SEC Chair Jay Clayton recently discussed the SEC’s actions over the preceding year, including its “organic and transparent” approach to agenda setting; progress with respect to the SEC’s Fall 2018 Regulatory Flexibility (Reg Flex) Agenda and a preview of the recently released Fall 2019 Reg Flex Agenda; and the agency’s use of modernization as an effective policy-making lens. This two-part series provides the highlights from Clayton’s speech. This article explores Clayton’s discussion of the SEC’s rulemaking agenda and summarizes the items on the Fall 2019 Reg Flex short-term and long-term agendas of particular interest to private fund managers. The second article will outline the SEC’s engagement agenda with a particular focus on market monitoring; discuss how the SEC’s mission, market realities, statutory constructs and other factors inform its efforts; and examine the relationship between the SEC’s scope of authority, actions and independence. For coverage of other speeches by Clayton, see “SEC Chair Defends Regulation Best Interest and Investment Adviser Fiduciary Duty” (Sep. 19, 2019); and “Observations on Culture at Fund Managers and the SEC” (Jun. 28, 2018).