Publications

(Article from Registered Funds Regulatory Update, January 2024)

For more information, please visit the Registered Funds Resource Center.

On December 6, 2023, the SEC’s Office of Information and Regulatory Affairs released the Fall 2023 Regulatory Agenda that includes the Division of Investment Management’s anticipated short- and long-term regulatory actions. According to the SEC, the proposed Agenda seeks to promote the efficiency, integrity, and resiliency of the markets. The updated Agenda includes the following investment management-related rule proposals that are scheduled to be finalized in April 2024:

• rule amendments pertaining to shareholder proposals under Rule 14a-8 under the Exchange Act;
• rule amendments and/or proposed new rules under the Advisers Act to improve and modernize the regulations around the custody of assets;
• rule amendments to enhance registrant disclosures regarding issuers’ climate-related risks and opportunities;
• rule amendments for open-end management investment companies regarding liquidity risk management programs and swing pricing;
• proposed rules under the Exchange Act and Advisers Act related to broker-dealer and investment adviser conflicts in the use of predictive data analytics, AI, machine learning, and similar technologies in connection with certain investor interactions;
• proposed rules under the Advisers Act requiring advisers to heighten their oversight of third-party service providers;
• proposed ESG-related rules for funds and advisers; and
• proposed rules to enhance fund and investment adviser disclosures and governance relating to cybersecurity risks.

The Agenda also indicates that the SEC now intends to propose, among others, the following proposals in October 2024:

• rule amendments to enhance registrant disclosure of board and nominee diversity; and
• changes to regulatory requirements relating to registered investment company fees and fee disclosure.

Agency Rule List – Fall 2023 (Dec. 6, 2023), available at:
https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode&showStage=active&agencyCd=3235.