On October 7, 2022, the U.S. Securities and Exchange Commission (SEC) announced that it will reopen the public comment periods for 11 rulemaking releases and one request for comment due to a technological error that resulted in a number of public comments submitted through the SEC's internet comment form not being received by the SEC. The technological error is known to have occurred as early as June 2021, although the SEC indicated that the majority of affected comments were submitted in August 2022. The reopened comment periods will be open for 14 days following publication of the reopening release in the Federal Register.

For several rulemaking items, no impact on timing is anticipated, but for final rules anticipated in October 2022 (including The Enhancement and Standardization of Climate-Related Disclosures for Investors), final rulemaking may be delayed beyond October in order to account for the reopened public comment period and the SEC's review of any comments submitted during that period. The SEC's latest rulemaking agenda, which includes the anticipated timing of proposed and final rulemakings, can be found here.

The impacted releases and request for comment are listed below.

• Reporting of Securities Loans, Release No. 34-93613 (Dec. 8, 2021)
• Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers; Position Reporting of Large Security-Based Swap Positions, Release No. 34-93784 (Feb. 4, 2022)
• Money Market Fund Reforms, Release No. IC-34441 (Feb. 8, 2022)
• Share Repurchase Disclosure Modernization, Release Nos. 34-93783, IC-34440 (Feb. 15, 2022)
• Short Position and Short Activity Reporting by Institutional Investment Managers, Release No. 34-94313 (Mar. 16, 2022); see also Notice of the Text of the Proposed Amendments to the National Market System Plan Governing the Consolidated Audit Trail for Purposes of Short Sale-Related Data Collection, Release No. 34-94314 (Mar. 16, 2022)
• Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, Release Nos. 33-11038, 34-94382, IC-34529 (Mar. 23, 2022)
• Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-5955 (Mar. 24, 2022)
• The Enhancement and Standardization of Climate-Related Disclosures for Investors Release Nos. 33-11042, 34-94478 (Apr. 11, 2022)
• Special Purpose Acquisition Companies, Shell Companies, and Projections, Release Nos. 33-11048, 34-94546, IC-34549 (May 13, 2022)
• Investment Company Names, Release Nos. 33-11067, 34-94981, IC-34593 (June 17, 2022)
• Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices, Release Nos. 33-11068, 34-94985, IA-6034, IC-34594 (June 17, 2022)
• Request for Comment on Certain Information Providers Acting as Investment Advisers, Release Nos. IA-6050, IC-34618 (June 22, 2022)

Contact

For questions regarding the SEC's rulemaking agenda or the timing of proposed or final rules, please contact any member of Wilson Sonsini's public company representation practice.