The Securities and Exchange Commission released its Fall Regulatory Flexibility Agenda, showing its expected rulemaking activity over the next year and updating the Spring edition of its agenda.
I highlighted three items from the Spring Agenda:
- Amendments to the Marketing Rules
- Amendments to the Custody Rules for Investment Companies and Investment Advisers
- Harmonization of Exempt Offerings
The proposed amendments to the marketing rules came out two weeks ago. This puts is solidly in the proposed rule stage. The proposed new regulation is in the release.
Amendments to the Custody Rule is still on the Agenda. It seems to be generously designated as being in the “proposed rule stage.” Maybe I missed it, but I don’t remember seeing any proposed changes.
The Harmonization of Exempt offerings had a concept release this summer. It too is generously designated as being in the “proposed rule stage.”
What’s new that caught my eye?
Accredited Investor Definition. This gets a designation of “proposed rule stage.” I assume this will end up being a part of the harmonization of exempt offerings. But the SEC may end up treating this separately if the Commissioners have trouble coming to agreement on the larger harmonization. The agenda also lists Regulation Crowdfunding Amendments and Regulation A Amendments separately.
Amendments to the Whistleblower Program Rules are listed as being in the final rule stage. The proposed changes to the whistlebower program were published over a year ago in July 2018.
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