Form 11-K 
and Form 6-K.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/22/21  86 FR 66231
NPRM Comment Period End.............   12/22/21
Final Action........................   10/00/22
------------------------------------------------------------------------

    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

Completed Actions

370. Universal Proxy [3235-AL84]

    Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
    Abstract: The Commission amended the Federal proxy rules to enhance 
the ability of shareholders to elect directors through the proxy 
process in a manner consistent with their ability to vote in person at 
a shareholder meeting.
    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........................   12/01/21  86 FR 68330
Final Action Effective..............   01/31/22
------------------------------------------------------------------------

    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 [3235-
AL96]

    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 Commission adopted amendments that would modernize 
filing fee disclosure and payment methods. The Commission amended most 
fee-bearing forms, schedules, statements and related rules to require 
each filing fee table and accompanying disclosure to include all 
required information for fee calculation in a structured format. The 
amendments will add options for fee payment via Automated Clearing 
House and debit and credit cards, and eliminate options for fee payment 
via paper checks and money orders. The Commission adopted other 
amendments to enhance the efficiency of the fee process.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/27/19  84 FR 71580
NPRM Comment Period End.............   02/25/20
Final Action........................   12/09/21  86 FR 70166
Final Action Effective (Except 17      01/31/22
 CFR 202.3a, 230.111, 240.0-9, &
 270.0-8--Effective 05/31/22).
------------------------------------------------------------------------

    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 Investment Management

Final Rule Stage

372. Enhanced Reporting of Proxy Votes by Registered Management 
Investment Companies; Reporting on Executive Compensation Votes by 
Institutional Investment Managers [3235-AK67]

    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 adopt rule amendments to implement section 951 of the Dodd-
Frank Act and to enhance the information reported on

[[Page 48427]]

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
Second NPRM.........................   10/15/21  86 FR 57478
Final Action........................   10/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Nathan Schurr, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-6394, Email: [email protected].
    RIN: 3235-AK67

373. 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 
[3235-AM52]

    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

374. Private Fund Advisers; Documentation of Registered Investment 
Adviser Compliance Reviews [3235-AN07]

    Legal Authority: 15 U.S.C. 80b-1 et seq.
    Abstract: The Division is considering recommending that the 
Commission adopt rules under the Advisers Act to address lack of 
transparency, conflicts of interest, and certain other matters 
involving private fund advisers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/24/22  87 FR 16886
NPRM Comment Period End.............   04/25/22
Final Action........................   04/00/23
------------------------------------------------------------------------

    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-AN07

375. Cybersecurity Risk Governance [3235-AN08]

    Legal Authority: 15 U.S.C. 80b-1 et seq.; 15 U.S.C. 80a-1 et seq.
    Abstract: The Division is considering recommending that the 
Commission adopt rules to enhance fund and investment adviser 
disclosures and governance relating to cybersecurity risks.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/09/22  87 FR 13524
NPRM Comment Period End.............   04/11/22
Final Action........................   04/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Christopher Staley, Branch Chief, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 
551-8475, Email: [email protected].
    RIN: 3235-AN08

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

376. Amendments to the Custody Rules for Investment Companies [3235-
AM66]

    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. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   04/25/22
------------------------------------------------------------------------

    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

377. Amendments To Improve Fund Proxy System [3235-AM73]

    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. This item is being withdrawn.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   04/25/22
------------------------------------------------------------------------

    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


[[Page 48428]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Final Rule Stage

378. Removal of References to Credit Ratings From Regulation M [3235-
AL14]

    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 adopt proposed amendments 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 and replace the exception in Rule 101 
with alternative standards--one based on distance to default using a 
Structural Credit Risk Model for non-convertible debt and non-
convertible preferred debt, and one based on SF-3 shelf registration 
for asset-backed 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
NPRM................................   03/30/22  87 FR 18312
NPRM Comment Period End.............   05/23/22
Final Action........................   04/00/23
------------------------------------------------------------------------

    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. 2022-15035 Filed 8-5-22; 8:45 am]
BILLING CODE 8011-01-P