Securities Regulation Daily Wrap Up, WORTH NOTING—Other litigation, regulatory activity and industry news, (Aug 28, 2025)

By WK Editorial Staff

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

FINRA NEWS AND SPEECHES—FINRA announced the election of two new Governors at its annual meeting. J. Bradford Eichler (Stephens Inc.) was elected a Large Firm Governor and Erin Baskett (Sine Qua Non Capital LLC) a Small Firm Governor. FINRA is overseen by a 22-member Board of Governors, with 10 seats designated for industry members. The industry governor seats include three from large firms, one from midsize firms, three from small firms, one floor member, one independent dealer/insurance affiliate and one investment company affiliate. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

SEC NEWS AND SPEECHES—The Securities and Exchange Commission announced the agenda and panelists for its September 18 roundtable on trade-through prohibitions. The roundtable will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., from 9:15 a.m. – 4:15 p.m. ET. The event will be open to the public and webcast live on the www.sec.gov. Please register for in-person attendance. For online attendance, registration is not necessary; a link to watch the event will be available on September 18 at www.sec.gov, and a recording will be available online later. More information, including how to submit comments, is available on the SEC Trade-Through Prohibitions Roundtable’s event page.

CFTC NEWS AND SPEECHES—The CFTC’s Division of Market Oversight has issued an advisory regarding the foreign board of trade (FBOT) registration framework for non-U.S. entities legally organized and operating outside the United States that seek to provide persons physically located in the United States with direct market access to their trading platforms. The CFTC’s FBOT registration framework applies to all markets, regardless of asset class, and includes both traditional and digital asset markets. “By reaffirming the CFTC’s longstanding approach to provide U.S. traders with choice and access to the deepest and most liquid global markets, with a wide range of products and asset classes, American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to U.S. markets,” said Acting Chair Caroline Pham. Details are in CFTC Staff Letter No. 25-27.

CFTC NEWS AND SPEECHES— The CFTC’s OIG evaluated whether the agency’s anti-harassment procedures follow standards established by the U.S. Equal Employment Opportunity Commission (EEOC). Using the Equal Employment Opportunity Management Directive 715 (MD-715) Part G Agency Self-Assessment Checklist to measure and assess the agency’s efforts in preventing harassment, the OIG found the CFTC has made significant efforts to meet federal compliance requirements for anti-harassment, but it said opportunities to improve agency compliance exist. It issued three recommendations for the agency to improve program operations: 1) Issue and distribute to all employees and prominently post an annual antiharassment policy statement signed by the chairman; 2) Develop a plan to ensure a culture of accountability and commitment to the CFTC anti-harassment effort; 3) Devote sufficient independent support to harassment prevention efforts to reinforce the credibility of leadership’s commitment to creating a workplace free of harassment.

INVESTMENT ADVISERS – In a letter sent this week to members of the U.S. House Committee on Financial Services, the Investment Adviser Association urged Congress to amend the Gramm-Leach-Bliley Act “to include a robust federal preemption clause that promotes national uniformity in financial privacy regulation.” The group said a current patchwork of state privacy laws – some overlapping, others conflicting – “has resulted in a complex and challenging regulatory environment for financial institutions operating across multiple jurisdictions.” This challenge is especially significant for SEC-registered investment advisers who are already subject to strict federal privacy and data protection requirements under Regulation S-P, the IAA said.

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