Regulatory Insights October/November 2025

SEC

Division of Corporation Finance: Guidance After Government Shutdown

On Novemer 13, the Division of Corporation Finance (Corp Fin) issued guidance after government shutdown:

During the government shutdown, issuers filed over 900 registration statements. Division staff is working expeditiously to clear the backlog of filings. In an effort to provide transparency to issuers with pending filings, Division staff is providing the following Questions and Answers that should address many of the questions you may have with respect to pending filings with the Commission.

• The FAQ is available here: https://www.sec.gov/newsroom/whats-new/division-corporation-finance-guidance-after-government-shutdown?utm_medium=email&utm_source=govdelivery

SEC Issues Exemptive Order Regarding Compliance with Certain Rules Under Regulation NMS

On Oct. 31, the SEC issued an order granting temporary exemptive relief from certain compliance dates adopted under Regulation NMS, including minimum pricing increments, access fees and transparency of better priced orders.

• The press release and order are available here: https://www.sec.gov/newsroom/press-releases/2025-130-sec-issues-exemptive-order-regarding-compliance-certain-rules-under-regulation-nms

SEC Updates Special Purpose Acquisition Company (SPAC) Taxonomy

On October 14, 2025, the SEC updated the EDGAR system to Release 25.3; this release now supports the updated Special Purpose Acquisition Company (SPAC) Taxonomy.

• Details of the changes included in this updated version of the SPAC taxonomy are available here: https://www.sec.gov/newsroom/whats-new/2507-updated-spac-taxonomy utm_medium=email&utm_source=govdelivery

SEC Issues CAT Cost Order

On September 30, 2025, the SEC issued an order granting conditional exemptive relief related to certain requirements of the National Market System Plan governing the Consolidated Audit Trail (CAT NMS Plan), Rule 613 of Regulation NMS, and Rule 17a-1 under the Securities Exchange Act of 1934.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-127-sec-issues-order-reduce-operating-costs-consolidated-audit-trail

SEC Updates Information for Implementation of Treasury Clearing Rules

On September 30, 2025, the SEC announced it is enhancing its efforts to assist broker-dealers and other market participants on the path to central clearing of U.S. Treasury securities with a one-stop webpage that puts the latest status updates, staff statements, and other related materials at their fingertips.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-128-sec-continues-efforts-assist-market-participants-during-implementation-treasury-clearing-rules
• The one-stop webpage is available here: https://www.sec.gov/securities-topics/treasury-clearing-implementation

SEC Concept Release - Residential Mortgage-Backed Securities and Asset-Backed Securities

On September 26, 2025, the SEC published a concept release soliciting public comment on how to improve current SEC rules governing residential mortgage-backed securities (RMBS) and certain aspects of asset-backed securities (ABS) generally. The concept release seeks feedback from the public on whether there are SEC regulatory impediments contributing to the absence of public RMBS offerings.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-126-sec-seeks-public-comment-improve-rules-residential-mortgage-backed-securities-asset-backed
• The concept release is available here: https://www.sec.gov/files/rules/concept/2025/33-11391.pdf

SEC Issues Notice of Intent to Grant ETF Share Class Relief

On September 25, 2025, the SEC issued a Notice of Intent to permit a registered open-end management investment company to offer one class of exchange-traded shares that operates as an exchange-traded fund (an “ETF Class,” and such shares, “ETF Shares”) and one or more classes of shares that are not exchange-traded (each such class, a “Mutual Fund Class,” and such shares, “Mutual Fund Shares,” and each such fund, a “Multi-Class ETF Fund”).

• The Notice is available here: https://www.sec.gov/files/rules/ic/2025/ic-35770.pdf

SEC Announces Agenda, Panelists for SEC-CFTC Roundtable on Regulatory Harmonization Efforts

On September 24, 2025, the SEC and the CFTC announced the agenda and panelists for their joint September 29 roundtable on regulatory harmonization efforts.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-124-sec-announces-agenda-panelists-sec-cftc-roundtable-regulatory-harmonization-efforts?utm_medium=email&utm_source=govdelivery
• The agenda, list of panelists and webcast are available here: https://www.sec.gov/newsroom/meetings-events/sec-cftc-joint-roundtable-sept-29-2025

SEC Announces Four New Members of Investor Advisory Committee

On September 16, 2025, the SEC announced four new members to fill vacancies on its Investor Advisory Committee. The new members, who will serve four-year terms, join 16 current committee members. The new members are C. Rodney Comegys, Global Head of Equity Investment Group at Vanguard; James R. Copland, Senior Fellow and Director, Legal Policy at Manhattan Institute; John A. Gulliver, Executive Director, Committee on Capital Markets Regulations and Program on International Financial Systems, and Sergio G. Rodriguera Jr., Co-Founder, Straylight Systems, Inc.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-117-sec-announces-four-new-members-investor-advisory-committee

SEC IAC Hosted Panels to Discuss Reconsideration of the Eligibility Criteria and Regulatory Treatment of Foreign Private Issuers

On September 18, 2025, the SEC IAC held a public meeting at the SEC Headquarters in Washington D.C. The committee hosted two panel discussions on reconsidering the eligibility criteria and regulatory treatment of foreign private issuers and discussed a potential recommendation regarding retail investor access to private market assets.

• The press release is available here: https://www.sec.gov/newsroom/press-releases/2025-116-sec-investor-advisory-committee-host-panels-discuss-reconsideration-eligibility-criteria-regulatory
• Part one of the webcast is available here: https://www.youtube.com/watch?v=jBlBZPwNcEY
• Part two of the webcast is available here: https://www.youtube.com/watch?v=IrnVmo3_Sdg

SEC’s Operations Plan During Government Shutdown

On August 7, 2025, the SEC issued its plan for operating in the event of a lapse in appropriations that results in an SEC shutdown. In the event of an actual shutdown where the SEC is required to implement this general guidance, supplemental government-wide guidance issued by the Office of Management and Budget (OMB), the Office of Personnel Management (OPM), and the General Services Administration (GSA) will also apply.

• The SEC Operations Plan Under a Lapse in Appropriations and Government Shutdown is available here: https://www.sec.gov/files/sec-plan-operations-during-lapse-appropriations.pdf

CFTC

CFTC Issues Proposal to Revise Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants

On September 24, the CFTC proposed amendments to codify existing no-action positions for certain of the CFTC’s business conduct and documentation requirements applicable to swap dealers and major swap participants. The proposed amendments, if adopted, would further harmonize the CFTC’s rules with those of the Securities and Exchange Commission and Municipal Securities Rulemaking Board.

• The press release is available here: https://www.cftc.gov/PressRoom/PressReleases/9132-25

CRYPTO

SEC Chair Paul Atkins Speech: The Securities and Exchange Commission’s Approach to Digital Assets: Inside “Project Crypto”

On November 12, SEC Chair Atkins spoke at the Federal Reserve Bank of Philadelphia. Atkins outlines his views on crypto regulation and plans for SEC rulemaking.

• The November 12 speech is available here: https://www.sec.gov/newsroom/speeches-statements/atkins-111225-secs-approach-digital-assets-inside-project-crypto

Senate Agriculture Committee Releases Market Structure Discussion Draft

On November 10, the Senate Agiculture, Nutrrition and Forestry Committee released a discussion draft of legislation that would provide new authority to the CFTC to regulate digital commodities.

• The press release and discussion draft are available: https://www.agriculture.senate.gov/newsroom/rep/press/release/boozman-booker-release-bipartisan-market-structure-discussion-draft

RETIREMENT

DOL Continues to Implement President Trump’s Executive Order on Alternative Assets in 401(k) Plans

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.”

• The press release is available here: https://www.dol.gov/newsroom/releases/ebsa/ebsa20250923
• Advisory Opinion 2025-04A is available here: https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/advisory-opinions/2025-04a

CANADA

CSA Provides Temporary Relief from Requirements for Delivering Proxy-Related Materials during Postal Suspension

On October 9, 2025, the CSA announced it is providing temporary relief from requirements to deliver proxy-related materials for shareholder meetings in respect of certain annual matters during the postal service suspension – such relief recognizes the suspension of postal service may impact a reporting issuer’s ability to deliver proxy-related materials to all shareholders.

• The press release is available here: https://www.securities-administrators.ca/news/canadian-securities-regulators-provide-temporary-relief-from-requirements-for-delivering-proxy-related-materials-during-postal-suspension/?utm_medium=email&utm_campaign=NR-08102025-Postal-Suspension&utm_source=Envoke-General-Updates&utm_term=CSA-News-Release-%2F-ACVM-Communiqu%C3%A9-de-presse

CSA Publishes Hybrid DIY Investing: A Research Summary Report

On October 2, 2025, to mark Investor Education Month, the CSA announced it has published “Hybrid DIY Investing: A Research Summary Report.” The Report offers a comprehensive examination of hybrid investors in Canada, revealing behaviors, motivations, and risk profiles of this investor segment. Hybrid investors are those who invest on their own but also have a separate portfolio managed by a financial advisor.

• The press release is available here: https://www.securities-administrators.ca/news/1-in-8-canadians-are-hybrid-investors-and-most-plan-to-stay-that-way/?utm_medium=email&utm_campaign=NR_02102025_Hybrid-Research&utm_source=Envoke-General-Updates&utm_term=CSA-News-Release-%2F-ACVM-Communiqu%C3%A9-de-presse
• Hybrid DIY Investing: A Research Summary Report is available here: https://www.securities-administrators.ca/csa-activities/research/

EU/UK

The European Commission (EC) Published Its 2026 Work Programme

On October 20, the EC published its 2026 Work Programme, “which outlines a series of actions to help build a more sovereign and independent Europe.”

• The press release and 2026 Work Programme are available here: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_2414#msdynmkt_trackingcontext=9abd1563-9134-4515-98da-b47abc780100

The European Securties and Market Authority (ESMA) Published Its 2026 Annual Work Programme

On October 3, ESMA’s published its 2026 work programme, which builds on existing priorities while preparing to support the up-coming strategic shifts driven by the Saving and Investments Union (SIU) Strategy. This includes aligning supervisory practices, enhancing market data capabilities, and contributing to upcoming reforms aimed at making EU capital markets more integrated, accessible, and globally competitive.

• The 2026 Annual Work Programme is available here: https://www.esma.europa.eu/sites/default/files/2025-10/ESMA22-50751485-1604_Annual_Work_Programme_2026.pdf

Financial Conduct Authority (FCA) Consultation Paper CP 25/28: Progressing Fund Tokenisation

On October 14, the FCA unveiled proposals for fund tokenisation under CP25/28. The FCA’s proposals come as the regulator prepares to launch a full regulatory framework for the crypto market next year. The FCA is proposing to allow the use of a “direct to fund” model for asset managers.

• CP25/28 is available here: https://www.fca.org.uk/publication/consultation/cp25-28.pdf