Regulatory Flexibility Agenda

SECURITIES AND EXCHANGE COMMISSION 17 CFR Ch. II [Release Nos. 33–11416; 34–105483; IA– 6963; IC–36153; File No. S7–2026–16] Regulatory Flexibility Agenda AGENCY: Securities and Exchange Commission. ACTION: Regulatory agenda. SUMMARY: The Securities and Exchange Commission is publishing the Chairman’s agenda of rulemaking actions pursuant to the Regulatory Flexibility Act (‘‘RFA’’) (Pub. L. 96–354, 94 Stat. 1164) (Sept. 19, 1980). The items listed in the Regulatory Flexibility Agenda reflect only the priorities of the Chairman of the U.S. Securities and Exchange Commission, and do not necessarily reflect the views and priorities of any individual Commissioner. Information in the agenda was accurate on May 12, 2026, the date on which the Commission’s staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries. The Commission is now printing in the Federal Register, along with our preamble, only those agenda entries for which we have indicated that preparation of an RFA analysis is required. The Commission’s complete RFA agenda will be available online at www.reginfo.gov. DATES: Comments should be received on or before September 14, 2026. ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments

• Use the Commission’s internet
  comment form (https://www.sec.gov/ comments/s7-2026-16/fall-2025- regulatory-flexibility-agenda); or
• Send an email to rule-comments@
  sec.gov. Please include File Number S7– 2026–16 on the subject line. Paper Comments
• Send paper comments to Vanessa
  A. Countryman, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File No. S7–2026–16. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s website (https:// www.sec.gov/rules-regulations/public￾comments/s7-2026-16). Do not include personal identifying information in submissions; you should submit only information that you wish to make available publicly. We may redact in
  part or withhold entirely from
  publication submitted material that is obscene or subject to copyright protection. FOR FURTHER INFORMATION CONTACT:
  Rebecca Orban, Office of the General Counsel, 202–551–5100. SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, twice each year, to publish in the Federal Register an agenda identifying rules that the agency expects to consider in the next 12 months that are likely to have a significant economic impact on a substantial number of small entities (5 U.S.C. 602(a)). The RFA specifically provides that publication of the agenda does not preclude an agency from considering or acting on any matter not included in the agenda and that an agency is not required to consider or act on any matter that is included in the agenda (5 U.S.C. 602(d)). The Commission may consider or act on any matter earlier or later than the estimated date provided on the agenda. While the agenda reflects the current intent to complete several rulemakings in the next year, the precise dates for each rulemaking at this point are uncertain. Actions that do not have an estimated date are placed in the long-term category; the Commission may nevertheless act on items in that category within the next 12 months. The agenda includes new entries, entries carried over from prior publications, and rulemaking actions that have been completed (or withdrawn) since publication of the last agenda. The following abbreviations for the acts administered by the Commission are used in the agenda:
  ‘‘Securities Act’’—Securities Act of 1933 ‘‘Exchange Act’’—Securities Exchange Act of 1934 ‘‘Investment Company Act’’— Investment Company Act of 1940 ‘‘Investment Advisers Act’’— Investment Advisers Act of 1940 ‘‘Dodd Frank Act’’—Dodd-Frank Wall Street Reform and Consumer Protection Act The Commission invites public comment on the agenda and on the individual agenda entries. By the Commission. Dated: May 14, 2026. Vanessa A. Countryman, Secretary. DIVISION OF CORPORATION FINANCE—PROPOSED RULE STAGE Sequence No. Title Regulation Identifier No. 481 .................... Rule 144 Safe Harbor ...................................................................................................................................... 3235–AM78 482 .................... Foreign Private Issuer Eligibility Enhancements ............................................................................................. 3235–AN35 483 .................... Crypto Assets (Reg Plan Seq No. 162) ........................................................................................................... 3235–AN38 484 .................... Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Re￾porting Companies (Reg Plan Seq No. 163). 3235–AN40 485 .................... Registered Offerings Reform (Reg Plan Seq No. 164) ................................................................................... 3235–AN41 486 .................... Updating the Exempt Offering Pathways ......................................................................................................... 3235–AN42 487 .................... Rationalization of Disclosure Practices ............................................................................................................ 3235–AN43 488 .................... Shareholder Proposal Modernization ............................................................................................................... 3235–AN47 489 .................... Executive Compensation Disclosure Reform .................................................................................................. 3235–AN60 490 .................... Rescission of Climate-Related Disclosure Rules ............................................................................................ 3235–AN76 References in boldface appear in The Regulatory Plan in part II of this issue of the Federal Register.

DIVISION OF INVESTMENT MANAGEMENT—PROPOSED RULE STAGE Sequence No. Title Regulation Identifier No. 491 .................... Amendments to Form N–PORT ....................................................................................................................... 3235–AN44 492 .................... Amendments to Rule 17a–7 Under the Investment Company Act ................................................................. 3235–AN45 493 .................... Amendments to the Custody Rules (Reg Plan Seq No. 165) ......................................................................... 3235–AN46 494 .................... Electronic Delivery of Information Under the Federal Securities Laws ........................................................... 3235–AN57 495 .................... Enhancing Retail Exposure to Private Markets (Reg Plan Seq No. 168) ....................................................... 3235–AN59 496 .................... Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers ....................................... 3235–AN64 497 .................... Pay-to-Play Reform .......................................................................................................................................... 3235–AN65 References in boldface appear in The Regulatory Plan in part II of this issue of the Federal Register. DIVISION OF INVESTMENT MANAGEMENT—LONG-TERM ACTIONS Sequence No. Title Regulation Identifier No. 498 .................... Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers ..... 3235–AN34 DIVISION OF TRADING AND MARKETS—PROPOSED RULE STAGE Sequence No. Title Regulation Identifier No. 499 .................... Transfer Agents ................................................................................................................................................ 3235–AL55 500 .................... Amendments to Rule 17Ab2–1 and Form CA–1 ............................................................................................. 3235–AN67 501 .................... Amendments to Rule 17Ad–22(e)(18) and 15c3–3 ......................................................................................... 3235–AN68 Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Corporation Finance
481. RULE 144 SAFE HARBOR
Legal Authority: 15 U.S.C. 77b; 15 U.S.C. 77b note; 15 U.S.C. 77c; 15 U.S.C. 77d; 15 U.S.C. 77f; 15 U.S.C. 77g; 15 U.S.C. 77h; 15 U.S.C. 77j; 15 U.S.C. 77r; 15 U.S.C. 77s; 15 U.S.C. 77z–3; 15 U.S.C. 77sss; 15 U.S.C. 78c; 15 U.S.C. 78d; 15 U.S.C. 78j; 15 U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78o; 15 U.S.C. 78o–7 note; 15 U.S.C. 78t; 15 U.S.C. 78w; 15 U.S.C. 78ll(d); 15 U.S.C. 78mm; 15 U.S.C. 80a–8; 15 U.S.C. 80a–24; 15 U.S.C. 80a–26; 15 U.S.C. 80a–28; 15 U.S.C. 80a–29; 15 U.S.C. 80a–30; 15 U.S.C. 80a–37; Pub. L. 112–106, sec. 201(a), sec. 401, 126 Stat. 313 (2012); Sec. 401 Pub. L. 112–106, 126 Stat. 313 (2012); Sec. 107, Pub. L. 112–106, 126 Stat. 312; 12 U.S.C. 5461 et seq.; 15 U.S.C. 77s(a); 15 U.S.C. 77z– 2; 15 U.S.C. 77sss(a); 15 U.S.C. 78a et seq.; 15 U.S.C. 78c(b); 15 U.S.C. 78o(d); 15 U.S.C. 78u–5; 15 U.S.C. 78w(a); 15 U.S.C. 78ll; 15 U.S.C. 80a–2(a); 15 U.S.C. 80a–3; 15 U.S.C. 80a–6(c); 15 U.S.C. 80a–9; 15 U.S.C. 80a–10; 15 U.S.C. 80a–13; 15 U.S.C. 7201 et seq.; 18 U.S.C. 1350; Sec. 107, Pub. L. 112–106, 126 Stat. 312; Sec. 953(b) Pub. L. 111– 203, 124 Stat. 1904; Sec. 102(a)(3) Pub.
L. 112–106, 126 Stat. 309 (2012); Sec.
107, Pub. L. 112–106, 126 Stat. 313 (2012); Sec. 72001 Pub. L. 114–94, 129 Stat. 1312 (2015); . . . Abstract: The Division is considering recommending that the Commission repropose amendments to Rule 144, a non-exclusive safe harbor that permits the public resale of restricted or control securities if the conditions of the rule are met, to increase instances in which the safe harbor would be available. Timetable:
Action Date FR Cite
NPRM .................. 01/19/21 86 FR 5063 NPRM Comment Period End. 03/22/21 Second NPRM .... 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Valian Afshar, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–8729 Email: afsharv@sec.gov RIN: 3235–AM78
482. FOREIGN PRIVATE ISSUER
ELIGIBILITY ENHANCEMENTS Legal Authority: Not Yet Determined Abstract: The Division is considering recommending that the Commission propose to enhance the regulatory framework governing foreign private issuers. Timetable:
Action Date FR Cite
ANPRM ............... 06/09/25 90 FR 24232 ANPRM Comment Period End. 09/08/25 NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Kelsey Glover, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3450 Email: gloverke@sec.gov RIN: 3235–AN35
483. CRYPTO ASSETS
Regulatory Plan: This entry is Seq. No. 162 in part II of this issue of the Federal Register. RIN: 3235–AN38
484. ENHANCEMENT OF EMERGING
GROWTH COMPANY
ACCOMMODATIONS AND
SIMPLIFICATION OF FILER STATUS FOR REPORTING COMPANIES Regulatory Plan: This entry is Seq. No. 163 in part II of this issue of the Federal Register. RIN: 3235–AN40
485. REGISTERED OFFERINGS
REFORM
Regulatory Plan: This entry is Seq. No. 164 in part II of this issue of the Federal Register. RIN: 3235–AN41

486. UPDATING THE EXEMPT
     OFFERING PATHWAYS
     Legal Authority: Not Yet Determined Relevant Executive Orders: 14330 Abstract: The Division is considering recommending that the Commission propose rule amendments to facilitate capital formation and simplify the pathways for raising capital for, and investor access to, private businesses, including potential amendments to the definition of accredited investor. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Kenisha W. Nicholson, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–0301 Phone: 202 551–2176 Email: nicholsonke@sec.gov RIN: 3235–AN42

487. RATIONALIZATION OF
     DISCLOSURE PRACTICES
     Legal Authority: Not Yet Determined Abstract: The Division is considering recommending that the Commission propose rule amendments to rationalize disclosure practices to facilitate material disclosure by companies and shareholders’ access to that information. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Valian Afshar, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–8729 Email: afsharv@sec.gov RIN: 3235–AN43

488. SHAREHOLDER PROPOSAL
     MODERNIZATION
     Legal Authority: 15 U.S.C. 78c(b); 15 U.S.C. 78cn; 15 U.S.C. 78w(a); 15 U.S.C. 80a–20(a); 15 U.S.C. 80a–29 Abstract: The Division is considering recommending that the Commission propose rule amendments to modernize the requirements of Exchange Act Rule 14a-8 to reduce compliance burdens for registrants and account for developments since the rule was last amended. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Jennifer W. Choi, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–0301 Phone: 202 551–4839 Email: choijen@sec.gov RIN: 3235–AN47

489. • EXECUTIVE COMPENSATION
     DISCLOSURE REFORM
     Legal Authority: Not Yet Determined Relevant Executive Orders: 14219 Abstract: The Division is considering recommending that the Commission propose rule amendments to Item 402 of Regulation S–K to rationalize executive compensation disclosure requirements. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Dennis Hermreck, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3365 Email: hermreckd@sec.gov RIN: 3235–AN60

490. • RESCISSION OF CLIMATE￾RELATED DISCLOSURE RULES
     Legal Authority: Not Yet Determined Abstract: The Division is considering recommending that the Commission engage in rulemaking to address concerns about the climate-related disclosure rules adopted on March 6, 2024. Timetable:
     Action Date FR Cite
     NPRM .................. 06/03/26 91 FR 33296 NPRM Comment Period End. 08/03/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Luna Bloom, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3194 Email: blooml@sec.gov RIN: 3235–AN76 Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Investment Management

491. AMENDMENTS TO FORM N–
     PORT
     Legal Authority: 15 U.S.C. 80a–1 et seq. Relevant Executive Orders: 14219 Abstract: The Commission proposed amendments to Form N–PORT, the form on which many registered investment companies report certain portfolio￾related information, to address identified disclosure burdens. Timetable:
     Action Date FR Cite
     NPRM .................. 02/23/26 91 FR 8582 NPRM Comment Period End. 04/24/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Angela Mokodean, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5490 Email: mokodeana@sec.gov RIN: 3235–AN44

492. AMENDMENTS TO RULE 17A–7
     UNDER THE INVESTMENT COMPANY ACT Legal Authority: 15 U.S.C. 80a–6(c); 15 U.S.C. 80a–10(f); 15 U.S.C. 80a– 17(d); 15 U.S.C. 80–37(a) Abstract: The Division is considering recommending that the Commission propose amendments to rule 17a–7 under the Investment Company Act of 1940 to modernize the conditions for and expand the availability of the exemption of certain purchase or sale transactions between an investment company and certain affiliated persons. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Michael Khalil, Division of Investment Management, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549 Phone: 202 551–6792 Email: khalilm@sec.gov RIN: 3235–AN45

493. AMENDMENTS TO THE
     CUSTODY RULES
     Regulatory Plan: This entry is Seq. No. 165 in part II of this issue of the Federal Register. RIN: 3235–AN46

494. • ELECTRONIC DELIVERY OF
     INFORMATION UNDER THE FEDERAL SECURITIES LAWS Legal Authority: 15 U.S.C. 80a–37(a) Abstract: The Division, along with other Divisions and Offices, is considering recommending that the Commission propose rules that would address the use of electronic delivery for information required to be delivered under the Federal securities laws and rules thereunder, in order to modernize the Commission’s approach to the use of electronic media and reduce costs associated with paper delivery. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Amanda Wagner, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6762 Email: wagnera@sec.gov RIN: 3235–AN57

495. • ENHANCING RETAIL
     EXPOSURE TO PRIVATE MARKETS Regulatory Plan: This entry is Seq. No. 168 in part II of this issue of the Federal Register. RIN: 3235–AN59

496. • FORM PF; REPORTING
     REQUIREMENTS FOR ALL FILERS AND LARGE HEDGE FUND ADVISERS Legal Authority: 15 U.S.C. 80b–4; 15 U.S.C. 80b–11 Relevant Executive Orders: 14219 Abstract: The Division is considering recommending that the Commission propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, to address identified compliance burdens. Timetable:
     Action Date FR Cite
     NPRM .................. 04/24/26 91 FR 22232 NPRM Comment Period End. 06/23/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Adele Kitredge Murray, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–0301 Phone: 202 746–1641 Email: kittredgemurraya@sec.gov RIN: 3235–AN64

497. • PAY-TO-PLAY REFORM
     Legal Authority: 15 U.S.C. 80b–6(4); 15 U.S.C. 80b–11(a); 15 U.S.C. 80b–4 Relevant Executive Orders: 14219 Abstract: The Division is considering recommending that the Commission propose amendments to rule 206(4)-5 under the Investment Advisers Act of 1940, which prohibits investment adviser pay-to-play practices, to address identified compliance burdens. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Sirimal Mukerjee, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–3340 Email: mukerjees@sec.gov RIN: 3235–AN65 Securities and Exchange Commission (SEC) Long-Term Actions Division of Investment Management

498. CUSTOMER IDENTIFICATION
     PROGRAMS FOR REGISTERED INVESTMENT ADVISERS AND EXEMPT REPORTING ADVISERS Legal Authority: Pub. L. 107–56; 31 U.S.C. 5311 et seq. Abstract: The Division is considering recommending that the Commission, jointly with the Department of the Treasury, issue a final rule implementing section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 with regard to certain investment advisers that, among other things, requires those investment advisers, as financial institutions under the Bank Secrecy Act, to implement reasonable procedures to verify the identities of their customers. Timetable:
     Action Date FR Cite
     NPRM .................. 05/21/24 89 FR 44571 NPRM Comment Period End. 07/22/24 NPRM .................. 07/00/27 Regulatory Flexibility Analysis Required: Yes Agency Contact: Ted Uliassi, Division of Investment Management, Securities and Exchange Commission, 100 F St NE, Washington, DC 20549 Phone: 202 551–6095 Email: uliassit@sec.gov RIN: 3235–AN34 Securities and Exchange Commission (SEC) Proposed Rule Stage Division of Trading and Markets

499. TRANSFER AGENTS
     Legal Authority: 15 U.S.C. 78q–1 Abstract: The Division is considering recommending that the Commission propose updates and refinements to modernize the Commission’s existing regulatory regime for transfer agents, including rules relating to crypto assets and the use of distributed ledger technology by transfer agents. Timetable:
     Action Date FR Cite
     ANPRM ............... 12/31/15 80 FR 81948 ANPRM Comment Period Ex￾tended. 02/23/16 81 FR 8867 ANPRM Comment Period End. 02/29/16 ANPRM Comment Period Ex￾tended End. 04/14/16 NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Moshe Rothman, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5645 Email: rothmanm@sec.gov RIN: 3235–AL55

500. • AMENDMENTS TO RULE
     17AB2–1 AND FORM CA–1 Legal Authority: 15 U.S.C. 78q–1(b)(2) Abstract: The Division is considering recommending that the Commission propose updates to modernize and streamline the Commission’s existing process to register clearing agencies and obtain exemptions from registration as a clearing agency, reducing burdens on potential applicants. Timetable:
     Action Date FR Cite
     NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes

Agency Contact: Matthew Tate Lee, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–5794 Email: leemat@sec.gov RIN: 3235–AN67
501. • AMENDMENTS TO RULE 17AD–
22(E)(18) AND 15C3–3
Legal Authority: 15 U.S.C. 78q–1; 15 U.S.C. 78c; 15 U.S.C. 78o–7 note Abstract: The Division is considering recommending that the Commission amend the Treasury Clearing Rule to: (i) exclude certain inter-affiliate activity and non-U.S. activity from the Treasury Clearing Rule’s requirements, reducing implementation burdens; (2) make technical amendments and clarifications; and (3) codify selected staff guidance. Timetable:
Action Date FR Cite
NPRM .................. 10/00/26 Regulatory Flexibility Analysis Required: Yes Agency Contact: Elizabeth Fitzgerald, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549 Phone: 202 551–6036 Email: fitzgeraldel@sec.gov RIN: 3235–AN68 [FR Doc. 2026–16619 Filed 8–13–26; 8:45 am] BILLING CODE 8011–01–P