SEC Regulatory Agenda

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