[Federal Register Volume 88, Number 143 (Thursday, July 27, 2023)]
[Proposed Rules]
[Pages 48694-48702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14566]



[[Page 48693]]

Vol. 88

Thursday,

No. 143

July 27, 2023

Part XXV





 Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 88 , No. 143 / Thursday, July 27, 2023 / UA: 
Reg Flex Agenda  

[[Page 48694]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-11178; 34-97286; IA-6281; IC-34884; File No. S7-09-23]


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 2023 
reflect only the priorities of the Chair of the U.S. Securities and 
Exchange Commission, and do not necessarily reflect the views and 
priorities of any individual Commissioner.
    Information in the agenda was accurate on April 10, 2023, 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 28, 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 S7-09-23 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. S7-09-23. 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. Do not include personal identifiable information in 
submissions; you should submit only information that you wish to make 
available publicly. We may redact in part or withhold entirely from 
publication submitted material that is obscene or subject to copyright 
protection.

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.

                       3 OOD--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
348.......................  Amendments to Requirements         3235-AM58
                             for Filer Validation and
                             Access to the EDGAR
                             Filing System.
------------------------------------------------------------------------


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


[[Page 48695]]


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
350.......................  Prohibition Against                3235-AL04
                             Conflicts of Interest in
                             Certain Securitizations.
351.......................  Cybersecurity Risk                 3235-AM89
                             Governance.
352.......................  Rule 14a-8 Amendments.....         3235-AM91
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
353.......................  Listing Standards for              3235-AK99
                             Recovery of Erroneously
                             Awarded Compensation.
354.......................  Insider Trading                    3235-AM86
                             Arrangements and Related
                             Disclosures.
355.......................  Share Repurchase                   3235-AM94
                             Disclosure Modernization.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
356.......................  Safeguarding Advisory              3235-AM32
                             Client Assets.
357.......................  Investment Company Names..         3235-AM72
358.......................  Enhanced Disclosures by            3235-AM96
                             Certain Investment
                             Advisers and Investment
                             Companies about
                             Environmental, Social,
                             and Governance Investment
                             Practices.
359.......................  Open-End Fund Liquidity            3235-AM98
                             Risk Management Programs
                             and Swing Pricing; Form N-
                             PORT Reporting.
360.......................  Private Fund Advisers;             3235-AN07
                             Documentation of
                             Registered Investment
                             Adviser Compliance
                             Reviews.
361.......................  Cybersecurity Risk                 3235-AN08
                             Management for Investment
                             Advisers, Registered
                             Investment Companies, and
                             Business Development
                             Companies.
362.......................  Outsourcing by Investment          3235-AN18
                             Advisers.
363.......................  Regulation S P: Privacy of         3235-AN26
                             Consumer Financial
                             Information and
                             Safeguarding Customer
                             Information.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
364.......................  Enhanced Reporting of              3235-AK67
                             Proxy Votes by Registered
                             Management Investment
                             Companies; Reporting on
                             Executive Compensation
                             Votes by Institutional
                             Investment Managers.
365.......................  Tailored Shareholder               3235-AM52
                             Reports for Mutual Funds
                             and Exchange-Traded
                             Funds; Fee Information in
                             Investment Company
                             Advertisements.
------------------------------------------------------------------------


            Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
366.......................  Cybersecurity Risk                 3235-AN15
                             Management Rules for
                             Broker-Dealers, Clearing
                             Agencies, MSBSPs, the
                             MSRB, National Securities
                             Associations, National
                             Securities Exchanges,
                             SBSDRs, SBS Dealers, and
                             Transfer Agents.
367.......................  Regulation NMS: Minimum            3235-AN23
                             Pricing Increments,
                             Access Fees, and
                             Transparency of Better
                             Priced Orders.
368.......................  Regulation Best Execution.         3235-AN24
------------------------------------------------------------------------


           Division of Trading and Markets--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
369.......................  Electronic Recordkeeping           3235-AM76
                             Requirements for Broker-
                             Dealers and Security-
                             Based Swap Dealers and
                             Major Security-Based Swap
                             Participants.
370.......................  Shortening the Securities          3235-AN02
                             Transaction Settlement
                             Cycle.
------------------------------------------------------------------------


[[Page 48696]]

SECURITIES AND EXCHANGE COMMISSION (SEC)

Economics

Proposed Rule Stage

348. Amendments to Requirements for Filer Validation and Access to the 
Edgar Filing System [3235-AM58]

    Legal Authority: 15 U.S.C. 77c; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 
U.S.C. 78l; 15 U.S.C. 78m; . . .
    Abstract: The EDGAR Business Office is considering recommending 
that the Commission propose rules and amendments to modernize and 
enhance access to the EDGAR Filing System, including new validation 
requirements for Filers and/or their representatives.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Rosemary Filou, Chief Counsel, EDGAR Business 
Office, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549, Phone: 202 551-4813, Email: [email protected].
    RIN: 3235-AM58

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

349. 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; Pub. L. 112-106, sec. 201(a), sec. 
401, 126 Stat. 313 (2012); Sec. 401 Pub. L. 112-106, 126 Stat. 313 
(2012); Sec. 107, Pub. L. 112-106, 126 Stat. 312; 12 U.S.C. 5461 et 
seq.; 15 U.S.C. 77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77sss(a); 15 U.S.C. 
78a et seq.; 15 U.S.C. 78c(b); 15 U.S.C. 78o(d); 15 U.S.C. 78u-5; 15 
U.S.C. 78w(a); 15 U.S.C. 78ll; 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-9; 15 U.S.C. 80a-10; 15 U.S.C. 80a-13; 
15 U.S.C. 7201 et seq.; 18 U.S.C. 1350; Sec. 107, Pub. L. 112-106, 126 
Stat. 312; 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. 72001 Pub. L. 114-94, 129 Stat. 1312 (2015); . . 
.
    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.........................   04/00/24
------------------------------------------------------------------------

    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

350. Prohibition Against Conflicts of Interest in Certain 
Securitizations [3235-AL04]

    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-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37; Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat. 
313(2012), unless otherwise noted; . . .
    Abstract: The Division is considering recommending that the 
Commission adopt a rule under the Securities Act to implement the 
prohibition under section 621 of the Dodd-Frank Act on material 
conflicts of interest in connection with certain securitizations. The 
proposed rules would prohibit, for a specified period, a securitization 
participant from engaging in any transaction that would result in a 
material conflict of interest between a securitization participant and 
an investor in the relevant asset-backed security. As specified in 
section 621, the proposed rule would provide exceptions for risk-
mitigating hedging activities, bona fide market-making activities, and 
liquidity commitments.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/28/11  76 FR 60320
NPRM Comment Period End.............   12/19/11
NPRM Comment Period Extended........   12/16/11  76 FR 78181
NPRM Comment Period Extended End....   01/13/12
NPRM Comment Period Extended........   01/03/12  77 FR 24
NPRM Comment Period Extended End....   02/13/12
Second NPRM.........................   02/14/23  88 FR 9678
Second NPRM Comment Period End......   03/27/23
Final Action........................   04/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Rolaine Bancroft, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430.
    RIN: 3235-AL04

351. Cybersecurity Risk Governance [3235-AM89]

    Legal Authority: 15 U.S.C. 77g; 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. 78n; 15 U.S.C. 78o; 15 U.S.C. 
78w(a); . . .
    Abstract: The Division is considering recommending that the 
Commission adopt rule amendments to better inform investors about a 
registrant's cybersecurity risk management, strategy and governance, 
and to provide timely notification of material cybersecurity incidents. 
The Commission proposed rules to enhance and standardize disclosures 
regarding cybersecurity risk management, strategy, governance, and 
cybersecurity incident reporting by public companies that are subject 
to the reporting requirements of the Exchange Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/23/22  87 FR 16590
NPRM Comment Period End.............   05/09/22

[[Page 48697]]

 
NPRM Comment Period Reopened........   10/18/22  87 FR 63016
NPRM Comment Period End.............   11/01/22
Final Action........................   10/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Charles Kwon, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3231, Email: [email protected].
    RIN: 3235-AM89

352. Rule 14a-8 Amendments [3235-AM91]

    Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78n; 15 U.S.C. 78w(a); 
15 U.S.C. 80a-20(a); 15 U.S.C. 80a-29; 15 U.S.C. 80a-37; . . .
    Abstract: The Division is considering recommending that the 
Commission adopt rule amendments regarding shareholder proposals under 
Rule 14a-8. The Commission proposed to, among other things, update 
certain substantive bases for exclusion of shareholder proposals under 
the Commission's shareholder proposal rule. The proposed amendments 
would amend the substantial implementation exclusion, the duplication 
exclusion, and the resubmission exclusion.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/27/22  87 FR 45052
NPRM Comment Period End.............   09/12/22
Final Action........................   10/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Hughes Bates, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-3500, Email: [email protected].
    RIN: 3235-AM91

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

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

    Legal Authority: 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. 78c(b); 15 U.S.C. 78j-4; 15 U.S.C. 78l; 15 
U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 80a-20; 15 
U.S.C. 80a-29; 15 U.S.C. 80a-37; 15 U.S.C. 78mm
    Abstract: The Commission adopted a new rule and rule amendments to 
implement Section 954 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010, which added Section 10D to the Securities 
Exchange Act of 1934. In accordance with Section 10D of the Exchange 
Act, the final rules direct the national securities exchanges and 
associations that list securities to establish listing standards that 
require each issuer to develop and implement a policy providing for the 
recovery, in the event of a required accounting restatement, of 
incentive-based compensation received by current or former executive 
officers where that compensation is based on the erroneously reported 
financial information. The listing standards must also require the 
disclosure of the policy. Additionally, the final rules require a 
listed issuer to file the policy as an exhibit to its annual report and 
to include other disclosures in the event a recovery analysis is 
triggered under the policy.
    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........................   11/28/22  87 FR 73076
Final Action Effective..............   01/27/23
------------------------------------------------------------------------

    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

354. Insider Trading Arrangements and Related Disclosures [3235-AM86]

    Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77f; 15 U.S.C. 77g; 15 
U.S.C. 77j; 15 U.S.C. 77q; 15 U.S.C. 77s(a); 15 U.S.C. 77z-3 ; 15 
U.S.C. 78c; 15 U.S.C. 78i; 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(d); 15 U.S.C. 78t-1; 15 U.S.C. 78u-1 ; 15 
U.S.C. 78w(a); 15 U.S.C. 78mm; 15 U.S.C. 80a-8 ; 15 U.S.C. 80a-20(a); 
15 U.S.C. 80a-24(a); 15 U.S.C. 80a-29 ; 15 U.S.C. 80a-37; 15 U.S.C. 
7264; . . .
    Abstract: The Commission adopted amendments to the rule under the 
Securities Exchange Act of 1934 that provides affirmative defenses to 
trading on the basis of material nonpublic information in insider 
trading cases. The amendments add new conditions to this rule that are 
designed to address concerns about abuse of the rule to trade 
securities opportunistically on the basis of material nonpublic 
information in ways that harm investors and undermine the integrity of 
the securities markets. The Commission also adopted new disclosure 
requirements regarding the insider trading policies and procedures of 
issuers, the adoption and termination (including modification) of plans 
that are intended to meet the rule's conditions for establishing an 
affirmative defense, and certain other similar trading arrangements by 
directors and officers. In addition, the Commission adopted amendments 
to the disclosure requirements for director and executive compensation 
regarding equity compensation awards made close in time to the issuer's 
disclosure of material nonpublic information. Finally, the Commission 
adopted amendments to Forms 4 and 5 to require filers to identify 
transactions made pursuant to a plan intended to meet the rule's 
conditions for establishing an affirmative defense, and to require 
disclosure of bona fide gifts of securities on Form 4.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/15/22  87 FR 8686
NPRM Comment Period End.............   04/01/22
Final Action........................   12/29/22  87 FR 80362
Final Action Effective..............   02/27/23
------------------------------------------------------------------------

    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-AM86

355. Share Repurchase Disclosure Modernization [3235-AM94]

    Legal Authority: 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. 80a-8; 15 U.S.C. 80a-23; 15 U.S.C. 80a-24; 15 
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 7 U.S.C. 2(c)(2)(E); 
12 U.S.C. 5221(e)(3),

[[Page 48698]]

5461 et seq.; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77e; 15 U.S.C. 
77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77k; 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. 77aa(25); 15 U.S.C. 77aa(26); 15 U.S.C. 77ddd; 15 U.S.C. 77eee; 
15 U.S.C. 77ggg; 15 U.S.C. 77hhh; 15 U.S.C. 77iii; 15 U.S.C. 77jjj; 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; 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. 78j-3; 15 
U.S.C. 78k; 15 U.S.C. 78k-1; 15 U.S.C. 78n-1; 15 U.S.C. 78n; 15 U.S.C. 
78o(d); 15 U.S.C. 78o-4; 15 U.S.C. 78o-10; 15 U.S.C. 78p; 15 U.S.C. 
78q; 15 U.S.C. 78q-1; 15 U.S.C. 78s; 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; 15 U.S.C. 78mm; 15 U.S.C. 
80a-6(c); 15 U.S.C. 80a-9; 15 U.S.C. 80a-20; 15 U.S.C. 80a-26; 15 
U.S.C. 80a-31(c); 15 U.S.C. 80a-38(a); 15 U.S.C. 80a-39; 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., and 8302; 
18 U.S.C. 1350; Sec. 953(b), Pub. L. 111-203, 124 Stat. 1904 (2010); 
Sec. 102(c), Pub. L. 112-106, 126 Stat. 310 (2012); Pub. L. 111-203, 
939A, 124 Stat. 1376 (2010); Pub. L. 112-106, sec. 503 and 602, 126 
Stat. 326 (2012); 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. 72001 Pub. L. 114-94, 129 Stat. 1312 
(2015); Secs. 2 and 3 Pub. L. 116-222, 134 Stat. 1063 (2020); unless 
otherwise noted; . . .
    Abstract: The Commission adopted amendments to modernize and 
improve disclosure about repurchases of an issuer's equity securities 
that are registered under the Securities Exchange Act of 1934. The 
amendments require additional detail regarding the structure of an 
issuer's repurchase program and its share repurchases, require the 
filing of daily quantitative repurchase data either quarterly or 
semiannually, and eliminate the requirement to file monthly repurchase 
data in an issuer's periodic reports. The amendments also revise and 
expand the existing periodic disclosure requirements about these 
repurchases. Finally, the amendments add new quarterly disclosure in 
certain periodic reports related to an issuer's adoption and 
termination of certain trading arrangements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/15/22  87 FR 8443
NPRM Comment Period End.............   04/01/22
NPRM Comment Period Reopened........   10/18/22  87 FR 63016
NPRM Comment Period End.............   11/01/22
NPRM Comment Period Reopened........   12/12/22  87 FR 75975
NPRM Comment Period End.............   01/11/23
Final Action........................   06/01/23  88 FR 36002
Final Action Effective..............   07/31/23
------------------------------------------------------------------------

    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-AM94

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

356. Safeguarding Advisory Client Assets [3235-AM32]

    Legal Authority: 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; 15 U.S.C. 80b-11; 
15 U.S.C. 80b-23
    Abstract: The Division is considering recommending that the 
Commission adopt amendments to existing rules and/or adopt 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................................   03/09/23  88 FR 14672
NPRM Comment Period End.............   05/08/23
Final Action........................   10/00/23
------------------------------------------------------------------------

    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-AM32

357. Investment Company Names [3235-AM72]

    Legal Authority: 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-
30; 15 U.S.C. 80a-33; 15 U.S.C. 80a-34; 15 U.S.C. 80a-37; 15 U.S.C. 
80a-58; 15 U.S.C. 80a-63; 15 U.S.C. 80a-18; 15 U.S.C. 77e; 15 U.S.C. 
77f; 15 U.S.C. 77g(a); 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 
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 Division is considering recommending that the 
Commission adopt amendments to Investment Company Act rule 35d-1, which 
applies to names used by registered investment companies. The 
Commission proposed to amend the rule that addresses certain broad 
categories of investment company names that are likely to mislead 
investors about an investment company's investments and risks. The 
proposed amendments to this rule are designed to increase investor 
protection by improving and clarifying the requirement for certain 
funds to adopt a policy to invest at least 80% of their assets in 
accordance with the investment focus that the fund's name suggests, 
updating the rule's notice requirements, and establishing recordkeeping 
requirements. The Commission also proposed enhanced prospectus 
disclosure requirements for terminology used in fund names, and 
additional requirements for funds to report information on Form N-PORT 
regarding compliance with the proposed names-related regulatory 
requirements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   03/06/20  85 FR 13221
ANPRM Comment Period End............   05/05/20
NPRM................................   06/17/22  87 FR 36594
NPRM Comment Period End.............   08/16/22
NPRM Comment Period Reopened........   10/18/22  87 FR 63016
NPRM Comment Period End.............   11/01/22
Final Action........................   10/00/23
------------------------------------------------------------------------

    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-AM72

[[Page 48699]]

358. Enhanced Disclosures by Certain Investment Advisers and Investment 
Companies About Environmental, Social, and Governance Investment 
Practices [3235-AM96]

    Legal Authority: 15 U.S.C. 77e; 15 U.S.C. 77f ; 15 U.S.C. 77g; 15 
U.S.C. 77j; 15 U.S.C. 77s; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; 
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; 15 U.S.C. 80b-3; 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 44 
U.S.C. 3506 and 3507; . . .
    Abstract: The Division is considering recommending that the 
Commission adopt requirements for investment companies and investment 
advisers related to environmental, social and governance (ESG) factors, 
including ESG claims and related disclosures. Among other things, the 
Commission proposed to amend rules and forms under both the Investment 
Advisers Act of 1940 and the Investment Company Act of 1940 to require 
registered investment advisers, certain advisers that are exempt from 
registration, registered investment companies, and business development 
companies, to provide additional information regarding their ESG 
investment practices. The proposed amendments to these forms and 
associated rules seek to facilitate enhanced disclosure of ESG issues 
to clients and shareholders. The proposed rules and form amendments are 
designed to create a consistent, comparable, and decision-useful 
regulatory framework for ESG advisory services and investment companies 
to inform and protect investors while facilitating further innovation 
in this evolving area of the asset management industry.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/17/22  87 FR 36654
NPRM Comment Period End.............   08/16/22
NPRM Comment Period Reopened........   10/18/22  87 FR 63016
NPRM Comment Period End.............   11/01/22
Final Action........................   10/00/23
------------------------------------------------------------------------

    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-AM96

359. Open-End Fund Liquidity Risk Management Programs and Swing 
Pricing; Form N-PORT Reporting [3235-AM98]

    Legal Authority: 15 U.S.C. 80a-22(c); 15 U.S.C. 80a-37(a); 15 
U.S.C. 80a-31(a); 15 U.S.C. 80a-35b; 15 U.S.C. 80a-6; 15 U.S.C. 80a-8; 
15 U.S.C. 80a-22; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 
15 U.S.C. 80a-33; 15 U.S.C. 80a-37; 15 U.S.C. 80a-44; 15 U.S.C. 80b-6; 
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; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77q; 15 U.S.C. 77s; 15 
U.S.C. 77sss; 44 U.S.C. 3506; 44 U.S.C. 3507
    Abstract: The Division is considering recommending that the 
Commission adopt changes to regulatory requirements relating to open-
end fund's liquidity and dilution management. The Commission proposed 
amendments to its current rules for open-end management investment 
companies (``open-end funds'') regarding liquidity risk management 
programs and swing pricing. The proposed amendments are designed to 
improve liquidity risk management programs to better prepare funds for 
stressed conditions and improve transparency in liquidity 
classifications. The amendments are also designed to mitigate dilution 
of shareholders' interests in a fund by requiring any open-end fund, 
other than a money market fund or exchange-traded fund, to use swing 
pricing to adjust a fund's net asset value (``NAV'') per share to pass 
on costs stemming from shareholder purchase or redemption activity to 
the shareholders engaged in that activity. In addition, to help 
operationalize the proposed swing pricing requirement, and to improve 
order processing more generally, the Commission proposed a ``hard 
close'' requirement for these funds. Finally, the Commission proposed 
amendments to reporting and disclosure requirements on Forms N-PORT, N-
1A, and N-CEN that apply to certain registered investment companies, 
including registered open-end funds (other than money market funds), 
registered closed-end funds, and unit investment trusts. The proposed 
amendments would require more frequent reporting of monthly portfolio 
holdings and related information to the Commission and the public, 
amend certain reported identifiers, and make other amendments to 
require additional information about funds' liquidity risk management 
and use of swing pricing.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/16/22  87 FR 77172
NPRM Comment Period End.............   02/14/23
Final Action........................   10/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mykaila DeLesDernier, Senior Counsel, Division of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-5129, Email: 
[email protected].
    RIN: 3235-AM98

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

    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
    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........................   10/00/23
------------------------------------------------------------------------

    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

361. Cybersecurity Risk Management for Investment Advisers, Registered 
Investment Companies, and Business Development Companies [3235-AN08]

    Legal Authority: 15 U.S.C. 80a-30(a); 15 U.S.C. 80a-37(a); 15 
U.S.C. 80b-4; 15 U.S.C. 80b-11; 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. 80a-8; 15 U.S.C. 
80a-29; 15 U.S.C. 80a-37; 15 U.S.C. 80b-3(c)(1)
    Abstract: The Division is considering recommending that the 
Commission adopt rules to enhance fund and

[[Page 48700]]

investment adviser disclosures and governance relating to cybersecurity 
risks. The Commission proposed new rules to require registered 
investment advisers (advisers'') and investment companies (funds'') to 
adopt and implement written cybersecurity policies and procedures 
reasonably designed to address cybersecurity risks. The Commission also 
proposed a new rule and form under the Advisers Act to require advisers 
to report significant cybersecurity incidents affecting the adviser, or 
its fund or private fund clients, to the Commission. With respect to 
disclosure, the Commission proposed amendments to various forms 
regarding the disclosure related to significant cybersecurity risks and 
cybersecurity incidents that affect advisers and funds and their 
clients and shareholders. Finally, the Commission proposed new 
recordkeeping requirements under the Advisers Act and Investment 
Company Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/09/22  87 FR 13524
NPRM Comment Period End.............   04/11/22
NPRM Comment Period Reopened........   03/21/23  88 FR 16921
NPRM Comment Period End.............   05/22/23
Final Action........................   10/00/23
------------------------------------------------------------------------

    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

362. Outsourcing by Investment Advisers [3235-AN18]

    Legal Authority: 15 U.S.C. 10b-3; 15 U.S.C. 10b-4; 15 U.S.C. 10b-
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)
    Abstract: The Division is considering recommending that the 
Commission adopt rules related to the oversight of third-party service 
providers. The Commission proposed a new rule under the Investment 
Advisers Act of 1940 to prohibit registered investment advisers 
(``advisers'') from outsourcing certain services or functions without 
first meeting minimum requirements. The proposed rule would require 
advisers to conduct due diligence prior to engaging a service provider 
to perform certain services or functions. It would further require 
advisers to periodically monitor the performance and reassess the 
retention of the service provider in accordance with due diligence 
requirements to reasonably determine that it is appropriate to continue 
to outsource those services or functions to that service provider. The 
Commission also proposed corresponding amendments to the investment 
adviser registration form to collect census-type information about the 
service providers defined in the proposed rule. In addition, the 
Commission proposed related amendments to the Advisers Act books and 
records rule, including a new provision requiring advisers that rely on 
a third party to make and/or keep books and records to conduct due 
diligence and monitoring of that third party and obtain certain 
reasonable assurances that the third party will meet certain standards.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/16/22  87 FR 68816
NPRM Comment Period End.............   12/27/22
Final Action........................   04/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Stewart, Securities and Exchange Commission, 
100 F Street NE, Washington, DC 20549, Phone: 202 551-4410, Email: 
[email protected].
    RIN: 3235-AN18

363.  Regulation S P: Privacy of Consumer Financial Information 
and Safeguarding Customer Information [3235-AN26]

    Legal Authority: 15 U.S.C. 78q; 15 U.S.C. 78q-1; 15 U.S.C. 78mm; 15 
U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 U.S.C. 80b-4; 15 U.S.C. 80b-4a; 15 
U.S.C. 80b-11; 15 U.S.C. 1681w(a); 15 U.S.C. 6801; 15 U.S.C. 6804; 15 
U.S.C. 6805; 15 U.S.C. 6825; 15 U.S.C. 78w
    Abstract: The Division of Investment Management and Division of 
Trading and Markets are considering recommending that the Commission 
adopt amendments to Regulation S-P. The Commission proposed rule 
amendments that would require brokers and dealers, investment companies 
and investment advisers registered with the Commission to adopt written 
policies and procedures for incident response programs to address 
unauthorized access to or use of customer information, including 
procedures for providing timely notification to individuals affected by 
an incident involving sensitive customer information with details about 
the incident and information designed to help affected individuals 
respond appropriately. The Commission also proposed to broaden the 
scope of information covered by amending requirements for safeguarding 
customer records and information, and for properly disposing of 
consumer report information. In addition, the proposed amendments would 
extend the application of the safeguards provisions to transfer agents. 
The proposed amendments would also include requirements to maintain 
written records documenting compliance with the proposed amended rules. 
Finally, the proposed amendments would conform annual privacy notice 
delivery provisions to the terms of an exception provided by a 
statutory amendment to the Gramm-Leach-Bliley Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/06/23  88 FR 20616
NPRM Comment Period End.............   06/05/23  .......................
Final Action........................   04/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Zeena Abdul-Rahman, Senior Counsel, Division of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-4099, Email: 
[email protected].
    RIN: 3235-AN26

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

364. 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; 15 U.S.C. 78mm; 15 
U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 80a-30; 15 
U.S.C. 80a-37; 15 U.S.C. 80a-44; 15 U.S.C. 80b-4; 15 U.S.C. 77e; 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. 
77z-3; 15 U.S.C. 78d-1; 15 U.S.C. 78d-2; 15 U.S.C. 78j(b); 15 U.S.C. 
78n-1; 15 U.S.C. 78o(d); 15 U.S.C. 78ll; 15 U.S.C. 80a-6(c); 15 U.S.C. 
80a-29
    Abstract: The Commission adopted amendments to Form N-PX under the 
Investment Company Act of 1940 to enhance the information mutual funds, 
exchange-traded funds, and certain

[[Page 48701]]

other funds currently report about their proxy votes and to make that 
information easier to analyze. The Commission also adopted rule and 
form amendments under the Securities Exchange Act of 1934 that would 
require an institutional investment manager subject to the Exchange Act 
to report on Form N-PX how it voted proxies relating to executive 
compensation matters, as required by the Exchange Act. The reporting 
requirements for institutional investment managers complete 
implementation of those requirements added by the Dodd-Frank Wall 
Street Reform and Consumer Protection 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
Second NPRM Comment Period End......   12/14/22  .......................
Final Action........................   12/22/22  87 FR 78770
Final Action Effective..............   07/01/24  .......................
------------------------------------------------------------------------

    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

365. Tailored Shareholder Reports for Mutual Funds and Exchange-Traded 
Funds; Fee Information in Investment Company Advertisements [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 Commission adopted rule and form amendments that 
require open-end management investment companies to transmit concise 
and visually engaging annual and semi-annual reports to shareholders 
that highlight key information that is particularly important for 
retail investors to assess and monitor their fund investments. Certain 
information that may be more relevant to financial professionals and 
investors who desire more in-depth information will no longer appear in 
funds' shareholder reports but will be available online, delivered free 
of charge upon request, and filed on a semi-annual basis on Form N-CSR. 
The amendments exclude open-end management investment companies from 
the scope of the current rule that generally permits registered 
investment companies to satisfy shareholder report transmission 
requirements by making these reports and other materials available 
online and providing a notice of that availability. The amendments also 
require that funds tag their reports to shareholders using the Inline 
eXtensible Business Reporting Language structured data language to 
provide machine-readable data that retail investors and other market 
participants may use to more efficiently access and evaluate 
investments. Finally, the Commission adopted amendments to the 
advertising rules for registered investment companies and business 
development companies to promote more transparent and balanced 
statements about investment costs.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/05/20  85 FR 70716
NPRM Comment Period End.............   01/04/21  .......................
Final Action........................   11/25/22  87 FR 72758
Final Action Effective..............   01/24/23  .......................
------------------------------------------------------------------------

    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

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Final Rule Stage

366. Cybersecurity Risk Management Rules For Broker-Dealers, Clearing 
Agencies, MSBSPS, The MSRB, National Securities Associations, National 
Securities Exchanges, SBSDRS, SBS Dealers, and Transfer Agents [3235-
AN15]

    Legal Authority: 15 U.S.C. 77c; 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. 77z-3; 15 U.S.C. 
77sss(a); 15 U.S.C. 78c(b); 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. 78o-10; 15 U.S.C. 78w(a); 15 U.S.C. 
78ll; 15 U.S.C. 80a-6(c); 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. 80b-4; 15 U.S.C. 80b-10; 15 U.S.C. 
80b-11; 15 U.S.C. 7201 et seq.; 18 U.S.C. 1350; . . .
    Abstract: The Division is considering recommending that the 
Commission adopt amendments to require that market entities address 
cybersecurity risks, to improve the Commission's ability to obtain 
information about significant cybersecurity incidents impacting market 
entities, and to improve transparency about cybersecurity risk in the 
U.S. securities markets. The Commission proposed a new rule and form 
and amendments to existing recordkeeping rules to require broker-
dealers, clearing agencies, major security-based swap participants, the 
Municipal Securities Rulemaking Board, national securities 
associations, national securities exchanges, security-based swap data 
repositories, security-based swap dealers, and transfer agents to 
address cybersecurity risks through policies and procedures, immediate 
notification to the Commission of the occurrence of a significant 
cybersecurity incident and, as applicable, reporting detailed 
information to the Commission about a significant cybersecurity 
incident, and public disclosures that would improve transparency with 
respect to cybersecurity risks and significant cybersecurity incidents. 
In addition, the Commission proposed amendments to existing clearing 
agency exemption orders to require the retention of records that would 
need to be made under the proposed cybersecurity requirements. Finally, 
the Commission proposed amendments to address the potential 
availability to security-based swap dealers and major security-based 
swap participants of substituted compliance in connection with those 
requirements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/05/23  88 FR 20212
NPRM Comment Period End.............   06/05/23  .......................
Final Action........................   04/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Nina Kostyukovskyn, Attorney, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 
551-8833, Email: [email protected].
    RIN: 3235-AN15

367.  Regulation NMS: Minimum Pricing Increments, Access Fees, 
and Transparency of Better Priced Orders [3235-AN23]

    Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78c; 15 U.S.C. 78e; 15 
U.S.C. 78f;

[[Page 48702]]

15 U.S.C. 78k; 15 U.S.C. 78k-1; 15 U.S.C. 78o; 15 U.S.C. 78o-3; 15 
U.S.C. 78q; 15 U.S.C. 78s; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
    Abstract: The Division is considering recommending that the 
Commission amend certain rules of Regulation National Market System 
(Regulation NMS) under the Securities Exchange Act of 1934, as amended, 
to adopt variable minimum pricing increments for the quoting and 
trading of NMS stocks, reduce the access fee caps, and enhance the 
transparency of better priced orders.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/29/22  87 FR 80266
NPRM Comment Period End.............   03/31/23  .......................
Final Action........................   04/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kelly Riley, Senior Special Counsel, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 
551-6772, Email: [email protected].
    RIN: 3235-AN23

368.  Regulation Best Execution [3235-AN24]

    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77q(a); 15 U.S.C. 77s(a); 
15 U.S.C. 78b; 15 U.S.C. 78c(b); 15 U.S.C. 78e; 15 U.S.C. 78g(c)(2); 15 
U.S.C. 78i(a); 15 U.S.C. 78j; 15 U.S.C. 78k-1; 15 U.S.C. 78l; 15 U.S.C. 
78m; 15 U.S.C. 78n; 15 U.S.C. 78o(b); 15 U.S.C. 78o(c); 15 U.S.C. 
78o(g); 15 U.S.C. 78o-1; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 
78x; 15 U.S.C. 78dd-1; 15 U.S.C. 78mm; 15 U.S.C. 80a-23; 15 U.S.C. 80a-
29; 15 U.S.C. 80a-30; . . .
    Abstract: The Division is considering recommending that the 
Commission adopt new rules under the Securities Exchange Act of 1934 
relating to a broker-dealer's duty of best execution. Proposed 
Regulation Best Execution would enhance the existing regulatory 
framework concerning the duty of best execution by requiring detailed 
policies and procedures for all broker-dealers and more robust policies 
and procedures for broker-dealers engaging in certain conflicted 
transactions with retail customers, as well as related review and 
documentation requirements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/27/23  88 FR 5440
NPRM Comment Period End.............   03/31/23  .......................
Final Action........................   04/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: David R. Dimitrious, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-5131, 
Email: [email protected].
    RIN: 3235-AN24

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

369. Electronic Recordkeeping Requirements for Broker-Dealers and 
Security-Based Swap Dealers and Major Security-Based Swap Participants 
[3235-AM76]

    Legal Authority: 15 U.S.C. 78q; 15 U.S.C. 78o-10(f)(2)
    Abstract: The Commission adopted amendments to the recordkeeping 
rules applicable to broker-dealers, security-based swap dealers, and 
major security-based swap participants. The amendments modify 
requirements regarding the maintenance and preservation of electronic 
records, the use of third-party recordkeeping services to hold records, 
and the prompt production of records. The Commission also designated 
broker-dealer examining authorities as Commission designees for 
purposes of certain provisions of the broker-dealer record maintenance 
and preservation rule.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/01/21  86 FR 68300
NPRM Comment Period End.............   01/03/22  .......................
Final Action........................   11/03/22  87 FR 66412
Final Action Effective..............   01/03/23  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Timothy Fox, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-5687, Email: [email protected].
    RIN: 3235-AM76

370. Shortening the Securities Transaction Settlement Cycle [3235-AN02]

    Legal Authority: 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-1; 15 U.S.C. 
78w(a); 15 U.S.C. 80b-4; 15 U.S.C. 80b-11; 15 U.S.C. 78ll; . . .
    Abstract: The Commission adopted rule amendments to shorten the 
standard settlement cycle for most broker-dealer transactions from two 
business days after the trade date (``T+2'') to one business day after 
the trade date (``T+1''). In addition, the Commission adopted new rules 
related to the processing of institutional trades by broker-dealers and 
certain clearing agencies. The Commission also amended certain 
recordkeeping requirements applicable to registered investment 
advisers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   02/24/22  87 FR 10436
NPRM Comment Period End.............   04/11/22  .......................
Final Action........................   03/06/23  88 FR 13872
Final Action Effective..............   05/05/23  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Matthew Lee, Assistant Director, Division of 
Trading and Markets, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-5794, Email: [email protected].
    RIN: 3235-AN02

[FR Doc. 2023-14566 Filed 7-26-23; 8:45 am]
BILLING CODE 8011-01-P