Securities Regulation Daily Wrap Up, WORTH NOTING—Other litigation, regulatory activity and industry news, (May 2, 2025)

By WK Editorial Staff

A weekly roundup of other items of interest to the securities, commodities, and corporate governance communities.

DIRECTORS AND OFFICERS -- Cboe Global Markets, Inc. announced that its Board of Directors has appointed longtime global financial markets executive Craig S. Donohue as the company's new Chief Executive Officer and a member of the Board, effective May 7, 2025. Donohue succeeds Fredric Tomczyk, who will step down as CEO and remain on the Board.

Previously, Donohue spent two decades at CME Group, including eight years as CEO before departing in 2012. Over the last decade, Donohue also served as chairman of the board at OCC, where he also spent three years as CEO from 2016 until 2019.

SEC NEWS AND SPEECHES The SEC has issued an order granting temporary conditional exemptive relief pursuant to Section 36 of the Securities Exchange Act of 1934 and Rule 608(e) of Regulation NMS under the Exchange Act, relating to granularity of timestamps specified in Section 6.8(b) and Section 3 of Apendix D of the national market system plan governing the consolidated audit trail. The order was in response to a request from a number of stock and options exchanges.

In a letter dated March 24, 2025, Consolidated Audit Trail, LLC, on behalf of various participants -- including BOX Exchange LLC, Cboe BYX Exchange, Inc., Cboe Exchange, Inc., the Financial Industry Regulatory Authority, Inc. (FINRA), Investors Exchange LLC, Long-Term Stock Exchange, Inc., MEMX LLC, Miami International Securities Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc. and NYSE National, Inc. and others -- requested that the SEC provide exemptive relief to its participants pursuant to its authority under Section 36 of the Securities Exchange Act of 1934.

PCAOB NEWS AND SPEECHES –The Council of Institutional Investors (CII) has written the House Committee on Financial Services opposing SEC. 50002 of the Financial Services Committee which provides for reconciliation pursuant to H.Con.Res. 14, the Concurrent Resolution on the Budget for Fiscal Year (SEC. 50002), a measure that “effectively eliminates” the PCAOB and attempts to transfer its responsibilities to the Securities and Exchange Commission.

“We believe SEC. 50002 is in direct conflict with CII’s long-standing membership-approved policy entitled Independence of Accounting and Auditing Standard Setters,” the council said. “The policy reflects our members’ view that the responsibility to promulgate auditing standards should reside with an industry-independent, private sector body that has a secure, stable, source of funding, and is accountable to investors.”

CFTC NEWS AND SPEECHES -- The CFTC announced former director of the market participants division and former acting director of the division of market oversight, Amanda Olear, will leave the agency on Friday, May 2. Olear served at the CFTC for over 17 years in multiple leadership roles across various divisions.

Olear joined the CFTC in 2007 and has served in various leadership capacities, including most recently as Acting Director of the Division of Market Oversight, where she led a team of attorneys, analysts, and other professional staff who oversee derivatives platforms and swap data repositories.

“It has been a true pleasure to have known and worked with Amanda for 15 years. She has served the CFTC, our mission, and our markets with excellence for many years,” commented Acting Chairman Caroline Pham.

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