The SEC’s Fall 2022 Reg Flex Agenda: It Could Be a Very Busy Spring

On January 4, 2023, the SEC released its Fall 2022 “Reg Flex” agenda (Agenda), which spells out the agency’s priorities for the near future. It prominently features proposed rulemakings from 2022 that will impact private fund managers, including those relating to private fund reform; Form PF; security-based swaps; cybersecurity; beneficial ownership; short sales; and environmental, social and governance investment-related disclosures – all of which are listed as at the final rule stage. “I support this agenda as it reflects the need to modernize our ruleset, moving deliberately to update our rules in light of ever-changing technologies and business models in the securities markets,” said SEC Chair Gary Gensler upon the release of the Agenda. This article summarizes the Agenda and identifies the key items for private fund managers, with insights from Stacey Song, partner at Cooley LLP and former Senior Counsel in the Private Funds Branch of the Division of Investment Management at the SEC. See our two-part series on the 2021 agenda: “Key Components and Driving Factors” (Aug. 19, 2021); and “Key Items for Private Funds and the Rulemaking Process” (Aug. 26, 2021); as well as our coverage of the 2020 agenda; 2019 agenda; and 2018 agenda.

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