The SEC’S 2026 Regulatory Agenda
The SEC has published its 2026 regulatory agenda (“Agenda”) and plans for rulemaking. The Agenda was historically published twice a year but beginning last year, has only been published once. For several years I have blogged about each publication. Although items on the Agenda can move from one category to the next, be dropped off altogether, or new items pop up in any of the categories (including the final rule stage), the Agenda provides valuable insight into the SEC’s plans and the influence that comments can make on the rulemaking process.
The Agenda is broken down by (i) Prerule Stage; (ii) Proposed Rule Stage; (iii) Final Rule Stage; and (iv) Long-term Actions. The Prerule, Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. This year’s Agenda, firmly reflects the current administration’s commitment to crypto technology, improving the IPO market and refining public company compliance to ease burdens. Read More »
SECの2026年規制アジェンダ
SECは2026年の規制アジェンダ（以下「アジェンダ」）および今後の規則制定計画を公表しました。アジェンダは従来、年2回公表されていましたが、昨年からは年1回の公表となっています。私はここ数年、アジェンダが公表されるたびに、その内容についてブログで取り上げてきました。アジェンダに掲載された項目は、ある段階から別の段階へ移行することもあれば、完全に削除されることもあります。また、最終規則段階を含むいずれの段階にも、新たな項目が追加される可能性があります。それでも、アジェンダはSECの今後の方針を知るうえで貴重な手掛かりとなるほか、パブリックコメントが規則制定プロセスにどのような影響を及ぼし得るかを理解するうえでも有用です。
アジェンダは、（i）規則制定前の段階、（ii）規則案の段階、（iii）最終規則の段階、（iv）長期的な措置の4つに分類されています。規則制定前の段階、規則案の段階、最終規則の段階にある項目は、今後12カ月以内の完了を目指すものとされ、長期的な措置はそれより先に実施されるものを指します。今年のアジェンダは、暗号資産技術への取り組み、IPO市場の改善、そして上場企業のコンプライアンス体制を見直して負担を軽減するという現政権の姿勢を明確に反映しています。
規則制定前の段階
規則制定前の段階には、2つの項目のみが含まれています。いずれも昨年の規則制定前の項目として掲載されていたものです。具体的には、（i）資産担保証券の登録・開示制度の改善、（ii）統合監査証跡の継続的な有効性の評価です。資産担保証券の登録・開示制度の改善について、SECは、住宅ローン担保証券を含む資産担保証券の登録募集を促進するとともに、証券化市場をさらに改善するため、規制の変更案についてパブリックコメントを募集することを検討しています。統合監査証跡の継続的な有効性の評価については、SECは、統合監査証跡（CAT）の設計や機能、収集する情報の範囲などを含め、そのあり方を包括的に見直すため、パブリックコメントを募集することを検討しています。これは、明確に定められた規制上の目的を維持しつつ、継続的なコストやデータセキュリティ上の懸念に対応するため、CATの変更の可能性を検討することを目的としています。
規則案の段階
規則案の段階には36項目が含まれており、昨年のアジェンダの18項目から大幅に増加しています。今回初めてアジェンダに加わり、規則案の項目として掲載されたものの一つが、以前から注目されていた半期報告制度です。SECは2026年5月、米国国内の上場企業が自主的に半期報告制度へ移行できるようにする規則案を公表しました。規則案の詳細については、をご覧ください。また、今回新たに加わった項目として、役員報酬の開示制度改革があります。SECは、役員報酬の開示要件を合理化するため、レギュレーションS-Kの第402項の改正を勧告することを検討しています。さらに、連邦証券法に基づく情報の電子交付を可能にする、最近公表された規則案も今回のアジェンダに新たに加わりました。この規則案については近くブログで取り上げる予定ですが、資本市場関係者からは、「ようやく実現した」と歓迎する声が上がっています。
「ファインダー」も、長年にわたりアジェンダに掲載されたり、そこから外れたりしてきましたが、今回、規則案の項目として再びアジェンダに加わりました。SECは、証券取引所法第15条(a)の適用上、「ファインダー」の規制上の位置付けに関する規則案を検討しています。SECは実際、2020年にも規則案を公表しています。詳細については、をご覧ください。ただし、この規則案はその後立ち消えとなりました。今回は、ぜひ前進することを期待したいところです。
今回のアジェンダには、個人投資家の非公開市場への投資機会を拡大するための提案も新たに加わりました。SECは、1940年投資顧問法および1940年投資会社法に基づく既存規則の改正、または新たな規則の制定を検討しています。これは、登録投資会社を通じた個人投資家の非公開市場への投資をより促進するとともに、投資顧問会社がより広範な顧客層に対して成功報酬を請求できるようにすることを目的としています。また、関連会社を証券貸借代理人とする取決めも新たに加わりました。SECは、一定の条件の下で、登録投資会社が関連会社である証券貸借代理人を利用して証券を貸し出し、当該代理人が証券貸借取引から得られる収益の一部を報酬として受け取ることを認める新たな適用除外規則を、1940年投資会社法に基づいて制定することを検討しています。今回初めてアジェンダに掲載された項目としては、一定のSEC登録済みプライベートファンド投資顧問会社に提出が義務付けられている秘密報告書であるフォームPFの改正案があります。この改正は、特定されたコンプライアンス上の負担に対応することを目的としています。また、1940年投資顧問法に基づく規則206(4)-5の改正案も新たに加わりました。同規則は、投資顧問会社による「ペイ・トゥ・プレイ」と呼ばれる慣行を禁止するもので、今回の改正案は、特定されたコンプライアンス上の負担に対応することを目的としています。
さらに新たに加わった項目として、金融機関の破綻処理に関連する取引があります。SECは、金融機関の破綻処理手続きに関連して行われる取引について、明確性を確保するための規則改正を提案することを検討しています。また、1940年投資顧問法に基づく規則204-2の改正案もアジェンダに新たに加わりました。同規則は、投資顧問会社に一定の記録の作成・保存を義務付けるものです。今回の改正案では、電子通信に関する規制の適用範囲を適切に定めるとともに、特定されたコンプライアンス上の負担に対応し、同規則の制定後に生じた技術の進展も反映することが検討されています。
今回のアジェンダには、気候関連開示規則を正式に撤回するための規則案も新たに加わりました。同規則はすでに事実上廃止された状態にありますが、SECはその撤回を正式な手続きとして明確化することを提案しています。
また、規則案の段階には、セーフハーバーを利用できるケースを「増やす」ことを目的とした規則144の改正案も引き続き含まれています。現時点では、どのようなケースを追加するのかについて、それ以上の情報は公表されていません。さらに、規則案の段階には、暗号資産の募集および販売に関する規則も引き続き含まれています。これには、一定の適用除外やセーフハーバーを設けることや、暗号資産に関する規制の枠組みを明確化することなどが含まれる可能性があります。
規則案の段階から規則制定前の段階へと分類が変更された後、再び規則案の段階に戻された項目として、外国民間発行体の規制制度の見直しがあります。これには、外国民間発行体としての適格要件や報告義務の変更などが含まれます。SECによる外国民間発行体の定義に関するコンセプト・リリースおよび意見募集について取り上げた私の2回にわたるブログ記事は、以下からご覧いただけます。 および および
規則案の項目には、引き続き、新興成長企業（EGC）に対する各種の負担軽減措置の拡充と、報告会社の提出者区分の簡素化に関する項目も含まれています。SECは、EGCに適用される負担軽減措置を拡充するとともに、提出者区分を合理化し、分類を簡素化することでコンプライアンス上の負担を軽減することを検討しています。改正案では、（i）最も小規模な上場企業について、年次報告書その他の定期報告書の提出期限を延長すること、（ii）大規模早期提出会社の定義における時価総額の基準を7億ドルから20億ドルに引き上げ、IPO後に同区分に該当するまでの期間を12カ月から60カ月に延長すること、（iii）大規模早期提出会社に該当しないすべての上場企業を非早期提出会社に再分類し、現在は小規模報告会社および新興成長企業にのみ認められている開示要件の緩和措置その他の負担軽減措置のほぼすべてを適用すること、（iv）すべての非早期提出会社をサーベンス・オクスリー法第404条(b)の遵守義務から免除すること、が提案されています。この規則案の改正について取り上げた私のブログ記事は、以下からご覧いただけます.
規則案の項目には、引き続き、登録募集制度の改革も含まれています。これには、コンプライアンス上の負担を軽減し、資本調達を促進するためのシェルフ登録制度の改正案が含まれています。シェルフ登録届出書とは、フォームS-3またはF-3で提出される登録届出書であり、上場企業が資本を調達するうえで最も重要な手段の一つです。この登録募集制度を大きく変える可能性のある規則案について取り上げた私の4回にわたるブログ記事は、以下からご覧いただけます。 および;および; および; および.
規則案の項目には、引き続き、適用除外募集制度の見直しも含まれています。SEC Read More »
New Guidance On Rule 14a-8 Shareholder Proposals And No Action Letter Process
On February 12, 2025, shortly after the inauguration, the SEC Division of Corporation Finance (“Corp Fin”) issued Staff Legal Bulletin 14M (“SLB 14M”) rescinding SLB 14L which had in turn rescinded prior SLBs 14I, 14J and 14K. As an aside, SLB 14L was issued under then new Chair Gary Gensler in 2021 following Biden’s election, and the prior three SLB’s had been issued under then Chair Jay Clayton, following President Trump’s first election. For more on SLB 14L see HERE.
New SLB 14M provides more of a middle ground to the prior 14L which had been designed to make it easier for environmental, social and governance (ESG) advocates to include their various proposals in company proxy materials.
Background – Rule 14a-8
The regulation of corporate law rests primarily within the power and authority of the states. However, for public companies, the federal government imposes various corporate law mandates including those related to matters of corporate governance. While state law Read More »
Commissioner Peirce Gives A Sneak Peak At SEC Priorities
At the end of January 2025, SEC Commissioner Hester Peirce, who finally is not on an island alone within the SEC top brass, gave a speech at the Northwestern Securities Law Institute giving some insight into what we can expect from the SEC under the new administration.
Commissioner Peirce has been vocal over the years about her disdain for bringing political and social issues into SEC reporting and compliance management for public companies, however now, working with like-minded executives, she has solid ideas for a path forward. First and foremost, a public company should have the goal of maximizing value for its shareholders as a group. Unfortunately, in today’s world, public companies are often forced to answer to activists, non-shareholder “stakeholders” and the like, forcing executives to utilize company resources to further these groups (or individual’s) favorite cause. Commissioner Peirce notes that “[D]irectors and executive officers serve shareholders and society best by keeping the companies they guide focused on Read More »
SEC’s Fall 2024 Flex Regulatory Agenda
The SEC has published its semi-annual Fall 2024 regulatory agenda (“Agenda”) and plans for rulemaking. The Agenda is published twice a year, and for several years I have blogged about each publication. Although items on the Agenda can move from one category to the next, be dropped off altogether, or new items pop up in any of the categories (including the final rule stage), the Agenda provides valuable insight into the SEC’s plans and the influence that comments can make on the rulemaking process.
The Agenda is broken down by (i) Proposed Rule Stage; (ii) Final Rule Stage; and (iii) Long-term Actions. The Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. The number of items to be completed in a 12-month time frame is 30, down from 34 on the Spring 2024 Agenda and 43 on the Fall 2023 Agenda. Many in the industry believe the Read More »
The SEC’S Spring 2024 Flex Regulatory Agenda
On July 9, 2024, the SEC published its semi-annual Spring 2024 regulatory agenda (“Agenda”) and plans for rulemaking. The Agenda is published twice a year, and for several years I have blogged about each publication. Although items on the Agenda can move from one category to the next, be dropped off altogether, or new items pop up in any of the categories (including the final rule stage), the Agenda provides valuable insight into the SEC’s plans and the influence that comments can make on the rulemaking process.
The Agenda is broken down by (i) Proposed Rule Stage; (ii) Final Rule Stage; and (iii) Long-term Actions. The Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. The number of items to be completed in a 12-month time frame is 34, down from 43 on the Fall 2023 Agenda and a whopping 55 on the Spring 2023 Agenda. Many Read More »
SEC Proposes Amendments To The Shareholder Proposal Submission Process
On July 13, 2022, the SEC proposed amendments to Rule 14a-8 governing the process for including shareholder proposals in a company’s proxy statement. The proposed amendment would narrow three of the provisions that a company can rely upon to exclude a shareholder proposal from its proxy statement including: (i) substantial implementation – i.e., the elements of the proposal have already been substantially implemented; (ii) duplication – the proposal substantially duplicates another proposal already submitted for the same meeting; and (iii) resubmission – the proposal substantially duplicates another proposal previously submitted for the same company’s prior shareholder meetings.
Background – Rule 14a-8
The regulation of corporate law rests primarily within the power and authority of the states. However, for public companies, the federal government imposes various corporate law mandates including those related to matters of corporate governance. While state law may dictate that shareholders have the right to elect directors, the minimum and maximum time allowed for notice of shareholder Read More »
The SEC Has Issued New Guidance On Shareholder Proposals And Updated The Rule 14a-8 No-Action Letter Process
On November 3, 2021, the SEC Division of Corporation Finance (“Corp Fin”) issued Staff Legal Bulletin 14L (“SLB 14L”) related to Rule 14a-8, rescinding prior Bulletins 14I, 14J and 14K and effectively destroying four years of interpretative guidance related to the exclusion of ESG related shareholder proposals from proxy statements. SLB 14L also provides interpretative guidance on the use of images in shareholder proponents’ supporting statements, proof of ownership, and the use of email for notices.
Following the issuance of Bulletin 14L, the SEC announced that it was reversing a 2019 policy change related to providing written responses to no-action letter requests in accordance with Rule 14a-8 in the proxy process. The earlier 2019 policy change provided that the SEC no longer had to provide written responses to company’s that sought to exclude a shareholder proposal. Rather, the SEC could inform the company and the proponent of its position (concurs, disagrees or declines to state a view) orally or Read More »
SEC Fall 2020 Regulatory Agenda
The SEC’s latest version of its semiannual regulatory agenda and plans for rulemaking has been published in the federal register. The Fall 2020 Agenda (“Agenda”) is current through October 2020. The Unified Agenda of Regulatory and Deregulatory Actions contains the Regulatory Plans of 28 federal agencies and 68 federal agency regulatory agendas. The Agenda is published twice a year, and for several years I have blogged about each publication.
Like the prior Agendas, the Fall 2020 Agenda is broken down by (i) “Pre-rule Stage”; (ii) Proposed Rule Stage; (iii) Final Rule Stage; and (iv) Long-term Actions. The Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. The number of items to be completed in a 12-month time frame is down to 32 items. The Spring Agenda had 42 and the Fall 2019 had 47 on the list.
Items on the Agenda can move from one category to Read More »
SEC Amendments To Rules Governing Proxy Advisory Firms
In a year of numerous regulatory amendments and proposals, Covid, newsworthy capital markets events, and endless related topics, and with only one blog a week, this one is a little behind, but with proxy season looming, it is timely nonetheless. In July 2020, the SEC adopted controversial final amendments to the rules governing proxy advisory firms. The proposed rules were published in November 2019 (see HERE). The final rules modified the proposed rules quite a bit to add more flexibility for proxy advisory businesses in complying with the underlying objectives of the rules.
The final rules, together with the amendments to Rule 14a-8 governing shareholder proposals in the proxy process, which were adopted in September 2020 (see HERE), will see a change in the landscape of this year’s proxy season for the first time in decades. However, certain aspects of the new rules are not required to be complied with until December 1, 2021.
The SEC has Read More »
SEC Adopts Amendments To Tighten Shareholder Proposals
Following a tense period of debate and comments, on September 23, 2020, the SEC adopted amendments to Rule 14a-8 governing shareholder proposals in the proxy process. The proposed rule was published almost a year before in November 2019 (see HERE). The amendment increases the ownership threshold requirements required for shareholders to submit and re-submit proposals to be included in a company’s proxy statement. The ownership thresholds were last amended in 1998 and the resubmission rules have been in place since 1954. The new rules represent significant changes to a shareholder’s rights to include matters on a company’s proxy statement.
Shareholder proposals, and the process for including or excluding such proposals in a company’s proxy statement, have been the subject of debate for years. The rules have not been amended in decades and during that time, shareholder activism has shifted. Main Street investors tend to invest more through mutual funds and ETF’s, and most shareholder proposals come from Read More »
SEC Fall 2019 Regulatory Agenda
In late 2019, the SEC published its latest version of its semiannual regulatory agenda and plans for rulemaking with the U.S. Office of Information and Regulatory Affairs. The Office of Information and Regulatory Affairs, which is an executive office of the President, publishes a Unified Agenda of Regulatory and Deregulatory Actions (“Agenda”) with actions that 60 departments, administrative agencies and commissions plan to issue in the near and long term. The Agenda is published twice a year, and for several years I have blogged about each publication.
Like the prior Agendas, the spring 2019 Agenda is broken down by (i) “Pre-rule Stage”; (ii) Proposed Rule Stage; (iii) Final Rule Stage; and (iv) Long-term Actions. The Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. The number of items to be completed in a 12-month time frame has increased with 47 items as compared to 40 on the Read More »
SEC Proposes To Tighten Shareholder Proposal Thresholds
As anticipated on November 5, 2019, the SEC issued two highly controversial rule proposals. The first is to amend Exchange Act rules to regulate proxy advisors. The second is to amend Securities Exchange Act Rule 14a-8(b) to increase the ownership threshold requirements required for shareholders to submit and re-submit proposals to be included in a company’s proxy statement. The ownership thresholds were last amended in 1998 and the resubmission rules have been in place since 1954. Together the new rules would represent significant changes to the proxy disclosure and solicitation process and shareholder rights to include matters on a company’s proxy statement. Not surprisingly, given the debate surrounding this topic, each of the SEC Commissioners issued statements on the proposed rule changes.
I am in support of both rules. This blog addresses the proposed rule changes related to shareholder proposals. Shareholder proposals, and the process for including or excluding such proposals in a company’s proxy statement, have been Read More »
SEC Guidance on Shareholder Proposals and Procedural Requirements
In late October the SEC issued its first updated Staff Legal Bulletin on shareholder proposals in years – Staff Legal Bulletin No. 14H (“SLB 14H”). The legal bulletin comes on the heels of the SEC’s announcement on January 16, 2015, that it would no longer respond to no-action letters seeking exclusion of shareholder proposals on the grounds that the proposal directly conflicts with one of the company’s own proposals to be submitted to shareholders and the same meeting, as further discussed herein. SLB 14H will only allow exclusion of a shareholder proposal if “a reasonable shareholder could not logically vote in favor of both proposals.” As a result of the restrictive language in SLB 14H, it is likely that the direct conflict standard will rarely be used as a basis for excluding shareholder proposals going forward. With the publication of SLB 14H, the SEC will once again entertain and review no-action requests under the “direct conflict” grounds for exclusion.
SLB Read More »
Shareholder Proposals And Procedural Requirements
Although in the small cap marketplace, proxy season really spreads all year, the majority of issuers hold annual meetings in connection with the issuance of their annual reports and the majority of issuers have a December 31 fiscal year end. Accordingly, in the coming months, public companies will be preparing their annual shareholder meeting notices and be dealing with the associated shareholder proposals.
The regulation of corporate law rests primarily within the power and authority of the states. However, for public companies, the federal government imposes various corporate law mandates including those related to matters of corporate governance. While state law may dictate that shareholders have the right to elect directors, the minimum and maximum time allowed for notice of shareholder meetings, and what matters may be properly considered by shareholders at annual meeting, Section 14 of the Securities Exchange Act of 1934 (“Exchange Act”) and the rules promulgated thereunder, govern the proxy process itself for publicly reporting companies. Read More »
