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Vedder Thinking | Articles SEC Publishes Semi-Annual Regulatory Agenda for Spring 2020

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The SEC published its semi-annual regulatory agenda for spring 2020, as required by the Regulatory Flexibility Act. The short-term agenda identifies rules that the SEC expects to consider in the next twelve months. Other actions under consideration are placed on the long-term agenda.

Short-Term Agenda. The spring 2020 short-term agenda includes proposed Rule 2a-5 under the Investment Company Act of 1940, addressing investment company fair valuation, and amendments to Form PF for which a proposal has not yet been issued, each of which are new items to the SEC’s rulemaking agenda. Amendments to the proxy process and amendments to Rule 17a-7, concerning the exemption of certain purchase or sale transactions between an investment company and certain affiliated persons, have been moved from the long-term agenda to the short-term agenda. Items that remain on the short-term agenda from fall 2019 include proposed Rule 18f-4 under the 1940 Act, regarding the use of derivative instruments by registered investment companies, amendments to the custody rules for investment advisers, for which a proposal has not yet been issued, as well as amendments to Rules 206(4)-1 and 206(4)-3 under the Investment Advisers Act of 1940 regarding marketing communications and practices by investment advisers and amendments to fund-of-funds arrangements under the 1940 Act, for which the SEC has issued rule proposals.

Long-Term Agenda. The spring 2020 long-term agenda includes proposed rulemaking regarding names of registered investment companies and business development companies under Section 35(d) of and Rule 35d-1 under the 1940 Act, as well as rule and form amendments regarding investment company proxies, each of which are new items to the SEC’s rulemaking agenda. Items that remain on the long-term agenda from fall 2019 include amendments to the custody rules for investment companies, as well as rule and form amendments to modernize investment company disclosure.

The SEC’s complete rulemaking agendas are available here.



Professionals



John S. Marten

Shareholder



Nathaniel Segal

Counsel



Jacob C. Tiedt

Shareholder



Mark Quade

Associate