Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Sep 29, 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:

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.

Form PF. The SEC and CFTC have jointly approved an extension of the deadline for investment advisers to comply with amendments to Form PF, the confidential reporting form used by certain private fund advisers. The compliance date has been extended one year to October 1, 2026, The amendments, adopted in February 2024, originally had a compliance date set for March 12, 2025, which was then extended to June 12 and again to October 1, 2025.

FOCUS Report. The SEC has extended by 12 months the compliance date for certain rule amendments requiring electronic filing of certain forms. The rules, adopted on December 16, 2024, regard the electronic submission of certain materials under the Exchange Act and amendments to the FOCUS Report. See Release No. 33-11342. The compliance dates for all of the rule amendments have been extended by twelve months, except for: amendments originally having a compliance date of March 24, 2025; amendments relating to the filing requirements for new derivative securities products; and rule amendments requiring Form 17-H and broker-dealer and security-based swap entity annual reports be filed electronically on EDGAR.

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:

Swaps business conduct and documentation. The CFTC proposed amendments to its business conduct and documentation rules for swap dealers and major swap participants. The amendments would codify existing no-action relief granted by the agency’s Market Participants Division and introduce certain new exceptions.

Form PF. The CFTC and SEC further delayed the compliance date for amendments to Form PF to October 1, 2026. Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those also registered with the CFTC as a commodity pool operator (CPO) or commodity trading adviser (CTA). The amendments were approved February 8, 2024 and codified March 12, 2024 at 89 Fed. Reg. 17984. The delay follows a previous extension from June 12, 2025 to October 1, 2025.

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 October 20.

Crypto sprint (part 2). The CFTC invited all interested stakeholders to submit feedback and suggestions by October 20, 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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