Regulatory Insights June 2025

SEC Guidance and Other Activities

SEC Investor Advisory Committee – June Meeting

On June 5, 2025, the SEC Investor Advisory Committee held a public meeting comprising two panels:

• Engaging with Beneficial Owners: Exploring Pass-Through Voting and Other Means of Reaching the Ultimate Beneficial Owner
• Beyond the GAAP: Market Perspectives on Non-GAAP Financial Disclosures

The committee also discussed a potential recommendation from the committee’s disclosure subcommittee regarding examining the use of mandatory arbitration clauses by SEC registered investment advisers.

• The agenda is available here: https://www.sec.gov/about/advisory-committees/investor-advisory-committee/iac060525-agenda
• More information about the IAC, recommendations and past meetings is available here:

https://www.sec.gov/about/advisory-committees/investor-advisory-committee

Conference on Emerging Trends in Asset Management

On June 5, 2025, the SEC Division of Investment Management hosted its Conference on Emerging Trends in Asset Management. The conference brought together a variety of asset management industry participants, regulators, commentators, and academics to discuss emerging trends in the industry. The conference included 4 panels:

• Former IM Directors Reflect on 85 Years of the '40 Acts
• Digital Assets & Tokenization
• Product Proliferation & Innovation in Registered Funds
• Retail Access to Private Markets

• The agenda and more information is available here: https://www.sec.gov/newsroom/meetings-events/2025-conference-emerging-trends-asset-management

SEC Open Meeting – Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date

On June 4^th, the SEC announced it would hold an open meeting on June 11.  The Sunshine Act notice states that “The Commission will consider action relating to the compliance date for the amendments to Form PF that were adopted on February 8, 2024.”

• The notice and agenda are available here: https://www.sec.gov/newsroom/meetings-events/open-meeting-061125

Concept Release on the Definition of a Foreign Private Issuer

On June 4, 2025, the SEC held an open meeting to consider whether to issue a concept release on the definition of a foreign private issuer.  The SEC voted to issue the release to “solicits public input on whether the definition of foreign private issuer should be amended in light of significant changes in the population of foreign private issuers since 2003.”

• The press release, fact sheet and concept release are available here: https://www.sec.gov/newsroom/press-releases/2025-82-sec-solicits-public-comment-foreign-private-issuer-definition

Natalia Díez Riggin Named Senior Advisor and Director of Legislative and Intergovernmental Affairs

On June 2, 2025, the SEC announced Natalia Díez Riggin has been named Senior Advisor and Director of the agency’s Office of Legislative and Intergovernmental Affairs. Ms. Riggin has been serving as Acting Director since joining the SEC in January 2025.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-81-natalia-diez-riggin-named-senior-advisor-director-legislative-intergovernmental-affairs?utm_medium=email&utm_source=govdelivery

SEC Publishes Data on Regulation A, Crowdfunding Offerings, and Private Fund Beneficial Ownership Concentration

On May 28, 2025, the SEC Division of Economic and Risk Analysis (DERA) published three new reports on capital formation and beneficial ownership of qualifying private funds. The three reports are:

• Analysis of the Regulation A Market: A Decade of Regulation A
• Analysis of Crowdfunding Under the JOBS Act
• Beneficial Ownership Concentration and Fund Outcomes for Qualifying Hedge Funds

• The press release and links to the reports are available here:   https://www.sec.gov/newsroom/press-releases/2025-79-sec-publishes-data-regulation-crowdfunding-offerings-private-fund-beneficial-ownership-concentration

Asset Backed Securities Guidance

On May 16, 2025, the SEC published Compliance and Disclosure Interpretations: Update – Asset Backed Securities for Section 112. Form SF-1. This Compliance and Disclosure Interpretations (“C&DIs”) comprise the Division’s interpretations of the rules and forms adopted under Regulation AB, the Securities Act, and the Exchange Act with respect to asset-backed securities.

• The update is available here: https://www.sec.gov/about/divisions-offices/division-corporation-finance/cdi-05162025

No Action Letter to SIFMA, et al. – Asset Backed Securities

On May 16, 2026, the Office of Structured Finance, Division of Corporation Finance, issued a No Action Letter to the Securities Industry and Financial Markets Association (SIFMA) and other associations regarding certain prohibited conflicted transactions under Rule 192.

• The No Action Letter and Incoming Request Letter are available here: https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-corporation-finance-no-action/sifma-051625

SEC Announces Roundtable on Executive Compensation Disclosure Requirements

The SEC announced it will host a June 26, 2025 roundtable to discuss executive compensation disclosure requirements. Members of the public are encouraged to provide their views on these questions, either in advance or after the roundtable, which will be open to the public at SEC headquarters and live streamed on SEC.gov.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-73

SEC Small Business Capital Formation Advisory Committee - May Meeting

On May 6, 2025, the SEC Small Business Capital Formation Advisory Committee held its Spring meeting. The meeting included a discussion on Regulation A, with a focus on “Practical Considerations and Regulatory Challenges” and “continue[d] discussion regarding advantages and challenges of Regulation A with a view towards potential regulatory improvements.”

• The agenda and press release are available here: https://www.sec.gov/about/advisory-committees/small-business-capital-formation-advisory-committee#meetings

Structured Data: U.S. GAAP – XBRL Custom Tags Trend for 2022 – 2024

The SEC Division of Economic and Risk Analysis (DERA) recently analyzed custom tags used in eXtensible Business Reporting Language (XBRL) filings submitted by issuers to comply with the 2009 Interactive Data rules requiring financial statement information to be reported in XBRL. DERA analysis covered XBRL exhibits submitted in Forms 10-K and 10-K/A using U.S. Generally Accepted Accounting Principles (GAAP) for fiscal years 2022 through 2024.

Trend analysis and other information is available here: https://www.sec.gov/data-research/structured-data/gaap-xbrl-custom-tags

CRYPTO

SEC Crypto Task Force – RFI and Roundtables

The Crypto Task Force was launched on January 21, 2025, by Acting SEC Chairman Mark Uyeda, with Commissioner Hester Peirce appointed to lead the Crypto Task Force to help the Commission “draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”

On February 21, 2025 Commissioner Peirce issued a Request for Information (RFI) asking all stakeholders to respond with information to help the Commission.  The open comment file with stakeholder responses is available here. The task force has coordinated 5 roundtables to solicit information from stakeholders on key areas, including the June 9 roundtable, “DeFi and the American Spirit.”.

• More details about each Crypto Task Force roundtable is available here: https://www.sec.gov/about/crypto-task-force ttps://www.sec.gov/about/crypto-task-force

https://www.sec.gov/about/crypto-task-force

SEC Statement on Certain Protocol Staking Activities

On May 29, 2025, the SEC Division of Corporate Finance (Corp Fin) issued a Statement on Certain Protocol Staking Activities. As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets, Corp Fin provided “its views on certain activities known as “staking” on networks that use proof-of-stake (“PoS”) as a consensus mechanism (“PoS Networks”).”

The statement is available here: https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925

RETIREMENT

DOL Rescinds 2022 Guidance on Cryptocurrency in 401(k) Plans

On May 28, 2025, the DOL’s Employee Benefits Security Administration (EBSA) rescinded a 2022 compliance release that previously discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans.  The press release states, “By rescinding the 2022 guidance, the department reaffirms its neutral stance, neither endorsing, nor disapproving of, plan fiduciaries who conclude that the inclusion of cryptocurrency in a plan’s investment menu is appropriate.”

• The press release and Compliance Assistance Release No. 2025-01 are available here: https://www.dol.gov/newsroom/releases/ebsa/ebsa20250528

Senate Nomination Hearing for EBSA Nominee Daniel Aronowitz

The Senate HELP Committee held a confirmation hearing on June 5, 2025 for Daniel Aronowitz, who has been nominated by President Donald Trump to be Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) at the Department of Labor. The Aronowitz nomination hearing also included another DOL nominee, David Keeling, nominee for Assistant Secretary of Labor for the Occupational Safety and Health Administration.

• Video of the HELP hearing is available here: https://www.youtube.com/live/UaLjXr7x6WU

DOL Secretary Makes Inaugural Visit to House Education & Workforce Committee

The Education and Workforce Committee held a hearing with DOL Secretary Lori Chavez-DeRemer on June 5, 2025. This was her first visit to the Committee. The Secretary testified regarding DOL policies and priorities.

• The Committee hearing can be viewed here: https://www.youtube.com/live/Ex1Bdo1jiBU