[Federal Register Volume 86, Number 60 (Wednesday, March 31, 2021)]
[Proposed Rules]
[Pages 17040-17047]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04360]
[[Page 17039]]
Vol. 86
Wednesday,
No. 60
March 31, 2021
Part XXVII
Securities and Exchange Commission
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Semiannual Regulatory Agenda
Federal Register / Vol. 86 , No. 60 / Wednesday, March 31, 2021 / UA:
Reg Flex Agenda
[[Page 17040]]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Chapter II
[Release Nos. 33-10873, 34-90131, IA-5610, IC-34047, File No. S7-14-20]
Regulatory Flexibility Agenda
AGENCY: Securities and Exchange Commission.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Securities and Exchange Commission is publishing the
Chairman's agenda of rulemaking actions pursuant to the Regulatory
Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sep. 19, 1980).
The items listed in the Regulatory Flexibility Agenda for Fall 2020
reflect only the priorities of the Chairman of the U.S. Securities and
Exchange Commission, and do not necessarily reflect the view and
priorities of any individual Commissioner.
Information in the agenda was accurate on October 7, 2020, 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 April 30, 2021.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/other.shtml); or
Send an email to [email protected]. Please include
File Number S7-14-20 on the subject line.
Paper Comments
Send paper comments to Vanessa Countryman, Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File No. S7-14-20. This file number
should be included on the subject line if email is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
internet website (http://www.sec.gov/rules/other.shtml). Comments are
also available for website viewing and printing in the Commission's
Public Reference Room, 100 F Street NE, Washington, DC 20549, on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
All comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Sarit Klein, Office of the General
Counsel, 202-551-5037.
SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, twice
each year, to publish in the Federal Register an agenda identifying
rules that the agency expects to consider in the next 12 months that
are likely to have a significant economic impact on a substantial
number of small entities (5 U.S.C. 602(a)). The RFA specifically
provides that publication of the agenda does not preclude an agency
from considering or acting on any matter not included in the agenda and
that an agency is not required to consider or act on any matter that is
included in the agenda (5 U.S.C. 602(d)). The Commission may consider
or act on any matter earlier or later than the estimated date provided
on the agenda. While the agenda reflects the current intent to complete
a number of rulemakings in the next year, the precise dates for each
rulemaking at this point are uncertain. Actions that do not have an
estimated date are placed in the long-term category; the Commission may
nevertheless act on items in that category within the next 12 months.
The agenda includes new entries, entries carried over from prior
publications, and rulemaking actions that have been completed (or
withdrawn) since publication of the last agenda.
The following abbreviations for the acts administered by the
Commission are used in the agenda:
``Securities Act''--Securities Act of 1933
``Exchange Act''--Securities Exchange Act of 1934
``Investment Company Act''--Investment Company Act of 1940
``Investment Advisers Act''--Investment Advisers Act of 1940
``Dodd Frank Act''--Dodd-Frank Wall Street Reform and Consumer
Protection Act
The Commission invites public comment on the agenda and on the
individual agenda entries.
By the Commission.
Dated: October 8, 2020.
Vanessa A. Countryman,
Secretary.
Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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477....................... Mandated Electronic 3235-AM15
Filings.
478....................... Amendments to Rule 701/ 3235-AM38
Form S-8.
479....................... Rule 144 Holding Period 3235-AM78
and Form 144 Filings.
480....................... Temporary Rules to Include 3235-AM79
Certain ``Platform
Workers'' in Compensatory
Offerings Under Rule 701
and Form S-8.
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Division of Corporation Finance--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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481....................... Universal Proxy........... 3235-AL84
482....................... Filing Fee Disclosure and 3235-AL96
Payment Methods
Modernization.
483....................... Harmonization of Exempt 3235-AM27
Offerings.
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[[Page 17041]]
Division of Corporation Finance--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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484....................... Listing Standards for 3235-AK99
Recovery of Erroneously
Awarded Compensation.
485....................... Pay Versus Performance.... 3235-AL00
486....................... Corporate Board Diversity. 3235-AL91
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Division of Corporation Finance--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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487....................... Amendments to Financial 3235-AL77
Disclosures About
Acquired Businesses.
488....................... Amending the ``Accredited 3235-AM19
Investor'' Definition.
489....................... Procedural Requirements 3235-AM49
and Resubmission
Thresholds Under Exchange
Act Rule 14a-8.
490....................... Amendments to Exemptions 3235-AM50
From the Proxy Rules for
Proxy Voting Advice.
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Division of Investment Management--Propused Rule Stage
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Regulation
Sequence No. Title Identifier No.
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491....................... Investment Company 3235-AM52
Shareholder Report and
Modernization of Certain
Investment Company
Disclosure.
492....................... Amendments to the Family 3235-AM67
Office Rule.
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Division of Investment Management--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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493....................... Use of Derivatives by 3235-AL60
Registered Investment
Companies and Business
Development Companies.
494....................... Investment Adviser 3235-AM08
Advertisements;
Compensation for
Solicitations.
495....................... Investment Company Fair 3235-AM71
Value.
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Division of Investment Management--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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496....................... Reporting of Proxy Votes 3235-AK67
on Executive Compensation
and Other Matters.
497....................... Amendments to Form 13F 3235-AM65
Filer Threshold.
498....................... Amendments to the Custody 3235-AM66
Rules for Investment
Companies.
499....................... Amendments to Rule 17a-7 3235-AM69
Under the Investment
Company Act.
500....................... Amendments to Improve Fund 3235-AM73
Proxy System.
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Division of Investment Management--Completed Actions
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Regulation
Sequence No. Title Identifier No.
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501....................... Fund of Funds Arrangements 3235-AM29
502....................... Amendments to Procedures 3235-AM51
With Respect to
Applications under the
Investment Company Act of
1940.
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Division of Trading and Markets--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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503....................... Removal of Certain 3235-AL14
References to Credit
Ratings Under the
Securities Exchange Act
of 1934.
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Offices and Other Programs--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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504....................... Amendments to Certain 3235-AM63
Provisions of the Auditor
Independence Rules.
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[[Page 17042]]
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Proposed Rule Stage
477. Mandated Electronic Filings
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15 U.S.C. 78c; 15 U.S.C.
78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o(d); 15 U.S.C. 78p; 15
U.S.C. 78w(a); 15 U.S.C. 78ll
Abstract: The Division is considering recommending that the
Commission propose amendments to Regulation S-T that would update the
mandated electronic submissions requirements to include additional
filings.
Timetable:
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Action Date FR Cite
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NPRM................................ 10/00/21
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Sean Harrison, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM15
478. Amendments to Rule 701/Form S-8
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77bb
Abstract: The Division is considering recommending that the
Commission propose rule amendments to Securities Act Rule 701, the
exemption from registration for securities issued by non-reporting
companies pursuant to compensatory arrangements, and Form S-8, the
registration statement for compensatory offerings by reporting
companies.
Timetable:
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Action Date FR Cite
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ANPRM............................... 07/24/18 83 FR 34958
ANPRM Comment Period End............ 09/24/18
NPRM................................ 11/00/20
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Anne M. Krauskopf, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3500, Email: [email protected].
RIN: 3235-AM38
479. Rule 144 Holding Period and Form 144 Filings
E.O. 13771 Designation: Independent agency.
Legal Authority: 12 U.S.C. 5461 et seq.; 15 U.S.C. 77b; 15 U.S.C.
77b note; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g;
15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77r; 15 U.S.C. 77s; 15 U.S.C.
77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77z-3; 15 U.S.C. 77sss; 15 U.S.C.
77sss(a); 15 U.S.C. 78a et seq.; 15 U.S.C. 78c; 15 U.S.C. 78c(b); 15
U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n;
15 U.S.C. 78o; 15 U.S.C. 78o-7 note; 15 U.S.C. 78o(d); 15 U.S.C. 78t;
15 U.S.C. 78u-5; 15 U.S.C. 78w; 15 U.S.C. 78w(a); 15 U.S.C. 78ll; 15
U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-3; 15
U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-9; 15 U.S.C. 80a-10; 15
U.S.C. 80a-13; 15 U.S.C. 80a-24; 15 U.S.C. 80a-26; 15 U.S.C. 80a-28; 15
U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; 15 U.S.C. 7201 et
seq.; 18 U.S.C, 1350; Sec 953(b) Pub. L. 111-203, 124 Stat. 1904; Sec
102(a)(3) Pub. L. 112-106, 126 Stat. 309 (2012); Sec 107 Pub. L. 112-
106, 126 Stat. 313 (2012); Sec 201(a) Pub. L. 112-106, 126 Stat. 313
(2012); Sec 401 Pub. L. 112-106, 126 Stat. 313 (2012); Sec 72001 Pub.
L. 114-94, 129 Stat. 1312 (2015), unless otherwise noted; . . .
Abstract: The Division is considering recommending that the
Commission propose amendments to Rule 144, a non-exclusive safe harbor
that permits the public resale of restricted or control securities if
the conditions of the rule are met, and rule amendments to update the
electronic filing requirements applicable to Form 144.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/00/20 .......................
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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
480. Temporary Rules To Include Certain ``Platform Workers''
in Compensatory Offerings Under Rule 701 and Form S-8
E.O. 13771 Designation: Independent agency.
Legal Authority: 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. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C.
78w(a); 15 U.S.C. 78mm; . . .
Abstract: The Division is considering recommending that the
Commission propose temporary rule amendments to Rule 701 and Form S-8
for offers and sales of securities for a compensatory purpose to
certain platform workers.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/00/20 .......................
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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: 202 551-3450, Email: [email protected].
RIN: 3235-AM79
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Final Rule Stage
481. Universal Proxy
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78n; 15 U.S.C. 78w(a)
Abstract: The Division is considering recommending that the
Commission adopt amendments to the proxy rules to allow a shareholder
voting by proxy to choose among duly-nominated candidates in a
contested election of directors.
Timetable:
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Action Date FR Cite
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NPRM................................ 11/10/16 81 FR 79122
NPRM Comment Period End............. 01/09/17 .......................
Final Action........................ 10/00/21 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Ted Yu, Division of Corporation Finance, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549, Phone:
202 551-3440, Email: [email protected].
RIN: 235-AL84
482. Filing Fee Disclosure and Payment Methods Modernization
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s(a); 15
U.S.C. 78c; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o(d); 15 U.S.C.
78s(a); 15
[[Page 17043]]
U.S.C. 78ll; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15
U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission adopt amendments that would modernize filing fee disclosure
and payment methods by requiring fee calculation information to be
provided in a structured format, and by updating the fee payment
options. The amendments are intended to improve filing fee preparation
and payment processing by facilitating both enhanced validation through
fee structuring and lower-cost, easily routable payments.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/27/19 84 FR 71580
NPRM Comment Period End............. 02/25/20 .......................
Final Action........................ 05/00/21 .......................
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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: 202 551-3430, Email: [email protected].
RIN: 3235-AL96
483. Harmonization of Exempt Offerings
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Division is considering recommending that the
Commission adopt rule amendments to harmonize and streamline the
Commission's rules for exempt offerings under the Securities Act of
1933, including Regulation A, Regulation D, and Regulation
Crowdfunding, in order to enhance their clarity and ease of use.
Timetable:
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Action Date FR Cite
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ANPRM............................... 06/26/19 84 FR 30460
ANPRM Comment Period End............ 09/24/19 .......................
NPRM................................ 03/31/20 85 FR 17956
NPRM Comment Period End............. 06/01/20 .......................
Final Action........................ 11/00/20 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM27
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Long-Term Actions
484. Listing Standards for Recovery of Erroneously Awarded Compensation
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4
Abstract: The Commission proposed rules to implement section 954 of
the Dodd-Frank Act, which requires the Commission to adopt rules to
direct national securities exchanges to prohibit the listing of
securities of issuers that have not developed and implemented a policy
providing for disclosure of the issuer's policy on incentive-based
compensation and mandating the clawback of such compensation in certain
circumstances.
Timetable:
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Action Date FR Cite
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NPRM................................ 07/14/15 80 FR 41144
NPRM Comment Period End............. 09/14/15 .......................
Next Action Undetermined............
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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
485. Pay Versus Performance
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 953(a); 15 U.S.C. 78c(b); 15
U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm
Abstract: The Commission proposed rules to implement section 953(a)
of the Dodd-Frank Act, which added section 14(i) to the Exchange Act to
require issuers to disclose information that shows the relationship
between executive compensation actually paid and the financial
performance of the issuer.
Timetable:
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Action Date FR Cite
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NPRM................................ 05/07/15 80 FR 26329
NPRM Comment Period End............. 07/06/15 .......................
Next Action Undetermined............
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steven G. Hearne, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL00
486. Corporate Board Diversity
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77c(b); 15 U.S.C. 77f; 15 U.S.C. 77g; 15
U.S.C. 78l; 15 U.S.C. 78m
Abstract: The Division is considering recommending that the
Commission propose amendments to the proxy rules to require additional
disclosure about the diversity of board members and nominees.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Felicia H. Kung, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AL91
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Corporation Finance
Completed Actions
487. Amendments to Financial Disclosures About Acquired Businesses
E.O. 13771 Designation: Independent agency.
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(d); 15 U.S.C. 78w(a); 15 U.S.C. 778mm; 15 U.S.C. 77c; 15 U.S.C.
77f; 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-8; 15 U.S.C. 80a-24(a); 15
U.S.C. 80a-29; 15 U.S.C. 80a-37
Abstract: The Commission adopted amendments to Regulation S-X (Rule
3-05) that affect the disclosure of financial information of acquired
businesses. When a registrant acquires a business other than a real
estate operation, Rule 305 generally requires a registrant to provide
separate audited annual and unaudited interim pre-acquisition financial
statements of the business if it is significant to the registrant.
Timetable:
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Action Date FR Cite
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ANPRM............................... 10/01/15 80 FR 59083
[[Page 17044]]
ANPRM Comment Period End............ 11/30/15 .......................
NPRM................................ 05/28/19 84 FR 24600
NPRM Comment Period End............. 07/29/19 .......................
Final Action........................ 08/31/20 85 FR 54002
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Todd Hardiman, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3516, Email: [email protected].
Patrick Gilmore, Deputy Chief Accountant, Division of Corporation
Finance, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-3406, Email: [email protected].
RIN: 3235-AL77
488. Amending the ``Accredited Investor'' Definition
E.O. 13771 Designaion: Independent agency.
Legal Authority: 15 U.S.C. 77a et seq.
Abstract: The Commission adopted amendments to the definition of
accredited investor'' to add new categories of qualifying natural
persons and entities and to make certain other modifications to the
existing definition. The amendments are intended to update and improve
the definition to identify more effectively investors that have
sufficient knowledge and expertise to participate in investment
opportunities that do not have the rigorous disclosure and procedural
requirements, and related investor protections, provided by
registration under the Securities Act of 1933. Specifically, the
amendments add new categories of natural persons that may qualify as
accredited investors based on certain professional certifications or
designations or other credentials or their status as a private fund's
knowledgeable employee,'' expand the list of entities that may qualify
as accredited investors, add entities owning $5 million in investments,
add family offices with at least $5 million in assets under management
and their family clients, and add the term spousal equivalent'' to the
definition. The amendments also include amendments to the qualified
institutional buyer'' definition in Rule 144A under the Securities Act
to expand the list of entities that are eligible to qualify as
qualified institutional buyers.
Timetable:
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Action Date FR Cite
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NPRM................................ 01/15/20 85 FR 2574
NPRM Comment Period End............. 03/16/20 .......................
Final Action........................ 10/09/20 85 FR 64234
Final Action Effective.............. 12/08/20 .......................
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jennifer Zepralka, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3430, Email: [email protected].
RIN: 3235-AM19
489. Procedural Requirements and Resubmission Thresholds Under Exchange
Act Rule 14A-8
E.O. 13771 Designation: Independent agency
Legal Authority: 15 U.S.C. 78a et seq.; 15 U.S.C. 78c(b); 15 U.S.C.
78n; 15 U.S.C. 78w(a)
Abstract: The Commission adopted amendments regarding the
thresholds for shareholder proposals under Rule 14a-8.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/04/19 84 FR 66458
NPRM Comment Period End............. 02/03/20 .......................
Final Action........................ 11/04/20 85 FR 70240
Final Action Effective--Except for 01/04/21 .......................
Amendatory Instruction 2.b which is
effective 1/4/2021 thru 1/1/23.
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dan Greenspan, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3623, Email: [email protected].
RIN: 3235-AM49
490. Amendments to Exemptions From the Proxy Rules for Proxy Voting
Advice
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78a et seq.
Abstract: The Commission adopted amendments to its rules governing
proxy solicitations so that investors who use proxy voting advice
receive more transparent, accurate, and complete information on which
to make their voting decisions, without imposing undue costs or delays
that could adversely affect the timely provision of proxy voting
advice. The amendments add conditions to the availability of certain
existing exemptions from the information and filing requirements of the
Federal proxy rules that are commonly used by proxy voting advice
businesses. These conditions require compliance with disclosure and
procedural requirements, including conflicts of interest disclosures by
proxy voting advice businesses and two principles-based requirements.
In addition, the amendments codify the Commission's interpretation that
proxy voting advice generally constitutes a solicitation within the
meaning of the Securities Exchange Act of 1934. Finally, the amendments
clarify when the failure to disclose certain information in proxy
voting advice may be considered misleading within the meaning of the
antifraud provision of the proxy rules, depending upon the particular
facts and circumstances.
Timetable:
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Action Date FR Cite
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NPRM................................ 12/04/19 84 FR 66518
NPRM Comment Period End............. 02/03/20 .......................
Final Action........................ 09/03/20 85 FR 55082
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dan Greenspan, Division of Corporation Finance,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3623, Email: [email protected].
RIN: 3235-AM50
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Proposed Rule Stage
491. Investment Company Shareholder Report and Modernization of Certain
Investment Company Disclosure
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77e ; 15 U.S.C. 77g; 15 U.S.C. 77j; 15
U.S.C.77s; 15 U.S.C. 78c(b); 15 U.S.C. 77f; 15 U.S.C. 78j; 15 U.S.C.
78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78mm; 15 U.S.C. 80a-6; 15
U.S.C. 80a-8; 15 U.S.C. 80a-20; 15 U.S.C. 80a-24; 15 U.S.C. 80a-29; 15
U.S.C. 80a-37; 44 U.S.C. 3506; 44 U.S.C. 3507
Abstract: The Division is considering recommending that the
Commission propose a new streamlined shareholder report under the
Investment Company
[[Page 17045]]
Act of 1940. The Division is also considering recommending that the
Commission propose rule and form amendments to improve and modernize
certain aspects of the current disclosure framework under the
Investment Company Act.
Timetable:
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Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/05/20 85 FR 70716
NPRM Comment Period End............. 01/04/21 .......................
------------------------------------------------------------------------
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
492. Amendments to the Family Office Rule
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80b-2(a)(11)(G); 15 U.S.C. 80b-6a
Abstract: The Division is considering recommending that the
Commission propose targeted amendments to the family office rule under
section 202(a)(11) of the Investment Advisers Act of 1940. Family
offices, as so defined in the Act, are excluded from the Act's
definition of investment adviser, and are thus not subject to any of
the provisions of the Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/00/21 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alexis Palascak, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-6246.
RIN: 3235-AM67
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Final Rule Stage
493. Use of Derivatives by Registered Investment Companies and Business
Development Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-60; 15 U.S.C.
80a-12(a); 15 U.S.C. 80a-37; 15 U.S.C. 80a-8; 15 U.S.C. 80a-22(c); 15
U.S.C. 80a-18; 15 U.S.C. 78c; 15 U.S.C. 78c-5; 15 U.S.C. 78j; 15 U.S.C.
78o; 15 U.S.C. 78m; 15 U.S.C. 78o-10; 15 U.S.C. 78q; 15 U.S.C. 78w; 15
U.S.C. 78mm; 15 U.S.C. 80b-6; 15 U.S.C. 80b-6a; 15 U.S.C. 80b-8; 15
U.S.C. 80b-aa; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C.
77s; 15 U.S.C. 78ll
Abstract: The Division is considering recommending that the
Commission adopt a new rule designed to enhance the regulation of the
use of derivatives by registered investment companies, including mutual
funds, exchange-traded funds, closed-end funds, and business
development companies.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/28/15 80 FR 80884
NPRM Comment Period End............. 03/28/16 .......................
Second NPRM......................... 01/24/20 85 FR 4446
Second NPRM Comment Period End...... 03/04/20 .......................
Final Action........................ 11/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Brian Johnson, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6740, Email: [email protected].
RIN: 3235-AL60
494. Investment Adviser Advertisements; Compensation for Solicitations
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80b-b(4); 15 U.S.C. 80b-11a; 15 U.S.C.
80b-(4)
Abstract: The Division is considering recommending that the
Commission adopt amendments to rules 206(4)-1 and 206(4)-3 under the
Investment Advisers Act of 1940 regarding marketing communications and
practices by investment advisers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/10/19 84 FR 67518
NPRM Comment Period End............. 02/10/20 .......................
Final Action........................ 05/00/21 .......................
------------------------------------------------------------------------
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-AM08
495. Investment Company Fair Value
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-6(c); 15 U.S.C.
80a-37(a)
Abstract: The Division is considering recommending that the
Commission adopt a rule regarding the valuation practices and the role
of the board of directors with respect to the fair value of the
investments of a registered investment company or business development
company.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/13/20 85 FR 28734
NPRM Comment Period End............. 07/21/20 .......................
Final Action........................ 12/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Thoreau Adrian Bartmann, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, Phone: 202 551-6745, Email: [email protected].
RIN: 3235-AM71
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Long-Term Actions
496. Reporting of Proxy Votes on Executive Compensation and Other
Matters
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w(a); 15 U.S.C. 78mm;
15 U.S.C. 78x; 15 U.S.C. 80a-8; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37; 15 U.S.C. 80a-44; Pub. L. 111-203, sec. 951
Abstract: The Division is considering recommending that the
Commission repropose rule amendments to implement section 951 of the
Dodd-Frank Act. The Commission previously proposed amendments to rules
and Form N-PX that would require institutional investment managers
subject to section 13(f) of the Exchange Act to report how they voted
on any shareholder vote on executive compensation or golden parachutes
pursuant to sections 14A(a) and (b) of the Exchange Act.
Timetable:
[[Page 17046]]
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/28/10 75 FR 66622
NPRM Comment Period End............. 11/18/10 .......................
Next Action Undetermined............
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Pamela Ellis, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, Phone: 202 551-3506, Email:
[email protected].
RIN: 3235-AK67
497. Amendments to Form 13F Filer Threshold
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78m(f); 15 U.S.C. 78w;
15 U.S.C. 78x; 15 U.S.C. 78mm
Abstract: Form 13F is the reporting form filed by institutional
investment managers pursuant to Section 13(f) of the Securities
Exchange Act of 1934. Institutional investment managers that exercise
investment discretion over $100 million or more in Section 13(f)
securities must file Form 13F. The Commission proposed rule and related
form amendments regarding, among other things, the thresholds for Form
13F filers. The Division is considering recommendations for next steps,
including whether to recommend targeted amendments to Form 13F and
targeted exemptions from the filing requirements where duplicative
filings exist.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/31/20 85 FR 46016
Next Action Undetermined............
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Zeena Abdul-Rahman, Senior Counsel, Divisions of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549, Phone: 202 551-4099, Email:
[email protected].
RIN: 3235-AM65
498. Amendments to the Custody Rules for Investment Companies
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-17(f); 15 U.S.C.
80a-26; 15 U.S.C. 80a-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C.
80a-31; 15 U.S.C. 80a-36; 15 U.S.C. 80a-37; 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rules concerning custody under the
Investment Company Act of 1940.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mr. Bradley Gude, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549, Phone: 202 551-5590,
Email:[email protected].
RIN: 3235-AM66
499. Amendments to Rule 17A-7 Under the Investment Company Act
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-10(f); 15 U.S.C.
80a-17(d); 15 U.S.C. 80a-37(a)
Abstract: The Division is considering recommending that the
Commission propose amendments to rule 17a-7 under the Investment
Company Act of 1940 concerning the exemption of certain purchase or
sale transactions between an investment company and certain affiliated
persons.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Adam Lovell, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, Phone: 202 551-6637, Email:
[email protected].
RIN: 3235-AM69
500. Amendments To Improve Fund Proxy System
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 78m; 15 U.S.C. 78w; 15 U.S.C. 78mm; 15
U.S.C. 80a-2; 15 U.S.C. 80a-6; 15 U.S.C. 80a-20; 15 U.S.C. 80a-30; 15
U.S.C. 80a-37
Abstract: The Division is considering recommending that the
Commission propose rule and form amendments to address the fund proxy
system and the unique challenges that funds as issuers may experience
in seeking shareholder approvals.
Timetable: Next Action Undetermined.
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Amanda Wagner, Branch Chief, Investment Company
Regulation Office, Securities and Exchange Commission, Division of
Investment Management, 100 F Street NE, Washington, DC 20549, Phone:
202 551-6762, Email: [email protected].
RIN: 3235-AM73
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Investment Management
Completed Actions
501. Fund of Funds Arrangements
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-8(b); 15 U.S.C. 80a-6(c); 15 U.S.C.
80a-12(d)(1)(G) ; 15 U.S.C. 80a-12(d)(1)(J); 15 U.S.C. 80a-17(b); 15
U.S.C. 80a-29(a); 15 U.S.C. 80a-37(a)
Abstract: The Commission adopted new rules and rule amendments to
allow funds to acquire shares of other funds (i.e., ``fund of funds''
arrangements), including arrangements involving exchange-traded funds,
without first obtaining exemptive orders from the Commission.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 02/01/19 84 FR 1286
NPRM Comment Period End............. 05/02/19 .......................
Final Action........................ 11/19/20 85 FR 73924
Final Action Effective.............. 01/19/21 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Melissa Gainor, Division of Investment Management,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6805, Email: [email protected].
RIN: 3235-AM29
502. Amendments to Procedures With Respect to Applications Under the
Investment Company Act of 1940
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-37(a)
Abstract: The Commission adopted amendments to rule 0-5 under the
Investment Company Act of 1940 to establish an expedited review
procedure for certain applications.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/30/19 84 FR 58075
NPRM Comment Period End............. 11/29/19 .......................
Final Action........................ 09/15/20 85 FR 57089
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Steven Amchan, Attorney, Division of Investment
Management, Securities and Exchange Commission, 100 F Street NE,
[[Page 17047]]
Washington, DC 20549, Phone: 202 551-6826, Email: [email protected].
RIN: 3235-AM51
SECURITIES AND EXCHANGE COMMISSION (SEC)
Division of Trading and Markets
Long-Term Actions
503. Removal of Certain References to Credit Ratings Under the
Securities Exchange Act of 1934
E.O. 13771 Designation: Independent agency.
Legal Authority: Pub. L. 111-203, sec. 939A
Abstract: Section 939A of the Dodd-Frank Act requires the
Commission to remove certain references to credit ratings from its
regulations and to substitute such standards of creditworthiness as the
Commission determines to be appropriate. The Commission amended certain
rules and one form under the Exchange Act applicable to broker-dealer
financial responsibility and confirmation of transactions. The
Commission has not yet finalized amendments to certain rules regarding
the distribution of securities.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/06/11 76 FR 26550
NPRM Comment Period End............. 07/05/11 .......................
Final Action........................ 01/08/14 79 FR 1522
Final Action Effective.............. 07/07/14 .......................
Next Action Undetermined............
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: John Guidroz, Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-6439, Email: [email protected].
RIN: 3235-AL14
SECURITIES AND EXCHANGE COMMISSION (SEC)
Offices and Other Programs
Final Rule Stage
504. Amendments to Certain Provisions of the Auditor Independence Rules
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 77(f); 15 U.S.C. 77(g); 15 U.S.C. 77(h);
15 U.S.C. 77(j); 15 U.S.C. 77(s); 15 U.S.C. 77(z-2); 15 U.S.C. 77(z-3);
15 U.S.C. 77(aa(25)); 15 U.S.C. 77(aa(26)); 15 U.S.C. 77(nn(25)); 15
U.S.C. 77(nn(26)); 15 U.S.C. 78(c); 15 U.S.C. 78(j-1); 15 U.S.C. 78(l);
15 U.S.C. 78(m); 15 U.S.C. 78(n); 15 U.S.C. 78(o(d)); 15 U.S.C. 78(q);
15 U.S.C. 78(u-5); 15 U.S.C. 78(w); 15 U.S.C. 78(ll); 15 U.S.C. 78(mm);
15 U.S.C. 80(a-8); 15 U.S.C. 80(a-20); 15 U.S.C. 80(a-29); 15 U.S.C.
80(a-30); 15 U.S.C. 80(a-31); 15 U.S.C. 80(a-37(a)); 15 U.S.C. 80(b-3);
15 U.S.C. 80(b-11); 15 U.S.C. 7202; 15 U.S.C. 7262; Pub. L. 112-106,
sec. 102(c); 126 Stat. 310 (2012)
Abstract: The Office of the Chief Accountant is considering
recommending that the Commission adopt amendments to update certain
auditor independence rules to facilitate capital formation, in a manner
consistent with investor protection.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/15/20 85 FR 2332
NPRM Comment Period End............. 03/16/20 .......................
Final Action........................ 11/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Duc Dang, Attorney, Office of Chief Accountant,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549, Phone: 202 551-3386, Email: [email protected].
RIN: 3235-AM63
[FR Doc. 2021-04360 Filed 3-30-21; 8:45 am]
BILLING CODE 8011-01-P