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This week, the Securities and Exchange Commission (the “SEC”) published its semiannual Regulatory Flexibility Agenda (“Reg Flex Agenda”), detailing its short-term and long-term rulemaking priorities for the year.
United States
Corporate/Commercial Law
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This week, the Securities and Exchange Commission (the
“SEC”) published its semiannual Regulatory Flexibility
Agenda (“Reg Flex Agenda”), detailing its short-term and
long-term rulemaking priorities for the year. The SEC is not bound
to meet the target deadlines outlined in its agendas.
There are no surprises, and the plurality of updates center
around:
Crypto assets: The potential creation of safe harbors and
exemptions to facilitate transactions and trading, as well as rules
related to issuances under the Securities Act, broker-dealer and
market regulation, fund advisor and investment company custody
rules, and extending the role of transfer agents to cover digital
assets and the use of distributed ledger technology.
Facilitating public registration and reporting, including
streamlining disclosure, reducing compliance burdens of shelf
registration, and expanding the benefits available to emerging
growth companies and simplifying the accelerated filer
framework.
Facilitating private markets, by broadening the Rule 144 safe
harbor for resales of control and restricted securities, and by
broadening existing Securities Act exemptions. We anticipate that
any changes, including potential watering down of the definition of
“accredited investor,” will be balanced against the
SEC’s focus on increasing the use of the public markets.
Re-examining some rules that have received criticism, such as
Form N-PORT and Consolidated Audit Trail (CAT), and Rule 14a-8, the
shareholder proposal rule.
Overall, the Reg Flex Agenda is consistent with the current
Commission’s stated goals to reduce regulatory burdens,
including on public companies or companies looking to go public,
and to facilitate capital formation.
The SEC Spring 2025 Regulatory Agenda is available here.
SEC Releases Unsurprising But Ambitious Spring
2025 Regulatory Agenda
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