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๐Ÿงฑ Market Reform

SEC Chair Gary Gensler from his statement on the Spring 2024 Regulatory Agenda: "We benefit in all of our work from robust public input regarding proposed rule changes."

"We benefit in all of our work from robust public input regarding proposed rule changes."
"We benefit in all of our work from robust public input regarding proposed rule changes."

The Office of Information and Regulatory Affairs released the Spring Unified Agenda of Regulatory and Deregulatory Actions, which includes contributions related to the Securities and Exchange Commission and short- and long-term regulatory actions that administrative agencies plan to take.

Statement from SEC Chair Gary Gensler:

"In every generation since the SECโ€™s founding 90 years ago, our Commission has updated rules to meet the markets and technologies of the times. We work to promote the efficiency, integrity, and resiliency of the markets. We do so to ensure the markets work for investors and issuers alike, not the other way around. We benefit in all of our work from robust public input regarding proposed rule changes."

Short- and long-term regulatory actions that the SEC plans to take:

Agency Agenda Stage of Rulemaking Title RIN
SEC Proposed Rule Stage Financial Data Transparency Act Joint Rulemaking 3235-AN32
SEC Proposed Rule Stage Incentive-Based Compensation Arrangements 3235-AL06
SEC Proposed Rule Stage Corporate Board Diversity 3235-AL91
SEC Proposed Rule Stage Disclosure of Payments by Resource Extraction Issuers 3235-AM06
SEC Proposed Rule Stage Rule 144 Holding Period 3235-AM78
SEC Proposed Rule Stage Human Capital Management Disclosure 3235-AM88
SEC Proposed Rule Stage Regulation D and Form D Improvements 3235-AN04
SEC Proposed Rule Stage Revisions to Definition of Securities Held of Record 3235-AN05
SEC Proposed Rule Stage Safeguarding Advisory Client Assets 3235-AM32
SEC Proposed Rule Stage Open-End Fund Liquidity Risk Management Programs; Form Nโ€“PORT Reporting 3235-AM98
SEC Proposed Rule Stage Fund Fee Disclosure and Reform 3235-AN12
SEC Proposed Rule Stage Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers 3235-AN14
SEC Proposed Rule Stage Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers 3235-AN34
SEC Proposed Rule Stage Exchange-Traded Products 3235-AL57
SEC Proposed Rule Stage Regulation ATS Modernization 3235-AN16
SEC Final Rule Stage EDGAR Filer Access and Account Management 3235-AM58
SEC Final Rule Stage Rule 14a-8 Amendments 3235-AM91
SEC Final Rule Stage Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices 3235-AM96
SEC Final Rule Stage Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies 3235-AN08
SEC Final Rule Stage Outsourcing by Investment Advisers 3235-AN18
SEC Final Rule Stage Registration for Index-Linked Annuities; Amendments to Form N-4 for Index-Linked and Variable Annuities 3235-AN30
SEC Final Rule Stage Qualifying Venture Capital Funds Inflation Adjustment 3235-AN33
SEC Final Rule Stage Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding FOCUS Report 3235-AL85
SEC Final Rule Stage Amendments to Exchange Act Rule 3b-16 re Definition of "Exchange"; Regulation ATS and Regulation SCI for ATSs That Trade U.S. Government Securities, NMS Stocks and Other Securities 3235-AM45
SEC Final Rule Stage Order Competition Rule 3235-AM57
SEC Final Rule Stage Amendments to NMS Plan for the Consolidated Audit Trail-Data Security 3235-AM62
SEC Final Rule Stage Cybersecurity Risk Management Rules for Broker-Dealers, Clearing Agencies, MSBSPs, the MSRB, National Securities Associations, National Securities Exchanges, SBSDRs, SBS Dealers, and Transfer Agents 3235-AN15
SEC Final Rule Stage Covered Clearing Agency Resiliency and Recovery and Wind-Down Plans 3235-AN19
SEC Final Rule Stage Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders 3235-AN23
SEC Final Rule Stage Regulation Best Execution 3235-AN24
SEC Final Rule Stage Regulation Systems Compliance and Integrity 3235-AN25
SEC Final Rule Stage Reporting of Security-Based Swap Positions 3235-AN27
SEC Final Rule Stage Daily Computation of Customer and Broker-Dealer Reserve Requirements Under the Broker-Dealer Customer Protection Rule 3235-AN28
SEC Final Rule Stage Volume-Based Exchange Transaction Pricing for NMS Stocks 3235-AN29
Proposed Rule Stage:
1. Financial Data Transparency Act Joint Rulemaking
2. Incentive-Based Compensation Arrangements
3. Corporate Board Diversity
4. Disclosure of Payments by Resource Extraction Issuers
5. Rule 144 Holding Period
6. Human Capital Management Disclosure
7. Regulation D and Form D Improvements
8. Revisions to Definition of Securities Held of Record
9. Safeguarding Advisory Client Assets
10. Open-End Fund Liquidity Risk Management Programs; Form Nโ€“PORT Reporting
11. Fund Fee Disclosure and Reform
12. Conflicts of Interest Associated With Predictive Data Analytics by Broker-Dealers and Investment Advisers
13. Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers
14. Exchange-Traded Products
15. Regulation ATS Modernization
Final Rule Stage:
1. EDGAR Filer Access and Account Management
2. Rule 14a-8 Amendments
3. Enhanced Disclosures on ESG Investment Practices by Certain Investment Advisers and Investment Companies
4. Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies
5. Outsourcing by Investment Advisers
6. Registration for Index-Linked Annuities; Amendments to Form N-4
7. Qualifying Venture Capital Funds Inflation Adjustment
8. Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding FOCUS Report
9. Amendments to Exchange Act Rule 3b-16; Regulation ATS and Regulation SCI for ATSs Trading Various Securities
10. Order Competition Rule
11. Amendments to NMS Plan for the Consolidated Audit Trail-Data Security
12. Cybersecurity Risk Management Rules for Various Financial Entities
13. Covered Clearing Agency Resiliency and Recovery and Wind-Down Plans
14. Regulation NMS: Minimum Pricing Increments, Access Fees, and Order Transparency
15. Regulation Best Execution
16. Regulation Systems Compliance and Integrity
17. Reporting of Security-Based Swap Positions
18. Daily Computation of Customer and Broker-Dealer Reserve Requirements
19. Volume-Based Exchange Transaction Pricing for NMS Stocks

Other Thoughts:

It will be particularly interesting to observe how Gary Gensler and his SEC's ambitious regulatory agenda unfolds in light of the US Supreme Court's recent ruling on Chevron. This decision limits the power of federal agencies to interpret 'ambiguous' laws (ALL of them) and could significantly impact the SEC's authority and the implementation of its proposed and final rule stages.

Given the Chevron ruling, courts may be less inclined to defer to the SEC's interpretations of the laws underpinning these regulations and could lead to more legal challenges and a slower, more contentious rulemaking process.

As the SEC navigates this new judicial environment, Apes should stay keenly watching and commenting to see how effectively the agency can advance its regulatory priorities while ensuring its rules withstand legal scrutiny.

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TLDRS:

  • SEC Chair Gary Gensler emphasizes the importance of public input in shaping rule changes.
  • The Spring Unified Agenda of Regulatory and Deregulatory Actions outlines the SEC's regulatory plans.
  • To consider: The Supreme Court's recent Chevron ruling limits federal agencies' power to interpret ambiguous laws.
    • This ruling may challenge the SEC's authority and slow down its rulemaking process.
    • Courts may be less deferential to the SEC's interpretations, leading to more legal challenges.
Good Day!
SEC Chair Gary Gensler from his statement on the Spring 2024 Regulatory Agenda: "We benefit in all of our work from robust public input regarding proposed rule changes."
by u/Dismal-Jellyfish in Superstonk
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