SEC Chairman's Rule Wishlist: Finance Nerds Only
Published Date: 8/14/2026
Proposed Rule
Summary
The Securities and Exchange Commission is publishing the Chairman's agenda of rulemaking actions pursuant to the Regulatory Flexibility Act ("RFA") (Pub. L. 96-354, 94 Stat. 1164) (Sept. 19, 1980). The items listed in the Regulatory Flexibility Agenda reflect only the priorities of the Chairman of the U.S. Securities and Exchange Commission, and do not necessarily reflect the views and priorities of any individual Commissioner. Information in the agenda was accurate on May 12, 2026, the date on which the Commission's staff completed compilation of the data. To the extent possible, rulemaking actions by the Commission since that date have been reflected in the agenda. The Commission invites questions and public comment on the agenda and on the individual agenda entries. The Commission is now printing in the Federal Register, along with our preamble, only those agenda entries for which we have indicated that preparation of an RFA analysis is required. The Commission's complete RFA agenda will be available online at www.reginfo.gov.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
Easier Capital Raising for Private Firms
The SEC is considering proposing rule changes to facilitate capital formation and simplify the pathways for raising money for private businesses. The proposal explicitly may include potential amendments to the definition of "accredited investor" to expand investor access to private businesses.
More Retail Access to Private Markets
The SEC lists an item to "Enhance Retail Exposure to Private Markets" as a planned rulemaking. That entry indicates the Commission is considering actions aimed at expanding retail investors' exposure to private market investments.
Rule 144 Safe Harbor Expansion
The Division is considering recommending the SEC repropose amendments to Rule 144 to increase instances in which the non-exclusive safe harbor for public resale of restricted or control securities would be available. The entry notes that a second NPRM is expected (listed in the agenda timetable).
ID Verification for Investment Advisers
The Division is considering recommending a final rule requiring certain investment advisers, as financial institutions under the Bank Secrecy Act, to implement reasonable procedures to verify the identities of their customers. The item refers to implementing section 326 of the USA PATRIOT Act for those advisers.
Switch to Electronic Securities Delivery
The SEC is considering proposing rules to address the use of electronic delivery for information required under the Federal securities laws in order to modernize delivery and reduce costs associated with paper delivery. The entry says the change is intended to reduce paper-delivery costs.
Pay‑to‑Play Rule Amendments
The Division is considering recommending that the SEC propose amendments to rule 206(4)-5 under the Investment Advisers Act to address identified compliance burdens related to investment adviser pay-to-play practices.
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Key Dates
Department and Agencies
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We are publishing our regulatory agenda (the Agenda) in accordance with Public Law 96-354, "The Regulatory Flexibility Act" (RFA), Executive Order (E.O.) 12866, "Regulatory Planning and Review," E.O. 14219, "Ensuring Lawful Governance and Implementing the President's `Department of Government Efficiency' Deregulatory Initiative," E.O. 14215, "Ensuring Accountability for All Agencies," and E.O. 14192, "Unleashing Prosperity Through Deregulation." The NRC's Agenda is a compilation of all rulemaking activities on which we have recently completed action or have proposed or are considering action. The NRC's Agenda was last issued online at the Office of Management and Budget's website at https://www.reginfo.gov on September 4, 2025, and published in the Federal Register on September 22, 2025 (90 FR 45648). This issuance of our Agenda contains information about rulemaking activities that are under development, completed, or canceled since the last Agenda.
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The Chairman of the Surface Transportation Board (STB or Board) is publishing the Regulatory Flexibility Agenda.