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On January 4, 2023, the SEC’s semiannual regulatory agenda was released. The agenda outlines the SEC’s rulemaking priorities for 2023 and includes 23 proposed rules and 29 final rules, continuing the scorching standard-setting pace set in 2022. This level of output is only comparable to the regulation following the 2001 Enron scandal and the 2007 mortgage crisis. 

SEC Standard-Setting Activity

Proposed Highlights

Registrants Investment Funds & Advisors Broker-Dealer & Clearing Agencies Capital Formation
Corporate board diversity Amendments to the custody rule for investment advisers Securitization conflicts of interests Regulation D
Human capital management Fund fee disclosure & reform Single stock ETFs Rule 144A holding period
Cybersecurity Digital engagement practices – funds Digital engagement practices – brokers Securities held of record definition 
Payments by resource extraction issuers   Clearing agency recovery & wind-down  

Final Rule Highlights 

Registrants Investment Funds & Advisors Broker-Dealer & Clearing Agencies
Climate change disclosures  ESG investment practices  T +1 settlement
Cybersecurity risk governance  Cybersecurity risk governance Clearing agency governance
Share repurchase  Investment company names  Dealer definition 
Shareholder proposals (Rule 14a-8) Money market reforms Exchange definition 
Payments by resource extraction issuers Form PF: 
Large PE & liquidity fund advisers
Large hedge fund advisers
Security based swaps: 
Undue influence
SPACs Stock borrow/loan Consolidated audit trail data security

Each quarter FORVIS prepares an overview of proposals and final rules issued and updates on key outstanding projects. See the latest edition, “Quarterly Perspectives: SEC 4Q 2022.” 


The Assurance Team at FORVIS delivers extensive experience and skilled professionals to align with your objectives. Our proactive approach includes candid and open communication to help address your financial reporting needs. At the end of the day, we know how important it is for you to be able to trust the numbers; our commitment to independence and objectivity helps provide the security and confidence you desire. FORVIS works with hundreds of publicly traded companies in the delivery of assurance, tax, or advisory services, within the U.S. and globally. For more information, visit

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