Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Apr 21, 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:

Names rule. The SEC extendedBy six months the compliance dates for the Investment Company Act "Names Rule." The amendments in Release No. 33-11238 address fund names likely to mislead investors about a fund’s investments and risks. The compliance date for larger fund groups is extended from December 11, 2025, to June 11, 2026, and the compliance date for smaller fund groups is extended from June 11, 2026, to December 11, 2026. The effective date remains December 11, 2023.

Treasury securities. The SEC extended certain compliance dates and has provided a temporary exemption for a 2023 rule regarding the clearing of U.S. Treasury securities. Amendments to Rule 17ad-22(e) were adopted in December 2023 and impose new requirements on covered clearing agencies providing central counterparty services for Treasury securities. The compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) are extendedBy one year, from December 31, 2025, to December 31, 2026, for eligible cash market transactions, and from June 30, 2026, to June 30, 2027, for eligible repo transactions. The Commission also granted a six-month temporary exemption from enforcement of the requirements of Rule 17ad-22(e)(6)(i). The adopting release set an effective (and compliance) date of March 31, 2025, for these changes, but temporary exemptive relief is granted until September 30, 2025.

New Form SHO compliance date. The Commission provided a temporary exemption from compliance with Exchange Act Rule 13f-2 and reporting on Form SHO. Filings on initial Form SHO reports will now be due by February 27, 2026, for the January 2026 reporting period. The compliance date for the rule and form was originally January 2, 2025, with Form SHO filings due on February 14, 2025. Rule 13f-2 and Form SHO were added in Release No. 34-98738 (Oct. 13, 2023), 88 FR 75100 (Nov. 1, 2023).

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. A beta environment will be available until March 21, 2025, and a new EDGAR Filer Management website goes live on March 24, 2025.

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:

Customer accounts at FCMs. The CFTC approved a final rule to implement requirements for futures commission merchants (FCMs) related to margin adequacy and the treatment of separate accounts of a customer. The rule finalizes the Commission’s proposal, published in the Federal Register in March, to codify the no-action position in CFTC staff letter 19-17 regarding separate account treatment.

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

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