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 Securities and Exchange Commission 17 CFR Ch. II
[Release Nos. 33-11054; 34-94793; IA-6002; IC-34570; File No. S7-15-22]
 AGENCY: Securities and Exchange Commission.
 ACTION: Semiannual regulatory agenda.
 SUMMARY: The Securities and Exchange Commission is publishing the Chair's agenda of rulemaking actions pursuant to the Regulatory Flexibility Act (RFA) (Pub. L. 96-354, 94 Stat. 1164) (Sept. 19, 1980). The items listed in the Regulatory Flexibility Agenda for Spring 2022 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 April 22, 2022, the date on which the Commission's staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries. The Commission is now printing in the 
                            **Federal Register**
                            , along with our preamble, only those agenda entries for which we have indicated that preparation of an RFA analysis is required. The Commission's complete RFA agenda will be available online at 
                            *www.reginfo.gov.*
 DATES: Comments should be received on or before September 7, 2022.
 ADDRESSES: Comments may be submitted by any of the following methods: Electronic Comments Use the Commission's internet comment form (*https://www.sec.gov/​rules/​other.shtml*); or
Send an email to*rule-comments@sec.gov.*
                         Please include File Number S7-15-22 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. S7-15-22. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's website (
                        *https://www.sec.gov/​rules/​other.shtml*). Comments are also available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Operating conditions may limit access to the Commission's Public Reference Room. 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. Vanessa A. Countryman, Secretary.
 Division of Corporation Finance—Proposed Rule Stage
Sequence No.
Title
Regulation
                                 Identifier No.366
Rule 144 Holding Period
3235-AM78
 Division of Corporation Finance—Final Rule Stage
Sequence No.
Title
Regulation
                                 Identifier No.367
Listing Standards for Recovery of Erroneously Awarded Compensation
3235-AK99368
Pay Versus Performance
3235-AL00369
Mandated Electronic Filings
3235-AM15
 
 
 Division of Corporation Finance—Completed Actions
Sequence No.
Title
Regulation
                                 Identifier No.370
Universal Proxy
3235-AL84371
Filing Fee Disclosure and Payment Methods Modernization
3235-AL96
 Division of Investment Management—Final Rule Stage
Sequence No.
Title
Regulation
                                 Identifier No.372
Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting on Executive Compensation Votes by Institutional Investment Managers
3235-AK67373
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-AM52374
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews
3235-AN07375
Cybersecurity Risk Governance
3235-AN08
 Division of Investment Management—Completed Actions
Sequence No.
Title
Regulation
                                 Identifier No.376
Amendments to the Custody Rules for Investment Companies
3235-AM66377
Amendments to Improve Fund Proxy System
3235-AM73
 Division of Trading and Markets—Final Rule Stage
Sequence No.
Title
Regulation
                                 Identifier No.378
Removal of References to Credit Ratings From Regulation M
3235-AL14
 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Corporation Finance Proposed Rule Stage 366. Rule 144 Holding Period [3235-AM78] *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 otherwisenoted; . . . *Abstract:*
                         The Division is considering recommending that the Commission repropose amendments to Rule 144, a non-exclusive safe harbor that permits the public resale of restricted or control securities if the conditions of the rule are met. *Timetable:* Action
Date
FR CiteNPRM
01/19/21
86 FR 5063NPRM Comment Period End
03/22/21Second NPRM
10/00/22
 *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 Final Rule Stage 367. Listing Standards for Recovery of Erroneously Awarded Compensation [3235-AK99] *Legal Authority:*Pub. L. 111-203, sec. 954; 15 U.S.C. 78j-4 *Abstract:*
                         The Division is considering recommending that the Commission adopt 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 CiteNPRM
07/14/15
80 FR 41144NPRM Comment Period End
09/14/15( print page 48426)NPRM Comment Period Reopened
10/21/21
86 FR 58232NPRM Comment Period End
11/22/21Final Action
10/00/22
 *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. Pay Versus Performance [3235-AL00] *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 CiteNPRM
05/07/15
80 FR 26329NPRM Comment Period End
07/06/15NPRM Comment Period Reopened
02/02/22
87 FR 5751NPRM Comment Period End
03/04/22Final Action
10/00/22
 *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 369. Mandated Electronic Filings [3235-AM15] *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 adopt amendments to Regulation S-T that would update the mandated electronic submissions requirements to include additional filings. These additional filings would include: Form 144, Form 11-K and Form 6-K. *Timetable:* Action
Date
FR CiteNPRM
11/22/21
86 FR 66231NPRM Comment Period End
12/22/21Final Action
10/00/22
 *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 Completed Actions 370. Universal Proxy [3235-AL84] *Legal Authority:*15 U.S.C. 78n; 15 U.S.C. 78w(a) *Abstract:*
                         The Commission amended the Federal proxy rules to enhance the ability of shareholders to elect directors through the proxy process in a manner consistent with their ability to vote in person at a shareholder meeting. *Timetable:* Action
Date
FR CiteNPRM
11/10/16
81 FR 79122NPRM Comment Period End
01/09/17NPRM Comment Period Reopened
05/06/21
86 FR 24364NPRM Comment Period Reopened End
06/07/21Final Action
12/01/21
86 FR 68330Final Action Effective
01/31/22
 *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 [3235-AL96] *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 Commission adopted amendments that would modernize filing fee disclosure and payment methods. The Commission amended most fee-bearing forms, schedules, statements and related rules to require each filing fee table and accompanying disclosure to include all required information for fee calculation in a structured format. The amendments will add options for fee payment via Automated Clearing House and debit and credit cards, and eliminate options for fee payment via paper checks and money orders. The Commission adopted other amendments to enhance the efficiency of the fee process. *Timetable:* Action
Date
FR CiteNPRM
12/27/19
84 FR 71580NPRM Comment Period End
02/25/20Final Action
12/09/21
86 FR 70166Final Action Effective (Except 17 CFR 202.3a, 230.111, 240.0-9, & 270.0-8—Effective 05/31/22)
01/31/22
 *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 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Investment Management Final Rule Stage 372. Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting on Executive Compensation Votes by Institutional Investment Managers [3235-AK67] *Legal Authority:*15 U.S.C. 78m; 15 U.S.C. 78w(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 adopt rule amendments to implement section 951 of the Dodd-Frank Act and to enhance the information reported on 
                        ( print page 48427)
                        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 CiteNPRM
10/28/10
75 FR 66622NPRM Comment Period End
11/18/10Second NPRM
10/15/21
86 FR 57478Final Action
10/00/22
 *Regulatory Flexibility Analysis Required:*
                         Yes. *Agency Contact:*
                         Nathan Schurr, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, 
                        *Phone:*
                         202 551-6394, 
                        *Email:**schuurna@sec.gov*. *RIN:*
                         3235-AK67 373. 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] *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 CiteNPRM
11/05/20
85 FR 70716NPRM Comment Period End
01/04/21Final Action
10/00/22
 *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 374. Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews [3235-AN07] *Legal Authority:*15 U.S.C. 80b-1 
                        *et seq.* *Abstract:*
                         The Division is considering recommending that the Commission adopt rules under the Advisers Act to address lack of transparency, conflicts of interest, and certain other matters involving private fund advisers. *Timetable:* Action
Date
FR CiteNPRM
03/24/22
87 FR 16886NPRM Comment Period End
04/25/22Final Action
04/00/23
 *Regulatory Flexibility Analysis Required:*
                         Yes. *Agency Contact:*
                         Melissa Harke, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, 
                        *Phone:*
                         202 551-6722, 
                        *Email:**harkem@sec.gov*. *RIN:*
                         3235-AN07 375. Cybersecurity Risk Governance [3235-AN08] *Legal Authority:*15 U.S.C. 80b-1 
                        *et seq.;*15 U.S.C. 80a-1 
                        *et seq.* *Abstract:*
                         The Division is considering recommending that the Commission adopt rules to enhance fund and investment adviser disclosures and governance relating to cybersecurity risks. *Timetable:* Action
Date
FR CiteNPRM
03/09/22
87 FR 13524NPRM Comment Period End
04/11/22Final Action
04/00/23
 *Regulatory Flexibility Analysis Required:*
                         Yes. *Agency Contact:*
                         Christopher Staley, Branch Chief, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, 
                        *Phone:*
                         202 551-8475, 
                        *Email:**staleyc@sec.gov*. *RIN:*
                         3235-AN08 SECURITIES AND EXCHANGE COMMISSION (SEC) Division of Investment Management Completed Actions 376. Amendments to the Custody Rules for Investment Companies [3235-AM66] *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. This item is being withdrawn. *Timetable:* Action
Date
FR CiteWithdrawn
04/25/22
 *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 377. Amendments To Improve Fund Proxy System [3235-AM73] *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. This item is being withdrawn. *Timetable:* Action
Date
FR CiteWithdrawn
04/25/22
 *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 Trading and Markets Final Rule Stage 378. Removal of References to Credit Ratings From Regulation M [3235-AL14] *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 Division is considering recommending that the Commission adopt proposed amendments to eliminate the exceptions for investment grade non-convertible debt, non-convertible preferred, and asset-backed securities (as rated by at least one Nationally Recognized Statistical Rating Organization) from Rules 101 and 102 of Regulation M and replace the exception in Rule 101 with alternative standards—one based on distance to default using a Structural Credit Risk Model for non-convertible debt and non-convertible preferred debt, and one based on SF-3 shelf registration for asset-backed securities. *Timetable:* Action
Date
FR CiteNPRM
05/06/11
76 FR 26550NPRM Comment Period End
07/05/11Final Action
01/08/14
79 FR 1522Final Action Effective
07/07/14NPRM
03/30/22
87 FR 18312NPRM Comment Period End
05/23/22Final Action
04/00/23
 *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


[FR Doc. 2022-15035 Filed 8-5-22; 8:45 am] BILLING CODE 8011-01-P