November 28, 2021

Volume XI, Number 332


Regulatory Agenda Highlights Potential SEC Rulemaking Topics

On June 11, 2021, the Office of Information and Regulatory Affairs—part of the Office of Management and Budget, within the Executive Office of the President—released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions, reporting on potential rulemaking topics that administrative agencies, including the SEC, will consider in the short and long term, including several areas of interest to funds, advisers and other fund service providers. 

  • Short-Term Agenda. The SEC’s short-term agenda—i.e., topics designated in the “Final”, “Proposed” or “Pre-Rule” stage—includes potential new rulemaking or amendments concerning:

    • modernized mutual fund shareholder reports and other fund disclosures;

    • requirements for funds and advisers related to environmental, social and governance (ESG) factors, including ESG claims and related disclosures;

    • Rule 17a-7 for cross-trades between a fund and its affiliates;

    • mutual fund liquidity and dilution management;

    • money market funds;

    • Form PF for private fund reporting; and

    • the investment adviser custody rule.

Notably, the agenda also indicates that the Division of Investment Management is considering recommending that the SEC seek public comment on the role of certain third-party service providers, such as index providers and model providers, and the implications for the asset management industry—a topic categorized in the “Pre-Rule Stage.” 

Long-Term Agenda. Several topics of interest to the asset management industry are categorized in the “Long-Term Actions” stage of potential rulemaking, including:

  • stress testing requirements for large asset managers and funds;

  • fund securities lending arrangements;

  • amendments to the rules concerning custody under the Investment Company Act;

  • amendments to Rule 35d-1, the fund names rule; and

  • form and rule amendments to address the fund proxy system.

The SEC’s rulemaking list is available here.

© 2021 Vedder PriceNational Law Review, Volume XI, Number 188

About this Author

John Marten Investment Attorney Vedder Price Law FIrm

John S. Marten, a Shareholder in the Chicago office of Vedder Price, has substantial experience representing clients in the investment management industry.

As a member of the firm’s Investment Services group, Mr. Marten counsels clients on a wide variety of matters involving the application of the federal securities laws to investment companies, investment advisers and broker-dealers. He has significant experience counseling investment company clients with respect to new products and was recently involved in the creation of two mutual funds...

(312) 609 7753
Nathaniel Segal Investment Attorney Vedder Price Law Firm

Nathaniel Segal is counsel at Vedder Price and a member of the Investment Services group. He focuses his practice on investment companies and investment advisers in connection with the organization and operation of investment products and services, including traditional mutual funds, closed-end investment companies (including interval funds and listed closed-end funds), variable insurance products and registered hedge funds, as well as mutual funds utilizing complex hedging and absolute return strategies. Mr. Segal has experience in conducting transactional due diligence...

(312) 609 7747
Jacob Tiedt,Vedder Price law firm investment services attorney

Jacob C. Tiedt is a Shareholder at Vedder Price and a member of the Investment Services group.

Mr. Tiedt’s practice includes the representation of registered mutual funds, closed-end funds and exchange-traded funds; private funds; investment advisers; and other financial institutions on a broad range of regulatory, governance and compliance matters. Mr. Tiedt regularly counsels clients on matters relating to SEC registration, disclosure and compliance; shareholder solicitation; NYSE, Nasdaq and FINRA regulation; corporate governance; and board administration. Mr....

Tyrique Wilson Investment Attorney Vedder Price Law Firm

Tyrique J. Wilson is an Associate in the Chicago office of Vedder Price and a member of the firm’s Investment Services group.

Mr. Wilson received his law degree from the Washington University School of Law in St. Louis and his undergraduate degree from The George Washington University. While in law school, Mr. Wilson was Treasurer of the Black Law Students Association, received an award for Excellence in Oral Advocacy and earned a Certificate in Business Law.