SEC Semiannual Regulatory Agenda Released

The SEC recently released the Spring 2022 semiannual regulatory agenda. It includes the SEC initiatives listed in the proposed rule and final rule stage, as well as listing the estimated date of action anticipated by the SEC, although actual SEC action could be earlier or later.  The release of the semi-annual regulatory agenda is delayed from when it was submitted by the SEC, and as a result, the SEC has already acted on some of the items listed. Some of the initiatives on the list include: 

Proposed Rule Stage
*Fund Fee Disclosure and Reform
*Third Party Service Providers
*Open-End Fund Liquidity and Dilution Management
*Amendments to Funds Names Rule (which has already been proposed)
*Disclosure of Corporate Board Diversity
*Human Capital Management Disclosures
*Equity Market Structure Modernization

Final Rule Stage
*Climate Change Disclosure
*Cybersecurity Risk Governance
*Enhanced Reporting of Proxy Votes by Registered Investment Companies
*Tailored Shareholder Reports under the Investment Company Act of 1940, Improved *Fee and Risk Disclosure for Mutual Funds and ETFs
*Money Market Fund Reforms

In a statement critical of the regulatory agenda, Commissioner Hester Peirce noted that “just as certain wave and wind conditions can create dangerous rip currents, the pace and character of the rulemakings on this agenda make for dangerous conditions in our capital markets.” Peirce notes the SEC should instead “recalibrate” the agenda by focusing on issues core to the protection of investors and operation of our markets as well as by slowing down the pace of rulemaking.