The SEC’s 2022 Reg Flex Agendas: Major Proposals and Ambitious Timelines

In recent weeks, the SEC released its Spring 2022 “Reg Flex” short‑term and long‑term agendas, which spell out the agency’s priorities for the near future. The flurry of rulemaking at the start of 2022 fulfilled some items on the agendas SEC Chair Gary Gensler released last summer, including proposed rulemaking relating to Form PF, security-based swaps, cybersecurity, beneficial ownership and climate-change-related disclosures. The new agendas are no less ambitious, and fund managers should probably expect similarly swift action as to both new rule proposals and finalization of prior proposals. This article provides an overview of the latest Reg Flex agendas, assesses key takeaways for private fund managers and discusses criticism by Commissioner Hester M. Peirce. For our coverage of prior Reg Flex agendas, see “Former OCIE Official Discusses SEC’s Latest Reg Flex Agendas” (Dec. 8, 2020); “Key Takeaways for Private Fund Managers From SEC’s Latest Reg Flex Agenda” (Oct. 1, 2019); and “SEC’s Reg Flex Agenda Promotes Transparency While Adding Potential Compliance Burdens” (Mar. 15, 2018).

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