On June 11, 2021, the Office of Information and Regulatory Affairs—part of the Office of Management and Budget, within the Executive Office of the President—released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions, reporting on potential rulemaking topics that administrative agencies, including the SEC, will consider in the short and long term, including several areas of interest to funds, advisers and other fund service providers. 

• Short-Term Agenda. The SEC’s short-term agenda—i.e., topics designated in the “Final”, “Proposed” or “Pre-Rule” stage—includes potential new rulemaking or amendments concerning:

  • modernized mutual fund shareholder reports and other fund disclosures;

  • requirements for funds and advisers related to environmental, social and governance (ESG) factors, including ESG claims and related disclosures;

  • Rule 17a-7 for cross-trades between a fund and its affiliates;

  • mutual fund liquidity and dilution management;

  • money market funds;

  • Form PF for private fund reporting; and

  • the investment adviser custody rule.

Notably, the agenda also indicates that the Division of Investment Management is considering recommending that the SEC seek public comment on the role of certain third-party service providers, such as index providers and model providers, and the implications for the asset management industry—a topic categorized in the “Pre-Rule Stage.” 

Long-Term Agenda. Several topics of interest to the asset management industry are categorized in the “Long-Term Actions” stage of potential rulemaking, including:

• stress testing requirements for large asset managers and funds;

• fund securities lending arrangements;

• amendments to the rules concerning custody under the Investment Company Act;

• amendments to Rule 35d-1, the fund names rule; and

• form and rule amendments to address the fund proxy system.

The SEC’s rulemaking list is available here.