Yesterday, the SEC’s spring regulatory flexibility agenda was published (see: Agency Rule List – Spring 2022). The agenda is very ambitious and includes a wide range of items. Based on the agenda, which is indicative as to timing, proposed rules relating to human capital are slated for October 2022, while proposed rules relating to board diversity are expected in early spring 2023. Climate change final rules are targeted for late this year, which may not be realistic given the volume and tone of comments on the proposed rules. Also targeted for late fall for final rulemaking are rules on share repurchase modernization and pay-for-performance and claw backs. Cybersecurity risk governance, Rule 10b5-1 and insider trading, and the 13D/G beneficial ownership modernization final rules are all noted as having an April 2023 target date. The release of the agenda drew comment from Commissioner Peirce who observed that the agenda “sets forth flawed goals and a flawed method for achieving them.” Read Commissioner’s Peirce’s remarks here.
