SEC near-term 2022 regulatory agenda

SEC maintaining the ambitious pace and breadth of activity it set last year.

June 2022

KPMG Insights. The SEC’s Spring 2022 Regulatory Agenda shows that the agency is maintaining the ambitious pace and breadth of activity that it set into motion last year.  Key areas of coverage include climate risk, market structure, cybersecurity, human capital, board diversity, and investor protections. Some issued criticism denotes both the pace and breadth of the regulatory issuances (though also noting that cryptocurrency is not specifically on the issued agenda).  The agenda is also notable in the relative faster timeframes between proposal, comment periods, and final rulemakings – for example, the climate risk disclosures rule, which was first released in March 2022 is anticipated to be finalized in October 2022. 


The Securities and Exchange Commission (SEC) released its Spring 2022 Regulatory Agenda on June 22, 2022. Notable planned final and proposed rulemakings include:
 

Title

Stage of Rulemaking

Expected Release

Climate

Climate change disclosure

Final rule

October 2022

Human Capital, Diversity, Compensation

Pay-versus-performance

Final rule

October 2022

Listing standards for recovery of erroneously awarded compensation

Final rule

October 2022

Corporate board diversity disclosure

Proposal

April 2023

Human capital management disclosure

Proposal

October 2022

Cyber

Cyber risk governance (including notification)

Final rule

April 2023

Cybersecurity risk and related disclosures

Proposal

October 2022

Market Modernization

Amendments to Form PF reporting requirements

Final rule

April 2023

Money market fund reforms

Final rule

October 2022

Fund fee disclosure and reform

Proposal

October 2022

“Further amendments” to Form PF

Proposal

October 2022

Digital engagement practices for investment advisers, broker-dealers

Separate proposals

October 2022

Equity market structure modernization

including order routing, conflicts of interest, best execution, market concentration, pricing increments, transaction fees, core market data, and disclosure of order execution quality statistics

Proposal

October 2022

Regulation ATS modernization

including conditions to the ATS exemption and pre-trade price transparency

Proposal

October 2022


The SEC Spring 2022 Regulatory Agenda is available here.

 

For more information, please contact:

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100