Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (May 18, 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:

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 comment 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 defining the terms "security-based swap dealer" and "major security-based swap participant." Comments should be submitted on or before July 6, 2026.

Performance-based fees. The SEC has adjusted for inflation the dollar amount thresholds in the rule permitting investment advisers to charge performance-based fees to "qualified clients." Investment Advisers Act Rule 205-3 requires the Commission to adjust the dollar amount thresholds on or about May 1, 2026, and approximately every five years thereafter. Effective June 29, 2026, the order increases the minimum net worth that a "qualified client" must have under the rule from $2,200,000 to $2,700,000. The minimum dollar amount of assets under management would be increased from $1,100,000 to $1,400,000.

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.

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. Comments are due May 18, 2026.

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, 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.”

CFTC official seal. The CFTC adopted a final rule amending CFTC Regulation §2.1 to change the official CFTC seal. The former seal depicted a bald eagle holding scales of justice in both talons, plus farmer’s plow, wheel of commerce, and octagons symbolizing futures trading pits. The new seal depicts a bald eagle holding an olive branch in one talon and the scales of justice in the other, plus 12 stars and five stripes.

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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