Blogs

The SEC’s newly-published Fall 2017 Reg Flex Agenda encompasses various disclosure enhancement initiatives (including, e.g., Disclosure Update and Simplification), as well as first-time-listed potential proposed amendments to the Dodd-Frank whistleblower rules - reportedly aimed at clarifying issues that  have arisen in implementing the whistleblower award program.  As expected (see our prior report: "SEC Chair Clayton: Shareholder Proposals, Proxy Plumbing Ripe for Review" in Leg & Reg here), the current "Active Actions" agenda is shorter than usual - reflecting the agency's "commitment to increase transparency and accountability" in lieu of an unattainably robust initiative wish list.  

These initiatives that we reported on in July (see also here) in connection with Acting Chair Piwowar's then-proposed agenda are still characterized as "Long-Term" rather than "Active" Actions: 

• Universal Proxy
• Corporate Board Diversity Disclosure
• Clawbacks
• Pay for Performance Disclosure
• Hedging Disclosure

And these items were moved to “Long-Term” from the previously proposed Active Actions:

• Reg S-K Business & Financial Disclosure 
• Transfer Agents 
• Audit Committee Disclosure 
• EGC Disclosure Simplification & Forward Incorporation by Reference on Form S-1 for SRCs 
• Form 10-K Summary
• Reporting of Proxy Votes on Executive Compensation and Other Matters

Also noteworthy: Consistent with SEC Chair Clayton’s remarks last month before the PLI's 49th Annual Institute on Securities Regulation, Proxy Process Amendments was newly added to the Long-Term Actions list.

          See also the White House stats on the unified agenda, The Hill’s “Trump touts deregulation by his administration,” and our recent prior report: "Supreme Court Evaluates Scope of Dodd-Frank Whistleblower Provisions."