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Capital-raising is certainly not the only thing on the SEC’s agenda. It is likely that another area of attention will be the rules that the SEC has proposed or adopted over the course of the past four years. Yesterday, members of the House Committee on Financial Services announced that they had sent letters to various agencies “requesting the rescission, modification, or re-proposal of specific Biden-Harris Administration actions.”

The letter to Acting SEC Chairman Uyeda calls on the SEC to withdraw several final and proposed rules, with the members noting in the press release:

These proposals and final rules have not only made our capital markets less attractive to companies considering going public but also have imposed undue burdens on existing public companies. As global economic competition escalates, it is incumbent upon the Commission to abandon misguided rulemakings and work to maintain our capital markets’ status as the envy of the world.

The letter specifies a list of fourteen adopted and proposed rules to be withdrawn, including:

1. Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure;

2. Short Position and Short Activity Reporting by Institutional Investment Managers;

3. Reporting of Securities Loans;

4. Pay Versus Performance;

5. Investment Company Names;

6. Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs;

7. Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker Dealers and Investment Advisers;

8. Open-End Fund Liquidity Risk Management Programs and Swing Pricing;

9. Regulation Best Execution;

10. Order Competition;

11. Position Reporting of Large Security-Based Swap Positions;

12. Regulation Systems Compliance and Integrity;

13. Outsourcing by Investment Advisers; and

14. Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices.

It looks like Corp Fin would get off pretty easy with this list, with only two Corp Fin rules highlighted for withdrawal. Too bad EDGAR Next did not make the list!

– Dave Lynn