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

Click here

ESG investment practices disclosure

Final rule

October 2023

Click here

Investment Company Names

Final rule

October 2023

Click here

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

Click here

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

Click here

Money market fund reforms

Final rule

April 2023

Click here

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.

 

For more information, please contact:

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100