Federal agencies such as the SEC are required to publish agendas of the regulations that are under development or review. To satisfy that requirement, the SEC typically releases short-term and long-term “Reg Flex” agendas. The items included on those agendas – and those left off – provide insight into the agency’s priorities for the foreseeable future. The first Reg Flex agendas issued under Chair Gary Gensler were recently published and reflect many of the priority areas that he has already identified in speeches, testimony before Congress and elsewhere. This first article in a two-part series covers the components of the latest Reg Flex agendas and the key factors driving the items on those agendas. The second article
will discuss the key agenda items for private fund managers and the rulemaking process in general, including criticism by Commissioners Hester M. Peirce and Elad L. Roisman of Gensler’s apparent plans to reopen recently completed rules. For our coverage of prior Reg Flex agendas, see “Former OCIE Official Discusses SEC’s Latest Reg Flex Agendas
” (Sep. 24, 2020); “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).