SEC Agenda Targets Crypto, Climate Rescission, Treasury Clearing
The SEC published its semiannual Regulatory Flexibility Agenda under RFA Section 602 ("Regulatory agenda"), prioritizing rulemakings on crypto assets, rescission of climate-related disclosure rules, and amendments to the Treasury clearing mandate.
The Division of Corporation Finance plans to propose crypto asset rules and updates to exempt offering pathways, including the accredited investor definition. It has separately proposed rescission of the March 2024 climate-related disclosure rules. It is also weighing a reproposal of the Securities Act Rule 144 ("Persons deemed not to be engaged in a distribution and therefore not underwriters") resale safe harbor and enhanced foreign private issuer eligibility standards.
The Division of Investment Management has proposed amendments to Form N-PORT ("Monthly portfolio holdings report") and Form PF ("Reporting by investment advisers to private funds") to cut disclosure burdens. This division plans to propose changes to Advisers Act Rule 206(4)-5 ("Political contributions by certain investment advisers") and Investment Company Act Rule 17a-7 ("Exemption of certain purchase or sale transactions between an investment company and certain affiliated persons thereof"). Long-term, it also aims to finalize, jointly with Treasury, customer identification requirements for registered investment advisers and exempt reporting advisers under Section 326 of the USA PATRIOT Act.
The Division of Trading and Markets expects to propose transfer agent updates addressing crypto assets and distributed ledger technology, plus amendments streamlining clearing agency registration under Exchange Act Rule 17Ab2-1 ("Registration of clearing agencies") and on Form CA-1 ("Form for registration or for exemption from registration as a clearing agency"). It also plans to amend the Treasury clearing mandate, excluding certain inter-affiliate and non-U.S. activity, under Exchange Act Rule 17Ad-22(e)(18) ("Standards for clearing agencies") and Exchange Act Rule 15c3-3 ("Customer protection-reserves and custody of securities").
Comments are due by September 14, 2026.