June 14, 2023

The Most Highly Anticipated Reg Flex Agenda…Ever? 

Yesterday, the SEC’s Spring 2023 Reg Flex Agenda, which reflects the targeted timeframe for planned rulemaking, was released. Generally, it looks like the most significant, unfinished rulemaking previously targeted for April has been pushed out to October. Here are some highlights for rulemaking in the final rule stage:

Climate Change Disclosure (October 2023)
Cybersecurity Risk Governance (October 2023)
Special Purpose Acquisition Companies (October 2023)
Modernization of Beneficial Ownership Reporting (October 2023)
14a-8 Amendments (October 2023)

And here are some timeframes for certain potential proposed rules:

Human Capital Management Disclosure (October 2023)
Regulation D and Form D Improvements (October 2023)
Revisions to the Definition of Securities Held of Record (October 2023)
Corporate Board Diversity (April 2024)
Rule 144 Holding Period (April 2024)
Amendments to Requirements for Filer Validation and Access to the EDGAR Filing System (October 2023)

Of course, these dates are aspirational and signify general timeframes versus precise dates. The Reg Flex Agenda can give insight into current (or, at least, as of April 10th) priorities of the Chair, but it isn’t a definitive guide for anyone trying to predict SEC rulemaking for purposes of specific board agendas, budget and workflow.

Meredith Ervine