SEC Rulemaking Agenda Under Trump Continues Slim-Down

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By Andrew Ramonas

The SEC has trimmed some more from its rulemaking list under President Donald Trump after making deep cuts to it earlier this year, according to the agency’s newest semi-annual regulatory docket.

The Securities and Exchange Commission’s near-term agenda released Dec. 14 has 26 items in the proposed and final rule stages, including nine newcomers that didn’t appear on the list published in July.

The new entries, which were added under agency Chairman Jay Clayton, contained proposals to harmonize regulations with the Commodity Futures Trading Commission, amend the Volcker Rule, and change the SEC’s whistleblower rules to address unspecified “various issues that have arisen based on the commission’s experiences,” according to the agenda.

Absent from the list were 16 rules that were on the docket drawn up under Republican Commissioner Michael Piwowar when he was the commission’s acting chairman. They included proposals for enhancing record-keeping requirements for broker-dealers that use trading algorithms and an anti-disruptive trading rule curbing aggressive short-term trading strategies when there’s market stress.

They were among 33 items in the proposed and final rule stages on the agency’s docket earlier in 2017. The list followed a fall 2016 docket with 62 items under then-SEC Chairman Mary Jo White, a Barack Obama appointee.

Clayton said in November the commission prepared a shorter agenda that was “rooted in a commitment to increase transparency and accountability,” giving the public information about work the agency has a “reasonable expectation” of finishing in the coming year.

A spokesman for the chairman declined to comment.

To contact the reporter on this story: Andrew Ramonas in Washington at aramonas@bloomberglaw.com

To contact the editor responsible for this story: Phyllis Diamond at pdiamond@bloomberglaw.com

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