Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Dec 1, 2025)

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:

Regulation NMS. The SEC granted temporary exemptive relief from certain compliance dates under Regulation NMS to provide clarity to the market and facilitate orderly market functions. The adopting release related to minimum pricing increments and access cap fees under Regulation NMS. The compliance dates for Rules 600(b)(89)(i)(F). 610(c) and 612 have been extended to the first business day of November 2026 and that of Rule 610(d) until the first business day of February 2026. The relief follows the denial of a petition for review by the U.S. Court of Appeals for the District of Columbia Circuit.

Order execution. The SEC extended the compliance date for amendments to rules requiring the disclosure of order executions in national market system (NMS) stocks from December 14, 2025, to August 1, 2026.

RMBS concept release. The Commission is asking for public comment on improvements to the rules governing residential mortgage-backed securities (RMBS) and aspects of asset-backed securities (ABS) in general. The concept release solicits comments on amend the asset-level disclosure requirements for residential mortgage-backed securities in Item 1125 of Regulation AB and whether to revise generally the definition of "asset-backed security" or other definitions in Item 1101 of Regulation AB. Comments should be by December 1, 2025.

EDGAR Next. The SEC adopted rule and form amendments to improve access to and account management on EDGAR as part of changes related to EDGAR Next. EDGAR filers will be required to authorize designated individuals responsible for managing the filers' accounts; these individuals must present individual account credentials obtained from Login.gov to access those EDGAR accounts and make filings. Form ID has also been modernized to make the form more user-friendly. EDGAR Next functionality will include 15 optional APIs allowing for machine-to-machine interactions with EDGAR.

Reporting Enhancements for Registered Investment Companies. The SEC adopted amendments to its reporting requirements on Forms N-PORT and N-CEN applicable to certain registered investment companies. Amendments to Form N-Port require funds to file reports on a monthly basis and within 30 days after the end of each month; each monthly report will be public 60 days after the end of the month. Amendments to Form N-CEN require open-end funds that are subject to liquidity risk management program requirements under ICA Rule 22e-4 to report certain information about service providers used to fulfill those requirements. The release also contains guidance on certain open-end fund liquidity risk management program requirements.

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

CFTC

Recent CFTC activity includes the following:

Tokenized collateral and stablecoins. The CFTC invited interested stakeholders to submit feedback and suggestions on the use of tokenized collateral including stablecoins in derivatives markets. Subject areas include the CFTC’s GMAC 2024 recommendation; CFTC observer status on industry efforts; potential digital asset markets pilot programs; amendments to CFTC regulations in connection with the President’s Working Group report recommendations regarding collateral management (pages 52-53), and other related issues. Members of the public may submit comments by November 28, 2025.

Crypto sprint (part 2). The CFTC invited all interested stakeholders to submit feedback and suggestions by November 28, 2025 on all recommendations for the CFTC in the President’s Working Group on Digital Asset Markets report, Strengthening American Leadership in Digital Financial Technology. The CFTC recommendations start at p. 142 of the report, which “encourages the Federal government to operationalize President Trump’s promise to make America the ‘crypto capital of the world’ and adopt a pro-innovation mindset toward digital assets and blockchain technologies.” The request for input follows an earlier sprint on the listing of spot crypto asset contracts on a designated contract market (DCM) under existing CFTC authority.

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

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