On March 17, 2021, the SEC published a list of rules scheduled for review pursuant to Section 610 of the Regulatory Flexibility Act (RFA), which requires an agency to review its rules that have a significant impact upon a substantial number of small entities within ten years of the final rule’s publication. The rules which will be assessed, including to determine whether such rules should be continued without change, amended or rescinded, include the following:

  •  Reporting by investment advisers to private funds and certain commodity pool operators and commodity trading advisors on Form PF;
  • The pay-to-play rule;
  • Registration requirements for advisers to venture capital funds and small private fund advisers; and
  • Family office registration exemptions.

Review of a rule pursuant to the RFA does not necessarily mean that future rulemaking is imminent. Nonetheless, under the RFA, specific consideration must be given to the following factors when assessing a rule:

  • The continued need for the rule;
  • The nature of complaints or comments received concerning the rule from the public;
  • The rule’s complexity;
  • The extent to which the rule overlaps, duplicates or conflicts with other federal rules, and, to the extent feasible, with state and local governmental rules; and
  • The length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule.

The list of rules scheduled for review is available here.