SEC publicizes priorities with newest reg flex agenda

On September 4, 2025, the SEC’s newest reg flex agenda was launched, setting out the short- and long-term regulatory actions that the SEC plans to take. The agenda contains numerous proposals designed to cut back compliance burdens and facilitate capital elevating, together with a proposal to reinforce rising development firm (“EGC”) lodging and simplify filer standing for reporting corporations.

Key agenda subjects embrace:

• Proposed Rule Stage:
  • Shareholder Proposal Modernization: Bringing again to the rulemaking agenda a subject that had beforehand been shelved, the Division of Corporation Finance (the “Division”) is contemplating recommending that the Commission suggest rule amendments that will modernize the necessities of Exchange Act Rule 14a-8, with the intention to “reduce compliance burdens for registrants and account for developments since the rule was last amended.”
  • Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies: The Division is contemplating recommending that the Commission suggest rule amendments to increase lodging which are out there for EGCs and “to rationalize filer statuses” and “simplify the categorization of registrants and reduce their compliance burdens.”¹ This is a brand new merchandise on the agenda.
  • Crypto Assets: The Division is contemplating recommending that the Commission suggest guidelines referring to the supply and sale of crypto property, probably to incorporate sure exemptions and secure harbors, to assist make clear the regulatory framework for crypto property and supply better certainty to the market.
  • Rule 144 Safe Harbor: Re-proposal of guidelines associated to increasing the Rule 144 secure harbor for resales of restricted and management securities to extend situations through which the secure harbor can be out there.
  • Shelf Registration Modernization: The Division is contemplating recommending that the Commission suggest rule amendments “to modernize the shelf registration process” and “reduce compliance burdens and further facilitate capital formation.”
  • Rationalization of Disclosure Practices: The Division is contemplating recommending that the Commission suggest rule amendments “to rationalize disclosure practices” and “facilitate material disclosure by companies and shareholders’ access to that information.” Our understanding is that these proposed guidelines would cowl adjustments to govt compensation disclosure, on which the SEC has requested comment.²
  • Updating the Exempt Offerings Pathway: The Division is contemplating recommending that the Commission suggest rule amendments to facilitate capital formation and simplify the pathways for elevating capital for, and investor entry to, non-public companies.
• Pre-rule Stage:
  • Foreign Private Issuer (“FPI”) Eligibility: Following the SEC’s idea launch soliciting public touch upon the definition of FPI, the agenda contains FPI eligibility as a subject that’s within the “pre-rule” stage and subsequently doesn’t have a selected timeframe connected.

Certain subjects didn’t make the agenda, together with cybersecurity, which had been the topic of a rulemaking petition submitted by varied monetary business teams, and subjects that had been below dialogue within the prior administration, together with human capital administration and board variety.

SEC Chair Paul S. Atkins issued a short statement in regards to the Reg Flex Agenda, noting that it “reflects that it is a new day at the [SEC]. The items on the agenda represent the Commission’s renewed focus on supporting innovation, capital formation, market efficiency, and investor protection.” He also notes that the agenda reflects the “withdrawal of a host of items from the last Administration that do not align with the goal that regulation should be smart, effective, and appropriately tailored within the confines of our statutory authority.”

The timeframe for motion on the proposed guidelines is listed as April 2026, nevertheless the reg flex agenda timeframes are merely an estimate, not a assure of when, or if, the SEC will act.

The following White & Case Public Company Advisory Group members authored this alert: Maia Gez, Scott Levi, Melinda Anderson and Danielle Herrick.

_{1 The Society for Corporate Governance has submitted recommendations to the SEC for scaled disclosure and filer class reforms.
2 The Society for Corporate Governance submitted a remark letter in response to the SEC’s Executive Compensation roundtable, which is offered here.} 

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