Regulatory Insights December 2025

WHITE HOUSE & CAPITOL HILL

White House Executive Order on Proxy Advisors

On December 11, the White House issued an Executive Order (EO) about proxy advisors titled “Protecting American Investors From Foreign-Owned And Politically-Motivated Proxy Advisors.” The EO directs the SEC, FTC and DOL to review and reform proxy advisor activities within their jurisdiction.

The EO is available here: https://www.whitehouse.gov/presidential-actions/2025/12/protecting-american-investors-from-foreign-owned-and-politically-motivated-proxy-advisors/

House Passes E-Delivery Bill

On December 11, the House passed (302 to 123) the electronic delivery bill titled, “The Improving Investor Disclosure Act of 2025” (H.R. 2441). The bill was included as part of a larger capital formation package (HR 3383). A companion bill (same as H.R. 2441) is in the Senate, but to-date the Senate Banking Committee has not scheduled hearings.

The Bill is available here (see section 205): https://rules.house.gov/sites/evo-subsites/rules.house.gov/files/documents/rcp_h3383_xml.pdf

Market Structure Bill (Digital Assets)

The Senate Banking and Senate Agriculture Committees continue to work on legislation that will provide broad authority to the SEC and CFTC to regulate digital assets. It is expected that legislation will move in the fist quarter of 2026.

SEC

Division of Trading and Markets: Frequently Asked Questions Relating to Crypto Asset Activities and Distributed Ledger Technology

On December 17, the SEC’s Division of Trading & Markets issued crypto guidance for broker-dealers, transfer agents, national exchanges and clearing agents.

• The FAQ guidance is available here: https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-relating-crypto-asset-activities-distributed-ledger-technology

SEC Office of the Investor Advocate Delivers to Congress Report on Activities for Fiscal Year 2025

The report includes:

• An update on the office’s investor research activities, including the issuance of a working paper on accredited investors and their ownership of private market securities;
• A discussion of the office’s engagements with a broad range of investors, and the office’s collaborative efforts both within and outside the SEC to help amplify the voices of investors;
• A discussion of the office’s ongoing advocacy efforts with respect to private markets, disclosure, and the impact of certain rule proposals;
• A report describing the Ombuds Office’s efforts to assist investors, as well as the matters handled by that office during the fiscal year.
• The press release and report are available here: https://www.sec.gov/newsroom/press-releases/2025-142-sec-office-investor-advocate-delivers-congress-report-activities-fiscal-year-2025?utm_medium=email&utm_source=govdelivery

SEC IAC December Meeting on Regulatory Changes in Corporate Governance, the Tokenization of Equity Securities

On December 4, the SEC Investor Advisory Committee held panels on regulatory changes in corporate Governance, and the Tokenization of Equity Securities, and also discussed a potential recommendation regarding the disclosure of artificial intelligence’s impact on issuer operations.

• The press release, agenda, draft recommendations, and webcast replay are available here: https://www.sec.gov/newsroom/press-releases/2025-135-sec-investor-advisory-committee-host-dec-4-meeting-regulatory-changes-corporate-governance
• Chairman Paul Atkins’s remarks are available here: https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-iac-120425

SEC December Roundtable on Financial Surveillance and Privacy

On December 15, 2025, the SEC Crypto Task Force held a Roundtable on Financial Surveillance and Privacy. The goal of the roundtable was to facilitate an in-depth discussion on policy matters related to financial surveillance and privacy.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-138-sec-announces-agenda-panelists-roundtable-financial-surveillance-privacy?utm_medium=email&utm_source=govdelivery
• The agenda is available here: https://www.sec.gov/newsroom/meetings-events/crypto-task-force-roundtable-financial-surveillance-privacy

SEC December Roundtable on Rule 611 of Regulation NMS

On December 16, 2025, the SEC hosted a roundtable to discuss Rule 611 of Regulation NMS and other associated rules and regulatory requirements. The roundtable was a follow-up to the SEC's September 18, 2025 Roundtable on Trade-Through Prohibitions.

• The announcement and agenda are available here: https://www.sec.gov/newsroom/meetings-events/roundtable-rule-611-regulation-nms

Compliance Outreach on Regulation S-P

On December 16, 2025, the SEC held its second of three virtual compliance outreach events regarding the 2024 adoption of amendments to Regulation S-P. This event focused on transfer agents.

• The announcement and materials are available here: https://www.sec.gov/newsroom/meetings-events/compliance-outreach-regulation-s-p-transfer-agents

SEC Crypto Task Force News

See the latest development from the SEC Crypto Task Force: https://www.sec.gov/about/crypto-task-force/crypto-newsroom

FINRA

FINRA Annual Regulatory Oversight Report

The 2026 FINRA Report includes new and updated content on cyber-enabled fraud, senior investors and trends in generative artificial intelligence (GenAI), among other topics. These insights “are designed to help member firms identify emerging risks and implement effective controls as needed.”

• The Report is available here: https://www.finra.org/rules-guidance/guidance/reports/2026-finra-annual-regulatory-oversight-report

New FINRA Foundation Research Examines Shifting Investor Behaviors, Preferences and Attitudes

On December 4, the FINRA Foundation published a new investor behavior study. FINRA Foundation President Gerri Walsh noted that the findings point to the needs of younger, less experienced investors. “They still struggle with gaps in investing knowledge and risk assessment, which can leave them vulnerable to costly missteps,” Walsh said. “Investor education efforts remain critically important.” The report builds on previous NFCS Investor Survey reports (conducted in 2021, 2018 and 2015), and includes new or expanded topics, such as attitudes towards risk, reliance on finfluencers and awareness of investment fraud.

• The press release and report are available here: https://www.finra.org/media-center/newsreleases/2025/new-finra-foundation-research-examines-shifting-investor-behaviors

CFTC

Commodity Futures Trading Commission Announces Listed Spot Crypto Trading on U.S. Regulated Exchanges

On December 4, CFTC Acting Chairman Caroline D. Pham announced listed spot cryptocurrency products will begin trading for the first time in U.S. federally regulated markets on CFTC registered futures exchanges.

• The press release is available here: https://www.cftc.gov/PressRoom/PressReleases/9145-25

RETIREMENT

Trump Accounts Update

On September 23, 2025, the DOL Employee Benefits Security Administration issued a new advisory opinion specifically addressing when lifetime income investment options can be considered qualified default investment alternatives under federal law. The advisory opinion follows President Trump’s Executive Order 14330, “Democratizing Access to Alternative Assets for 401(k) Investors.”

• On December 2, the Treasury Department and the IRS published Notice 2025-68, which provides preliminary guidance on Trump accounts.
• The IRS will propose regulations on Trump accounts and seeks comments for the IRS to consider in drafting those regulations.
• The comment due date is February 20, 2026.
• The Notice of intent to issue regulations with respect to section 530A Trump accounts is available here: https://benefitslink.com/src/irs/irs-n-25-68.pdf
• A draft of Form 4547, Trump Account Election(s) is available here: https://www.irs.gov/pub/irs-dft/f4547--dft.pdf

CANADA

Ontario Securities Commission (OSC) Statement of Priorities

The OSC has published OSC Notice 11-7101 – Statement of Priorities for Fiscal Year 2026-2027 and a Request for Comments. The Business Plan includes the priorities the Commission will undertake in the upcoming fiscal year in connection with the OSC’s mandate, and the legislation that the OSC administers.

• OCS Notice 11-7101 is available here: https://www.osc.ca/sites/default/files/2025-11/20251128_11-7101_statement-of-priorities-2026-2027.pdf

The Canadian Securities Administration (CSA) Retail Committee on Real Time Market Data

On December 5, the CSA issued a press release inviting interested parties to apply to participate in a new CSA initiative to facilitate access to consolidated real-time market data (RTMD) by retail investors and retail investment advisers. The newly-created Retail Committee will evaluate how retail investors and retail investment advisers access consolidated RTMD and identify any barriers to accessing this data.

• The press release is available here: https://www.securities-administrators.ca/news/csa-seeks-participation-in-retail-committee-as-part-of-real-time-market-data-access-initiative/?utm_medium=email&utm_campaign=MA_05122025_RTMDcommittee&utm_source=Envoke-General-Updates&utm_term=-CSA-News-Release-%2F-ACVM-Communiqu%C3%A9-de-presse

EU/UK

Retail investment strategy: Council and Parliament agree on package to empower consumers while boosting markets

On Dec 18, the Council and the European Parliament “agreed on an updated retail investment framework to empower and protect consumers when they invest. It will also help to foster trust and increase competitiveness in the EU’s financial markets.”

Next steps include:

• Technical work will now continue to finalise the legal texts early in 2026.
• Member states will have to transpose the new rules 24 months following their publication in the EU’s official journal.
• They will start applying 30 months following their publication, with the exception of the new rules under PRIIPs which would start applying 18 months following their publication.

The press release is available here: https://www.consilium.europa.eu/en/press/press-releases/2025/12/18/retail-investment-strategy-council-and-parliament-agree-on-package-to-empower-consumers-while-boosting-markets/

Central Bank of Ireland Publishes Retail Investor Participation in Ireland Consumer Research and Analysis

• The document is available here: https://www.centralbank.ie/docs/default-source/publications/consumer-protection-research/retail-investor-participation-in-ireland-consumer-research-and-analysis.pdf?sfvrsn=78bb6f1a_8

FCA Sets Out Landmark Package to Boost UK Investment Culture

• On December 8, 2025, the FCA set out a suite of measures to empower retail investment, reinforce wholesale markets and maintain the UK’s position as a world-leading financial centre.
• The press release is available here: https://www.fca.org.uk/news/press-releases/fca-sets-out-landmark-package-boost-uk-investment-culture
• FCA Policy Statement PS25/20, for its new retail disclosure framework, the Consumer Composite Investment (CCI) regime, is available here:
  https://www.fca.org.uk/publication/policy/ps25-20.pdf