The SEC's New Rulemaking Agenda: A Deregulatory Road Map for Advisers and Funds

Short summary

The SEC under Chairman Paul Atkins has released its 2026 regulatory flexibility agenda, marking a clear deregulatory shift for investment advisers and registered funds. Key items include pay-to-play rule reform, recordkeeping modernization for electronic and AI-related communications, and expanding retail access to private markets through registered vehicles. The agenda aligns with Atkins' A-C-T strategy of advancing, clarifying, and transforming the regulatory framework.

• •SEC 2026 Agenda is fully deregulatory under Chairman Atkins' A-C-T framework
• •New items target pay-to-play reform, recordkeeping modernization, and retail access to private markets
• •Recordkeeping reforms may address AI-related communication retention requirements

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