SEC Clears Unfinished Rulemakings from Regulatory Agenda

On June 12, 2025, the SEC issued a notice (the “Notice”) formally withdrawing certain proposed rulemakings issued in 2022 and 2023. Of particular interest to the investment management industry, the Notice withdraws the following proposed rulemakings (month and year of each proposal are in parentheses):

• SEC Proposes Rules Regarding Conflicts of Interest Arising from Firms’ Use of Predictive Data Analytics (July 2023) (described in a Ropes & Gray IM Update).
• SEC Proposes Enhanced Safeguarding Rule for Registered Investment Advisers (February 2023) (described in a Ropes & Gray Alert).
• SEC Proposes to Regulate Investment Advisers’ Outsourcing, Recordkeeping Included (October 2022) (described in a Ropes & Gray IM Update).
• SEC Proposes to Amend Rule 14a-8 Shareholder Proposal Provisions Regarding Substantial Implementation, Duplication and Resubmission (July 2022) (described in a Ropes & Gray Alert).
• SEC Proposes ESG-Related Disclosures by Registered Funds and Investment Advisers (May 2022) (described in a Ropes & Gray Alert).
• SEC Proposes Cybersecurity Risk Management Rules for Registered Funds and Advisers (February 2022) (described in a Ropes & Gray Alert).

With respect to the withdrawn rulemakings, the Notice states that the SEC “does not intend to issue final rules with respect to these proposals” and, if the SEC “decides to pursue future regulatory action in any of these areas, it will issue a new proposed rule.”

• The Notice did not include SEC Proposes Overhauled Open-End Fund Liquidity Framework Including Mandatory Swing Pricing (November 2022) (described in a Ropes & Gray Alert). The SEC’s Spring 2024 Current Agenda indicated that the 2022 proposal had been withdrawn and would be reproposed (as described in another Ropes & Gray Alert). The SEC’s Fall 2024 Current Agenda (available here) did not include the item.

* * *

If you would like to learn more about the topics in this Alert, please contact your usual Ropes & Gray attorney contacts.