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On July 8, 2024, SEC Chair Gary Gensler announced the release of the SEC’s Spring 2024 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 34 rules, with 15 rules at the proposed rulemaking stage and 19 rules at the final rulemaking stage. While the Regulatory Agenda provides insights into Chair Gensler’s priorities (compiled as of May 1, 2024) 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. The outcome of the 2024 presidential election may also impact timing and priorities.

In this latest Regulatory Agenda, the SEC has pushed out the target dates for a number of rulemakings that were included in the previous agenda (i.e., the Fall 2023 Regulatory Agenda), including finalizing the Rule 14a-8 Amendments, and proposing rules for Corporate Board Diversity, the Rule 144 Holding Period, and Human Capital Management Disclosure. The following table reflects the latest anticipated timing for finalizing or proposing these rules, as applicable.

RuleRulemaking StageAnticipated Timing
Rule 14a-8 AmendmentsFinalApril 2025
Human Capital Management DisclosureProposedOctober 2024
Corporate Board DiversityProposedApril 2025
Rule 144 Holding PeriodProposedApril 2025

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 April 2024 to April 2025.

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.