In the last quarter of 2005, the SEC published its Semiannual Regulatory Agenda (the "Agenda") which, in compliance with the Regulatory Flexibility Act, identifies anticipated rulemaking activity that is likely to have a significant economic impact on a substantial number of small entities. Publication of the Agenda does not preclude the SEC from considering, or acting on, other matters. Nor is the SEC required to act on matters that appear in the Agenda, or, as events since the issuance of the Agenda have borne out, act on matters included in the Agenda in the indicated timeframes.
Given the number of timing targets that have been missed to date (although some have been met), the dates provided in the Agenda are probably not a very reliable indicator of when the SEC will act on these initiatives. Delays are not uncommon for the SEC, but the continuing lack of a permanent Director of the Division of Investment Management has likely exacerbated the recent delays in investment management rulemaking. Nevertheless, the Agenda does give an indication of where SEC rulemaking priorities may lie. Described below are a number of rulemaking initiatives discussed in the Agenda that are likely to affect the investment management industry. The descriptions are divided into two categories - existing initiatives and new initiatives.
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