Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Mar 23, 2026)

By WK Editorial Staff

A table of proposed rule comment dates and final rule effective and compliance dates for SEC and CFTC rulemaking.

Recent SEC activity includes the following:

Crypto assets. The SEC, joined by the CFTC, issued an interpretive release clarifying the application of the securities laws to certain types of crypto assets and certain transactions involving crypto assets. Under the interpretation, digital securities ("tokenized securities:) are securities but stablecoins, digital tools, digital collectibles and digital commodities are not. Also, protocol mining, protocol staking, the "wrapping" of non-security crypto assets and airdrops do not involve offers or sales of securities and investments of money under the Howey test.

Equity securities. The SEC proposed to amend Rule 15c2-11 to refer to only equity securities. The proposed amendments would replace the term "security" in Rule 15c2-11 with the term "equity security," as defined in Rule 3a11-1. The proposed amendment would not change the existing information gathering and review requirements of the rule, which would continue to apply to brokers and dealers initiating or resuming quotations for any equity security.

EDGAR update. The SEC has adopted amendments to the EDGAR Filer Manual. The updates to Filer Manual, Volume I "General Information," Version 43 (March 2026) reflect the implementation of technical changes adopted in Release No. 33-11313 (EDGAR Next Rulemaking) such as the elimination of EDGAR access codes in favor of individual account credentials and permissions. Changes to Volume II: "EDGAR Filing," Version 77 (March 2026) reflect, among other items: fling fee related changes; new inline XBRL guidance, and amendments to Forms 3, 4, and 5 made pursuant to the Holding Foreign Insiders Accountable Act. EDGAR Release 26.1 will be deployed in the EDGAR system on March 16, 2026, and the updated Filer Manual volumes are incorporated by reference into the Code of Federal Regulations.

Foreign insiders. The SEC adopted final rules implementing the Holding Foreign Insiders Accountable Act. The amendments to rules 3a12-3(b), 16a-2 and forms 3, 4, and 5 align disclosure requirements for foreign executives more closely with those applied to U.S. issuers and establish electronic reporting obligations beginning March 18, 2026. The rules also revise existing exemptions and clarify which market participants are subject to Section 16 reporting requirements. The Act, enacted on December 18, 2025, amended Exchange Act Section 16(a) to require directors and officers of Exchange Act–reporting FPIs to file their ownership and transaction reports electronically and in English. The statute excludes beneficial owners who hold more than 10 percent of an FPI’s equity securities from these reporting requirements and directed the Commission to finalize implementing regulations within 90 days of enactment.

Fee rates. The SEC has adjusted the fee rates applicable under Sections 31(b) and (c) of the Exchange Act. Effective April 4, 2026, the fee rates applicable to most securities transactions will be set at $20.60 per million dollars. This represents an increase from the previous rate of $0.00 per million dollars, a rate set because the Commission collected its entire fiscal year 2025 appropriation before the new fee rate became effective, so no further collections for fiscal year 2025 were required. The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.

N-PORT reporting. The SEC has proposed amendments to Form N-PORT to allow reporting funds additional time for reports, reduce publication from monthly to quarterly, and remove “Names Rule” reporting from the reports, among other changes. The proposed amendments would: provide reporting funds with an additional 15 days to file monthly reports of portfolio-related information; reduce the publication of reports from monthly to quarterly; and modify Form N-PORT reports to streamline or remove certain reported information, including removing "Names Rule" reporting, and add information about funds with share classes that operate as exchange-traded funds. Comments should be submitted on or before April 24, 2026.

Please see the SEC Regulation Tracker for proposal comment deadlines and final rule compliance dates.

CFTC

Recent CFTC activity includes the following:

Crypto assets. The CFTC announced that it issued guidance relating to a final rule and interpretation issued by the SEC on the application of the Federal securities laws to certain types of crypto assets and certain transactions involving crypto assets. The SEC also issued a fact sheet. The CFTC guidance provides that the CFTC and its staff will administer the Commodity Exchange Act (CEA) consistent with the SEC’s interpretation, and that certain non-security crypto assets could meet the definition of “commodity” under the CEA. The interpretation discusses digital commodities in further detail.

Prediction markets. The CFTC is seeking comment on possible rules regarding the trading of event contracts on prediction markets. A new Advanced Notice of Proposed Rulemaking asks 40 questions regarding public interest and insider trading, among other topics. The CFTC also issued an advisory (CFTC Letter No. 26-08) reminding designated contract markets of their regulatory obligations, particularly provisions that may apply to sports-related event contracts.

Swap dealer requirements. The CFTC adopted a final rule amending certain business conduct and documentation requirements applicable to swap dealers (SDs) and major swap participants (MSPs) contained in Part 23, subpart H and §23.504. The amendments codify and supersede many long-standing no-action positions issued by the Market Participants Division, as specified. The final rule provides exceptions when executing swaps that are: (1) intended by the parties to be cleared contemporaneously with execution; or (2) subject to prime broker arrangements that meet certain qualifying conditions.

Please see the CFTC Regulation Tracker for proposal comment deadlines and final rule compliance dates.

RegulatoryActivity: BrokerDealers InvestmentAdvisers CFTCNews CommodityFutures ClearanceSettlement Derivatives ExchangesMarketRegulation FinancialIntermediaries FormsFilings PublicCompanyReportingDisclosure RiskManagement SECNewsSpeeches Swaps