Under the Regulatory Flexibility Act, federal agencies must publish agendas of the regulations that are under development or review. To satisfy that requirement, the SEC typically releases both a short- and long-term “Reg Flex” agenda, with the items on the short-term agenda expected to be completed within a year. Since Jay Clayton became SEC Chair, he has pushed for those agendas to be less “aspirational” and more achievable. To that end, the SEC recently released its Spring Reg Flex Agendas for 2020. The short-term agenda contains 43 total items, including amendments to Form PF and the custody rule for investment advisers. Private fund managers should note that items listed as at the final rule stage on the short-term agenda include a harmonization of exempt offerings; amendments to the advertising rules; and amendments to the rules for compensation for solicitation – all of which are expected to see “final action” by October 2020. The Hedge Fund Law Report spoke to Jane Jarcho, special adviser at Promontory Financial Group and former Deputy Director of the SEC’s Office of Compliance Inspections and Examinations, about the latest Reg Flex agendas and the key agenda items for private fund managers. For our coverage of prior Reg Flex agendas, see “Key Takeaways for Private Fund Managers From SEC’s Latest Reg Flex Agenda
” (Aug. 15, 2019); and “SEC’s Reg Flex Agenda Promotes Transparency While Adding Potential Compliance Burdens
” (Mar. 15, 2018).