On December 6, 2023, SEC Chair Gary Gensler announced the release of the SEC’s Fall 2023 Regulatory Agenda (Regulatory Agenda), which outlines the SEC’s planned regulatory actions over the next 12 months. This latest Regulatory Agenda includes a total of 43 rules, with 14 rules at the proposed rulemaking stage and 29 rules at the final rulemaking stage. While the Regulatory Agenda provides insights into Chair Gensler’s priorities (compiled as of August 2023) 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.
Selected Final Rules. In this latest Regulatory Agenda, the SEC has moved the target date for finalizing the Climate Change Disclosure rules and the Rule 14a-8 Amendments, from October 2023 to April 2024, as reflected in the following table.
|Climate Change Disclosure
|March 21, 2022 (proposed rules)
|Rule 14a-8 Amendments
|July 13, 2022 (proposed rules)
In addition, the Regulatory Agenda continues to include the new rules and rule amendments related to Special Purpose Acquisition Companies (proposed in March 2022), with anticipated timing pushed out from October 2023 to April 2024.
Selected Proposed Rules. In this Regulatory Agenda, the SEC has moved the target date for proposing rules for Corporate Board Diversity and the Rule 144 Holding Period, from April 2024 to October 2024, and for Human Capital Management Disclosure, from October 2023 to April 2024. The following table reflects the latest anticipated timing for proposing these rules.
|Human Capital Management Disclosure
|Corporate Board Diversity
|Rule 144 Holding Period
In addition, the Regulatory Agenda continues to include proposed amendments to Regulation D and Form D and proposed Revisions to the Definition of Securities Held of Record, with anticipated timing for both of these proposed rulemakings pushed out from October 2023 to April 2024.
While less attention-getting than the Rulemaking Agenda, the SEC’s long-term agenda, which does not include any anticipated timing, continues to reflect possible future SEC action relating to, among other things, Conflict Minerals Amendments and Proxy Process Amendments.