Securities Regulation Daily Wrap Up, REGULATION TRACKER—Upcoming SEC and CFTC comment deadlines and effective dates, (Jul 20, 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:

Regulation E-Delivery. The SEC proposed a new rule to make e-delivery the default standard for satisfying disclosure requirements. Currently, recipients have to opt in to electronic delivery; Regulation E-Delivery would allow entities to deliver information electronically without first obtaining affirmative consent. In order to rely on Regulation E-Delivery, the recipient must have provided an electronic address, and the entity must have provided a prominent disclosure to the recipient that it will send information electronically. The rule would permit two methods of e-delivery depending on whether or not the delivery includes personal financial information.

Regulation NMS. The SEC is proposing to rescind the trade-through rule and the provision regarding locking and crossing quotations for NMS stocks. The proposed rescission of Rules 611 and 610(e) of Regulation NMS is in response to the evolution of the markets since the adoption of the rules in 2005. The Commission says that the rules are no longer needed and that rescinding them would reduce costs for market participants.

Climate disclosure rescission. The SEC proposed to rescind its 2024 rule amendments requiring the disclosure of climate related information. The rules, which were stayed before going into effect, would require granular disclosure about climate-related matters in the registration statements and other filings of nearly all public companies. The Commission says that the rules, which are proposed to be rescinded in their entirety, were beyond the Commission's statutory authority and unsound as a matter of policy.

Registered offering reform. The SEC proposed amendments to facilitate capital formation by making shelf offerings available to more issuers, extending the reach of benefits currently reserved for WKSIs, and expanding the ability to incorporate information by reference into Form S-1. The amendments would also preempt state securities law registration and qualification requirements for registered offerings of unlisted securities.

Filer status streamlining. The SEC proposed rule and form amendments that would streamline and enhance reporting for public companies. The proposal would simplify the public reporting company filer status framework into two categories: large accelerated filers and non-accelerated filers. In addition, the Commission proposes to change disclosure requirements to align with a company's size and seasoning. In issuing the proposal, the Commission's goal is to simplify the framework and incentivize more companies to go and remain public.

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.

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

CFTC

Recent CFTC activity includes the following:

Uncleared swaps margin. The CFTC approved a final rule amending margin requirements for uncleared swaps applicable to swap dealers (SDs) and major swap participants (MSPs) that are not subject to prudential regulator margin rules. The amendments: (1) revised the definition of “margin affiliate;" (2) expanded the scope of assets that qualify as eligible collateral in connection with securities lending, securities borrowing, repurchase agreements, reverse repurchase agreements, and similar arrangements; and (3) revised the haircut schedule for eligible margin collateral by adopting specific percentage haircuts for money market and similar funds.

Portfolio margining. The CFTC and SEC issued a joint request for public comment on potential approaches to further harmonize regulatory frameworks applicable to portfolio margining across securities, security-based swaps, futures, swaps, and related positions. The joint request for comment seeks input on a range of issues, including: (1) Existing portfolio margining models and practices; (2) Customer protection considerations; (3) Cross-margining and cross-product offsets; (4) Capital, segregation, and collateral treatment; (5) Risk management and margin methodologies; (6) Clearing agency and derivatives clearing organization considerations; (7) Operational and technical implementation issues; and (8) Potential impacts on market liquidity and competition.

24/7 trading and perpetual futures. The CFTC issued a request for public comment on: (1) the extension of standard futures contracts to 24/7 trading; and (2) perpetual contracts referencing physically delivered or storable energy commodities, such as crude oil. The request for comment is organized around two sets of questions. The first concerns the extension of standard futures contracts—including energy futures—to a 24/7 schedule without any change to their fixed expiration, with material economic changes to delivery or settlement terms. The second concerns perpetual contracts when they reference physically delivered or storable energy commodities.

Event contract reporting. The CFTC proposed rule amendments to set forth an alternate framework for reporting of data for certain fully collateralized event contracts, which have been the subject of staff no-action letters since 2017. The revisions would require certain reporting markets, futures commission merchants, clearing members, and foreign brokers to report certain event contracts pursuant to the regulations in Parts 15 through 18 rather than the reporting regulations contained in certain sections of Parts 38, 39, 43 and 45.

Derivatives product definitions. The CFTC and SEC are requesting public comment on potential opportunities to further update, clarify, and harmonize certain derivatives product definitions and interpretive issues. The joint request for comment seeks input on topics including: (1) definitions relating to swaps and security-based swaps, including the scope of certain exclusions from the swap definition; (2) treatment of mixed swaps; (3) treatment of novel or emerging products; (4) jurisdictional and interpretive questions; (5) potential areas in need of greater clarity regarding regulatory definitional lines; and (6) potential areas for alternative compliance.

Swap data reporting. The CFTC and SEC are requesting public comment on potential changes to the design, scope, and structure of swap and security-based swap data reporting requirements. The joint request for comment seeks input on the operational, technological, and policy implications of the following topics: (1) harmonization across frameworks; (2) transparency and data quality; (3) operational complexity; (4) standardized identifiers and reference data; and (5) implementation considerations.

Whistleblower awards. The CFTC is proposing to amend rules concerning whistleblower awards. The proposed amendments provide for a 30 percent presumption for whistleblower awards of $5 million or less, subject to Commission discretion and its analysis of relevant regulatory factors.

Prediction markets. The CFTC is proposing to amend rules concerning event contracts offered on prediction markets. The amendments would further specify the types of event contracts that may be subject to a determination that they are contrary to the public interest, such that they may not be listed for trading or accepted for clearing. The amendments would also set out factors the Commission would consider; modify the determination procedure; and provide definitions for “gaming” and a rule regarding when contracts “involve” an underlying activity.

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

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