SEC’s Fall Rulemaking Agenda sets out ambitious program

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Recovering from a technical malfunction last year regarding its online comment system, the SEC’s Fall Rulemaking agenda for 2022 includes an unusually high number of rule proposals. While the name is deceiving, the agenda sets out the actions the Commission intends to take in the early part of 2023.

The Commission has been focused on rulemaking for the better part of the past two years and the current rulemaking agenda shows there is no end in sight. However, the SEC hit a speedbump last fall when its online system for public comments failed. To comply with the Administrative Procedures Act, a large number of proposed rules were reopened to public notice and comment. As a result, there is more rulemaking on the agenda than usual in upcoming months.

The list includes the finalization of the proposed rules, including the highly controversial private funds rules, ESG disclosure rules, and swap dealer rules, all on the agenda for April of 2023. Additionally, the Commission is expected to propose new rules related to cybersecurity; and amendments to the Custody Rule and Form D.

While we can expect that these rules will be passed in the next few months, there will be a minimum of 60 days before any new rule comes into effect. A newly passed rule will require coordination between compliance and operations teams as new policies are implemented. We can also expect examiners to enquire as to a firm’s efforts to comply with the new rule.

As we anticipate a number of new rules to go forward this year, compliance and operations teams will be taxed as they spend time focused on day-to-day work while simultaneously implementing new procedures. This will increase the already busy workload for Compliance staff, predicting a busy and challenging year ahead.

How we can help

We work with a variety of clients to meet their day-to-day compliance needs, understanding the nuances of regulatory compliance and answering difficult questions. We can make sure your compliance systems are robust by helping to draft new policies, assisting with operational compliance or providing your teams with bespoke training. We also regularly conduct SEC mock examinations to help firms prepare for the real thing.

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