41372 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Ch. II 

[Release Nos. 33–10942; 34–91852; IA– 

5734; IC–34269; S7–06–21] 

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) (Sep. 19, 

1980). The items listed in the Regulatory 

Flexibility Agenda for Spring 2021 

reflect only the priorities of the Chair of 

the U.S. Securities and Exchange 

Commission, and do not necessarily 

reflect the view and priorities of any 

individual Commissioner. 

Information in the agenda was 

accurate on May 11, 2021, the date on 

which the Commission’s staff completed 

compilation of the data. To the extent 

possible, rulemaking actions by the 

Commission since that date have been 

reflected in the agenda. The 

Commission invites questions and 

public comment on the agenda and on 

the individual agenda entries. 

The Commission is now printing in 

the Federal Register, along with our 

preamble, only those agenda entries for 

which we have indicated that 

preparation of an RFA analysis is 

required. 

The Commission’s complete RFA 

agenda will be available online at 

www.reginfo.gov. 

DATES: Comments should be received on 

or before August 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– 

06–21 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. 

S7–06–21. 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 a.m. and 3 p.m. Due to 

pandemic conditions, however, access 

to the Commission’s public reference 

room is not permitted at this time. 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: 

William Miller, Office of the General 

Counsel, 202–551–8372. 

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: May 11, 2021. 

Vanessa A. Countryman, 

Secretary. 

DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

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

368 .................... Mandated Electronic Filings ............................................................................................................................. 3235–AM15 

DIVISION OF CORPORATION FINANCE—FINAL RULE STAGE

Sequence No. Title 

Regulation 

Identifier No. 

369 .................... Pay Versus Performance ................................................................................................................................. 3235–AL00 

370 .................... Universal Proxy ................................................................................................................................................ 3235–AL84 

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

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


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Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 41373 

DIVISION OF CORPORATION FINANCE—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

373 .................... Modernization of Rules and Forms for Compensatory Securities Offerings and Sales ................................. 3235–AM38 

DIVISION OF CORPORATION FINANCE—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

374 .................... Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in 

Private Markets.

3235–AM27 

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

Form S–8.

3235–AM79 

DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

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

377 .................... Amendments to the Custody Rules for Investment Advisers .......................................................................... 3235–AM32 

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

DIVISION OF INVESTMENT MANAGEMENT—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

379 .................... Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and ETFs; Fee Information in Investment Company 

Ads.

3235–AM52 

DIVISION OF INVESTMENT MANAGEMENT—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

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

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

DIVISION OF INVESTMENT MANAGEMENT—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

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

383 .................... Investment Adviser Marketing .......................................................................................................................... 3235–AM08 

384 .................... Reporting Threshold for Institutional Investment Managers ............................................................................ 3235–AM65 

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

386 .................... Good Faith Determinations of Fair Value ........................................................................................................ 3235–AM71 

DIVISION OF TRADING AND MARKETS—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

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

OFFICES AND OTHER PROGRAMS—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

388 .................... Qualifications of Accountants ........................................................................................................................... 3235–AM63 


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41374 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Corporation Finance 

Proposed Rule Stage 

367. Listing Standards for Recovery of 

Erroneously Awarded Compensation 

Legal Authority: Pub. L. 111–203, sec. 

954; 15 U.S.C. 78j–4 

Abstract: The Division is considering 

recommending that the Commission repropose rules to implement section 954 

of the Dodd Frank Act, which requires 

the Commission to adopt rules to direct 

national securities exchanges to prohibit 

the listing of securities of issuers that 

have not developed and implemented a 

policy providing for disclosure of the 

issuer’s policy on incentive-based 

compensation and mandating the 

clawback of such compensation in 

certain circumstances. 

Timetable: 

Action Date FR Cite 

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

NPRM Comment 

Period End.

09/14/15 

NPRM .................. 04/00/22 

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 

368. Mandated Electronic Filings 

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: Noel Sean Harrison, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549, 

Phone: 202 551–3249, Email: 

harrisons@sec.gov. 

RIN: 3235–AM15 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Corporation Finance 

Final Rule Stage 

369. Pay Versus Performance 

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 Division is considering 

recommending that the Commission 

adopt 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 

Final Action ......... 04/00/22 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Steven G. Hearne, 

Division of Corporation Finance, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549, 

Phone: 202 551–3430, Email: hearnes@

sec.gov. 

RIN: 3235–AL00 

370. Universal Proxy 

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 all 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 

NPRM Comment 

Period Reopened.

05/06/21 86 FR 24364 

NPRM Comment 

Period Reopened End.

06/07/21 

Final Action ......... 04/00/22 

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: 3235–AL84 

371. Filing Fee Disclosure and Payment 

Methods Modernization 

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 

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

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: 202 551–3809, 

Email: greenm@sec.gov. 

RIN: 3235–AL96 

372. Rule 144 Holding Period and Form 

144 Filings 

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, 


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Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 41375 

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 

adopt amendments to Rule 144, a nonexclusive 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 .................. 01/19/21 86 FR 5063 

NPRM Comment 

Period End.

03/22/21 

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

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 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Corporation Finance 

Long-Term Actions 

373. Modernization of Rules and Forms 

for Compensatory Securities Offerings 

and Sales 

Legal Authority: 15 U.S.C. 77bb 

Abstract: The Division is considering 

recommending that the Commission 

adopt 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 .................. 12/11/20 85 FR 80232 

NPRM Comment 

Period End.

02/09/21 

Next Action Undetermined.To Be Determined 

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 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Corporation Finance 

Completed Actions 

374. Facilitating Capital Formation and 

Expanding Investment Opportunities by 

Improving Access to Capital in Private 

Markets 

Legal Authority: 15 U.S.C. 77c; 15 

U.S.C. 77d; 15 U.S.C. 77d–1; 15 U.S.C. 

77s; 15 U.S.C. 77z–3; 15 U.S.C. 78c; 15 

U.S.C. 78j(b); 15 U.S.C. 78l; 15 U.S.C. 

78o; 15 U.S.C. 78q; 15 U.S.C. 78w(a); 15 

U.S.C. 78mm; 15 U.S.C. 80a–6(c); 15 

U.S.C. 80a–8; 15 U.S.C. 80a–24; 15 

U.S.C. 80a–30; 15 U.S.C. 80a–38; 15 

U.S.C. 80a–45; . . . 

Abstract: The Commission adopted 

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 ......... 01/14/21 86 FR 3496 

Final Action Effective.03/15/21 

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 

375. Temporary Rules To Include 

Certain ‘‘Platform Workers’’ in 

Compensatory Offerings Under Rule 

701 and Form S–8 

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 Commission proposed 

temporary rule amendments to Rule 701 

and Form S–8 for offers and sales of 

securities for a compensatory purpose to 

certain platform workers. This item is 

being withdrawn. 

Timetable: 

Action Date FR Cite 

NPRM .................. 12/11/20 85 FR 79936 

NPRM Comment 

Period End.

02/09/21 

Withdrawn ........... 05/11/21 

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: staffine@

sec.gov. 

RIN: 3235–AM79 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Investment Management 

Proposed Rule Stage 

376. Reporting of Proxy Votes on 

Executive Compensation and Other 

Matters 

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 and to enhance the 

information reported on Form N–PX. 

The Commission previously proposed 

amendments to rules and Form N–PX 

that would require institutional 

investment managers subject to section 

13(f) of the Exchange Act to report how 

they voted on any shareholder vote on 

executive compensation or golden 

parachutes pursuant to sections 14A(a) 

and (b) of the Exchange Act. 

Timetable: 

Action Date FR Cite 

NPRM .................. 10/28/10 75 FR 66622 

NPRM Comment 

Period End.

11/18/10 

NPRM .................. 11/00/21 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Pamela Ellis, 

Division of Investment Management, 

Securities and Exchange Commission, 


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41376 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 

100 F Street NE, Washington, DC 20549, 

Phone: 202 551–3506, Email: ellisp@

sec.gov. 

RIN: 3235–AK67 

377. Amendments to the Custody Rules 

for Investment Advisers 

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–37(a); 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. 80b–4; 15 U.S.C. 80b–6(4); 15 

U.S.C 80b–11(a); 15 U.S.C. 80b–3(c)(1); 

15 U.S.C. 80b–18b 

Abstract: The Division is considering 

recommending that the Commission 

propose amendments to existing rules 

and/or propose new rules under the 

Investment Advisers Act of 1940 to 

improve and modernize the regulations 

around the custody of funds or 

investments of clients by Investment 

Advisers. 

Timetable: 

Action Date FR Cite 

NPRM .................. 04/00/22 

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–AM32 

378. Amendments to Rule 17A–7 Under 

the Investment Company Act 

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: 

Action Date FR Cite 

NPRM .................. 04/00/22 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Adam Lovell, Senior 

Counsel, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549, Phone: 202 551– 

6637, Email: lovella@sec.gov. 

RIN: 3235–AM69 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Investment Management 

Final Rule Stage 

379. Tailored Shareholder Reports, 

Treatment of Annual Prospectus 

Updates for Existing Investors, and 

Improved Fee and Risk Disclosure for 

Mutual Funds and ETFS; Fee 

Information in Investment Company 

Ads 

Legal Authority: 15 U.S.C. 77e ; 15 

U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 

15 U.S.C. 78c(b); 15 U.S.C. 77f; 15 

U.S.C. 78j; 15 U.S.C. 78m; 15 U.S.C. 

78n; 15 U.S.C. 78o; 15 U.S.C. 78mm; 15 

U.S.C. 80a–6; 15 U.S.C. 80a–8; 15 U.S.C. 

80a–20; 15 U.S.C. 80a–24; 15 U.S.C. 

80a–29; 15 U.S.C. 80a–37; 44 U.S.C. 

3506; 44 U.S.C. 3507 

Abstract: The Division is considering 

recommending that the Commission 

adopt a new streamlined shareholder 

report under the Investment Company 

Act of 1940. The Division is also 

considering recommending that the 

Commission adopt rule and form 

amendments to improve and modernize 

certain aspects of the current disclosure 

framework under the Investment 

Company Act. 

Timetable: 

Action Date FR Cite 

NPRM .................. 11/05/20 85 FR 70716 

NPRM Comment 

Period End.

01/04/21 

Final Action ......... 04/00/22 

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 

SECURITIES AND EXCHANGE 

COMMISSION (SEC) 

Division of Investment Management 

Long-Term Actions 

380. Amendments to the Custody Rules 

for Investment Companies 

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: Bradley Gude, 

Special Counsel, Securities and 

Exchange Commission, 100 F Street NE, 

Washington, DC 20549, Phone: 202 551– 

5590, Email: gudeb@sec.gov. 

RIN: 3235–AM66 

381. Amendments To Improve Fund 

Proxy System 

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 

382. Use of Derivatives by Registered 

Investment Companies and Business 

Development Companies 

Legal Authority: 15 U.S.C. 80a–6(c); 

15 U.S.C. 80a–12(a); 15 U.S.C. 80a–18; 

15 U.S.C. 80a–22(c); 15 U.S.C. 80a– 

22(e); 15 U.S.C. 80a–29; 15 U.S.C. 80a– 

30(a); 15 U.S.C. 80a–33(b); 15 U.S.C. 

80a–35; 15 U.S.C. 80a–8; 15 U.S.C. 80a– 

37; 15 U.S.C. 80a–37(a); 15 U.S.C. 80a– 

60; 15 U.S.C. 80b–6(4); 15 U.S.C. 77f; 15 

U.S.C. 77g(a); 15 U.S.C. 77j; 15 U.S.C. 

77s(a); 15 U.S.C. 77a et seq; 15 U.S.C. 

78j; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 

U.S.C. 78w; 15 U.S.C. 78ll 

Abstract: The Commission adopted 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. 


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Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 41377 

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 ......... 12/21/20 85 FR 83162 

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 

383. Investment Adviser Marketing 

Legal Authority: 15 U.S.C. 80b–3(d); 

15 U.S.C. 80b–6(4); 15 U.S.C. 80b–11(a); 

15 U.S.C. 80b–11(h); 15 U.S.C. 80b–4; 

15 U.S.C. 80b–11; 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); 15 

U.S.C. 80b–3(c)(1); 15 U.S.C. 80b–4; 15 

U.S.C. 80b–11(a) 

Abstract: The Commission adopted 

amended rule 206(4)-1 under the 

Investment Advisers Act of 1940 

regarding marketing communications 

and practices by investment advisers 

and rescinded rule 206(4)-3 under the 

Investment Advisers Act of 1940. 

Timetable: 

Action Date FR Cite 

NPRM .................. 12/10/19 84 FR 67518 

NPRM Comment 

Period End.

02/10/20 

Final Action ......... 03/05/21 86 FR 13024 

Final Action Effective.05/04/21 

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 

384. Reporting Threshold for 

Institutional Investment Managers 

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. This item is being withdrawn. 

Timetable: 

Action Date FR Cite 

NPRM .................. 07/31/20 85 FR 46016 

NPRM Comment 

Period End.

09/29/20 

Withdrawn ........... 05/11/21 

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 

385. Amendments to the Family Office 

Rule 

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. This item 

is being withdrawn. 

Timetable: 

Action Date FR Cite 

Withdrawn ........... 05/11/21 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Alexis Palascak, 

Senior Counsel, Securities and 

Exchange Commission, 100 F Street NE, 

Washington, DC 20549, Phone: 202 551– 

6246, Email: palascaka@sec.gov. 

RIN: 3235–AM67 

386. Good Faith Determinations of Fair 

Value 

Legal Authority: 15 U.S.C. 80a–2(a); 

15 U.S.C. 80a–6(c); 15 U.S.C. 80a–30(a); 

15 U.S.C. 80a–31(c); 15 U.S.C. 80a– 

37(a); 15 U.S.C. 80a–58; 15 U.S.C. 80a– 

63(a) 

Abstract: The Commission adopted 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 ......... 01/06/21 86 FR 748 

Final Action Effective.03/08/21 

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 Trading and Markets 

Long-Term Actions 

387. Removal of Certain References to 

Credit Ratings Under the Securities 

Exchange Act of 1934 

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 

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, 


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41378 Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg Flex Agenda 

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 

Completed Actions 

388. Qualifications of Accountants 

Legal Authority: 15 U.S.C. 77aa; 15 

U.S.C. 77g and 77h; 15 U.S.C. 77j; 15 

U.S.C. 77s; 15 U.S.C. 78c; 15 U.S.C. 78j– 

1; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 

U.S.C. 78n; 15 U.S.C. 78q; 15 U.S.C. 

78w; 15 U.S.C. 80a–8; 15 U.S.C. 80a–30; 

15 U.S.C. 80a–31; 15 U.S.C. 80a–38; 15 

U.S.C. 80b–3; 15 U.S.C. 80b–11; Pub. L. 

107–204, 116 Stat. 745 (2002), sec. 3(a) 

Abstract: The Commission adopted 

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 

Action Date FR Cite 

Final Action ......... 12/11/20 85 FR 80508 

Final Action Effective.06/09/21 

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. 2021–14888 Filed 7–29–21; 8:45 am] 

BILLING CODE 8011–01–P 


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