Special Alert | Ambitious SEC near-term regulatory agenda

Issuances to include ESG and market modernization

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

The Securities and Exchange Commission (SEC) released its Spring 2021 Regulatory Agenda on June 11, 2021. Notable planned proposed and final rulemaking issuances include:

  • ESG-related disclosure requirements for climate risk and human capital (including workforce diversity and corporate board diversity) – expected October 2021.
  • Requirements for investment companies and investment advisers related to ESG factors, including claims and related disclosures – expected April 2022.
  • Enhanced disclosures regarding cybersecurity risk governance – expected October 2021.
  • Market structure modernization, including rules related to payment for order flow, best execution, market concentration – expected April 2022.
  • 10b5-1 affirmative defense provisions – expected October 2021.
  • Potential rules related to gamification, behavioral prompts, predictive analytics, and differential marketing – expected October 2021.
  • Transparency around stock buybacks, short sale disclosure, securities-based swaps ownership, and the stock loan market – multiple expected release dates.
  • Unfinished work directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, including, among other things, securities-based swaps and related rules, incentive-based compensation arrangements, and conflicts of interest in securitizations – expected April 2022.

The SEC Spring 2021 Regulatory Agenda is available here.

Get the latest thinking from KPMG’s Regulatory Insights