Reflection of what chairman of the Securities and Exchange Commission Paul S. Atkins called “a new day” at the desk, the SEC released are priorities for the coming year.
After withdrawal Different lines of the previous presidential administration, top items on the Updated agendaPublished on 4 September, include proposed rules that would influence crypto activa and deregulation efforts, as well as rules that emphasize capital formation. In one rack Atkins announced the updated agenda and said that the revised list means a shift in the priorities of the agency to “a renewed focus on supporting innovation, capital formation, market efficiency and investment protection.” Expected proposed rules include:
Various analysts generally agreed that the updated agenda, the first revised registration agenda released the SEC under the new Trump government, forms an important change in the direction of the agency. In one Client AlertLaw firm Sullivan and Cromwell said that the sec ‘essentially works from a clean slate’. Published in one piece by the Corporate Counsel, John Jenkins The agenda described as ’emittent-friendly’. Law firm Gibson Dunn wrote in a warning that the updated agenda “a shift of the sea change emphasizes” and “significant reconstruction in Focus” for the sec.
What is so different about the updated agenda? Here are four important collection restaurants.
Crypto and disclosure reform at the top of the list, but details are blurry.
Cryptocurrency regulations are prominent in the agenda, including proposals about crypto activa, changes in the storage rules and the adjustments to the market structure of Crypto. The broad scope of the language leaves room for the SEC to fold multiple initiatives under one head.
The reform of disclosure is also high on the agenda list. That broad category could include everything, from executive compensation to disclose cyber security. The vagueness can be the point if the sec requires flexibility in how it approaches these areas.
SEC -LEIDENSHIP gives top invoicing to capital formation.
The sec is traditionally frame her mission In three parts: protect investors, maintenance of fair and orderly markets and the formation of capital. Acting chair Mark Uyeda hinted Earlier this year when the priorities of the agency are recovered, and the new agenda in essence confirms that again. It contains proposals such as Improving EGC facilities and simplification of the filer status” Plank registration ModernizationAnd Updating the exempt offer paths. All are intended to make it easier for companies to attract capital with less friction.
Shareholders proposals remain a focus.
The proposal process of the shareholder has long been a point of tension between issuers and investors. Earlier this year, the SEC revised its guidance In the middle of the Proxy season To make it easier for companies to exclude certain proposals. That unusual movement hinted to more change to come.
Certainly enough, the new agenda includes Shareholders Proposal Modernization. With a measure expected by the spring, companies are likely to be Get more leeway To keep shareholders proposals from ballot papers. In the meantime, investors who hope to bring companies to act on environmental, social and administrative matters or other policy issues can limit their options.
Ambition meets the capacity on a slimmer sec.
Commentators have marked this year’s agenda as One of the SECs most ambitious in years. At the same time, the agency is said to be preparing for a new austerity round, which will include Stimulate some supervisors To leave the desk voluntarily or to accept demotions.
Does the SEC have the capacity to move so many complex links through the proposal, comment and finising phases? Keep in mind that the statutory flexibility agenda is a snapshot instead of a contract. There is always next year – and the following year.
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