Points of View
Insights and analyses of emerging regulatory issues impacting financial services firms.
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.
