SEC Releases Updated Regulatory Flexibility Agenda

The Securities and Exchange Commission (SEC) published its Regulatory Flexibility Agenda last week.  The Agenda bifurcates the SEC’s rulemaking activities into the Proposed Rule Stage and Final Rule Stage list (the “Near-Term Agenda”) and Long-Term Actions list (the “Long-Term Agenda”).  The Near-Term Agenda comprises those rules that the SEC intends to propose and/or finalize in the near term (i.e., approximately the next twelve months) whereas the Long-Term Agenda comprises many more rules for which the SEC has not yet set a timetable to address (notably, the next action for these rules is “to be determined”).

The Near-Term Agenda includes the following noteworthy proposed and final rules.  Final action on all rules having “Final Rule Stage” status is currently forecasted to occur in October 2018.  Each of the links below provides a more in-depth summary of each rule.

Final Rule Stage

• Covered Securities Pursuant to Section 18 of the Securities Act of 1933
• Amendments to Smaller Reporting Company Definition
• Regulation S-X and S-K Disclosure Update and Simplification
• Amendments to Interactive Data (XBRL) Program

Proposed Rule Stage

• Guide 3 Bank Holding Company Disclosure
• Amendments to Implement FAST Act Report
• Amendments to the Commission's Whistleblower Program Rules

The Long-Term Agenda includes the following noteworthy rules:

• Reporting of Proxy Votes on Executive Compensation and Other Matters
• Listing Standards for Recovery of Erroneously Awarded Compensation
• Pay Versus Performance
• Revisions to Audit Committee Disclosures
• Business, Financial and Management Disclosure Required by Regulation S-K
• Universal Proxy
• Simplification of Disclosure Requirements for Emerging Growth Companies and Forward Incorporation by Reference on Form S-1 for Smaller Reporting Companies
• Form 10-K Summary
• Corporate Board Diversity
• Guide 5 Real Estate Limited Partnerships and Form S-11
• Accredited Investor Definition
• Regulation A Amendments
• Extending the Testing the Waters Provision to Non-Emerging Growth Companies