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Stay up to date with upcoming final rule compliance dates, and pending rule proposals.
Updated As-Of August 2024
| Rule | Description | Date Adopted | Compliance Date |
|---|---|---|---|
| RILA (Registration for Index-Linked Annuities; Amendments to Form N-4 for Index-Linked and Variable Annuities) | The SEC adopted tailored disclosure requirements and offering processes for offerings of registered index-linked annuities (RILAs) and registered market value adjustment annuities. The final rule will require issuers of non-variable annuities to register offerings on Form N-4, the form currently used to register offerings of most variable annuities. | July 1, 2024 | The amendments will become effective 60 days after publication in the Federal Register. The compliance date for most of the final amendments to Form N-4 and for the related rule and form amendments will be May 1, 2026. The compliance date for rule 156 is the effective date. |
| The SEC adopted tailored disclosure requirements and offering processes for offerings of registered index-linked annuities (RILAs) and registered market value adjustment annuities. The final rule will require issuers of non-variable annuities to register offerings on Form N-4, the form currently used to register offerings of most variable annuities. | |||
| Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information | Requires investment companies, brokers -dealers, RIAs, funding portals, and registered transfer agents to adopt written P&Ps for incident response programs to address unauthorized access to or use of customer information, including procedures for providing timely notification to individuals affected by an incident involving sensitive customer information. Other requirements include safeguard customer records; properly disposing of consumer report information; and written records documenting compliance with the amended rules. | June 21, 2024 | Larger entities will have 18 months after the date of publication in the Federal Register (June 21, 2024) to comply with the amendments, and smaller entities will have 24 months after the date of publication in the Federal Register to comply. |
| Requires investment companies, brokers -dealers, RIAs, funding portals, and registered transfer agents to adopt written P&Ps for incident response programs to address unauthorized access to or use of customer information, including procedures for providing timely notification to individuals affected by an incident involving sensitive customer information. Other requirements include safeguard customer records; properly disposing of consumer report information; and written records documenting compliance with the amended rules. | |||
| Climate Change Disclosure | The final rule calls for public companies to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business. The rule also would require disclosure of climate-related metrics, including greenhouse gas emissions (Scope 1 and 2). (see below “Enhanced ESG Investment Practices Disclosures” rule proposal applicable to asset managers) | March 7, 2024 | Phased in for all registrants, with the compliance date dependent on the registrant’s filer status. Due to pending lawsuits, on April 6, the SEC postponed the effective date until the legal status of the rule is adjudicated. |
| The final rule calls for public companies to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business. The rule also would require disclosure of climate-related metrics, including greenhouse gas emissions (Scope 1 and 2). (see below “Enhanced ESG Investment Practices Disclosures” rule proposal applicable to asset managers) | |||
| Enhanced Proxy Vote Reporting (Form N-PX) | Registered funds must disclose more details about their proxy votes. The rule requires funds to disclose how many shares of a public company that Enhanced Proxy Votes they hold, as well as how each share voted on each proxy proposal (including shares on loan). Funds also need to label each proxy proposal they voted on using categories provided by regulators, in a required order. The Amendments also require institutional investment managers to report on Form N-PX how it voted proxies relating to executive compensation matters (“Say on Pay”), as required by the Exchange Act | November 2, 2022 | August 31, 2024 |
| Registered funds must disclose more details about their proxy votes. The rule requires funds to disclose how many shares of a public company that Enhanced Proxy Votes they hold, as well as how each share voted on each proxy proposal (including shares on loan). Funds also need to label each proxy proposal they voted on using categories provided by regulators, in a required order. The Amendments also require institutional investment managers to report on Form N-PX how it voted proxies relating to executive compensation matters (“Say on Pay”), as required by the Exchange Act | |||
| Tailored Shareholder Reports | Mutual funds and ETFs are required to prepare and transmit streamlined annual and semiannual shareholder reports. The new reports must be sent directly to Investors, either on paper or electronically for those who have consented to e-delivery. And the reports must be structured in a machine-readable format. Details must be filed on Form N-CSR, posted online and delivered upon request. | October 26, 2022 | July 24, 2024 (Applies to reports with FYE on or after May 24, 2024) |
| Mutual funds and ETFs are required to prepare and transmit streamlined annual and semiannual shareholder reports. The new reports must be sent directly to Investors, either on paper or electronically for those who have consented to e-delivery. And the reports must be structured in a machine-readable format. Details must be filed on Form N-CSR, posted online and delivered upon request. | |||
| Reporting of Securities Loans | Asset Managers and other market participants are now required to report the terms of securities loans to FINRA by the end of the day of effecting or modifying loans. | October 13, 2023 | January 2, 2026 |
| Asset Managers and other market participants are now required to report the terms of securities loans to FINRA by the end of the day of effecting or modifying loans. | |||
| Names Rule | The amendments to Rule 35d-1 require more funds to adopt a policy to invest at least 80% of the value of their assets in accordance with the investment focus that the fund name suggest. The new rules cover products with name that allude to growth, value, income and environmental, governance and social strategies. The update also calls for terminology used in fund names to be defined in the prospectus. | September 20, 2023 | December 11, 2025 (for funds with net assets of $1B or more. And June 11, 2026 for funds with less than $1B) |
| The amendments to Rule 35d-1 require more funds to adopt a policy to invest at least 80% of the value of their assets in accordance with the investment focus that the fund name suggest. The new rules cover products with name that allude to growth, value, income and environmental, governance and social strategies. The update also calls for terminology used in fund names to be defined in the prospectus. | |||
| Money Market Fund Reforms | The amendments will increase minimum liquidity requirements for money market funds. The changes remove provisions that permit money funds to suspend redemptions temporarily through a gate. For prime and tax-exempt funds, a mandatory liquidity fee must be imposed when the funds face redemptions greater than 5% of their assets. non-government money market funds must impose a discretionary liquidity fee if the fund’s board (or its delegate) determines that a fee is in the best interest of the fund. | July 12, 2023 | The reporting form amendments will become effective June 11, 2024; Six-month transition period for funds to comply with certain amendments, including the minimum portfolio liquidity requirements and the discretionary liquidity fee provision; 12 months after effective date to comply with mandatory liquidity fee provision (October 2, 2024). |
| The amendments will increase minimum liquidity requirements for money market funds. The changes remove provisions that permit money funds to suspend redemptions temporarily through a gate. For prime and tax-exempt funds, a mandatory liquidity fee must be imposed when the funds face redemptions greater than 5% of their assets. non-government money market funds must impose a discretionary liquidity fee if the fund’s board (or its delegate) determines that a fee is in the best interest of the fund. | |||
| Share Repurchase Disclosure Modernization | Listed closed-end funds are required starting next year to disclose more information about repurchased shares. Semiannually closed funds must report the class of shares --- repurchased; the average price paid per share; the total number purchased, including the amount bought through the open market; and the aggregate maximum of share that may be repurchased under announced plan policies. The information must be disclosed in a tabular format and show the daily breakdown of repurchased activity. | May 3, 2023 | Delayed (Pending further SEC Commissioner action due to 5th Circuit Court Order) |
| Listed closed-end funds are required starting next year to disclose more information about repurchased shares. Semiannually closed funds must report the class of shares --- repurchased; the average price paid per share; the total number purchased, including the amount bought through the open market; and the aggregate maximum of share that may be repurchased under announced plan policies. The information must be disclosed in a tabular format and show the daily breakdown of repurchased activity. | |||
| T+1 Settlement | Regulators shortened the standard settlement cycle for most securities transactions from two business days after the trade date to one, moving from T+2 to T+1. | February 15, 2023 | May 28, 2024 (Complete) |
| Regulators shortened the standard settlement cycle for most securities transactions from two business days after the trade date to one, moving from T+2 to T+1. | |||
| Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews | The rules require private fund advisers registered with the Commission to: Provide investors with quarterly statements detailing information regarding private fund performance, fees, and expenses; Obtain an annual audit for each private fund; and Obtain a fairness opinion or valuation opinion in connection with an adviser-led secondary transaction. The new rules require that all private fund advisers: Prohibit engaging in certain activities and practices that are contrary to the public interest and the protection of investors unless they provide certain disclosures to investors, and in some cases, receive investor consent; and Prohibit providing certain types of preferential treatment that have a material negative effect on other investors and prohibit other types of preferential treatment unless disclosed to current and prospective investors. Additionally, the amendments will require all registered advisers, including those that do not advise private funds, to document in writing the annual review of their compliance policies and procedures. | August 23, 2023 | Entire rule was vacated on June 5, 2024 by a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit. The Fifth Circuit found that in adopting the rules, the SEC exceeded its statutory authority under Section 206(4) and Section 211(h) of the Investment Advisers Act of 1940. |
| The rules require private fund advisers registered with the Commission to: Provide investors with quarterly statements detailing information regarding private fund performance, fees, and expenses; Obtain an annual audit for each private fund; and Obtain a fairness opinion or valuation opinion in connection with an adviser-led secondary transaction. The new rules require that all private fund advisers: Prohibit engaging in certain activities and practices that are contrary to the public interest and the protection of investors unless they provide certain disclosures to investors, and in some cases, receive investor consent; and Prohibit providing certain types of preferential treatment that have a material negative effect on other investors and prohibit other types of preferential treatment unless disclosed to current and prospective investors. Additionally, the amendments will require all registered advisers, including those that do not advise private funds, to document in writing the annual review of their compliance policies and procedures. | |||
| Proxy Advisor Rule | The rule rescinded new conditions that require that: (1) registrants that are the subject of proxy voting advice have such advice made available to them in a timely manner; and (2) clients of proxy voting advice businesses are provided with a means of becoming aware of any written responses by registrants to proxy voting advice. | July 13, 2022 | The 2020 and 2022 proxy advisor rules have both been challenged in court. On Feb 23, 2024, the US District Court for the District of Columbia vacated aspects of the 2020 rule (the case is pending on appeal), and on June 26, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC’s 2022 Proxy Advisor Rule. (the SEC has not yet appealed this decision.) |
| The rule rescinded new conditions that require that: (1) registrants that are the subject of proxy voting advice have such advice made available to them in a timely manner; and (2) clients of proxy voting advice businesses are provided with a means of becoming aware of any written responses by registrants to proxy voting advice. | |||
Updated as-of August 2024
| Rule | Description | Date Proposed | Status |
|---|---|---|---|
| Financial Data Transparency Act Joint Data Standards | Federal legislation requires the SEC and other federal financial agencies to propose and adopt a joint rule to establish data standards for collection of information reported to each agency and FSOC. | August 2, 2024 | Comment period: Public Comments Due 60 days after publication in the Federal Register |
| Federal legislation requires the SEC and other federal financial agencies to propose and adopt a joint rule to establish data standards for collection of information reported to each agency and FSOC. | |||
| Predictive Analytics (“AI Rule”) | The proposal would require broker-dealers and investment advisors to evaluate any use of technology that “optimize for, predict, guide, forecast or direct investment-related behaviors or outcomes of an investor.” Firms would have to determine whether any of these tools place their interests ahead of investors. Written policies and procedures would be required to achieve compliance, and any identified conflicts of interest would need to be eliminated or neutralized. | July 26, 2023 | Comment Period: Closed on Oct 10, 2023 Reg Flex Agenda: Changed status from final rulemaking to a re-proposal targeted for October 2024. |
| The proposal would require broker-dealers and investment advisors to evaluate any use of technology that “optimize for, predict, guide, forecast or direct investment-related behaviors or outcomes of an investor.” Firms would have to determine whether any of these tools place their interests ahead of investors. Written policies and procedures would be required to achieve compliance, and any identified conflicts of interest would need to be eliminated or neutralized. | |||
| Safeguarding Advisory Client Assets (“Custody Rule”) | Safeguarding Advisory Client Assets (“Custody Rule”) The proposal would expand the scope of the current custody rule beyond client funds and securities to include any client assets of which an advisor has custody. Digital assets and cryptocurrencies would fall under the scope of the new rule. Advisors with custody of client assets must maintain those assets with a qualified custodian, such as a registered broker-dealer or state-charted bank. Advisors must have a written agreement with qualified custodians with assurances that clients receive certain standard custodial protections when an advisor has custody of their assets. Feb 15, 2023 Comment Period: Closed on Oct 30, 2023 Reg Flex Agenda: Changed status from final rulemaking to a re-proposal targeted for October 2024. | February 15, 2023 | Comment Period: Closed on Oct 30, 2023 Reg Flex Agenda: Changed status from final rulemaking to a re-proposal targeted for October 2024. |
| Safeguarding Advisory Client Assets (“Custody Rule”) The proposal would expand the scope of the current custody rule beyond client funds and securities to include any client assets of which an advisor has custody. Digital assets and cryptocurrencies would fall under the scope of the new rule. Advisors with custody of client assets must maintain those assets with a qualified custodian, such as a registered broker-dealer or state-charted bank. Advisors must have a written agreement with qualified custodians with assurances that clients receive certain standard custodial protections when an advisor has custody of their assets. Feb 15, 2023 Comment Period: Closed on Oct 30, 2023 Reg Flex Agenda: Changed status from final rulemaking to a re-proposal targeted for October 2024. ) | |||
| Best Execution | The SEC proposal would require broker-dealers to establish, maintain and enforce written policies and procedures that detail how they will determine the best market for securities and make routing for execution decisions for customer orders. The “execution quality” of customers’ transactions would need to be reviewed at least quarterly and P&Ps would need to be reviewed at least annually. | December 14, 2022 | Comment Period: Closed on Mar 31, 2023 Reg Flex Agenda: Final Action targeted for October 2024 |
| The SEC proposal would require broker-dealers to establish, maintain and enforce written policies and procedures that detail how they will determine the best market for securities and make routing for execution decisions for customer orders. The “execution quality” of customers’ transactions would need to be reviewed at least quarterly and P&Ps would need to be reviewed at least annually. | |||
| Tailored Shareholder Reports | Mutual funds and ETFs are required to prepare and transmit streamlined annual and semiannual shareholder reports. The new reports must be sent directly to Investors, either on paper or electronically for those who have consented to e-delivery. And the reports must be structured in a machine-readable format. Details must be filed on Form N-CSR, posted online and delivered upon request. | October 26, 2022 | July 24, 2024 (Applies to reports with FYE on or after May 24, 2024) |
| Mutual funds and ETFs are required to prepare and transmit streamlined annual and semiannual shareholder reports. The new reports must be sent directly to Investors, either on paper or electronically for those who have consented to e-delivery. And the reports must be structured in a machine-readable format. Details must be filed on Form N-CSR, posted online and delivered upon request. | |||
| Liquidity Risk Mgmt. | The proposal would require funds to update liquidity risk management programs, including liquidity classifications. The proposal also would require funds, other than mm funds, to implement swing pricing to adjust a fund’s NAV per share to pass on costs stemming from shareholder purchase or redemption activity to the shareholders engaged in that activity. The swing pricing requirement would necessitate the Implementation of a "hard close" for the funds where shares could be redeemed or purchased at the current day's price only if the fund, its designated transfer agent receives the order before the pricing time as of which the fund calculates its NAV (typically 4 pm). | November 2, 2022 | Comment Period: Closed on Feb 14, 2023 Reg Flex Agenda: Changed status from final rulemaking to a re-proposal targeted for April 2025. |
| The proposal would require funds to update liquidity risk management programs, including liquidity classifications. The proposal also would require funds, other than mm funds, to implement swing pricing to adjust a fund’s NAV per share to pass on costs stemming from shareholder purchase or redemption activity to the shareholders engaged in that activity. The swing pricing requirement would necessitate the Implementation of a "hard close" for the funds where shares could be redeemed or purchased at the current day's price only if the fund, its designated transfer agent receives the order before the pricing time as of which the fund calculates its NAV (typically 4 pm). | |||
| Comment Period: Closed on December 27, 2022 Reg Flex Agenda: Final Action targeted by October 2024 | Outsourcing By Investment Advisors The proposed rule would require advisors to conduct due diligence prior to engaging a service provider to perform certain services or functions as well as to periodically monitor their performance and reassess their retention. Functions listed include compliance duties and those that, if negligently performed, could cause a material negative impact on the advisor’s clients or its ability to provide investment advisory services. Clerical, ministerial, utility and general office functions or services are explicitly excluded under the proposal. The agency may also move to collect “census-type information” about the providers covered. Oct 26, 2022 Comment Period: Closed on December 27, 2022 Reg Flex Agenda: Final Action targeted by October 2024 | October 26, 2022 | Comment Period: Closed on December 27, 2022 Reg Flex Agenda: Final Action targeted by October 2024 |
| Outsourcing By Investment Advisors The proposed rule would require advisors to conduct due diligence prior to engaging a service provider to perform certain services or functions as well as to periodically monitor their performance and reassess their retention. Functions listed include compliance duties and those that, if negligently performed, could cause a material negative impact on the advisor’s clients or its ability to provide investment advisory services. Clerical, ministerial, utility and general office functions or services are explicitly excluded under the proposal. The agency may also move to collect “census-type information” about the providers covered. Oct 26, 2022 Comment Period: Closed on December 27, 2022 Reg Flex Agenda: Final Action targeted by October 2024 | |||
| Enhanced ESG Investment Practices Disclosures | The proposal required funds that consider ESG factors In their Investment process to disclose additional information regarding their strategy. The proposal also would require categorizing the strategies as “integration”, “ESG-focused”, or “impact funds”, with associated disclosures. | May 25, 2022 | Comment Period: Closed on June 17, 2022 (re-opened for additional 14 days) Reg Flex Agenda: Final Action targeted by October 2024 |
| The proposal required funds that consider ESG factors In their Investment process to disclose additional information regarding their strategy. The proposal also would require categorizing the strategies as “integration”, “ESG-focused”, or “impact funds”, with associated disclosures. | |||
| Share Repurchase Disclosure Modernization | Listed closed-end funds are required starting next year to disclose more information about repurchased shares. Semiannually closed funds must report the class of shares --- repurchased; the average price paid per share; the total number purchased, including the amount bought through the open market; and the aggregate maximum of share that may be repurchased under announced plan policies. The information must be disclosed in a tabular format and show the daily breakdown of repurchased activity. | May 3, 2023 | Delayed (Pending further SEC Commissioner action due to 5th Circuit Court Order) |
| Listed closed-end funds are required starting next year to disclose more information about repurchased shares. Semiannually closed funds must report the class of shares --- repurchased; the average price paid per share; the total number purchased, including the amount bought through the open market; and the aggregate maximum of share that may be repurchased under announced plan policies. The information must be disclosed in a tabular format and show the daily breakdown of repurchased activity. | |||
| Cybersecurity Risk Mgmt. for Funds | The proposed cybersecurity risk management rules would require advisors and fund to implement policies and procedures designed to address cybersecurity risks. Regulators have also recommended significant cybersecurity incidents be required to be disclosed to the SEC confidentially within 48 hours of determining such an incident has occurred. Funds would be required to provide a description of any significant fund cybersecurity incidents that have occurred in the past two fiscal years in their registration statements. | February 9, 2022 | Comment Period: Closed on April 11, 2022 Reg Flex Agenda: Final Action targeted by October April 2024 |
| The proposed cybersecurity risk management rules would require advisors and fund to implement policies and procedures designed to address cybersecurity risks. Regulators have also recommended significant cybersecurity incidents be required to be disclosed to the SEC confidentially within 48 hours of determining such an incident has occurred. Funds would be required to provide a description of any significant fund cybersecurity incidents that have occurred in the past two fiscal years in their registration statements. | |||
| Cybersecurity Risk Management Rules for Broker-Dealers, Clearing Agencies, MSBSPs, the MSRB, National Securities Associations, National Securities Exchanges, SBSDRs, SBS Dealers, and Transfer Agents | To address cybersecurity risks through policies and procedures, immediate notification to the SEC of the occurrence of a significant cybersecurity incident and, reporting about a significant cybersecurity incident, and public disclosures. | April 25, 2023 | Comment Period: Closed on April 11, 2022 Reg Flex Agenda: Final Action targeted by October 2024 |
| To address cybersecurity risks through policies and procedures, immediate notification to the SEC of the occurrence of a significant cybersecurity incident and, reporting about a significant cybersecurity incident, and public disclosures. | |||
The SEC is required, twice each year, to publish significant rules they are considering in the next 12 months. This agenda doesn't limit their consideration or action on other matters, nor does it require them to act on listed matters. The SEC retains the flexibility to address items sooner or later than indicated. While the agenda outlines intentions for rulemaking in the coming year, specific dates aren't guaranteed. Items without estimated dates are categorized as long-term, but the SEC may still act on them within the year.
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