The SEC’s Latest Reg Flex Agenda: A Baker’s Dozen

On Friday, the SEC released its latest Reg Flex Agenda. It's notable in that it's the first timetable for potential rulemaking we've seen from the SEC since Gary Gensler became the SEC Chair – and because it's ambitious in the number of rulemakings the SEC may undertake and underscores that the SEC is giving priority to ESG disclosure topics. I say "may" undertake because the Reg Flex Agenda tends to be aspirational – the SEC isn't committed to the rulemakings nor the timetable within it. Here are some of the more notable potential rulemakings:

1. Climate change disclosure – proposal by October
2. Human Capital disclosure – proposal by October
3. Cybersecurity risk governance - proposal by October
4. Rule 10b5-1 plans – proposal by October
5. Board diversity – proposal by October
6. Rule 144 – final by October
7. Clawback rules – re-proposal by next April
8. SPACs - proposal by next April
9. Shareholder proposals – proposal by next April
10. Proxy advisors - proposal by next April
11. Share buybacks - proposal by next April
12. Universal proxy - final by next April
13. Pay-for-performance - final by next April