Regulatory Insights September 2025

SEC

SEC Issues No Action Letter on Proxy Standing Voting Instructions for Retail Investors

On September 15, the SEC’s Division of Corporation Finance issues a No Action Letter to ExxonMobil, which provides that the SEC “will not recommend enforcement action to the Commission under Exchange Act Rule 14a-4(d)(2) or Rule 14a-4(d)(3) if Exxon Mobil Corporation implements the Retail Voting Program as described in your incoming letter.”

• The SEC No Action Letter and Incoming Letter are available here:
  https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division- corporation-finance-no-action/exxon-mobile-091525

SEC Spring 2025 Regulatory Flexibility Agenda

On September 4, the SEC published its Spring 2025 regulatory agenda. The SEC and other federal agencies are required to publish their rulemaking agenda twice a year. The agenda focuses on deregulation, including crypto regulations, capital formation, and other items such as shareholder proposals (rule 14a-8) and the Consolidated Audit Trail.

• See Chair Paul Atkins’s statement and the short and long-term regulatory agendas:
• Chair Atkins’s Statement: https://www.sec.gov/newsroom/speeches-statements/atkins-2025-regulatory-agenda-090425
• Short-Term Agenda (priority for next 12 months): https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_A GENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyC d=3235&csrf_token=6F70AE5E477FA0D5C2BA1B28CB9D542C5AF1B5A5C8371276 D6240FEDF0A080B1D695C6570A7B6022AEECB7985DB333318002
• Long-Term Agenda (not a priority, but still on the agenda): https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_A GENCY_RULE_LIST&currentPubId=202504&showStage=longterm&agencyCd=3235 &csrf_token=5E8E7596078DCC98AA71ED2C0D5F0595C1CF6908D991B129AA522 DEB24579C5384453BBC6BAA07E0E7B76460B49AB38F12A8

ADI 2025-16 - Registered Closed-End Funds of Private Funds

On August 15, the SEC’s Division of Investment Management published guidance that the staff will no longer provide comments requesting the registrant either (i) include accredited investor status and minimum investment requirements or (ii) limit its private fund investments to 15 percent of its assets. The ADI includes the staff’s views on what firms should include in their disclosure regarding the underlying private funds, as well as filings instructions for firms.

• The SEC ADI 2025-16 is available here:https://www.sec.gov/about/divisions- offices/division-investment-management/fund-disclosure-glance/accounting-disclosure- information/adi-2025-16-registered-closed-end-funds-private-funds

SEC Launches New Statistics and Data Visualizations Webpage

On August 13, the SEC announced a new statistics and data visualization page that includes statistics and graphics on key elements of the capital markets, such as initial public offerings, exempt offerings, corporate bond offerings, reporting issuers, municipal advisors, transfer agents and household participation in the capital markets.

• The Press Release is available here:https://www.sec.gov/data-research/statistics-data-visualizations

Staff Issues FAQs to Help Broker-Dealers Implement Financial Responsibility Requirements Related to U.S. Treasury Clearing

On August 6, the SEC Division of Trading and Markets issued answers to FAQs broker-dealers have posed to staff members regarding rule amendments to the customer protection rule related to the clearing of U.S. Treasury securities, to assist broker-dealers and other market participants on the path to central clearing in the U.S. Treasury market.

• The Press Release and FAQ’s are available here:https://www.sec.gov/newsroom/press- releases/2025-105-staff-issues-faqs-help-broker-dealers-implement-financial- responsibility-requirements-related-us

EDGAR Next – Filer Access and Account Management – Compliance Date

As of September 15, compliance with the SEC’s changes to the EDGAR filer access and account management (“EDGAR Next”) is required. In addition, see the September EDGAR XBRL Guide and the Interactive data test suite in preparation for release 25.3.

• The announcement and materials are available at:https://www.sec.gov/submit- filings/improving-edgar/edgar-next-improving-filer-access-account- management?utm_medium=email&utm_source=govdelivery

CFTC

Commodity Futures Trade Commission (CFTC) Spring 2025 Regulatory Agenda

On September 4, the CFTC published its Spring 2025 regulatory agenda. The agenda is focused on deregulation and includes 26 items: two are in the pre-rule stage, 19 in the rule proposal stage and five are due to be finalized.

• Acting Chair Caroline D. Pham’s statement is available here:
  https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstatement090425
• The full CFTC Spring 2025 Regulatory Agenda is available here:
  https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_L IST&currentPub=true&agencyCode=&showStage=active&agencyCd=3038&csrf_token=5E8E75960 78DCC98AA71ED2C0D5F0595C1CF6908D991B129AA522DEB24579C5384453BBC6BAA07E0E7B76 460B49AB38F12A8

CRYPTO

SEC and CFTC Issue Joint Statement on Regulatory Harmonization Efforts; Will Co-Host Roundtable September 29, 2025

On September 5, the SEC and the CFTC issued a joint statement on regulatory harmonization opportunities and announced a joint roundtable to be held on September 29, 2025, from 1:00 p.m. to 5:00 p.m.

• The Joint Statement is available here: https://www.sec.gov/newsroom/press- releases/2025-112-sec-cftc-issue-joint-statement-regulatory-harmonization-efforts-will- co-host-roundtable-sept-29?utm_medium=email&utm_source=govdelivery

SEC and CFTC Staff Issue Joint Statement on Trading of Certain Spot Crypto Asset Products

On September 2, the SEC and the CFTC issued a joint statement regarding the trading of certain spot crypto asset products – this joint statement clarifies that SEC and CFTC registered exchanges aren’t prohibited from facilitating the trade of certain spot commodity products.

• The Joint Statement is available here: https://www.sec.gov/newsroom/press- releases/2025-110-sec-cftc-staff-issue-joint-statement-trading-certain-spot-crypto-asset- products?utm_medium=email&utm_source=govdelivery

Securities and Exchange Commission Division of Corporation Finance Issues Staff Statement on Certain Liquid Staking Activities

On August 5, the SEC Division of Corporation Finance issued a statement regarding certain liquid staking activities. This statement aims to provide greater clarity on the application of federal securities laws to crypto assets, specifically addressing a type of protocol staking known as "liquid staking," the process of staking crypto assets through a software protocol or service provider and receiving a “liquid staking receipt token” to evidence staker ownership of the staked crypto assets and any rewards that accrue to them.

• The Statement is available here: https://www.sec.gov/newsroom/press-releases/2025- 104-securities-exchange-commission-division-corporation-finance-issues-staff-statement- certain-liquid

CFTC Launches Listed Spot Crypto Trading Initiative

On August 04, CFTC Acting CFTC Chairman Caroline D. Pham announced the CFTC will launch an initiative for trading spot crypto asset contracts listed on a CFTC-registered futures exchange (designated contract market or DCM). This is the first initiative in the CFTC crypto sprint to start implementation of the recommendations in the President’s Working Group on Digital Asset Markets report.

• The Press Release is available here:
  https://www.cftc.gov/PressRoom/PressReleases/9105-25

CFTC Announces Next Crypto Sprint Initiative – Phase 2

On August 21, Acting CFTC Chairman Caroline D. Pham announced the CFTC will begin its next crypto sprint initiative for implementation of the recommendations in the President’s Working Group on Digital Asset Markets report. Starting August 21, Acting Chairman Pham began stakeholder engagement on all other report recommendations for the CFTC. She announced the CFTC crypto sprint on August 4.

• The Press Release is available here: https://www.cftc.gov/PressRoom/PressReleases/9109-25

RETIREMENT

Department of Labor (DOL) Rescinds 2021 Supplemental Statement on Alternative Assets in 401(K) Plans

On August 12, the DOL Employee Benefits Security Administration (EBSA) announced it has rescinded a December 21, 2021, supplemental statement that discouraged fiduciaries from considering alternative assets in 401(k) retirement plan investment menus. This decision follows President Trump’s August 7 Executive Order (EO) to Provide 401(K) Investors Access to Private Assets, which directs the DOL to reexamine its guidance regarding fiduciary decisions, ensuring asset allocation funds that include alternative asset investments are available to plan participants.

• The DOL News Release is available here:
  https://www.dol.gov/newsroom/releases/ebsa/ebsa20250812
• The EO is available here:
  https://www.whitehouse.gov/presidential- actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/

DOL Regulatory Agenda

On September 4, the DOL published its Spring 2025 regulatory agenda. The Employee Benefits Security Administration (EBSA) agenda includes several items related to retirement plans and fiduciary duties, including ESG factors in plan investments and updates to their fiduciary rules, and SECURE 2.0 implementation (including proposals related to auto-portability, lost and found databases, plan participant disclosures, and annual paper statement requirements).

• The DOL’s Regulatory Agenda is available here:
  
  Short-Term Agenda:
  https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_L IST&currentPub=true&agencyCode=&showStage=active&agencyCd=1200&csrf_token=1EB34E8C 12CB0A4EE6D3A10B22A557E2B4B3D1F42D1EBC81F4DC45AC0C7589EBA1CD745EDF7972C27866 C4A5870C703AF8D5
  
  Long-Term Agenda:
  https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY _RULE_LIST&currentPubId=202504&showStage=longterm&agencyCd=1200&csrf_token= 5E8E7596078DCC98AA71ED2C0D5F0595C1CF6908D991B129AA522DEB24579C5384453B BC6BAA07E0E7B76460B49AB38F12A8

OTHER

U.S. Department of the Treasury Announces Postponement and Reopening of Investment Adviser Rule

On July 21, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) announced its intention to postpone the effective date of the final rule “Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers” and to revisit the scope of the rule at a future date. FinCEN anticipates delaying the effective date of the rule from January 1, 2026, until January 1, 2028.

• The Press Release is available here:
  https://home.treasury.gov/news/press- releases/sb0201

CANADA

Canadian Securities Administrators Publishes its Year in Review

Each year, the Canadian Securities Administrators (CSA) provides a Year in Review report as an update on progress made under the current Business Plan, as well as additional priorities or initiatives undertaken in response to emerging issues and changing market conditions. This year’s report covers the period between July 1, 2024, and June 30, 2025, and highlights progress toward fulfilling the CSA’s mandate and achieving the strategic goals outlined in its 2022-2025 Business Plan.

• The 2024-2025 CSA Year in Review is available here:
  https://www.securities-administrators.ca/wp-content/uploads/2025/08/CSA-YIR-2025FINAL-ENG-1.pdf

European Union and United Kingdom

European Securities and Markets Authority (ESMA) - Summer Updates

• ESMA asked for input on their retail investor journey as part of simplification and burden reduction efforts.
  Available at: https://www.esma.europa.eu/press-news/esma-news/esma-asks-input-retail-investor-journey
• On June 26, ESMA published its findings and recommendations to the European Commission regarding the UCITS Eligible Asset Directive.
  Available at: https://www.esma.europa.eu/sites/default/files/2025-06/ESMA34-2087785638-1548_Final_report_on_the_Technical_Advice_on_the_review_of_the_UCITS_EAD.pdf
• On July 9, ESMA updated its guidelines on market abuse under MiCA.
  Available at: https://www.esma.europa.eu/sites/default/files/2025-07/ESMA75-453128700-1039_Guidelines_on_supervisory_practices_to_prevent_and_detect_market_abuse__MiCA_.pdf
• On July 15, ESMA updated its Q&A for UCITS.
  Available at: https://www.esma.europa.eu/publications-data/questions-answers/2609
• On August 4, ESMA updated its Q&A for SFDR mainly focusing on guidance on Article 8 disclosures.
  Available at: https://www.esma.europa.eu/sites/default/files/2023-05/JC_2023_18_-_Consolidated_JC_SFDR_QAs.pdf

Financial Conduct Authority (FCA) Consultation on “Targeted Support”

On June 30, the FCA published CP25/17 on proposals for a new form of support, referred to as targeted support, for consumers' pensions and retail investment decisions. This is intended to bridge the advice gap and increase retail investment in UK capital markets. The consultation closed on August 29. The FCA remains concerned about the challenges consumers face in making informed financial decisions.

• Available at:
  https://www.fca.org.uk/publication/consultation/cp25-17.pdf

FCA Sustainability Reporting Requirements – Next Steps

The FCA has issued two sustainability reporting updates focusing on certain TCFD and SDR entity-level reporting rules. Of particular relevance is the announcement on next steps where the FCA states it will work to streamline and enhance its sustainability reporting framework, taking into account SDR, ongoing UK-endorsement of ISSB standards, and developments on transition plans.

• Available at:
  https://www.fca.org.uk/publications/multi-firm-reviews/climate-reporting-asset-managers-life-insurers-fca-regulated-pension-providers
  https://www.fca.org.uk/firms/climate-change-sustainable-finance/reporting-requirements#section-what-we-ll-do-in-the-future