On September 4, 2025, the Office of Information and Regulatory Affairs released the SEC’s regulatory agenda, the first published by the SEC since Paul Atkins began his term as SEC Chair. The agenda, which is usually published twice a year, is a non-binding list of the rulemakings that the SEC is expected to propose or adopt in the near term.
The new agenda lists three Advanced Notices of Proposed Rulemaking (usually a concept release issued prior to a proposal); eighteen Notices of Proposed Rulemakings (proposals expected to be issued); and two final stage rulemakings (to adopt proposals already issued). The agenda lists April 2026 as the publication date for most of the proposals, but the date may simply indicate first half or second quarter 2026 publication. It is also not uncommon for the SEC to push back the dates set out in the agenda.
Among the key rulemakings listed in the agenda are:
- Foreign Private Issuer Eligibility – The concept release to amend the FPI definition has already been issued, and the agenda provides no information about next steps.
- Rule 144 Safe Harbor – The SEC is considering reproposing amendments to Rule 144, a non-exclusive safe harbor that permits the public resale of restricted or control securities, to increase instances in which the safe harbor would be available.
- Crypto Assets – The SEC is considering proposing rules relating to the offer and sale of crypto assets, potentially to include certain exemptions and safe harbors, to help clarify the regulatory framework for crypto assets and provide greater certainty to the market.
- Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies – The SEC is considering proposing amendments to expand accommodations that are available for EGCs and to rationalize filer statuses to simplify the categorization of registrants and reduce their compliance burdens.
- Shelf Registration Modernization – The SEC is considering proposing amendments to the shelf registration process to reduce compliance burdens and further facilitate capital formation.
- Updating the Exempt Offering Pathways – The SEC is considering proposing amendments to its exemptions from registration to simplify the pathways for raising capital for, and investor access to, private businesses.
- Rationalization of Disclosure Practices – The SEC is considering proposing amendments to rationalize disclosure practices to facilitate material disclosure by companies and shareholders' access to that information.
- Shareholder Proposal Modernization – The SEC is considering proposing amendments to Exchange Act Rule 14a-8, which governs when a company must include a shareholder's proposal in its proxy statement, to reduce compliance burdens for registrants and account for developments since the rule was last amended.
- Publication or Submission of Quotations Without Specified Information – The SEC is considering proposing amendments to Rule 15c2-11, which governs the publication of quotations for over-the-counter securities, to exclude certain types of securities.
Although there are a few rulemakings that remain from the last administration, the new agenda is, not surprisingly, completely different from the prior one, which was published in summer 2024 under then-SEC Chair Gary Gensler. No longer on the agenda are: incentive-based compensation rules; corporate board diversity disclosure; human capital management disclosure; revisions to the resource extraction payment disclosure rule; amendments to the Section 12(g) “held of record" definition; or ESG rules for investment advisers and investment companies.
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