[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Proposed Rules]
[Pages 11376-11380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02043]



[[Page 11375]]

Vol. 88

Wednesday,

No. 35

February 22, 2023

Part XXVI





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 88 , No. 35 / Wednesday, February 22, 2023 / 
UA: Reg Flex Agenda  

[[Page 11376]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-11118; 34-96009; IA-6165; IC-34725; File No. S7-24-22]


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 Fall 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 October 6, 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 March 24, 2023.

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 S7-24-22 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. S7-24-22. 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.
------------------------------------------------------------------------
588.......................  Rule 144 Holding Period...         3235-AM78
------------------------------------------------------------------------


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
589.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
590.......................  Pay Versus Performance....         3235-AL00

[[Page 11377]]

 
591.......................  Updating EDGAR Filing              3235-AM15
                             Requirements and Form 144
                             Filings.
592.......................  Proxy Voting Advice.......         3235-AM92
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
593.......................  Enhanced Reporting of              3235-AK67
                             Proxy Votes by Registered
                             Management Investment
                             Companies; Reporting on
                             Executive Compensation
                             Votes by Institutional
                             Investment Managers.
594.......................  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.
595.......................  Private Fund Advisers;             3235-AN07
                             Documentation of
                             Registered Investment
                             Adviser Compliance
                             Reviews.
596.......................  Cybersecurity Risk                 3235-AN08
                             Governance.
------------------------------------------------------------------------


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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

588. Rule 144 Holding Period [3235-AM78]

    Legal Authority: 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. 77z-3; 15 U.S.C. 77sss; 15 
U.S.C. 78c; 15 U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 
15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78o-7 note; 15 U.S.C. 78t; 15 
U.S.C. 78w; 15 U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-8; 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; sec. 201(a) Pub. L. 112-106, 126 Stat. 
313 (2012); sec. 401 Pub. L. 112-106, 126 Stat. 313 (2012); 126 Stat. 
313 (2012), 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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/19/21  86 FR 5063
NPRM Comment Period End.............   03/22/21
Second NPRM.........................   10/00/23
------------------------------------------------------------------------

    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

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

    Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4; 15 
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 
77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 80a-20; 
15 U.S.C. 80a-29; 15 U.S.C. 80a-37; . . .
    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
NPRM Comment Period Reopened........   10/21/21  86 FR 58232
NPRM Comment Period End.............   11/22/21
NPRM Comment Period Reopened........   06/14/22  87 FR 35938
NPRM Comment Period End.............   07/14/22
Final Action........................   04/00/23
------------------------------------------------------------------------

    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


[[Page 11378]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

590. 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(i); 15 U.S.C. 78w(a); 15 U.S.C. 78mm; . . .
    Abstract: The Commission adopted amendments to implement Section 
14(i) of the Securities Exchange Act of 1934, as added by Section 
953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act. Section 14(i) directs the Commission to adopt rules requiring 
registrants to provide disclosure of pay versus performance. The 
disclosure is required in proxy or information statements in which 
executive compensation disclosure is required. The disclosure 
requirements do not apply to emerging growth companies, registered 
investment companies, or foreign private issuers.
    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........................   09/08/22  87 FR 55134
Final Action Effective..............   10/11/22
------------------------------------------------------------------------

    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

591. Updating EDGAR Filing Requirements and Form 144 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; 15 U.S.C. 80a-10; 15 U.S.C. 80a-37; 15 
U.S.C. 77b; 15 U.S.C. 77b note; 15 U.S.C. 77c; 15 U.S.C. 77r; 15 U.S.C. 
77s; 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77s(a); 15 U.S.C. 
77eee; 15 U.S.C. 77ggg; 15 U.S.C. 77nnn; 15 U.S.C. 77sss; 15 U.S.C. 
77sss(a); 15 U.S.C. 77ttt; 15 U.S.C. 78a et seq.; 15 U.S.C. 78c(b); 15 
U.S.C. 78c-3; 15 U.S.C. 78c-5; 15 U.S.C. 78d; 15 U.S.C. 78e; 15 U.S.C. 
78f; 15 U.S.C. 78g; 15 U.S.C. 78i; 15 U.S.C. 78j; 15 U.S.C. 78j-1; 15 
U.S.C. 78k; 15 U.S.C. 78k-1; 15 U.S.C. 78n-1; 15 U.S.C. 78o; 15 U.S.C. 
78o-4; 15 U.S.C. 78o-7 note; 15 U.S.C. 78o-10; 15 U.S.C. 78q; 15 U.S.C. 
78q-1; 15 U.S.C. 78s; 15 U.S.C. 78t; 15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 
U.S.C. 78x; 15 U.S.C. 78dd; 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-13; 15 U.S.C. 80a-20; 15 U.S.C. 80a-23; 
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. 80b-3; 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 
15 U.S.C. 7201 et seq.; 15 U.S.C. 8302; 18 U.S.C. 1350; 7 U.S.C. 
2(c)((2)(E); 12 U.S.C. 5221(e)(3); 12 U.S.C. 5461 et seq.; Pub. L. 111-
203, 939A, 124 Stat. 1376 (2010); Pub. L. 112-106, Sec. 107, Sec. 
201(a), Sec. 401, Sec. 503 and Sec. 602, 126 Stat. 313 (2012); Sec. 
102(a)(3), Pub. L. 112-106, 126 Stat. 209 (2012); Sec. 107, Pub. L. 
112-106, 126 Stat. 209 (2012); Sec. 72001, Pub. L. 114-94, 129 Stat. 
1312 (2015); Secs. 2 and 3, Pub. L. 116-222, 134 Stat. 1063 (2020), 
unless otherwise noted.; Sec. 249.220f is also issued under Secs. 3(a), 
202, 208, 302, 306(a), 401(a), 401(b), 406 and 407, Pub. L. 107-204, 
116 Stat. 745, and Secs. 2 and 3, Pub. L. 116-222, 134 Stat. 1063; Sec. 
249.240f is also issued under Secs. 3(a), 202, 208, 302, 306(a), 
401(a), 401(b), 406 and 407, Pub. L. 107-204, 116 Stat. 745, and Secs. 
2 and 3, Pub. L. 116-222, 134 Stat. 1063; . . .
    Abstract: The Commission adopted rule and form amendments that 
mandate the electronic filing or submission of documents that are 
currently permitted electronic submissions, including the ``glossy'' 
annual report to security holders, notices of exempt solicitations and 
exempt preliminary roll-up communications, notices of sales of 
securities of certain issuers, filings of required reports by foreign 
private issuers and filings made by multilateral development banks on 
our Electronic Data Gathering, Analysis, and Retrieval system.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/22/21  86 FR 66231
NPRM Comment Period End.............   12/22/21  .......................
Final Action........................   06/10/22  87 FR 35393
Final Action Effective..............   07/11/22  .......................
------------------------------------------------------------------------

    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

592. Proxy Voting Advice [3235-AM92]

    Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78n; 15 U.S.C. 78w(a); 
15 U.S.C. 78mm; 15 U.S.C. 80B et seq.; . . .
    Abstract: The Commission adopted amendments to the Federal proxy 
rules governing proxy voting advice as part of its reassessment of 
those rules and in light of feedback from market participants on those 
rules, certain developments in the market for proxy voting advice, and 
comments received regarding the proposed amendments. The amendments 
remove a condition to the availability of certain exemptions from the 
information and filing requirements of the Federal proxy rules for 
proxy voting advice businesses. The release also rescinds certain 
guidance that the Commission issued to investment advisers about their 
proxy voting obligations. In addition, the amendments remove a note 
that provides examples of situations in which the failure to disclose 
certain information in proxy voting advice may be considered misleading 
within the meaning of the Federal proxy rules' prohibition on material 
misstatements or omissions. Finally, the release discusses the 
Commission's views regarding the application of that prohibition to 
proxy voting advice, in particular with respect to statements of 
opinion.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/26/21  86 FR 67383
NPRM Comment Period End.............   12/27/21  .......................
Final Action........................   07/19/22  87 FR 43168
Final Action Effective..............   09/19/22  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Valian Afshar, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-3440, Email: [email protected].
    RIN: 3235-AM92


[[Page 11379]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

593. 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 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........................   04/00/23  .......................
------------------------------------------------------------------------

    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

594. 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........................   04/00/23  .......................
------------------------------------------------------------------------

    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

595. 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  .......................
NPRM Comment Period Reopened........   05/12/22  87 FR 29059
NPRM Comment Period End.............   06/13/22  .......................
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

596. 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 Trading and Markets

Final Rule Stage

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

    Legal Authority: Pub. L. 111-203, sec. 939A
    Abstract: Section 939Aof 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

[[Page 11380]]

 
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. 2023-02043 Filed 2-21-23; 8:45 am]
BILLING CODE 8011-01-P