The SEC's 2023 Rulemaking Agenda Three Years Later: Adopted, Vacated, Withdrawn
Updated October 2026, three years after the agenda it describes. First published February 2024.
On June 13, 2023, the federal government released its Spring 2023 regulatory agenda, and then-Chair Gary Gensler published the SEC's part of it. The Federal Register version notes that the list reflected "only the priorities of the Chair." When we first wrote about it in February 2024, most of those items were proposals or brand-new rules.
Since then, the SEC's leadership changed. Gensler stepped down on January 20, 2025, Mark Uyeda served as acting chairman, and Paul Atkins was sworn in on April 21, 2025. Courts vacated several of the rules that were adopted, and the new Commission withdrew 14 proposals that hadn't been. Here is where the 2023 agenda's main items stand as of October 2026, sorted by outcome.
Adopted and In Effect
| Rule | Adopted | Where it stands |
|---|---|---|
| Money market fund reforms | July 12, 2023 | In effect. Redemption gates ended October 2, 2023; mandatory liquidity fees followed a year after that. |
| Beneficial ownership reporting (Schedules 13D and 13G) | October 10, 2023 | In effect. New 13G deadlines from September 30, 2024; structured data from December 18, 2024. |
| Treasury clearing | December 13, 2023 | Margin, access, and Rule 15c3-3 parts apply since March 31, 2025. Cash trades must be cleared by December 31, 2026, repo by June 30, 2027. See our Treasury clearing update. |
| Regulation S-P amendments | May 16, 2024 | Compliance required for larger entities since December 3, 2025 and for smaller entities since June 3, 2026. |
| EDGAR Next filer access | September 27, 2024 | Full compliance from September 15, 2025. |
Adopted, Then Vacated, Stayed, or Pushed Back
| Rule | Adopted | What happened |
|---|---|---|
| Private fund adviser rules | August 23, 2023 | Vacated by the Fifth Circuit on June 5, 2024. See our private fund reporting update. |
| Dealer definition (firms that provide liquidity in Treasuries and other securities) | February 6, 2024 | Vacated by the U.S. District Court for the Northern District of Texas on November 21, 2024. A new "Definition of Dealer" proposal is on the SEC's current agenda. |
| Climate-related disclosure | March 6, 2024 | Stayed by the SEC in April 2024 and never in effect. The SEC voted to stop defending it on March 27, 2025 and proposed to rescind it in May 2026. |
| Securities lending reporting (Rule 10c-1a) and short position reporting (Rule 13f-2) | October 13, 2023 | The Fifth Circuit sent both back to the SEC without vacating them in August 2025. A December 2025 exemptive order delays 13f-2 until January 2, 2028, 10c-1a reporting until September 28, 2028, and public 10c-1a data until March 29, 2029. See our Rule 10c-1a post. |
| Regulation NMS tick sizes, access fee caps, and round lots | September 18, 2024 | Upheld by the D.C. Circuit in October 2025. Round lots went live November 3, 2025. The tick size and fee cap changes are exempted until the first business day of November 2027. |
| Consolidated Audit Trail funding model | September 2023 (order) | Vacated by the Eleventh Circuit on July 25, 2025. A revised funding model was approved in March 2026, and the SEC opened a full review of CAT with a concept release in April 2026. |
| Form PF expanded reporting | February 8, 2024 | Compliance date moved four times, now July 1, 2027. |
Proposed, Then Withdrawn
On June 12, 2025, the Commission withdrew 14 proposed rules and said it "does not intend to issue final rules with respect to these proposals." The ones broker-dealers and advisers followed most closely:
- conflicts of interest from predictive data analytics;
- safeguarding advisory client assets (the custody rule rewrite);
- Regulation Best Execution;
- the Order Competition Rule;
- cybersecurity risk management for broker-dealers and other market entities;
- Regulation SCI amendments;
- the Rule 3b-16 amendments that would have widened the definition of an exchange;
- outsourcing by investment advisers;
- ESG disclosures for advisers and funds;
- security-based swap position reporting under proposed Rule 10B-1.
The withdrawal notice says that if the Commission returns to any of these areas, it will start with a new proposal. It has started on one area: on October 1, 2026, it proposed rules on how investment advisers and funds can custody crypto assets.
Never Proposed
Two items on the 2023 agenda never reached the proposal stage. Corporate board diversity disclosure and human capital management disclosure were both withdrawn from the agenda on April 21, 2025. Separately, the full Fifth Circuit vacated the SEC's approval of Nasdaq's board diversity listing rule on December 11, 2024.
The incentive-based compensation rule required by section 956 of the Dodd-Frank Act is still unfinished. The FDIC, OCC, and FHFA reproposed it in May 2024. The SEC didn't join, and its agenda now lists the item as a long-term action.
What the Next Agenda Says
The SEC's current agenda, released in July 2026, lists proposals targeted for October 2026 that pick up where several 2023 rules left off: a new definition of dealer, amendments to Rules 10c-1a and 13f-2, and changes to the Treasury clearing rule to exclude certain inter-affiliate and non-U.S. activity. Target dates on an agenda often slip, so treat them as intentions.
What We Take From It
The adoption date told you less than the compliance date did. The securities lending rule was adopted in October 2023, and as of October 2026 its first reports aren't due until September 2028. Many of the date changes came through exemptive orders rather than rule amendments, so they're easy to miss if you only track final rules. A compliance calendar built in 2024 would be wrong on most of these rows today, which is why we date every status in this post and recommend checking the SEC's rulemaking activity page before you plan work around any of them.
This post is for informational purposes only and does not constitute legal advice. For guidance on specific regulatory obligations, consult your counsel or compliance advisor.