The U.S. Securities and Exchange Commission (SEC) recently published its Fall 2024 Reg-Flex Agenda. The SEC updated the anticipated timing of the following rules:
Rule Topic | Fall 2024 Agenda | Spring 2024 Agenda |
14a-8 - Final Rule | October 2025 | April 2025 |
Human Capital Management - Proposed Rule | October 2025 | October 2024 |
Board Diversity - Proposed Rule | October 2025 | April 2025 |
Regulation D - Proposed Rule | October 2025 | April 2025 |
Definition of Securities Held of Record - Proposed Rule | October 2025 | April 2025 |
Rule 144 Holding Period - Proposed Rule | October 2025 | April 2025 |
Note that the SEC developed the Fall 2024 Reg-Flex Agenda prior to the U.S. presidential election. Given the new presidential administration and turnover at the SEC, we expect the Spring 2025 agenda to be significantly different. In particular, the SEC may decide not to release its proposed rule on board diversity after the U.S. Court of Appeals for the Fifth Circuit struck down the Nasdaq board diversity disclosure rules, holding that the SEC lacked the statutory authority under the Exchange Act to approve the rules.