SUPPLEMENTARY INFORMATION:

The RFA requires each Federal agency, twice each year, to publish in the Federal Register an agenda identifying rules that the agency expects to consider in the next 12 months that are likely to have a significant economic impact on a substantial number of small entities (5 U.S.C. 602(a)). The RFA specifically provides that publication of the agenda does not preclude an agency from considering or acting on any matter not included in the agenda and that an agency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). The Commission may consider or act on any matter earlier or later than the estimated date provided on the agenda. While the agenda reflects the current intent to complete several rulemakings in the next year, the precise dates for each rulemaking at this point are uncertain. Actions that do not have an estimated date are placed in the long-term category; the Commission may nevertheless act on items in that category within the next 12 months. The agenda includes new entries, entries carried over from prior publications, and rulemaking actions that have been completed (or withdrawn) since publication of the last agenda.

The following abbreviations for the acts administered by the Commission are used in the agenda:

“Securities Act”—Securities Act of 1933

“Exchange Act”—Securities Exchange Act of 1934

“Investment Company Act”—Investment Company Act of 1940

“Investment Advisers Act”—Investment Advisers Act of 1940

“Dodd Frank Act”—Dodd-Frank Wall Street Reform and Consumer Protection Act

The Commission invites public comment on the agenda and on the individual agenda entries.

( printed page 53165)

481. RULE 144 SAFE HARBOR

Legal Authority: 15 U.S.C. 77b; 15 U.S.C. 77b note; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77r; 15 U.S.C. 77s; 15 U.S.C. 77z-3; 15 U.S.C. 77sss; 15 U.S.C. 78c; 15 U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78o-7 note; 15 U.S.C. 78t; 15 U.S.C. 78w; 15 U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a-8; 15 U.S.C. 80a-24; 15 U.S.C. 80a-26; 15 U.S.C. 80a-28; 15 U.S.C. 80a-29; 15 U.S.C. 80a-30; 15 U.S.C. 80a-37; Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat. 313 (2012); Sec. 401 Pub. L. 112-106, 126 Stat. 313 (2012); Sec. 107, Pub. L. 112-106, 126 Stat. 312; 12 U.S.C. 5461 et seq.;15 U.S.C. 77s(a); 15 U.S.C. 77z-2; 15 U.S.C. 77sss(a); 15 U.S.C. 78a et seq.;15 U.S.C. 78c(b); 15 U.S.C. 78o(d); 15 U.S.C. 78u-5; 15 U.S.C. 78w(a); 15 U.S.C. 78ll; 15 U.S.C. 80a-2(a); 15 U.S.C. 80a-3; 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-9; 15 U.S.C. 80a-10; 15 U.S.C. 80a-13; 15 U.S.C. 7201 et seq.;18 U.S.C. 1350; Sec. 107, Pub. L. 112-106, 126 Stat. 312; Sec. 953(b) Pub. L. 111-203, 124 Stat. 1904; Sec. 102(a)(3) Pub. L. 112-106, 126 Stat. 309 (2012); Sec. 107, Pub. L. 112-106, 126 Stat. 313 (2012); Sec. 72001 Pub. L. 114-94, 129 Stat. 1312 (2015); . . .

Abstract: The Division is considering recommending that the Commission repropose amendments to Rule 144, a non-exclusive safe harbor that permits the public resale of restricted or control securities if the conditions of the rule are met, to increase instances in which the safe harbor would be available.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Valian Afshar, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-8729

Email: afsharv@sec.gov

RIN: 3235-AM78

482. FOREIGN PRIVATE ISSUER ELIGIBILITY ENHANCEMENTS

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission propose to enhance the regulatory framework governing foreign private issuers.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Kelsey Glover, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-3450

Email: gloverke@sec.gov

RIN: 3235-AN35

483. CRYPTO ASSETS

Regulatory Plan: This entry is Seq. No. 162 in part II of this issue of the Federal Register .

RIN: 3235-AN38

484. ENHANCEMENT OF EMERGING GROWTH COMPANY ACCOMMODATIONS AND SIMPLIFICATION OF FILER STATUS FOR REPORTING COMPANIES

Regulatory Plan: This entry is Seq. No. 163 in part II of this issue of the Federal Register .

RIN: 3235-AN40

485. REGISTERED OFFERINGS REFORM

Regulatory Plan: This entry is Seq. No. 164 in part II of this issue of the Federal Register .

RIN: 3235-AN41 ( printed page 53166)

486. UPDATING THE EXEMPT OFFERING PATHWAYS

Legal Authority: Not Yet Determined

Relevant Executive Orders: 14330

Abstract: The Division is considering recommending that the Commission propose rule amendments to facilitate capital formation and simplify the pathways for raising capital for, and investor access to, private businesses, including potential amendments to the definition of accredited investor.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Kenisha W. Nicholson, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-0301

Phone: 202 551-2176

Email: nicholsonke@sec.gov

RIN: 3235-AN42

487. RATIONALIZATION OF DISCLOSURE PRACTICES

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission propose rule amendments to rationalize disclosure practices to facilitate material disclosure by companies and shareholders' access to that information.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Valian Afshar, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-8729

Email: afsharv@sec.gov

RIN: 3235-AN43

488. SHAREHOLDER PROPOSAL MODERNIZATION

Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78cn; 15 U.S.C. 78w(a); 15 U.S.C. 80a-20(a); 15 U.S.C. 80a-29

Abstract: The Division is considering recommending that the Commission propose rule amendments to modernize the requirements of Exchange Act Rule 14a-8 to reduce compliance burdens for registrants and account for developments since the rule was last amended.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Jennifer W. Choi, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-0301

Phone: 202 551-4839

Email: choijen@sec.gov

RIN: 3235-AN47

489. • EXECUTIVE COMPENSATION DISCLOSURE REFORM

Legal Authority: Not Yet Determined

Relevant Executive Orders: 14219

Abstract: The Division is considering recommending that the Commission propose rule amendments to Item 402 of Regulation S-K to rationalize executive compensation disclosure requirements.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Dennis Hermreck, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-3365

Email: hermreckd@sec.gov

RIN: 3235-AN60

490. • RESCISSION OF CLIMATE-RELATED DISCLOSURE RULES

Legal Authority: Not Yet Determined

Abstract: The Division is considering recommending that the Commission engage in rulemaking to address concerns about the climate-related disclosure rules adopted on March 6, 2024.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Luna Bloom, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-3194

Email: blooml@sec.gov

RIN: 3235-AN76

491. AMENDMENTS TO FORM N-PORT

Legal Authority: 15 U.S.C. 80a-1 et seq.

Relevant Executive Orders: 14219

Abstract: The Commission proposed amendments to Form N-PORT, the form on which many registered investment companies report certain portfolio-related information, to address identified disclosure burdens.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Angela Mokodean, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-5490

Email: mokodeana@sec.gov

RIN: 3235-AN44

492. AMENDMENTS TO RULE 17A-7 UNDER THE INVESTMENT COMPANY ACT

Legal Authority: 15 U.S.C. 80a-6(c); 15 U.S.C. 80a-10(f); 15 U.S.C. 80a-17(d); 15 U.S.C. 80-37(a)

Abstract: The Division is considering recommending that the Commission propose amendments to rule 17a-7 under the Investment Company Act of 1940 to modernize the conditions for and expand the availability of the exemption of certain purchase or sale transactions between an investment company and certain affiliated persons.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Michael Khalil, Division of Investment Management, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549

Phone: 202 551-6792

Email: khalilm@sec.gov

RIN: 3235-AN45 ( printed page 53167)

493. AMENDMENTS TO THE CUSTODY RULES

Regulatory Plan: This entry is Seq. No. 165 in part II of this issue of the Federal Register .

RIN: 3235-AN46

494. • ELECTRONIC DELIVERY OF INFORMATION UNDER THE FEDERAL SECURITIES LAWS

Legal Authority: 15 U.S.C. 80a-37(a)

Abstract: The Division, along with other Divisions and Offices, is considering recommending that the Commission propose rules that would address the use of electronic delivery for information required to be delivered under the Federal securities laws and rules thereunder, in order to modernize the Commission's approach to the use of electronic media and reduce costs associated with paper delivery.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Amanda Wagner, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-6762

Email: wagnera@sec.gov

RIN: 3235-AN57

495. • ENHANCING RETAIL EXPOSURE TO PRIVATE MARKETS

Regulatory Plan: This entry is Seq. No. 168 in part II of this issue of the Federal Register .

RIN: 3235-AN59

496. • FORM PF; REPORTING REQUIREMENTS FOR ALL FILERS AND LARGE HEDGE FUND ADVISERS

Legal Authority: 15 U.S.C. 80b-4; 15 U.S.C. 80b-11

Relevant Executive Orders: 14219

Abstract: The Division is considering recommending that the Commission propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, to address identified compliance burdens.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Adele Kitredge Murray, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-0301

Phone: 202 746-1641

Email: kittredgemurraya@sec.gov

RIN: 3235-AN64

497. • PAY-TO-PLAY REFORM

Legal Authority: 15 U.S.C. 80b-6(4); 15 U.S.C. 80b-11(a); 15 U.S.C. 80b-4

Relevant Executive Orders: 14219

Abstract: The Division is considering recommending that the Commission propose amendments to rule 206(4)-5 under the Investment Advisers Act of 1940, which prohibits investment adviser pay-to-play practices, to address identified compliance burdens.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Sirimal Mukerjee, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-3340

Email: mukerjees@sec.gov

RIN: 3235-AN65

498. CUSTOMER IDENTIFICATION PROGRAMS FOR REGISTERED INVESTMENT ADVISERS AND EXEMPT REPORTING ADVISERS

Legal Authority: Pub. L. 107-56; 31 U.S.C. 5311 et seq.

Abstract: The Division is considering recommending that the Commission, jointly with the Department of the Treasury, issue a final rule implementing section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 with regard to certain investment advisers that, among other things, requires those investment advisers, as financial institutions under the Bank Secrecy Act, to implement reasonable procedures to verify the identities of their customers.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Ted Uliassi, Division of Investment Management, Securities and Exchange Commission, 100 F St NE, Washington, DC 20549

Phone: 202 551-6095

Email: uliassit@sec.gov

RIN: 3235-AN34

499. TRANSFER AGENTS

Legal Authority: 15 U.S.C. 78q-1

Abstract: The Division is considering recommending that the Commission propose updates and refinements to modernize the Commission's existing regulatory regime for transfer agents, including rules relating to crypto assets and the use of distributed ledger technology by transfer agents.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Moshe Rothman, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-5645

Email: rothmanm@sec.gov

RIN: 3235-AL55

500. • AMENDMENTS TO RULE 17AB2-1 AND FORM CA-1

Legal Authority: 15 U.S.C. 78q-1(b)(2)

Abstract: The Division is considering recommending that the Commission propose updates to modernize and streamline the Commission's existing process to register clearing agencies and obtain exemptions from registration as a clearing agency, reducing burdens on potential applicants.

Timetable:

Regulatory Flexibility Analysis Required: Yes ( printed page 53168)

Agency Contact: Matthew Tate Lee, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-5794

Email: leemat@sec.gov

RIN: 3235-AN67

501. • AMENDMENTS TO RULE 17AD-22(E)(18) AND 15C3-3

Legal Authority: 15 U.S.C. 78q-1; 15 U.S.C. 78c; 15 U.S.C. 78o-7 note

Abstract: The Division is considering recommending that the Commission amend the Treasury Clearing Rule to: (i) exclude certain inter-affiliate activity and non-U.S. activity from the Treasury Clearing Rule's requirements, reducing implementation burdens; (2) make technical amendments and clarifications; and (3) codify selected staff guidance.

Timetable:

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Elizabeth Fitzgerald, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549

Phone: 202 551-6036

Email: fitzgeraldel@sec.gov

RIN: 3235-AN68

91 FR 53164