The Securities and Exchange Commission (SEC) has announced a temporary exemption from specific compliance dates stemming from Regulation NMS, which addresses Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders. This relief also extends to exchanges, postponing their requirement to file proposed rule changes reflecting the round lot definition outlined in Rule 600(b)(93) of Regulation NMS. This particular extension will remain in effect until 30 calendar days after the current lapse in appropriations concludes. This decision by the Commission was made in response to several factors. It follows the U.S. Court of Appeals for the District of Columbia Circuit's denial of a petition for review and anticipates the eventual lifting of the Commission's partial stay on the effect of amendments to Rules 600(b)(89)(i)(F), 610(c), and 612, once the judicial review process is complete. Furthermore, the SEC expressed concern regarding the capacity of market participants to meet certain amendment compliance deadlines, notably November 3, 2025, amidst the ongoing lapse in appropriations. SEC Chairman Paul S. Atkins commented on the order, stating, "The order issued today will provide clarity to the market regarding certain upcoming compliance dates. In light of recent events, exemptive relief from the Nov. 3, 2025, compliance date is necessary to facilitate orderly market functions."

The Securities and Exchange Commission has announced that Stacey Bowers, who currently serves as the Director of the Office of the Advocate for Small Business Capital Formation, will depart the agency effective October 17, 2025. Ms. Bowers has held the Director position since January 16, 2024. Chairman Paul S. Atkins expressed his gratitude for Ms. Bowers' leadership and dedication during her tenure. “I want to thank Stacey for the excellent work and leadership she has provided the Office of the Advocate for Small Business Capital Formation,” said Chairman Atkins. He further noted that "Her efforts as Director have had big impacts on small companies and furthered the mission of the SEC. I wish her the best in her next endeavor." During her time as the small business advocate, Ms. Bowers played a crucial role in engaging with startups and smaller public companies to identify both opportunities and challenges related to capital raising. Her responsibilities also included reporting on critical capital raising data, analyzing the potential impacts of proposed regulations on behalf of small businesses and their investors, and actively advocating for this community by recommending policy changes to both Congress and the Commission. Reflecting on her service, Ms. Bowers shared, “I am honored to have served in this role and to have worked alongside the dedicated experts on the small business advocacy team, my SEC colleagues, and the Commissioners. It has been an incredible opportunity and privilege to advocate for small business and to support this inspirational community of entrepreneurs, investors, and all of those who support them on their journey.” Prior to her appointment as the small business advocate, Ms. Bowers held a position as a Professor of the Practice at the University of Denver Sturm College of Law. Her professional background also encompasses extensive experience as a practitioner, both in private practice and in-house, representing a wide array of businesses ranging from startups to public companies. Notably, her legal career began at the SEC as a staff attorney in the agency’s Division of Corporation Finance. Ms. Bowers earned her bachelor's degree in business/accounting (cum laude) from the University of Pittsburgh. In addition to her law degree, she holds a master’s degree in library and information science and a Ph.D. in curriculum and instruction studies, both from the University of Denver.

The Securities and Exchange Commission has intensified its efforts to assist broker-dealers and other market participants in their journey toward central clearing of U.S. Treasury securities. To facilitate this transition, the agency has launched a comprehensive webpage, establishing a central hub for the latest status updates, staff statements, and all other pertinent materials. The SEC, which adopted these significant rule changes in December 2023, subsequently extended the original compliance dates. This decision was made to allow additional time for further engagement on compliance, operational, and interpretive questions, thereby ensuring an orderly implementation of the new rules. The Commission reaffirmed its ongoing readiness to collaborate with market participants on these critical aspects. Commissioner Mark T. Uyeda, entrusted by Chairman Paul S. Atkins to spearhead the agency’s initiative facilitating the transition to clearing U.S. Treasury securities, recently issued an update. His statement underscored the SEC’s unwavering focus on executing the implementation correctly. "Changes to the U.S. Treasury market must be done carefully and deliberatively to avoid disruption," the statement emphasized, highlighting that Commission staff, in close collaboration with colleagues at other federal financial regulators and a wide array of market participants, have been diligently working towards implementing the Treasury Clearing rule. The dedicated SEC webpage for U.S. Treasury clearing implementation is designed to offer market participants streamlined access to relevant SEC staff statements, including answers to frequently asked questions, and other related resources. This initiative aims to enhance clarity, transparency, and efficiency throughout the transition process. In a related action, the Division of Trading and Markets today released answers to Frequently Asked Questions regarding the applicability of the Treasury Clearing rule to certain general collateral triparty repos, which are also referred to as mixed CUSIP triparty repos. Further resources accessible from this new webpage include applications filed by entities seeking registration as clearing agencies to provide central counterparty services for the U.S. Treasury market. It also features proposed rule changes submitted by self-regulatory organizations pertaining to the U.S. Treasury clearing rules. Market participants preparing for compliance during this implementation period are encouraged to direct their questions to SEC staff in the Division of Trading and Markets via email at tradingandmarkets@sec.gov or by calling 202-551-5777.

The Securities and Exchange Commission (SEC) recently issued an order granting conditional exemptive relief designed to reduce the operating costs of the Consolidated Audit Trail (CAT) while maintaining its core regulatory functionality. This relief pertains to certain requirements of the National Market System Plan governing the CAT (CAT NMS Plan), Rule 613 of Regulation NMS, and Rule 17a-1 under the Securities Exchange Act of 1934, enabling the self-regulatory organizations participating in the CAT NMS Plan to achieve significant and swift cost reductions. SEC Chairman Paul S. Atkins stressed the imperative for both the Commission and CAT participants to seriously address what he termed "seemingly endless cost increases." He emphasized that CAT must operate with greater efficiency and cost-effectiveness, particularly in the wake of the U.S. Court of Appeals for the Eleventh Circuit’s recent decision to vacate the 2023 Funding Model Order. While endorsing the exemptive relief, Chairman Atkins reiterated that this action marks only the beginning of broader efforts. Concurring, Jamie Selway, Director of the SEC’s Division of Trading and Markets, characterized the Commission’s action as initiating an overdue process to reform and rationalize the CAT. He affirmed the Division’s ongoing engagement with participants and industry members to facilitate necessary improvements aimed at reducing costs for investors. This conditional exemptive relief expands upon previous cost-saving measures approved by the Commission. It will allow plan participants, among other provisions, to discontinue the creation of interim lifecycle linkages unless a regulator specifically requests them, ease the requirements related to the re-processing of late records, cease providing certain functionalities associated with the online targeted query tool, and delete specific CAT data while more cost-effectively storing older datasets. These collective efforts are expected to yield substantial financial savings. The CAT budget initially approved by its Operating Committee for 2025 had exceeded $248 million. However, as a result of implementing prior cost amendments and the relief granted today, CAT’s projected expenses for 2025 are forecast to fall an additional $20 million to $27 million below the approximately $196 million previously forecast for the year.

The Securities and Exchange Commission (SEC) has issued a concept release, actively seeking public input on how to enhance its current rules governing residential mortgage-backed securities (RMBS) and certain aspects of asset-backed securities (ABS) generally. This initiative addresses a critical concern: the complete absence of public RMBS offerings since 2013. Despite this stagnation, RMBS are recognized as a vital component of a healthy mortgage market, providing access to a wider range of issuers and investors. This diversification helps reduce reliance on any single source of liquidity and ultimately contributes to lower consumer costs. The concept release specifically invites feedback on whether existing SEC regulations inadvertently act as impediments to public RMBS offerings. Key areas of inquiry include the necessity of revising certain disclosure requirements and navigating the complexities of sharing sensitive mortgage loan information with investors while diligently protecting privacy and confidentiality. Furthermore, the Commission is exploring whether adjustments to regulatory definitions are warranted and if other ABS regulations should be modified to facilitate broader access to the public market. Underscoring the importance of this endeavor, SEC Chairman Paul S. Atkins remarked, “Home ownership has long been the cornerstone of the American Dream. Yet, this dream remains out of reach for too many Americans today due, in part, to mortgage costs. A vibrant public market for RMBS can have downstream effects of reducing these costs and benefitting the U.S. housing sector.” He further emphasized the Commission's commitment, stating, “It is important for the Commission to hear from market participants on steps it can take to revive the public RMBS market.” Concept releases serve as a crucial mechanism for the Commission to gather public perspectives before making decisions on potential rulemaking. These documents typically outline a particular area of concern, identify various potential approaches, and pose a series of questions for public deliberation. In this instance, the Commission encourages comprehensive commentary on any associated costs, burdens, or benefits that might arise from possible regulatory responses related to the RMBS and ABS items identified in the release, or from alternative solutions proposed by commenters. The public is specifically invited to weigh in on whether particular strategies, alternative methods, or a combination thereof would effectively address the identified issues. The period for public comment will remain open for 60 days following the publication of the comment request in the Federal Register.

The Securities and Exchange Commission has announced the upcoming retirement of Ken Johnson, its Chief Operating Officer since December 2017, effective this December. Chairman Paul S. Atkins lauded Mr. Johnson’s extensive contributions, stating, "Ken has been an integral leader at the SEC for more than two decades. Having known him both as a Commissioner and now as Chairman, I can attest to his ultimate integrity in serving this agency and the country. His adept oversight of SEC operations and administrative functions has significantly furthered our mission. I will certainly miss his wise counsel and extend my best wishes for his future endeavors." As COO, Mr. Johnson has overseen a broad spectrum of the SEC's operational and administrative functions. This encompassed critical areas such as Human Resources, Acquisitions, Financial Management, Information Technology, the EDGAR Business Office, the Office of the Chief Data Officer, and Support Operations, which includes Freedom of Information Act, Records Management, and Facilities Management functions. Reflecting on his tenure, Mr. Johnson expressed his gratitude: "I want to thank Chairman Atkins, the Commissioners, and my many friends and colleagues over the years. It has been the honor of a lifetime to collaborate with the exceptional staff of the SEC. I also want to extend a special appreciation to the Commission’s operational and administrative professionals, whose skillful work behind the scenes is crucial in enabling the agency to continue its vital work on behalf of investors and our markets." Prior to his role as COO, Mr. Johnson held the position of the SEC’s chief financial officer from 2010 to 2017. His journey at the agency began in 2003, having first served as a management analyst and then chief management analyst until 2010, after joining the SEC from the Congressional Budget Office. Mr. Johnson holds an undergraduate degree from Stanford University and a master’s degree in public policy from the Harvard Kennedy School of Government.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have officially released the agenda and identified the panelists for their upcoming joint roundtable, focusing on regulatory harmonization efforts. This significant event is scheduled for September 29. Set to take place at the SEC's headquarters, located at 100 F Street, N.E., Washington, D.C., the roundtable will run from 1 p.m. to 5:30 p.m., with doors opening to the public at noon. For broader accessibility, the entire event will be webcast live on the SEC’s website. While online attendance does not require prior registration, with the webcast available directly on the roundtable webpage, those wishing to attend in person are asked to register in advance. The day's proceedings will commence at 1 p.m. with opening remarks. This will be followed at 1:20 p.m. by the first panel, aptly titled "How We Got Here," which is designed to explore the historical relationship between the SEC and the CFTC. After a short break at 2 p.m., the second session, "Platforms," will begin at 2:10 p.m. This discussion will delve into how regulatory harmonization could unlock significant economic value for various platforms, all while maintaining robust investor protection. Further remarks are scheduled for 3:25 p.m., leading into another break at 3:30 p.m. The final panel of the day, "Participants," will convene at 4 p.m. Its objective is to examine how enhanced regulatory alignment could offer increased choices for market participants and contribute to reducing costs for investors. The roundtable will then conclude with closing remarks delivered at 5:20 p.m., with each panel featuring dedicated moderators and participants to guide the discussions.

The Securities and Exchange Commission has announced the appointment of Jon Kroeper as deputy director of the agency’s Division of Trading and Markets, effective September 29. Mr. Kroeper brings extensive experience to his new role, having previously served two tenures at the SEC. His prior service included roles as an attorney-advisor, senior counsel, and counselor to a commissioner from 1994 to 2000. He later returned to the SEC from 2005 to 2007, serving as both counselor to a commissioner and counselor to the chairman, where he provided counsel on rulemaking, enforcement, and policy matters with a focus on market structure, exchanges, and broker-dealers. Between his SEC tenures, Mr. Kroeper spent 17 years, from 2007 to 2024, at the Financial Industry Regulatory Authority (FINRA). As executive vice president in FINRA’s market regulation department, he oversaw a team of more than 280 analysts, investigators, and managers, conducting automated surveillance and investigations into potential wrongdoing across U.S. equity, exchange-traded products, and fixed income markets. Most recently, Mr. Kroeper served as a senior consultant at Patomak Global Partners, offering consulting and advisory services to the financial services industry. SEC Chairman Paul S. Atkins expressed his welcome, stating, “I welcome Jon back to the SEC as part of the Division of Trading and Markets leadership team, joining Director Jamie Selway. He has deep market experience stemming from his previous service at the SEC and his many years at FINRA. Working together with our colleagues in the division, he and Jamie will further the SEC’s mission on behalf of market participants and investors.” Director Selway also lauded the appointment, noting, “Jon is a great addition to the Trading and Markets team. I look forward to collaborating with him and Chairman Atkins to support innovation and protect the greatest markets in the world.” Mr. Kroeper conveyed his enthusiasm for his return, remarking, “I am thrilled to rejoin the Commission under Chairman Atkins and Director Selway. I am excited to get to work in the Division of Trading and Markets, which is so critical to maintaining fair, orderly, and efficient markets.” Mr. Kroeper earned his J.D. from the Chicago-Kent College of Law and holds a B.A. in government from Georgetown University.

The Securities and Exchange Commission has released a report to Congress, consolidating policy recommendations stemming from its 44th Annual Small Business Forum. This comprehensive document provides an overview of the forum's proceedings, outlines the changes to the capital raising framework proposed by participants, and details the Commission’s responses to these recommendations. The forum, convened on April 10, 2025, featured a diverse array of speakers who shared their broad perspectives on various approaches to capital raising, drawing from different backgrounds, geographical locations, and company life cycle stages. Discussions during the sessions notably focused on crucial topics such as early-stage capital raising, the specific needs of growth-stage companies and smaller funds, and the dynamics of small cap companies within the public markets. By congressional mandate, the SEC’s Office of the Advocate for Small Business Capital Formation hosts this annual forum, which serves as a key platform for members of both the public and private sectors to offer feedback aimed at enhancing capital-raising policy. The Office expressed its gratitude to all speakers, participants, advisory planning group members, and SEC staff members for their contributions to the forum's success. For public access, video archives and a full transcript of the discussions are available online.

The Securities and Exchange Commission (SEC) has voted to approve proposed rule changes by three national securities exchanges, establishing generic listing standards for exchange-traded products (ETPs) holding spot commodities, a category now explicitly including digital assets. This pivotal decision means that exchanges can now list and trade Commodity-Based Trust Shares that meet these newly approved generic listing standards without first submitting a specific proposed rule change to the Commission, as was previously required under Section 19(b) of the Exchange Act. SEC Chairman Paul S. Atkins emphasized that this approval ensures capital markets remain a global leader in digital asset innovation. He noted the move aims to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers for investors seeking to access digital asset products within America's trusted capital markets. Complementing this perspective, Jamie Selway, Director of the Division of Trading and Markets, stated that the Commission’s action provides crucial regulatory clarity and certainty to the investment community. This clarity is delivered through a rational, rules-based approach for bringing products to market, all while maintaining robust investor protections. Beyond the broader approval of generic listing standards for Commodity-Based Trust Shares, the Commission also granted specific product approvals. This includes the listing and trading of the Grayscale Digital Large Cap Fund, which tracks spot digital assets based on the CoinDesk 5 Index. Furthermore, the SEC approved the listing and trading of p.m.-settled options on both the Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF Index, which will feature third Friday expirations, nonstandard expirations, and quarterly index expirations.

The Securities and Exchange Commission today published a policy statement clarifying that decisions regarding the acceleration of a registration statement’s effectiveness will not be influenced by the presence of a provision mandating arbitration for investor claims arising under federal securities laws. Chairman Paul S. Atkins emphasized the significance of this announcement, stating that the Commission, as an agency promoting disclosure and transparency, found its prior lack of a public position on this critical issue inconsistent with its core mission and mandate. This ambiguity, he declared, ends today. Chairman Atkins further clarified that while the adoption of mandatory arbitration provisions by companies is a subject of broad discussion, the Commission’s specific responsibility in this discourse is to provide certainty that such clauses do not conflict with federal securities laws, a role now fulfilled by this new policy. The Commission's action addresses periodic inquiries from issuers concerning whether a mandatory arbitration provision for investor claims under federal securities laws would impact the acceleration of their registration statement's effectiveness. Today’s statement provides the Commission’s definitive view, reiterating that, consistent with the Supreme Court’s current interpretation and application of the Federal Arbitration Act, the existence of such a provision will not influence determinations whether to accelerate a registration statement’s effective date. Consequently, when assessing whether to accelerate the effectiveness of a registration statement, the Commission staff will now concentrate on the overall adequacy of the registration statement’s disclosures, including specific details pertaining to the arbitration provision.

The Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have once again voted to postpone the compliance date for amendments to Form PF, the confidential reporting document mandated for certain private fund advisers. The new deadline for adherence to these updated requirements is now set for October 1, 2026. These Form PF amendments were originally adopted in February 2024, with an initial compliance date of March 12, 2025. Following previous extensions to June 12 and then October 1, this latest delay is intended to allow ample time for a comprehensive review of Form PF, conducted in accordance with a Presidential Memorandum. This substantive review aims to facilitate any further appropriate actions, which may include the proposal of new amendments to the form.

The Securities and Exchange Commission (SEC) has announced a forthcoming series of three compliance outreach events, designed to provide guidance on the 2024 amendments to Regulation S-P. These sessions are intended to help firms navigate the updated requirements for safeguarding consumer data. The first of these events, a webinar specifically for large firms, is scheduled for September 25th, from 1 p.m. to 2 p.m. ET. Details regarding the subsequent two events, catering to transfer agents and smaller firms, will be released at a later date. Each Regulation S-P compliance outreach event will be meticulously tailored to its specific registrant type, with scheduling aligned to their respective compliance deadlines as stipulated in the rule amendments. Staff members from the Divisions of Examinations, Investment Management, and Trading and Markets are slated to lead these discussions, covering new compliance obligations, offering insights into what to anticipate during an examination, and addressing any outstanding compliance questions. Keith Cassidy, Acting Director for the Division of Examinations, highlighted the dual benefits of these updates, stating, “These enhancements to further safeguard consumers’ personal information will benefit both investors and firms.” He also acknowledged potential hurdles, adding, “however, we recognize implementation may create challenges associated with compliance.” Cassidy underscored the Division of Examinations' objective: “The SEC’s Division of Examinations wants to help firms clearly understand the requirements of implementing the updated Regulation S-P obligations so we can reach the mutually beneficial goal of improving the safeguards that protect investors’ personal information.” While advance registration is not mandatory, it is highly encouraged. Participants also have the option to submit questions prior to the events. A direct link to watch the September 25th event will be made available on www.sec.gov on the day of the webinar. Further comprehensive details for all Regulation S-P compliance outreach events, including agendas and speaker lists, will be posted on the dedicated Reg S-P Compliance Outreach webpage.

The Securities and Exchange Commission (SEC) has announced the appointment of four new members to its Investor Advisory Committee, each designated to serve a four-year term. These additions will join the 16 current members of the committee, which was established pursuant to Section 39 of the Securities Exchange Act of 1934. The committee's primary function is to advise the Commission on its regulatory priorities and initiatives, with a core mission to protect investors and uphold the integrity of the U.S. securities markets. SEC Chairman Paul S. Atkins welcomed the new appointees, underscoring the value of their contributions. "We are excited that the new members will bring their valued perspectives and experiences to the Investor Advisory Committee. I thank each of them for their willingness to serve," Chairman Atkins stated. He further expressed anticipation for the committee’s future work, adding, "We look forward to the Committee’s significant contributions to the public dialogue on the important issues facing investors." The Commission extended its gratitude to all candidates who had previously expressed interest in serving, responding to an invitation announced earlier this year. Looking ahead, the SEC anticipates issuing a similar announcement in 2026 to seek another slate of candidates to fill future committee vacancies.

The Investor Advisory Committee of the Securities and Exchange Commission is set to hold a public meeting at the SEC Headquarters in Washington D.C. on September 18, 2025, commencing at 10 a.m. ET. For those unable to attend in person, the proceedings will be webcast live on the SEC's official website. The committee's agenda features two key panel discussions. These sessions will delve into a reevaluation of the eligibility criteria and regulatory treatment applicable to foreign private issuers. Additionally, the committee will engage in discussions surrounding a potential recommendation pertinent to retail investor access to private market assets. The full agenda detailing these and other items is readily available on the committee’s dedicated webpage. Constituted by statute and empowered by Congress to submit findings and recommendations to the Commission, the Investor Advisory Committee plays a crucial role. Its primary focus is to champion investor-related interests, providing counsel to the Commission on regulatory priorities and various initiatives designed to enhance investor protection and foster the integrity of the U.S. securities markets. Further information about the Investor Advisory Committee can be accessed by visiting its webpage.

The Securities and Exchange Commission (SEC) has announced the appointment of James J. Moloney as the new Director of its Division of Corporation Finance, effective next month. Moloney, who has provided esteemed legal counsel to public companies worldwide on corporate transactions and governance issues for many years, brings a wealth of experience to the role. Concurrently, Cicely LaMothe, who has been serving as Acting Director, will transition back to her position as a Deputy Director within the Division. Mr. Moloney's career includes a prior six-year tenure at the SEC, from 1994 to 2000. During this period, he served as an attorney-advisor and later a special counsel in the Office of Mergers & Acquisitions within the Division of Corporation Finance. A significant achievement from this time was his role as the primary author of the proposing and adopting releases for Regulation M-A, a foundational set of rules governing mergers & acquisitions, tender offers, and proxy solicitations. For the past 25 years, Mr. Moloney has been a key figure at Gibson Dunn & Cutcher, rising from corporate associate to equity partner. As a longstanding co-chair of the firm’s securities regulation and corporate governance practice, he has provided expert guidance to a diverse client base on critical issues such as corporate governance, disclosure regulations, mergers and acquisitions, tender offers, proxy contests, and going-private transactions. Commenting on the appointment, SEC Chairman Paul S. Atkins praised Moloney, stating, “Jim is a seasoned professional who understands all aspects of corporate governance and disclosure. He brings decades of experience to our regulatory efforts with an eye toward supporting innovation and facilitating capital formation.” Chairman Atkins also expressed his anticipation of collaborating with Moloney, Cicely LaMothe, and other members of the Division of Corporation Finance to modernize existing rules and reduce disclosure burdens, while acknowledging Cicely LaMothe’s leadership and dedicated service to the agency and markets. In response to his new role, Mr. Moloney conveyed his enthusiasm, remarking, “I am both excited and grateful for this opportunity to work with Chairman Atkins to implement a clear regulatory framework for companies to disclose valuable information to investors. I’m honored the Commissioners have placed their trust in me at such a critical time for our markets. There is much to be done, and I am looking forward to rejoining my colleagues in the Division of Corporation Finance in tailoring smart, practical, and effective regulations that will allow companies to thrive and investors to benefit.” Mr. Moloney holds an LL.M. degree in securities regulation with distinction from the Georgetown University Law Center. He earned his J.D. degree cum laude from Pepperdine University, where he served as an editor of The Pepperdine Law Review, and a B.S. degree in business administration from Boston University.

The Securities and Exchange Commission’s Crypto Task Force has announced it will host a public roundtable dedicated to financial surveillance and privacy. This important event is scheduled for Friday, October 17, from 1 p.m. to 4 p.m. at the SEC headquarters. This initiative follows a series of previous engagements, including the "Spring Sprint Toward Crypto Clarity" roundtables, the President’s Executive Order on Digital Assets, and the President’s Working Group on Digital Assets report. Commissioner Hester M. Peirce directed the Crypto Task Force to undertake additional measures to foster United States leadership in digital assets and financial technology, while simultaneously safeguarding economic liberty. The upcoming roundtable will convene panelists at the forefront of developing technologies designed to protect individual privacy, facilitating an in-depth discussion on policy matters related to financial surveillance. Commissioner Peirce underscored the critical importance of privacy-enhancing technology in a statement. "Technology that helps Americans protect their privacy is critically important as it enables people to choose when and with whom to share sensitive data about themselves so they can be protected from bad actors,” she remarked. She further added, “Understanding recent developments in privacy-protecting tools will assist the SEC and other financial regulators as we work on policy solutions in the crypto space.” The roundtable, open to the public, will be held at the SEC headquarters, located at 100 F Street, N.E., Washington, D.C. In-person attendance requires prior registration, and visitors will be subject to security checks. For broader access, the discussion will be streamed live on SEC.gov, with a recording made available at a later date. Information regarding the agenda and specific speakers will be posted on the Crypto Task Force webpage in the coming weeks. Preceding this event, Commissioner Peirce is also slated to speak at both DC Fintech Week and the DC Privacy Summit. The Crypto Task Force itself was established on January 21 under the leadership of then-Acting SEC Chairman Mark T. Uyeda. Its foundational mission is to assist the Commission in drawing clear regulatory lines, providing realistic pathways to registration, crafting sensible disclosure frameworks, and deploying enforcement resources judiciously. The public is encouraged to communicate directly with the Crypto Task Force on this and other pertinent topics, and opportunities exist to request meetings.

The Securities and Exchange Commission (SEC) has announced the establishment of a new task force dedicated to bolstering the Division of Enforcement’s efforts against cross-border fraud that harms U.S. investors. Dubbed the Cross-Border Task Force, this specialized unit will initially concentrate its investigations on potential violations of U.S. federal securities law by foreign-based companies. A primary focus will be placed on combating market manipulation schemes, such as "pump-and-dump" and "ramp-and-dump" tactics. Additionally, the task force intends to direct its enforcement actions toward crucial "gatekeepers," particularly auditors and underwriters, who facilitate these companies' entry into U.S. capital markets. The initiative will also scrutinize potential securities law infractions involving companies from foreign jurisdictions like China, where governmental control and other unique factors can pose distinct risks to investors. SEC Chairman Paul S. Atkins emphasized the Commission's firm stance. "We welcome companies from around the world seeking access to the U.S. capital markets," Chairman Atkins stated, "but we will not tolerate bad actors – whether companies, intermediaries, gatekeepers or exploitative traders – that attempt to use international borders to frustrate and avoid U.S. investor protections." He added that this new task force will consolidate the SEC's investigative efforts, enabling the agency to deploy every available tool in its arsenal against transnational fraud. Chairman Atkins further revealed that he has instructed staff across other SEC divisions and offices, including Corporation Finance, Examinations, Economic and Risk Analysis, Trading and Markets, and the Office of International Affairs, to evaluate and recommend additional measures to enhance U.S. investor protection, including new disclosure guidance and any necessary rule amendments. Margaret A. Ryan, Director of the Division of Enforcement, underscored the significance of the new endeavor. “The Cross-Border Task Force will leverage the Division of Enforcement’s resources and expertise to combat international market manipulation and fraud," Ryan commented, expressing satisfaction in being part of this critical initiative to uphold federal securities laws and safeguard U.S. investors.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly issued a statement outlining opportunities for regulatory harmonization and announced an upcoming roundtable discussion. Scheduled for September 29, 2025, from 1 p.m. to 5 p.m., this event marks a significant collaborative effort between the two agencies. SEC Chairman Paul S. Atkins and CFTC Acting Chairman Caroline D. Pham underscored the initiative, stating, "It is a new day at the SEC and the CFTC, and today we begin a long-awaited journey to provide markets the clarity they deserve." They further highlighted the potential for their combined efforts to transform the nation's unique regulatory structure into a robust advantage for market participants, investors, and all Americans. This joint endeavor builds upon a recent staff statement concerning spot crypto asset products. Chairman Atkins and Acting Chairman Pham indicated that their respective agencies should explore, "to the extent possible and appropriate in the public interest under existing statutes," avenues for harmonizing product and venue definitions, streamlining reporting and data standards, aligning capital and margin frameworks, and establishing coordinated innovation exemptions utilizing each agency’s existing exemptive authority. The forthcoming roundtable is designed as a crucial forum to delve into these regulatory harmonization priorities. It will take place at the SEC headquarters, located at 100 F Street, N.E., Washington, D.C. The event will be open to the public and broadcast live via webcast on the SEC’s website. Those wishing to attend in person are required to register and will be subject to security checks. A recording of the session will subsequently be made available on the SEC website, with the agenda and participant list to be posted later on the SEC event webpage. Emphasizing the broader impact, Chairman Atkins and Acting Chairman Pham described the roundtable as "a pivotal step toward building more coherent and competitive U.S. markets." They concluded by affirming that through aligning their regulatory frameworks, the SEC and CFTC aim to reduce unnecessary barriers, enhance market efficiency, and foster an environment where innovation can flourish, ultimately ensuring America's continued global leadership in capital markets.

The Securities and Exchange Commission has announced charges against Daryl F. Heller of Pennsylvania and his companies, Prestige Investment Group, LLC and Paramount Management Group, LLC, for allegedly orchestrating a multi-year Ponzi scheme that resulted in approximately $400 million in investor losses. According to the complaint, from January 2017 through June 2024, Heller and Prestige raised over $770 million from approximately 2,700 investors, many of whom were retail investors, with promises to invest in ATMs operated by Paramount. The filing alleges that Heller exploited his control of both Prestige and Paramount to create the false impression of a successful, nationwide ATM network, assuring investors of fixed monthly distributions derived from income earned through ATM transaction fees and related charges. In reality, the defendants are accused of misrepresenting the true size and profitability of the ATM network, primarily funding distributions to investors with money from new investments and high-interest, short-term loans. Furthermore, Heller allegedly misappropriated more than $185 million of investor funds for his personal benefit, including the acquisition of a beach house and investments in his other businesses. Scott A. Thompson, Associate Director of Enforcement in the SEC’s Philadelphia Regional Office, commented on the charges, stating, “Heller allegedly exploited his connections to his community and deceived retail investors into thinking the ATM investments were safe and reliable, when in reality he used only a fraction of investor funds to buy ATMs and misappropriated $185 million.” Thompson reaffirmed the SEC’s commitment to diligently pursuing those who prey on hard-working investors and holding wrongdoers accountable. The SEC’s complaint, filed in U.S. District Court for the Eastern District of Pennsylvania, charges Heller, Prestige, and Paramount with violations of the antifraud provisions of the federal securities laws. The Commission is seeking permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties against the defendants, in addition to a conduct-based injunction and an officer and director bar specifically against Heller. In a parallel development, the U.S. Attorney’s Office for the Eastern District of Pennsylvania has announced criminal charges against Heller. The SEC expressed its appreciation for the assistance provided by the U.S. Attorney’s Office for the Eastern District of Pennsylvania, the FBI, and the Internal Revenue Service in this matter.

Staff from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a Joint Statement today, clarifying their shared view that SEC- and CFTC-registered exchanges are not prohibited from facilitating the trading of certain spot crypto asset products. This collaborative effort highlights the agencies' ability to coordinate in promoting a wider choice of trading venues and greater optionality for market participants. SEC Chairman Paul Atkins lauded the joint staff statement as "a significant step forward in bringing innovation in the crypto asset markets back to America." He underscored the importance of market participants having the freedom to choose where they trade spot crypto assets and affirmed the SEC's commitment to collaborating with the CFTC to ensure their regulatory frameworks support innovation and competition within these rapidly evolving markets. CFTC Acting Chairman Caroline D. Pham added that the "chapter is over" on previous administrations' mixed signals on digital asset market regulation and compliance, which she noted had deterred innovation. Pham emphasized that through their joint efforts, they can "empower American innovation" and build upon President Trump’s collaborative approach aimed at establishing America as the world's crypto capital. She stated that today's joint agency statement represents the latest demonstration of their mutual objective to foster growth and development in these markets, and it will not be the last. This coordinated initiative involves the SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk (collectively, the “Divisions”). It constitutes a key component of the SEC’s Project Crypto and the CFTC’s Crypto Sprint, further building on the recommendations presented in the President’s Working Group on Digital Asset Markets report, "Strengthening American Leadership in Digital Financial Technology." The Divisions have expressed their readiness to engage with market participants and support their respective agencies' consideration of exchange trading for certain spot crypto asset products. Market participants are encouraged to contact SEC or CFTC staff, as necessary, to discuss any questions or concerns.

The Securities and Exchange Commission has unveiled the comprehensive agenda and list of panelists for its upcoming roundtable on trade-through prohibitions, scheduled for September 18, 2025. This significant event will take place at the SEC’s headquarters located at 100 F Street, N.E., Washington, D.C., from 9:15 a.m. to 4:15 p.m. ET. The roundtable is open to the public, with doors opening at 8:00 a.m. ET for in-person attendees. Those planning to attend in person are required to register in advance and will be subject to security checks. For broader access, the entire event will be webcast live on www.sec.gov. Online participants do not need to register; a direct link to the webcast will be available on the SEC website on September 18, and a recording will be provided at a later date. Further information, including instructions on how to submit comments, can be found on the SEC Trade-Through Prohibitions Roundtable’s dedicated event page. The day’s discussions will commence at 9:15 a.m. with opening remarks delivered by SEC Commissioner Caroline Crenshaw, SEC Commissioner Hester Peirce, and Jamie Selway, Director of the SEC’s Division of Trading and Markets. Following this, at 9:45 a.m., the SEC’s Division of Trading and Markets' Office of Analytics and Research will present key data, led by Jesse Brady, Arun Manoharan, and Dan Mathisson. The morning will continue with Panel One, starting at 10:15 a.m., which is titled “Market Participants’ Experience with Trade-Through Prohibitions.” Moderated by Michael Piwowar of the Milken Institute and Jamie Selway, this session will delve into the past two decades of market participants’ interactions with these prohibitions. Discussions are set to cover their effects on market participants and structure, including any unintended consequences; their impact on retail and institutional trading; compliance costs across various market participants; differing experiences in the equity versus options markets; and insights from markets operating without such prohibitions. After a lunch break at 11:45 a.m., the afternoon program will begin at 12:45 p.m. with remarks from SEC Chairman Paul S. Atkins. This will be followed at 1:00 p.m. by Panel Two, “A Trade-Through Prohibition’s Role in Today’s Market Structure,” moderated by Andre Owens of WilmerHale and Jamie Selway. This panel will examine the necessity and objectives of trade-through prohibitions within today’s highly automated and interconnected market landscape, exploring their intersection with best execution obligations, supporting ancillary rules like those restricting locking or crossing quotations and access fee caps, and whether they introduce unnecessary complexity. Following a brief break at 2:30 p.m., the final session, Panel Three, “Forward Thinking,” will commence at 2:45 p.m. Moderated by Elad Roisman of Cravath, Swaine & Moore and Jamie Selway, this panel will explore potential future directions for trade-through prohibitions. Topics will include maintaining the status quo, considering exemptions or modifications (such as market share thresholds for protected quotes or block trade exceptions), or even rescinding the prohibitions entirely. The discussion will also address any necessary complementary changes if these prohibitions are altered or removed, including amendments or rescissions of other rules, or the provision of new guidance to market participants, such as additional best execution guidance. The program is slated to conclude at 4:15 p.m. ET.

The Securities and Exchange Commission (SEC) has announced the appointment of Judge Margaret “Meg” Ryan as Director of its Division of Enforcement, effective September 2, 2025. This transition will see Sam Waldon, currently serving as Acting Director of Enforcement, return to his previous role as Chief Counsel for the Division. SEC Chairman Paul S. Atkins expressed his enthusiasm for Judge Ryan’s upcoming tenure, stating, "I am thrilled to welcome Judge Ryan to the SEC.” He emphasized her extensive experience, noting, "She brings to the Commission decades of experience as a respected judge and practitioner of the law. She is fulfilling a critical role. Judge Ryan will lead the Division guided by Congress’ original intent: enforcing the securities laws, particularly as they relate to fraud and manipulation.” Chairman Atkins also extended his gratitude to Sam Waldon for his dedicated service as Acting Director since January. He added, "I am very pleased that he will continue serving at the Commission in the critical role of Chief Counsel for the Enforcement Division. His good judgement and knowledge of the securities laws serve the SEC very effectively.” Judge Ryan brings a distinguished legal career to her new position. She previously served as a senior judge on the United States Court of Appeals for the Armed Forces, a role to which she was nominated by President George W. Bush in 2006 and confirmed by the United States Senate. She completed her term in July 2020, reaching senior status the following month. Currently, she is a lecturer on military law and justice at Harvard University Law School, and has held visiting professorships at Notre Dame Law School and lectured at The George Washington University Law School. In response to her appointment, Judge Ryan commented, "It is my honor to join the Commission as Director of the Division of Enforcement." She articulated her commitment to the SEC’s core objectives: "I look forward to joining the Commission in its important work to ensure that the Division is true to the SEC’s mission in taking action on behalf of investors harmed by those who break the securities laws and providing an effective deterrent against fraudulent and manipulative activities in our financial markets." Before her judicial appointment, Judge Ryan was a partner at two prominent law firms, Wiley Rein & Fielding and Bartlit Beck Herman Palenchar & Scott. Her early career included prestigious clerkships for Supreme Court of the United States Associate Justice Clarence Thomas and Judge J. Michael Luttig of the United States Court of Appeals for the Fourth Circuit. Her professional journey began with military service in the U.S. Marine Corps (USMC), where she initially served as an active-duty communications officer, including deployments to the Philippines and during Desert Shield/Desert Storm. She later became a judge advocate in the USMC and served as aide-de-camp to Marine Corps Commandant General Charles C. Krulak from 1997 to 1999. Academically, Judge Ryan holds a B.A. cum laude in political science from Knox College and a J.D. summa cum laude from the University of Notre Dame Law School, where she graduated first in her class and was an editorial board member of the Notre Dame Law Review. She is an elected member of the American Law Institute. Mr. Waldon has served as Acting Director of the Division of Enforcement since January 2025. Prior to this, he held the positions of Acting Deputy Director and Chief Counsel. Before rejoining the SEC, he was a partner at the law firm Proskauer Rose LLP. His previous tenure at the SEC included roles as Enforcement’s Assistant Chief Counsel from 2010 to 2018 and as an investigative attorney from 1996 to 1998.

The Securities and Exchange Commission announced today that it has charged Ryan Wear, of Marysville, Washington, along with his entities, Water Station Management LLC and Creative Technologies, Inc., for orchestrating two intertwined Ponzi-like schemes. These operations, which ran from September 2016 to February 2024, reportedly amassed over $275 million from more than 250 investors. In a separate yet related enforcement action, the SEC also brought charges against portfolio manager Jordan Chirico, based in Carmel, Indiana, alleging that he violated his fiduciary duty by directing his private fund client to invest in the scheme despite undisclosed conflicts of interest and clear warning signs. Corey Schuster, Chief of the Division of Enforcement’s Asset Management Unit, emphasized the gravity of the allegations, stating, “Wear’s alleged scheme spanned more than seven years and ensnared hundreds of investors, including veterans who were solicited with higher guaranteed returns and exclusive financing options.” Schuster further underscored the fundamental obligation of investment advisers like Mr. Chirico to act in their clients’ best interests and disclose all material conflicts of interest, an obligation he purportedly failed to meet while increasing his fund client’s investments in Water Station amidst numerous red flags. According to the SEC’s complaint against Wear, Water Station, and Creative Technologies, the defendants raised over $165 million between September 2016 and September 2023. This was primarily achieved by offering and selling investment contracts for supposed water machines to retail investors, notably including veterans. In reality, the complaint alleges, thousands of these water machines either did not exist or had already been sold to other investors. A second, related scheme, operating from April 2022 to February 2024, saw these defendants raise more than $110 million from institutional investors through the issuance of Water Station notes, purportedly secured by water machines. Similar to the first scheme, most of the supposed collateral—the water machines—were either non-existent or not owned by Water Station, the complaint states. The defendants are also accused of misappropriating over $60 million of investor funds, using them for Ponzi-like payments to other investors and to finance Wear’s other business ventures, including Refreshing USA, LLC and Ideal Property Investments LLC, which are named as relief defendants in the complaint. The separate complaint against Chirico details his alleged violation of fiduciary duty to his private fund client. It asserts that he directed the fund to purchase Water Station notes without disclosing his own significant personal investment in the business. Furthermore, Chirico is alleged to have failed to act in the fund client’s best interests by substantially increasing its investments in these notes despite emerging red flags that suggested some of the purported water machine collateral might have been fabricated. Filed in the U.S. District Court for the Southern District of New York, the SEC’s complaints charge the defendants with violating antifraud provisions of the federal securities laws. The Commission is seeking injunctive relief and civil penalties against the defendants, disgorgement of ill-gotten gains from the defendants and relief defendants, and an officer and director bar against Wear. In a parallel enforcement effort, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against both Ryan Wear and Jordan Chirico. The SEC’s extensive investigation was conducted by Heather L. Shaffer, Ming Ming Yang, and Brian Fitzpatrick from the Asset Management Unit, along with David Zetlin-Jones, Jordan Baker, Neal Jacobson, and Patricia Schrage of the New York Regional Office. Supervision for the investigation was provided by Lee A. Greenwood and Mr. Schuster, also of the Asset Management Unit. The ensuing litigation will be spearheaded by Mr. Zetlin-Jones, Ms. Shaffer, and Ms. Yang. The SEC extends its appreciation to the U.S. Attorney’s Office for the Southern District of New York, the U.S. Attorney’s Office for the Western District of Washington, the U.S. Postal Inspection Service, the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, the Small Business Administration Office of Inspector General, the Federal Deposit Insurance Corporation Office of Inspector General, and the Washington State Department of Financial Institutions for their invaluable assistance.

The Securities and Exchange Commission (SEC) has today announced the launch of a new statistics and data visualization page, designed to offer comprehensive insights and graphics into key elements of the capital markets. This interactive platform will cover vital areas such as initial public offerings, exempt offerings, corporate bond offerings, reporting issuers, municipal advisors, transfer agents, and household participation within the capital markets. The webpage provides statistics through dynamic time series charts, illustrating market trends, alongside pie charts that demonstrate distribution across various categories, and heat maps to visualize geographic distributions. These visuals are fully interactive, enabling the public to delve into specific information pertinent to their interests. SEC Chairman Paul S. Atkins commented on the initiative, stating, “I have long believed that greater transparency is essential to serving the public effectively, and this new webpage is another step toward making our work more accessible. This new statistics page provides an unprecedented window into the capital markets. I am pleased that the SEC has launched this effort to put vital information into the hands of investors, market participants, and the public.” Dr. Robert Fisher, Acting Chief Economist and Director of the Division of Economic and Risk Analysis, further elaborated, “This page offers users the ability to explore information about the market and follow how that information has changed over time. These data will enable a better understanding of what is happening in the markets.” The new webpage is readily available on the SEC’s official website, under the 'Data & Research' section. This endeavor highlights the significant role of DERA (Division of Economic and Risk Analysis), which integrates financial economics and rigorous data analytics into the SEC’s core mission, conducting detailed, high-quality economic and statistical analyses to advise on Commission matters and to help identify and respond to evolving issues, trends, and innovations within the marketplace.

The Securities and Exchange Commission’s Division of Trading and Markets has released a series of Frequently Asked Questions (FAQs) today, addressing inquiries from broker-dealers concerning amendments to the customer protection rule pertinent to the clearing of U.S. Treasury securities. Jamie Selway, Director of the Division of Trading and Markets, affirmed the staff's dedication to supporting broker-dealers and other market participants in their transition towards central clearing within the U.S. Treasury market. He highlighted the FAQs as one of many initiatives by Commission staff to offer clarity as the crucial compliance dates—December 31, 2026, for cash transactions and June 30, 2027, for repo agreements—draw nearer. Concurrently, Chairman Paul S. Atkins announced the appointment of Commissioner Mark T. Uyeda to spearhead the agency’s ongoing endeavors regarding the central clearing of U.S. Treasuries. Emphasizing the paramount importance of a seamless transition to central clearing for U.S. Treasury securities, Chairman Atkins stated, “It is critical that the transition to clearing U.S. Treasury securities goes smoothly.” He expressed pleasure that Commissioner Uyeda has agreed to coordinate the extensive work being done across the SEC to prepare. Chairman Atkins acknowledged industry concerns about areas requiring additional guidance, noting that the staff's recent clarifications mark significant progress. He concluded, “There’s work still to be done, both at the agency and within industry, and Commissioner Uyeda and I look forward to engaging with stakeholders to make sure we get this right.” Commissioner Uyeda, for his part, underscored the fundamental role of the U.S. Treasury market in global finance and its critical importance domestically and internationally. He affirmed the SEC's commitment to collaborate with market participants, central banks, and other regulators to ensure that implemented policies effectively enhance the Treasury market’s operational efficiency.