[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Unknown Section]
[Pages 66976-66983]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16470]



[[Page 66975]]

Vol. 89

Friday,

No. 159

August 16, 2024

Part XXVI





Securities and Exchange Commission





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Semiannual Regulatory Agenda

  Federal Register / Vol. 89 , No. 159 / Friday, August 16, 2024 / UA: 
Reg Flex Agenda  

[[Page 66976]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-11287; 34-100157; IA-6605; IC-35194; File No. S7-2024-
03]


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 2024 
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 May 1, 2024, the date on 
which the Commission's staff completed compilation of the data. To the 
extent possible, rulemaking actions by the Commission since that date 
have been reflected in the agenda. The Commission invites questions and 
public comment on the agenda and on the individual agenda entries.
    The Commission is now printing in the Federal Register, along with 
our preamble, only those agenda entries for which we have indicated 
that preparation of an RFA analysis is required.
    The Commission's complete RFA agenda will be available online at 
www.reginfo.gov.

DATES: Comments should be received on or before September 16, 2024.

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/2024/05/s7-2024-03); or
     Send an email to [email protected]. Please include 
File Number S7-2024-03 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. S7-2024-03. 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/2024/05/s7-2024-03). 
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 identifying 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--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
365.......................  EDGAR Filer Access and             3235-AM58
                             Account Management.
------------------------------------------------------------------------


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


[[Page 66977]]


            Division of Corporation Finance--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
367.......................  Rule 14a-8 Amendments.....         3235-AM91
------------------------------------------------------------------------


           Division of Corporation Finance--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
368.......................  Prohibition Against                3235-AL04
                             Conflicts of Interest in
                             Certain Securitizations.
369.......................  The Enhancement and                3235-AM87
                             Standardization of
                             Climate-Related
                             Disclosures for Investors.
370.......................  Special Purpose                    3235-AM90
                             Acquisition Companies,
                             Shell Companies, and
                             Projections.
------------------------------------------------------------------------


         Division of Investment Management--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
371.......................  Customer Identification            3235-AN34
                             Programs for Registered
                             Investment Advisers and
                             Exempt Reporting Advisers.
------------------------------------------------------------------------


           Division of Investment Management--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
372.......................  Enhanced Disclosures by            3235-AM96
                             Certain Investment
                             Advisers and Investment
                             Companies about
                             Environmental, Social,
                             and Governance Investment
                             Practices.
373.......................  Cybersecurity Risk                 3235-AN08
                             Management for Investment
                             Advisers, Registered
                             Investment Companies, and
                             Business Development
                             Companies.
374.......................  Outsourcing by Investment          3235-AN18
                             Advisers.
------------------------------------------------------------------------


          Division of Investment Management--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
375.......................  Regulation S P: Privacy of         3235-AN26
                             Consumer Financial
                             Information and
                             Safeguarding Customer
                             Information.
376.......................  Exemption for Certain              3235-AN31
                             Investment Advisers
                             Operating Through the
                             Internet.
------------------------------------------------------------------------


            Division of Trading and Markets--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
377.......................  Electronic Submission of           3235-AL85
                             Certain Materials Under
                             the Securities Exchange
                             Act of 1934; Amendments
                             Regarding FOCUS Report.
378.......................  Amendments to Exchange Act         3235-AM45
                             Rule 3b-16 re Definition
                             of ``Exchange'';
                             Regulation ATS and
                             Regulation SCI for ATSs
                             That Trade U.S.
                             Government Securities,
                             NMS Stocks and Other
                             Securities.
379.......................  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.
380.......................  Regulation NMS: Minimum            3235-AN23
                             Pricing Increments,
                             Access Fees, and
                             Transparency of Better
                             Priced Orders.
381.......................  Regulation Best Execution.         3235-AN24
------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION (SEC)

3 OOD

Final Rule Stage

365. Edgar Filer Access and Account Management [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 adopt rules and amendments concerning access to and 
management of accounts on the Commission's Electronic Data Gathering, 
Analysis, and Retrieval system (EDGAR'') that are related to potential 
technical changes to EDGAR (collectively referred to as EDGAR Next''). 
The Commission proposed to require that electronic filers (filers'') 
authorize and maintain designated individuals as account administrators 
and that filers, through their account administrators, take certain 
actions to manage their accounts on a dashboard on EDGAR. Further, the 
Commission proposed that filers may only authorize individuals as 
account administrators or in the other roles described herein if those 
individuals first obtain individual

[[Page 66978]]

account credentials in the manner to be specified in the EDGAR Filer 
Manual. As part of the EDGAR Next changes, the Commission would offer 
filers optional Application Programming Interfaces (``APIs'') for 
machine-to-machine communication with EDGAR, including submission of 
filings and retrieval of related information. If the proposed rule and 
form amendments are adopted, the Commission would make corresponding 
changes to the EDGAR Filer Manual and implement the potential technical 
changes.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/22/23  88 FR 65524
NPRM Comment Period End.............   11/21/23
Final Action........................   10/00/24
------------------------------------------------------------------------

    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

366. 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.........................   04/00/25
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Luna Bloom, Attorney Adviser, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-3194, Email: [email protected].
    RIN: 3235-AM78

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

367. 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........................   04/00/25
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Steve Hearne, Special Counsel, Division of 
Corporation Finance, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AM91

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

368. 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 Commission adopted a rule to implement Section 621 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 
prohibiting an underwriter, placement agent, initial purchaser, or 
sponsor of an asset-backed security (including a synthetic asset backed 
security), or certain affiliates or subsidiaries of any such entity, 
from engaging in any transaction that would involve or result in 
certain material conflicts of interest.
    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........................   12/07/23  88 FR 85396

[[Page 66979]]

 
Final Action Effective..............   02/05/24
------------------------------------------------------------------------

    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

369. The Enhancement and Standardization of Climate-Related Disclosures 
for Investors [3235-AM87]

    Legal Authority: 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. 78c(b); 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 
78o; 15 U.S.C. 78mm; . . .
    Abstract: The Commission adopted amendments to its rules under the 
Securities Act of 1933 and Securities Exchange Act of 1934 that will 
require registrants to provide certain climate-related information in 
their registration statements and annual reports. The final rules will 
require information about a registrant's climate-related risks that 
have materially impacted, or are reasonably likely to have a material 
impact on, its business strategy, results of operations, or financial 
condition. In addition, under the final rules, certain disclosures 
related to severe weather events and other natural conditions will be 
required in a registrant's audited financial statements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/11/22  87 FR 21334
NPRM Comment Period Extended........   05/12/22  87 FR 29059
NPRM Comment Period End.............   06/17/22
NPRM Comment Period Reopened........   10/18/22  87 FR 63016
NPRM Comment Period End.............   11/01/22
Final Action........................   03/28/24  89 FR 21668
Effective Date Delayed..............   04/12/24  89 FR 25804
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elliot Staffin, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3243, Email: [email protected].
    RIN: 3235-AM87

370. Special Purpose Acquisition Companies, Shell Companies, and 
Projections [3235-AM90]

    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. 77z-3; 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; 15 U.S.C. 78w(a); 15 U.S.C. 78mm; 15 
U.S.C. 80a-6(c); 15 U.S.C. 80a-37(a); . . .
    Abstract: The Commission adopted rules intended to enhance investor 
protections in initial public offerings by special purpose acquisition 
companies (commonly known as SPACs) and in subsequent business 
combination transactions between SPACs and private operating companies 
(commonly known as de-SPAC transactions). Specifically, the Commission 
adopted disclosure requirements with respect to, among other things, 
compensation paid to sponsors, conflicts of interest, dilution, and the 
determination, if any, of the board of directors (or similar governing 
body) of a SPAC regarding whether a de-SPAC transaction is advisable 
and in the best interests of the SPAC and its shareholders. The 
Commission adopted rules that require a minimum dissemination period 
for the distribution of security holder communication materials in 
connection with de-SPAC transactions. The Commission adopted rules that 
require the re-determination of smaller reporting company (SRC) status 
in connection with de-SPAC transactions. The Commission also adopted 
rules that address the scope of the safe harbor for forward-looking 
statements under the Private Securities Litigation Reform Act of 1995. 
Further, the Commission adopted a rule that would deem any business 
combination transaction involving a reporting shell company, including 
a SPAC, to be a sale of securities to the reporting shell company's 
shareholders and are adopting amendments to a number of financial 
statement requirements applicable to transactions involving shell 
companies. In addition, the Commission provided guidance on the status 
of potential underwriters in de-SPAC transactions and adopting updates 
to our guidance regarding the use of projections in Commission filings 
as well as requiring additional disclosure regarding projections when 
used in connection with business combination transactions involving 
SPACs. Finally, the Commission provided guidance for SPACs to consider 
when analyzing their status under the Investment Company Act of 1940.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/13/22  87 FR 29458
NPRM Comment Period End.............   06/13/22  .......................
NPRM Comment Period Reopened........   10/18/22  87 FR 63016
NPRM Comment Period End.............   11/01/22  .......................
Final Action........................   02/26/24  89 FR 14158
Final Action Effective..............   07/01/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Saltzburg, Division of Corporation Finance, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3430, Email: [email protected].
    RIN: 3235-AM90

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Proposed Rule Stage

371.  Customer Identification Programs for Registered 
Investment Advisers and Exempt Reporting Advisers [3235-AN34]

    Legal Authority: Pub. L. 107-56; 31 U.S.C. 5311 et seq.
    Abstract: The Department of the Treasury and the SEC jointly issued 
a proposed rulemaking implementing section 326 of the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001 with regard to certain 
investment advisers. If, as proposed in a separate rulemaking, certain 
investment advisers are included in the definition of ``financial 
institution'' under the Bank Secrecy Act, section 326 will require the 
Secretary of the Treasury and the SEC to jointly prescribe a regulation 
that, among other things, requires investment advisers to implement 
reasonable procedures to verify the identities of their customers.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/21/24  89 FR 44571
NPRM Comment Period End.............   07/22/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Thomas Strumpf, Branch Chief, Division of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE,

[[Page 66980]]

Washington, DC 20549, Phone: 202 227-0576.
    RIN: 3235-AN34

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

372. 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........................   10/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Zeena Abdul-Rahman, Branch Chief, Division of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 551-4099, Email: 
[email protected].
    RIN: 3235-AM96

373. 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 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........................   10/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Robert Holowka, Branch Chief, Division of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549, Phone: 202 714-0905, Email: [email protected].
    RIN: 3235-AN08

374. 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........................   10/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jennifer Porter, Senior Special Counsel, Division 
of Investment Management, Securities and Exchange Commission, 100 F 
Street NE, Washington, DC 20549, Phone: 202 551-6739, Email: 
[email protected].
    RIN: 3235-AN18


[[Page 66981]]



SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

375. 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 Commission adopted rule amendments that will require 
brokers and dealers (or ``broker-dealers''), investment companies, 
investment advisers registered with the Commission (``registered 
investment advisers''), funding portals, and transfer agents registered 
with the Commission or another appropriate regulatory agency as defined 
in the Securities Exchange Act of 1934 (``transfer agents'') 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. In addition, the amendments extend 
the application of requirements to safeguard customer records and 
information to transfer agents; broaden the scope of information 
covered by the requirements for safeguarding customer records and 
information and for properly disposing of consumer report information; 
impose requirements to maintain written records documenting compliance 
with the amended rules; and 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........................   06/03/24  89 FR 47688
Final Action Effective..............   08/02/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Bradley Gude, Branch Chief, Division of Investment 
Management, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549, Phone: 202 551-5590, Email: [email protected].
    RIN: 3235-AN26

376. Exemption for Certain Investment Advisers Operating Through the 
Internet [3235-AN31]

    Legal Authority: 15 U.S.C. 80b-3a(c); 15 U.S.C. 80b-11(a)
    Abstract: The Commission adopted amendments to the rule under the 
Investment Advisers Act of 1940 that exempts certain investment 
advisers that provide advisory services through the internet from the 
prohibition on Commission registration, as well as related amendments 
to Form ADV. The amendments are designed to modernize the rule's 
conditions to account for the evolution in technology and the 
investment advisory industry since the initial adoption of the rule in 
2002.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/01/23  88 FR 50076
NPRM Comment Period End.............   10/02/23  .......................
Final Action........................   04/09/24  89 FR 24693
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Sirimal Mukerjee, Senior Special Counsel, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-3340, Email: [email protected].
    RIN: 3235-AN31

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Final Rule Stage

377. Electronic Submission of Certain Materials Under the Securities 
Exchange Act of 1934; Amendments Regarding Focus Report [3235-AL85]

    Legal Authority: 15 U.S.C. 77f, 77g, 77h, 77j, and 77s(a); 15 
U.S.C. 78c, 78l, 78m, 78n, 78o, 78o-3, 78o-8, 78q, 78q-1, 78s, 78w, 
78dd and 78ll; 15 U.S.C. 77rrr; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 
U.S.C. 80a-30; 15 U.S.C. 80a-37; Pub. L. 111-203, sec. 761(b)
    Abstract: The Division is considering recommending that the 
Commission require electronic filing or submission of certain forms and 
other filings or submissions that are required to be filed with or 
submitted to the Commission under the Securities Exchange Act of 1934 
and the rules and regulations under the Exchange Act. The Commission 
proposed to require the electronic filing or submission on the 
Commission's Electronic Data Gathering, Analysis, and Retrieval 
(``EDGAR'') system, using structured data where appropriate, for 
certain forms filed or submitted by self-regulatory organizations 
(``SROs''). The proposal would require the information currently 
contained in Form 19b-4(e) to be publicly posted on the SRO's website 
and remove the manual signature requirements for SRO proposed rule 
change filings. The Commission also proposed that a clearing agency 
post supplemental material to its website. In addition, the proposal 
would amend rules under the Exchange Act and the Securities Act of 1933 
to require the electronic filing or submission on EDGAR, using 
structured data where appropriate, of certain forms, reports and 
notices provided by broker-dealers, security-based swap dealers and 
major security-based swap participants. The proposed amendments also 
would require withdrawal in certain circumstances of notices filed in 
connection with an exception to counting certain dealing transactions 
toward determining whether a person is a security-based swap dealer. 
Finally, the Commission proposed to allow electronic signatures in 
certain broker-dealer filings, and proposed amendments regarding the 
Financial and Operational Combined Uniform Single Report (``FOCUS 
Report'') to harmonize with other rules, make technical corrections, 
and provide clarifications.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/18/23  88 FR 23920
NPRM Comment Period End.............   05/22/23  .......................
Final Action........................   10/00/24  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Raymond Lombardo, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-5755, Email: [email protected].
    RIN: 3235-AL85

378. Amendments to Exchange Act Rule 3b-16 re Definition of 
``Exchange''; Regulation ATS and Regulation SCI for ATSS That Trade 
U.S. Government Securities, NMS Stocks and Other Securities [3235-AM45]

    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 78mm; 15. U.S.C. 78w(a); 
15 U.S.C. 78q(h); 15 U.S.C. 77q(a); 15 U.S.C. 78n; 15 U.S.C. 78dd-1; 15 
U.S.C.

[[Page 66982]]

78b; 15 U.S.C. 78o(c); 15 U.S.C. 80(a)-23; 15 U.S.C. 78c; 15 U.S.C. 
78o(g); 15 U.S.C. 80a-29; 15 U.S.C. 78j; 15 U.S.C. 78o-4; 15 U.S.C. 
80a-37; 15 U.S.C. 78k-1(c); 15 U.S.C. 78o-5; 15 U.S.C. 77s(a); 15 
U.S.C. 781; 15 U.S.C. 78q(a); 15 U.S.C. 78i(a); 15 U.S.C. 78m; 15 
U.S.C. 78q(b); 15 U.S.C. 78o(b)
    Abstract: The Division is considering recommending that the 
Commission adopt proposed amendments to Exchange Act Rule 3b-16 to 
include systems that offer the use of non-firm trading interest and 
communication protocols to bring together buyers and sellers of 
securities.
    The Division is considering recommending that the Commission adopt 
proposed amendments to Regulation ATS and Regulation SCI for ATSs that 
trade U.S. Government Securities, NMS stock, and other types of 
securities and to require the electronic filing of a modernized version 
of Form ATS and Form ATS-R.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/31/20  85 FR 87106
NPRM Comment Period End.............   03/01/21
Second NPRM.........................   03/18/22  87 FR 15496
Second NPRM Comment Period End......   04/18/22
NPRM Comment Period Reopened........   05/12/22  87 FR 29059
NPRM Comment Period Reopened End....   06/13/22
NPRM Comment Period Reopened........   05/05/23  88 FR 29448
NPRM Comment Period Reopened End....   06/13/23
Final Action........................   10/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Tyler Raimo, Division of Trading and Markets, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549, Phone: 202 551-6227, Email: [email protected].
    RIN: 3235-AM45

379. 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........................   10/00/24
------------------------------------------------------------------------

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

380. 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; 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........................   10/00/24
------------------------------------------------------------------------

    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

381. 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.

[[Page 66983]]

    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/27/23  88 FR 5440
NPRM Comment Period End.............   03/31/23
Final Action........................   10/00/24
------------------------------------------------------------------------

    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

[FR Doc. 2024-16470 Filed 8-15-24; 8:45 am]
BILLING CODE 8011-01-P