Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Jun 8, 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:

Climate disclosure rescission. The SEC proposed to rescind its 2024 rule amendments requiring the disclosure of climate related information. The rules, which were stayed before going into effect, would require granular disclosure about climate-related matters in the registration statements and other filings of nearly all public companies. The Commission says that the rules, which are proposed to be rescinded in their entirety, were beyond the Commission's statutory authority and unsound as a matter of policy.

Technical amendments. The SEC issued technical corrections to certain amendments adopted in the Holding Foreign Insiders Accountable Act. The technical corrections remove certain language that inadvertently was included in a rule and remove obsolete references to a repealed Congressional act in two forms.

Gag rule. The SEC rescinded its decades-old no-admit/no-deny settlement policy. The policy, codified in the Commission's rules of procedures, stated that the agency would not settle unless the defendant agrees not to publicly deny the allegations in the complaint or order. The Commission said that the rescission aligns the Commission with the majority of federal agencies lacking a similar rule and provides more flexibility in settling actions. The agency also recognized that the effect on the public interest from any denial may be minimal and that the policy might have created the impression that the Commission was trying to shield itself from criticism. The Commission will not enforce existing no-deny provisions and will take no action to vacate the settlement if there is a breach.

Registered offering reform. The SEC proposed amendments to facilitate capital formation by making shelf offerings available to more issuers, extending the reach of benefits currently reserved for WKSIs, and expanding the ability to incorporate information by reference into Form S-1. The amendments would also preempt state securities law registration and qualification requirements for registered offerings of unlisted securities.

Filer status streamlining. The SEC proposed rule and form amendments that would streamline and enhance reporting for public companies. The proposal would simplify the public reporting company filer status framework into two categories: large, accelerated filers and non-accelerated filers. In addition, the Commission proposes to change disclosure requirements to align with a company's size and seasoning. In issuing the proposal, the Commission's goal is to simplify the framework and incentivize more companies to go and remain public.

Semiannual reporting. The SEC proposed rule and form amendments that would give public companies the option to file semiannual reports. Responding to concerns about the frequency and complexity of current quarterly reporting, the proposed amendments would permit filing semiannual reports on a new Form 10 S instead of quarterly reports on Form 10 Q to meet interim reporting obligations. Conforming changes to Regulation S X would streamline financial statement requirements and modernize rules governing the age of financial information.

Swaps. The SEC issued and seeks comments on a staff report on the activity of security-based swap dealers and participants. The SEC seeks feedback on its report, prepared pursuant to a directive in Rule 3a71-2A, to examine the definitions of "security-based swap dealer" and "major security-based swap participant" from Exchange Act Section 3(a)(71)(A) and Rule 3a71-1, with a goal of determining whether exceptions based on de minimis and other thresholds should be retained or changed. The public's comments on the report may inform the Commission's consideration of potential changes to the de minimis exception, and the rules further define the terms "security-based swap dealer" and "major security-based swap participant." Comments should be submitted on or before July 6, 2026.

Form PF. The SEC and CFTC jointly proposed amendments to Form PF to eliminate certain filing and reporting obligations and streamline certain requirements. The proposed amendments would eliminate filing requirements for smaller advisers by raising the Form PF filing threshold for all filers and would also raise the reporting thresholds for large hedge fund advisers. The amendments also eliminate, streamline, and simplify certain other reporting requirements and make corrections and other revisions.

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

CFTC

Recent CFTC activity includes the following:

Interest rate swap benchmarks. The CFTC is proposing to amend Regulation 50.4(a), changing the requirement to submit interest rate swaps for clearing. Under the proposed change, swaps referencing the Canadian Dollar Offered Rate (CDOR) and those referencing the Interbank Equilibrium Interest Rate (TIIE) would be removed from the requirement, and Mexican peso (MXN) overnight index swaps referencing the Overnight TIIE Funding Rate (F TIIE) would be added. The proposal would also expand the maturity range of Canadian dollar (CAD)-denominated interest rate swaps referencing the Canadian Overnight Repo Rate Average (CORRA) up to 30 years—the current range only goes up to two years.

Insider risk. The CFTC proposed to adopt new Commission Regulation §146.12(h) to exempt a newly established Privacy Act system of records, namely the Insider Risk Program Records (CFTC-59), from Privacy Act provisions permitting individuals to access and request changes to records about themselves, “in order to maintain the integrity of insider risk investigations and to keep confidential the identity of confidential sources.”

Form PF. The SEC and CFTC jointly proposed amendments to Form PF to eliminate certain filing and reporting obligations and streamline certain requirements. The proposed amendments would eliminate filing requirements for smaller advisers by raising the Form PF filing threshold for all filers and would also raise the reporting thresholds for large hedge fund advisers. The amendments also eliminate, streamline, and simplify certain other reporting requirements and make corrections and other revisions.

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

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