17040 Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 

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. 

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 rule-comments@

sec.gov. 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

Sequence No. Title Regulation 

Identifier No. 

477 .................... Mandated Electronic Filings ............................................................................................................................. 3235–AM15 

478 .................... Amendments to Rule 701/Form S–8 ............................................................................................................... 3235–AM38 

479 .................... Rule 144 Holding Period and Form 144 Filings .............................................................................................. 3235–AM78 

480 .................... Temporary Rules to Include Certain ‘‘Platform Workers’’ in Compensatory Offerings Under Rule 701 and 

Form S–8.

3235–AM79 

DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

481 .................... Universal Proxy ................................................................................................................................................ 3235–AL84 

482 .................... Filing Fee Disclosure and Payment Methods Modernization .......................................................................... 3235–AL96 

483 .................... Harmonization of Exempt Offerings ................................................................................................................. 3235–AM27 


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DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

484 .................... Listing Standards for Recovery of Erroneously Awarded Compensation ....................................................... 3235–AK99 

485 .................... Pay Versus Performance ................................................................................................................................. 3235–AL00 

486 .................... Corporate Board Diversity ................................................................................................................................ 3235–AL91 

DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

487 .................... Amendments to Financial Disclosures About Acquired Businesses ............................................................... 3235–AL77 

488 .................... Amending the ‘‘Accredited Investor’’ Definition ............................................................................................... 3235–AM19 

489 .................... Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a–8 ........................ 3235–AM49 

490 .................... Amendments to Exemptions From the Proxy Rules for Proxy Voting Advice ................................................ 3235–AM50 

DIVISION OF INVESTMENT MANAGEMENT—PROPUSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

491 .................... Investment Company Shareholder Report and Modernization of Certain Investment Company Disclosure 3235–AM52 

492 .................... Amendments to the Family Office Rule ........................................................................................................... 3235–AM67 

DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

493 .................... Use of Derivatives by Registered Investment Companies and Business Development Companies ............. 3235–AL60 

494 .................... Investment Adviser Advertisements; Compensation for Solicitations ............................................................. 3235–AM08 

495 .................... Investment Company Fair Value ..................................................................................................................... 3235–AM71 

DIVISION OF INVESTMENT MANAGEMENT—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

496 .................... Reporting of Proxy Votes on Executive Compensation and Other Matters .................................................... 3235–AK67 

497 .................... Amendments to Form 13F Filer Threshold ...................................................................................................... 3235–AM65 

498 .................... Amendments to the Custody Rules for Investment Companies ..................................................................... 3235–AM66 

499 .................... Amendments to Rule 17a–7 Under the Investment Company Act ................................................................. 3235–AM69 

500 .................... Amendments to Improve Fund Proxy System ................................................................................................. 3235–AM73 

DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

501 .................... Fund of Funds Arrangements .......................................................................................................................... 3235–AM29 

502 .................... Amendments to Procedures With Respect to Applications under the Investment Company Act of 1940 ..... 3235–AM51 

DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

503 .................... Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934 ................... 3235–AL14 

OFFICES AND OTHER PROGRAMS—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

504 .................... Amendments to Certain Provisions of the Auditor Independence Rules ........................................................ 3235–AM63 


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17042 Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 

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: 

Action Date FR Cite 

NPRM .................. 10/00/21 

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: 

harrisons@sec.gov. 

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 nonreporting companies pursuant to 

compensatory arrangements, and Form 

S–8, the registration statement for 

compensatory offerings by reporting 

companies. 

Timetable: 

Action Date FR Cite 

ANPRM ............... 07/24/18 83 FR 34958 

ANPRM Comment 

Period End.

09/24/18 

NPRM .................. 11/00/20 

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: 

krauskopfa@sec.gov. 

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: 

Action Date FR Cite 

NPRM .................. 12/00/20 

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: 

fieldsendj@sec.gov. 

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: 

Action Date FR Cite 

NPRM .................. 11/00/20 

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: staffine@

sec.gov. 

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: 

Action Date FR Cite 

NPRM .................. 11/10/16 81 FR 79122 

NPRM Comment 

Period End.

01/09/17 

Final Action ......... 10/00/21 

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: yut@sec.gov. 

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 


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Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 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: 

Action Date FR Cite 

NPRM .................. 12/27/19 84 FR 71580 

NPRM Comment 

Period End.

02/25/20 

Final Action ......... 05/00/21 

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: greenm@sec.gov. 

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: 

Action Date FR Cite 

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 

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: zepralkaj@

sec.gov. 

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: 

Action Date FR Cite 

NPRM .................. 07/14/15 80 FR 41144 

NPRM Comment 

Period End.

09/14/15 

Next Action Undetermined.

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: 

krauskopfa@sec.gov. 

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: 

Action Date FR Cite 

NPRM .................. 05/07/15 80 FR 26329 

NPRM Comment 

Period End.

07/06/15 

Next Action Undetermined.

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: hearnes@

sec.gov. 

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: kungf@

sec.gov. 

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: 

Action Date FR Cite 

ANPRM ............... 10/01/15 80 FR 59083 


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17044 Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 

Action Date FR Cite 

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 

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: 

hardimant@sec.gov. 

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: gilmorep@sec.gov. 

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: 

Action Date FR Cite 

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 

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: zepralkaj@

sec.gov. 

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: 

Action Date FR Cite 

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 

Amendatory Instruction 2.b 

which is effective 1/4/2021 

thru 1/1/23.

01/04/21 

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: 

greenspand@sec.gov. 

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: 

Action Date FR Cite 

NPRM .................. 12/04/19 84 FR 66518 

NPRM Comment 

Period End.

02/03/20 

Final Action ......... 09/03/20 85 FR 55082 

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: 

greenspand@sec.gov. 

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 


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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: 

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: kosoffm@

sec.gov. 

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, exchangetraded 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: 

johnsonbm@sec.gov. 

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: harkem@

sec.gov. 

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: bartmannt@sec.gov. 

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 DoddFrank 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: 


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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: ellisp@

sec.gov. 

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: abdulrahmanz@sec.gov. 

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:gudeb@

sec.gov. 

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: lovella@

sec.gov. 

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: wagnera@sec.gov. 

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: gainorm@

sec.gov. 

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, 


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Washington, DC 20549, Phone: 202 551– 

6826, Email: amchans@sec.gov. 

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 DoddFrank 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 

Action Date FR Cite 

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: guidrozj@

sec.gov. 

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: dangd@sec.gov. 

RIN: 3235–AM63 

[FR Doc. 2021–04360 Filed 3–30–21; 8:45 am] 

BILLING CODE 8011–01–P 


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