Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Jun 16, 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:

Proposals withdrawn. The SEC has formally withdrawn fourteen proposed rules issued between March 2022 and November 2023. According to the release, the Commission will not issue final rules for these proposals, and if it decides to pursue future actions on these subjects, new proposed rules will be issued.

New Form PF compliance date. The SEC, together with the CFTC, have again extended the compliance date for amendments to Form PF until October 1, 2025. Amendments to Form PF adopted in Release No. IA-6546 on February 8, 2024 originally had a compliance date of March 12, 2025, and the compliance date was then extended to June 12, 2025 in Release No. IA-6838.

Names rule. The SEC extended by 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 Dec. 11, 2025, to June 11, 2026, and the compliance date for smaller fund groups is extended from June 11, 2026, to Dec. 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 extended by 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.

EDGAR Next. The SEC adopted rule and form amendments to improve access to and account management of 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:

Form PF. The CFTC and SEC further extended the compliance date for the amendments to Form PF that were adopted on February 8, 2024, from June 12, 2025, to October 1, 2025. Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as a commodity pool operator (CPO) or commodity trading adviser (CTA).

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

RegulatoryActivity: BrokerDealers InvestmentAdvisers CFTCNews CommodityFutures ClearanceSettlement Derivatives ExchangesMarketRegulation FinancialIntermediaries FormsFilings PublicCompanyReportingDisclosure RiskManagement SECNewsSpeeches Swaps