SEC Rulemaking Returns After Quiet Stretch: Assessing The SEC "Reg. Flex" Agenda For BDs And Exchanges

Despite the SEC's already prolific rulemaking under Chair Gensler, the agency still has a few dozen additional rulemaking initiatives in the queue. Broker-dealers, exchanges, and other trading and markets participants can expect the brunt of that attention over the coming months. This all comes amidst the approaching November 2024 US presidential election and a possible change in leadership at the SEC shortly after.

In July 2024, the federal Office of Information and Regulatory Affairs, or "OIRA," published the SEC's Spring 2024 "Reg. Flex" agenda. Under Chair Gensler, the SEC has already adopted 40+ final rulemakings, has formally proposed an additional dozen-plus rulemakings that it expects to adopt soon, and plans on proposing more than a dozen fresh proposals on top of that. The 70+ total rulemakings targeted by Chair Gensler compares to a total of 43 adopted rulemakings under prior Chair Clayton and 22 adopted rulemakings under former Chair White. The