On June 13, 2023, SEC Chair Gary Gensler announced the release of the SEC’s Spring 2023 Regulatory Agenda (Regulatory Agenda), which outlines the SEC’s rulemaking priorities over the next 12 months. The Regulatory Agenda includes a total of 55 rules, with 18 rules at the proposed rulemaking stage and 37 rules at the final rulemaking stage. While the Regulatory Agenda provides insights into Chair Gensler’s priorities and the anticipated timing of proposed and final rules, actual rule adoption or proposal timing may vary significantly, and could come before or after the listed dates.
Final Rules. In its latest Regulatory Agenda, the SEC has extended the anticipated timing six months for finalizing some of its key rulemakings, including: Climate Change Disclosure; Cybersecurity Risk Governance; and Modernization of Beneficial Ownership Reporting. The anticipated timing for the Rule 14a-8 Amendments remains the same. The following table reflects the anticipated timing for finalizing these rules.
|Rule||Proposal Date||Anticipated Timing|
|Climate Change Disclosure||March 21, 2022|
|Cybersecurity Risk Governance||March 9, 2022|
|Modernization of Beneficial Ownership Reporting||February 10, 2022|
|Rule 14a-8 Amendments||July 13, 2022|
Proposed Rules. The SEC has also extended the anticipated timing six months for some of its key proposed rulemakings. The following table reflects the latest anticipated timing for proposing these rules.
|Human Capital Management Disclosure||October 2023|
|Corporate Board Diversity||April 2024|
|Rule 144 Holding Period||April 2024|
For a full list of anticipated SEC rulemaking activity, refer to the Regulatory Agenda, which is available here.