SEC Announces Spring 2024 Regulatory Agenda

SEC Announces Spring 2024 Regulatory Agenda

On July 8, 2024, the Office of Information and Regulatory Affairs published the semi-annual “Unified Agenda of Regulatory and Deregulatory Actions” of the various federal agencies. The Unified Agenda includes the SEC’s Spring 2024 Current Agenda containing the following items of potential interest to our asset management clients, as well as the SEC’s current timing estimates. The Current Agenda reflects only the priorities of SEC Chair Gary Gensler and does not necessarily reflect the views and priorities of any other Commissioner. Some observations:

• The withdrawal of the 2022 Open-End Fund Liquidity Risk Management Programs and Mandatory Swing Pricing proposals is the most significant news item.
• In a May 2024 speech, Chair Gensler stated that he had asked the SEC staff to reconsider both the Predictive Data Analytics and Safeguarding proposals.

Rulemaking	Status	Timing
Open-End Fund Liquidity Risk Management Programs and Mandatory Swing Pricing; Form N–PORT Reporting	Proposed. Described in a Ropes & Gray Alert.	To be reproposed by April 2025
Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers	Proposed. Described in a Ropes & Gray IM Update.	To be reproposed by Oct. 2024
Safeguarding Advisory Client Assets	Proposed. Described in a Ropes & Gray Alert.	To be reproposed by Oct. 2024
Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices	Proposed. Described in a Ropes & Gray Alert.	To be finalized by Oct. 2024
Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies	Proposed. Described in a Ropes & Gray Alert.	To be finalized by Oct. 2024
Outsourcing by Investment Advisers	Proposed. Described in a Ropes & Gray IM Update.	To be finalized by Oct. 2024
Reporting of Security-Based Swap Positions	Proposed.	To be finalized by Oct. 2024
Fund Fee Disclosure and Reform	To be proposed.	To be proposed by April 2025
Exchange-Traded Products	Comments solicited 2015.  Described in a Ropes & Gray Alert.	To be proposed by April 2025
Regulation D and Form D Improvements	To be proposed.	To be proposed by April 2025

The SEC’s timing may be affected by the Congressional Review Act (the “CRA”), which enables Congress to effectively vacate a final rule issued by a federal agency by separate votes in the Senate and the House of Representatives (resulting in a joint resolution of disapproval) that is followed by the president signing the resolution into law. The CRA is particularly relevant after an election if a new president is elected, and the new president’s party controls both the Senate and the House of Representatives. The CRA provides a lookback period giving a new Congress the authority to disapprove rules that were submitted to Congress or published in the Federal Register (whichever is later) in a period looking back up to 60 working days in the Senate or in the House. Because Congress is not in active session for extended periods preceding an election, CRA disapproval may extend to agency rules finalized in July or August of 2024.

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If you would like to learn more about the issues in this Alert, please contact your usual Ropes & Gray attorney contacts.