SEC Publishes Rules for Review under Regulatory Flexibility Act

The SEC published a list of rules to be reviewed under the Regulatory Flexibility Act and invited public comment on whether any changes to the listed rules should be considered. The SEC is specifically seeking input as to whether the listed rules affect small businesses in new or different ways compared to when the rules were initially adopted. The list of rules include:

• Removal of Certain References to Credit Ratings Under the Investment Company Act;

• Registration of Municipal Advisors;

• Broker-Dealer Reports;

• Financial Responsibility Rules for Broker-Dealers;

• Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings;

• Disqualification of Felons and Other "Bad Actors" From Rule 506 Offerings;

• Identity Theft Red Flags Rules; and

• Lost Securityholders and Unresponsive Payees.

Comments must be submitted by January 3, 2023.