SEC Regulatory Agenda
Continuing its ambitious pace and breadth of activity
January 2023
KPMG Insights. The SEC’s Fall 2022 Regulatory Agenda (which sets anticipated rulemaking timelines through Fall 2023) shows that the agency is continuing with its ambitious pace and breadth of activity. Key areas of coverage include climate risk, cybersecurity, Private Fund Advisers, Form PF amendments, human capital, board diversity, and investor protections. SEC has reviewed a multitude of comments letters, reopened certain comment periods (to ensure comments from all interested parties were received following a “technological error”), and in some cases coordinated with other regulatory bodies and standards setters (e.g., ISSB, CFTC). Many of the long-anticipated rules now have target agenda dates of April 2023. Some industry participants remain concerned that both the pace and breadth of the regulatory issuances will create operational and compliance challenges.
The Securities and Exchange Commission (SEC) released its Fall 2022 Regulatory Agenda on January 4, 2023. Notable planned final and proposed rulemakings anticipated to have a 2023 release date include:
Title | Stage of Rulemaking | Expected Release | KPMG Regulatory Alert |
|---|---|---|---|
Climate change disclosure | Final rule | April 2023 | |
ESG investment practices disclosure | Final rule | October 2023 | |
Investment Company Names | Final rule | October 2023 | |
Corporate board diversity disclosure | Proposal | October 2023 | n/a |
Human capital management disclosure | Proposal | April 2023 | n/a |
Cyber risk governance (including notification) | Final rule | April 2023 | |
Cybersecurity risk and related disclosures | Proposal | April 2023 | n/a |
Amendments to Form PF reporting requirements (two separate rules) | Final rule | April 2023 | Click here and here |
Private fund advisers | Final rule | April 2023 | |
Money market fund reforms | Final rule | April 2023 | |
Fund fee disclosure and reform | Proposal | October 2023 | n/a |
Digital engagement practices for investment advisers, broker-dealers (two separate rules) | Proposal | April 2023 | n/a |
Regulation ATS modernization including conditions to the ATS exemption and pre-trade price transparency | Proposal | October 2023 | n/a |
The SEC Fall 2022 Regulatory Agenda is available here.
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