SEC Publishes Updated Regulatory Flexibility Agenda
Posted by Donald Kalfen on June 18, 2021 in Client Alerts
Agenda includes a number of executive compensation and corporate governance related rulemaking proposals.
On June 11, 2021, the SEC published its Spring 2021 Regulatory Flexibility Agenda (“Agenda”). The Agenda includes the following rulemaking proposals on executive compensation and corporate governance related matters:
In a statement published on June 14, 2021, Republican SEC Commissioners Peirce and Roisman expressed their concern that the Agenda indicates that the SEC will “spend our scarce resources to undo a number of rules the Commission just adopted.” They also expressed concern that including recently adopted rules in the Agenda “undermines the Commission’s reputation as a steady regulatory hand” while adding that “it is hard to see how the Commission could change course on such complex matters before the Commission’s latest actions have fully taken effect.” They indicated their hope that Chair Gensler will “reconsider the need to revisit freshly minted rules”.
Meridian Comment. The SEC’s Agenda identifies the SEC Chair’s priority rule-making initiatives and rules that could be forthcoming in the next 12 to 24 months. A number of the Agenda items were carried forward from the SEC’s Spring 2020 Agenda, while others are newly added and/or updated target dates for the issuance of rules. Notably, the list is consistent with recent comments by SEC Chair Gensler that the SEC may refresh regulations on Rule 10b5-1 trading plans and the recent announcement by the Corporate Finance Department to revisit proxy advisor regulations adopted in 2020.
The SEC is under no obligation to meet its self-imposed deadlines under the Agenda and often does not.
* * * * *
The Client Update is prepared by Meridian Compensation Partners’ Governance and Regulatory Team led by Donald Kalfen. Questions regarding this Client Update or executive compensation technical issues may be directed to Donald Kalfen at 847-235- 3605 or dkalfen@meridiancp.com.
This report is a publication of Meridian Compensation Partners, LLC, provides general information for reference purposes only, and should not be construed as legal or accounting advice or a legal or accounting opinion on any specific fact or circumstances. The information provided herein should be reviewed with appropriate advisors concerning your own situation and issues.
www.meridiancp.com
Regulatory Issues & Compliance