Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Jan 12, 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:

Small entities. The SEC proposed to increase the "small business" and "small organization" thresholds under the Regulatory Flexibility Act. The ceilings below which an investment company or investment adviser would be considered a “small entity” would be raised to $10 billion in net assets and $1 billion in regulatory assets under management, respectively.

De minimis thresholds. The SEC has granted temporary exemptive relief extending the current phase-in de minimis thresholds for security-based swap dealer registration until May 8, 2028. As specified in Rule 3a71-2, the default phase-in termination date was set in May 2022 at five years after the "data collection initiation date," or November 8, 2026 (see Release No. 34-94896). Termination of the phase-in period is, in part, contingent on the publication of a Commission staff report addressing the rules and interpretations further defining the Exchange Act’s definition of the term “security-based swap dealer,” including the de minimis exception to that definition. This report has not yet been published, so the temporary exemption is intended to promote the predictable termination of the phase-in period while preventing entities from incurring potentially unnecessary compliance burdens.

Technical amendments. The SEC made technical amendments to rules and forms to correct errors and outdated references. Amendments to Securities Act Rule 498 update the definition of "exchange-traded fund" to provide additional specificity in light of subsequent Commission action and remove outdated requirements. The release also corrects erroneous or outdated cross-references in Form N-CEN and Rules 0-10, 30e-2, and 35d-1 under the Investment Company Act.

Address corrected. The SEC adopted technical amendments to six Exchange Act forms to correct the address for the principal office of the Commission. The changes affect Forms 1, 1-N, R31, ATS, ATS-R, and PILOT. In each instnce, the forms are amended to remove the text “450 Fifth Street, N.W., Washington D.C. 20549-1002” and add, in its place, the text “100 F Street, NE, Washington, DC 20549”.

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

CFTC

Recent CFTC activity includes the following:

Direct retail clearing. The CFTC issued a Request for Comment regarding derivatives clearing organizations that provide direct clearing services to retail traders (Retail DCOs). Staff is seeking input on possible measures that may be needed to mitigate risks to the Retail DCO or retail participants that are unique to these structures. These measures could include tailored requirements for Retail DCOs relating to retail protection, governance and risk management, conflicts of interest, market conduct and integrity, transparency, or a new registration sub-category for Retail DCOs. Comments will be accepted until Feb. 2, 2026.

Swap dealer requirements. The CFTC adopted a final rule amending certain business conduct and documentation requirements applicable to swap dealers (SDs) and major swap participants (MSPs) contained in Part 23, subpart H and §23.504. The amendments codify and supersede many long-standing no-action positions issued by the Market Participants Division, as specified. The final rule provides exceptions when executing swaps that are: (1) intended by the parties to be cleared contemporaneously with execution; or (2) subject to prime broker arrangements that meet certain qualifying conditions.

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

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