The Advisors' Blog

Yesterday, the White House announced the “Fall 2023 Unified Agenda of Regulatory and Deregulatory Actions” – or as it’s lovingly called around here, the “Reg Flex Agenda.” SEC Chair Gary Gensler issued a statement about the SEC’s contributions.

As usual, the items on this list reflect the priorities of the Chair and you shouldn’t read too much into the dates – they are approximate timeframes, not commitments. In fact, I have heard that the Staff can only select from “April” or “October” when it submits the agenda, so when we say “targeting April,” what we mean is the earlier part of the year instead of the later part. When it comes to items that affect compensation committees, these two items are continuing again in the “proposed rule” stage:

– Incentive-Based Compensation Arrangements – This is a Dodd-Frank straggler about bank bonuses that is targeted for the April timeframe. It was added back last spring, after previously appearing a couple of years ago and then dropping off the agenda.

– Human Capital Management Disclosure – Will it happen, based on recent recommendations? Will it be DOA? Time will tell. It’s a topic that compensation committees may need to consider regardless of whether there are SEC disclosure rules.

Check out Meredith’s blog on TheCorporateCounsel.net for a summary of other topics on the Reg Flex agenda.

– Liz Dunshee