On Friday, the SEC reopened the comment periods for several rulemaking releases due to a technological error that resulted in a number of public comments not being received by the SEC.  The reopening affects several important rulemakings, including those on climate-related disclosure, share repurchases, cybersecurity and SPACs.  While there has been no official update on timing from the SEC, the reopening makes it highly unlikely that it will issue final rules on these topics in October and casts doubt on its ability to do so by the end of the year.

All commenters who submitted a public comment to one of the affected releases via the SEC’s internet comment form between June 2021 and August 2022 should check the relevant comment file on SEC.gov to see if their comment was received and posted.  If a comment has not been posted, the SEC advises commenters to resubmit that comment.

The comment period for the affected releases will be open for 14 days following the publication of the reopening release in the Federal Register.  A copy of the SEC’s proposed order can be read here, and a complete list of affected releases is 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)