SEC Chair Clayton testified on December 11, 2018 before the U.S. Senate Committee on Banking, Housing and Urban Affairs. In his testimony, Chair Clayton reviewed the Commission’s Strategic Plan and outlined the agency’s priorities. Consistent with his remarks delivered at Columbia University, Chair Clayton reviewed some of the principal accomplishments in 2018, including proposed Regulation Best Interest, the amendments to the smaller reporting company definition, the disclosure simplification amendments, and the proposed changes to financial disclosures for guarantors. He noted that there were other proposals “on the horizon,” including:
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A proposal to amend the definition of “accelerated filer” (triggering SOX 404(b) attestation);
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Extension of the test-the-waters accommodation to non-EGCs;
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Rulemaking to expand Regulation A eligibility to public reporting companies;
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A release soliciting input on reducing compliance burdens on reporting companies with respect to quarterly reports;
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A concept release on the exempt offering framework;
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Changes to Rule 701 to address the comments received on the Commission’s concept release on the exemption;
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Improvements to the proxy process;
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Regulation of proxy advisory firms;
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Revisions of the offering rules for BDCs as required by the Small Business Credit Availability Act; and
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Revisions of the offering rules for closed-end funds as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.
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