The roundtable will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., from 9:00 a.m. to 3:15 p.m. ET. The event will be open to the public and webcast live on the SEC’s website. Doors will open at 8:00 a.m. ET.
For in-person attendance, please register here. Visitors will be subject to security checks.
For online attendance, registration is not necessary; a link to watch the event will be available on April 16 at www.sec.gov, and a recording will be available at a later date on the SEC’s website.
More information, including how to submit comments, is available on the SEC Roundtable on Options Market Structure event page.
Agenda
8:00 a.m. Doors Open
9:00 a.m. Opening Remarks from SEC Commissioner Hester Peirce, SEC Commissioner Mark Uyeda, and Jamie Selway, Director, SEC’s Division of Trading and Markets
9:30 a.m. Data Presentation – SEC’s Division of Trading and Markets – Office of Analytics and Research
Presenters: Jesse Brady and Ethan Coombs
10:00 a.m. Panel One – Facilitating Competition in a Quote Driven Market
Panel One will focus on how the current options market structure facilitates or hinders the ability of liquidity providers to compete fairly and freely in furtherance of a robust national market system for standardized listed options.
Moderators: Jamie Selway, Director, and Arun Manoharan, Assistant Director, SEC’s Division of Trading and Markets
Panelists:
11:15 a.m. Break
11:30 a.m. Panel Two – Evaluating the Customer Experience
Panel Two will focus on the customer (i.e., non broker-dealer) experience with listed options.
Moderators: Jon Kroeper, Deputy Director, and Eric Juzenas, Associate Director, SEC’s Division of Trading and Markets
Panelists:
12:45 p.m. Lunch Break
1:45 p.m. Remarks from SEC Chairman Paul S. Atkins
2:00 p.m. Panel Three – Opportunities and Challenges of Growth
Panel Three will focus on the growth of listed options, the associated challenges and opportunities that growth presents, and the issues that the Commission and market participants should consider in the years ahead.
Moderators: Jamie Selway, Director, and Richard Holley III, Assistant Director, SEC’s Division of Trading and Markets
Panelists:
3:15 p.m. End of Program
]]>Throughout April, SEC staff will provide information to help investors as they create a plan to reach their financial goals and pursue their version of financial independence. Key considerations include starting early; living within your means; investing consistently in a long-term, diversified, risk-appropriate plan; paying down high-interest debt; and having an emergency fund.
"In the spirit of America's 250th anniversary, I encourage individuals and families to reflect on the pivotal role that investing can play in achieving their own financial independence," said SEC Chairman Paul S. Atkins. "America's capital markets are the envy of the world, and engaging with them in a risk-appropriate manner can be foundational for a strong financial future."
Staff will also provide investors with information about the benefits of long-term investing using tax-advantaged accounts, building wealth, the power of compound growth, avoiding scams and planning for retirement.
"Investing early helps Americans build wealth for a strong financial future," said John Moses, Acting Director of the SEC's OIEA. “A great way to get started is to create a long-term, diversified plan that helps investors reach their goals. Building wealth slowly by regularly setting money aside for investments helps investors benefit from compound growth, which can drive life-changing results over time.”
OIEA issued an investor bulletin “Investor.gov Tips for 2026” that highlights important information on Investor.gov to help investors make informed investment decisions and avoid investment fraud. Investors can also test their investing knowledge by taking April’s Financial Literacy Month Quiz.
SEC outreach events in April include presentations to military service members and veterans; webinars and events providing investor education and fraud prevention information to older adults; and financial education activities for teachers and students. For more information, visit Investor.gov.
]]>“After a decade of increasing costs, today’s amendment builds on last year’s progress towards a more efficient and cost-effective CAT. It is a step in the right direction, but there are still many more steps to be taken,” said SEC Chairman Paul S. Atkins. “The Commission’s ongoing comprehensive review of the CAT will consider the sustainability of the CAT’s budget, and we expect the Plan Participants that operate the CAT and the industry to work together towards further cost savings.”
“The Division supports efforts by the CAT NMS Plan Participants to control the sizeable costs of operating the CAT. We expect these efforts to continue and look forward to additional progress,” said Jamie Selway, Director of the SEC’s Division of Trading and Markets.
The amendment approved today expands on cost savings measures approved by the Commission in 2025, and will allow the Plan Participants to, among other things: (1) cease creating interim lifecycle linkages absent request by an authorized regulatory user; (2) delete certain CAT data, including all CAT data older than three years; (3) ease requirements related to the re-processing of late records; (4) cease providing certain functionality associated with the online targeted query tool; (5) cease reporting of rejected messages received by Plan Participants; (6) relax certain processing deadlines for CAT data; (7) implement a revised approach for the generation of anonymized customer identifiers; and (8) implement a spending cap provision governing future changes to the CAT.
The Commission estimates that today’s amendment will result in approximately $50 million to $70 million in annual cost savings as compared to the 2025 CAT budget, and approximately $19.4 to $24.1 million in incremental additional cost savings as compared to estimated savings with the implementation of cost savings exemptive relief granted by the Commission in 2025.
]]>“After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms,” said SEC Chairman Paul S. Atkins. “It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end. This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.”
“For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws,” said CFTC Chairman Michael S. Selig. “With today’s interpretation, the wait is over. Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road. Today’s joint agency action reflects a shared commitment to developing workable, harmonized regulations for the new frontier of finance.”
The Commission interpretation:
Market participants—from innovators and issuers to individual investors—should review this interpretation to better understand the regulatory jurisdiction between the SEC and CFTC. The interpretation will be published on SEC.gov and in the Federal Register.
]]>“We continue to provide increasing amounts of useful data to the public,” said Dr. Joshua T. White, Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “These updates offer insight into how our markets are functioning and increase overall transparency for investors, issuers, and the public.”
Market activity increased across several categories in 2025. The updated statistics show that in 2025 there were 374 IPOs raising over $70 billion in proceeds, up from 246 IPOs raising $39 billion in 2024. The number of follow-on registered offerings increased slightly in 2025, while the amount of capital raised in the offerings decreased slightly. Amounts raised in unregistered offerings also increased in 2025. There were 34,553 Regulation D offerings in 2025 compared to 32,554 Regulation D offerings in 2024. These offerings raised $2.1 trillion in capital in 2024 and $2.4 trillion in 2025.
In 2025, there was a slight decrease in the number of corporate bond offerings—from 1,795 to 1,694—but the amount raised increased slightly from $1.17 trillion to $1.25 trillion. There were 2,320 ABS issuances in 2025, an increase from 2,032 in 2024. The number of CMBS issuances also increased with 348 issuances in 2025 compared to 302 in 2024.
These findings and other statistics can be found on the SEC’s public statistics and data visualizations webpage. The webpage provides statistics presented in time series charts to show market trends, pie charts to show distribution across different categories, as well as heat maps to show geographic distributions. The visuals are interactive and downloadable, thus allowing the public to explore the information they are interested in.
In addition to the statistics updates, Commission staff also released a report on The Financial Conditions of Security-Based Swap Dealers. The report presents statistics on selected measures of SBSDs’ financial conditions, including statistics on assets held, cash, financial leverage, profitability, and aggregate positions in security-based swaps, swaps, and mixed swaps.
DERA integrates financial economics and rigorous data analytics into the SEC’s core mission. It conducts detailed, high-quality economic and statistical analyses to advise on Commission matters and helps identify and respond to issues, trends, and innovations in the marketplace.
]]>Since its adoption, Rule 15c2-11’s focus has been on preventing certain manipulative and fraudulent trading schemes in the OTC equity markets. The proposed amendments would amend Rule 15c2-11 to refer to only equity securities.
“Regulations should be appropriately tailored to fit the asset class to which they apply,” said SEC Chairman Paul S. Atkins. “This proposal would clarify regulatory obligations when publishing quotations and affirm what was always understood: Rule 15c2-11 applies to equity securities.”
The proposing release is published on SEC.gov and will be published in the Federal Register. The comment period will remain open for 60 days after the date of publication of the proposing release in the Federal Register.
]]>The Securities and Exchange Commission today announced that Judge Margaret A. Ryan has resigned from her role as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director of the Division, effective March 16, 2026.
“Our goal has been to the lead the Division of Enforcement back to Congress’ original intent: enforcing the federal securities laws, particularly as they relate to fraud and manipulation,” said SEC Chairman Paul S. Atkins. “I am pleased to report significant progress toward this objective.”
Chairman Atkins continued, “Judge Ryan has served with honor and distinction since joining the Commission last year, hallmarks that have served her incredibly well throughout her distinguished career and will continue to do so. Under her leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud. I thank Meg for her many contributions and wish her very well.”
“I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” said Judge Ryan. “As I recently said, I did not seek the role of Director of the SEC’s Division of Enforcement. Rather, this role found me. And for that, I am grateful. I am confident that the foundation I helped to shape – working together with Chairman Atkins - will continue to serve investors and the markets well.”
During her tenure, Judge Ryan oversaw a critical course correction within the division – returning its focus to prioritizing cases that provide meaningful investor protection and strengthen market integrity rather than technical rule violations with no charges alleging investor harm. She redirected the division staff toward the types of misconduct that inflict the greatest harm, such as fraud, market manipulation, and abuses of trust, and away from approaches that prioritized touting volume over impact. This also includes a renewed focus on holding individual wrongdoers accountable, which promotes stronger deterrence and better safeguards investors.
The Commission is expected to announce a permanent successor as Enforcement Division Director in the coming weeks.
“For decades, regulatory turf wars, duplicative agency registrations, and different sets of regulations between the SEC and CFTC have stifled innovation and pushed market participants to other jurisdictions,” said SEC Chairman Paul S. Atkins. “This updated Memorandum of Understanding will serve as a roadmap for a new era of harmonization between the agencies – one that is critical to support U.S. leadership in this next chapter of financial innovation. By aligning regulatory definitions, coordinating oversight, and facilitating seamless, secure data sharing between agencies, we will ensure our rules and regulations deliver the clarity market participants deserve.”
“America’s financial markets are the envy of the world because they scale and adapt to meet investor demands. Like our markets, the CFTC’s and SEC’s regulatory frameworks must also evolve and modernize to accommodate the needs of our market participants,” said CFTC Chairman Michael S. Selig. “This Memorandum of Understanding solidifies the agencies’ commitment to harmonize regulatory frameworks to provide comprehensive and seamless financial market oversight. By working together, we’ll eliminate duplicative, burdensome rules and close gaps in regulation for the benefit of all Americans and usher in a Golden Age of American finance.”
In conjunction with the MOU, the agencies created a Joint Harmonization Initiative to advance coordinated oversight and promote regulatory clarity in areas of common regulatory interest. The initiative will support coordination across the policymaking, examination and enforcement functions of each agency, particularly for joint applications and shared policy efforts, including:
The Joint Harmonization Initiative will be co-led by Robert Teply (SEC) and Meghan Tente (CFTC).
This announcement follows previously announced efforts to harmonize the agencies’ regulatory frameworks, which is further described on the SEC website and the CFTC website. Public input is encouraged and may be submitted through the written input form or a meeting request.
]]>The meeting will also be webcast on the SEC website and consist of two panels:
The committee also will discuss a potential recommendation regarding the tokenization of equity securities. The full agenda is available on the committee’s webpage.
The Investor Advisory Committee, which focuses on investor-related interests, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. Established by statute, the committee is authorized by Congress to submit findings and recommendations to the Commission.
Learn more on the Investor Advisory Committee webpage.
]]>
“The U.S.-listed options market has seen remarkable growth, particularly among retail investors,” said SEC Commissioner Hester M. Peirce. “The roundtable will offer the Commission a valuable opportunity to foster public dialogue that celebrates the market’s achievements while also considering areas for further reflection, ultimately supporting ongoing growth and expanding opportunities for all investors.”
The roundtable will be open to the public and held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C. The discussion will be streamed live on SEC.gov, and a recording will be available at a later date.
Information regarding the roundtable’s agenda and speakers will be posted before the event. Please note that the number of in-person participants may be limited and visitors will be subject to security checks.
Members of the public who wish to provide their views on listed options market structure may submit their comments electronically or on paper. Please submit comments using one method only. Information that is submitted will become part of the public record of the roundtable and posted on the SEC’s website and all comments received will be posted without change. Persons submitting comments are cautioned that personal identifying information is not redacted or edited from comment submissions, and they should only submit information that they wish to make publicly available. All submissions should refer to File Number 4-887, and the file number should be included on the subject line if email is used.
Electronic Comments:
Use the SEC’s online submission form or send an email to rule-comments@sec.gov with “File Number 4-887” included in the subject line.
Paper Comments:
Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.
]]>Directors and officers of FPIs with a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934 (Exchange Act) must begin disclosing their holdings and transactions in the FPI’s equity securities on March 18, 2026, the effective date of the HFIA Act.
The HFIA Act, enacted on Dec. 18, 2025, amended Section 16(a) of the Exchange Act to require every person who is a director or an officer of an Exchange Act reporting FPI (but not “10 percent holders” who beneficially own more than 10 percent of any class of equity securities of such FPIs) to file Section 16 reports electronically and in English. The HFIA Act mandates that the Commission issue final regulations (or amend or rescind existing regulations in whole or in part) to carry out the amendments made by the HFIA Act no later than 90 days after the date of enactment.
The SEC’s final rule amendments revise the following rules and forms to reflect the changes made by the HFIA Act:
The adopting release is published on the SEC website and will be published in the Federal Register.
]]>The SEC–FSA Dialogue builds upon longstanding efforts between the two authorities to increase cooperation and strengthen collaboration on key cross-border issues and developments.
Commissioner Mark T. Uyeda led the Dialogue for the SEC and Mr. MIYOSHI Toshiyuki, Vice Minister for International Affairs at the FSA, led the Dialogue for the FSA.
"The Dialogue between the SEC and the FSA reinforces and grows one of our most important capital market relationships,” said SEC Commissioner Mark T. Uyeda. “Our work with colleagues across the Pacific is critical to protecting investors and I look forward to future opportunities for cooperation between our authorities."
"Our Dialogue has further strengthened the longstanding and robust partnership between our two authorities,” said Mr. MIYOSHI Toshiyuki, Vice Minister for International Affairs, FSA. “We remain committed to continued cooperation to promote the integrity of global capital markets and enhance investor protection."
At the Spring Dialogue, participants discussed recent market developments, as well as the strategic priorities of both authorities. They also exchanged views on various regulatory and supervisory matters, including developments in crypto and digital assets, and explored opportunities for closer coordination in multilateral fora.
The next SEC-FSA Dialogues are scheduled to be convened in Tokyo in the fall of 2026 and in Washington, D.C., in the spring of 2027.
]]>The Securities and Exchange Commission today announced it will hold a roundtable on March 4 to discuss private market valuations and responsible retailization.
The roundtable will be hosted by the Division of Investment Management from 1 p.m. to 3 p.m. ET at the SEC’s Washington D.C. headquarters and streamed live on the SEC website.
“With retail exposure to alternative investments becoming more common, we want to help everyday investors understand the different valuation approaches used in these products,” said Brian Daly, Director of the SEC’s Division of Investment Management.
The two-panel roundtable will include panelists from the private market industry and will be moderated by officials from the Division of Investment Management.
The roundtable includes the following panels:
Panel 1: When two worlds collide
Asset classes historically offered in the private markets continue to migrate into publicly offered vehicles as the lines between public and private continue to blur. What are the opportunities and challenges this presents for managers, investors, and regulators? What should the investing public consider?
Moderator: Brian Daly, Director of the Division of Investment Management
Panelists:
Cliff Asness, Founder, Managing Principal and Chief Investment Officer of AQR Capital management
Katie King, Partner, PwC
John Finley, Senior Managing Director and Chief Legal Officer, Blackstone
Marc Pinto, Managing Director, Global Head of Private Credit, Moody’s Ratings
Panel 2: Fund Governance
As managers seek innovative ways to deliver exposure to private market assets in response to retail demand, what challenges does this present from a governance perspective? What opportunities does the industry have for improving fund governance? This panel will explore the perspective of the practitioner, including compliance with 2a-5, challenges presented by the asset class, and best practices.
Moderators:
Blair Burnett, Branch Chief, Investment Company Regulation Office, SEC’s Division of Investment Management
Michael Republicano, Assistant Chief Accountant, SEC’s Division of Investment Management
Panelists:
Pete Driscoll, Partner, PwC
John Mahon, Partner, Cleary Gottlieb Steen & Hamilton LLP
Jamila Abston Mayfield, Chief Regulatory Services Officer, Comply
Bryan Morris, Partner, Deloitte
Blake Nesbitt, Chief Investment Officer, Cliffwater
Please register in advance for in-person attendance. Registration is not required to view the webcast online. The livestream as well as roundtable agenda and panelists will be available on the event webpage.
“This is an important and long-overdue step that builds on the Division of Enforcement’s commitment to transparency, fairness, and process while ensuring it remains able to fulfill its mission,” said SEC Chairman Paul S. Atkins. “I applaud Judge Ryan’s and the staff’s work on revisions to the manual and their commitment to a continued review of the manual going forward to ensure its procedures remain current, effective, and relevant.”
“The SEC’s modified Enforcement Manual seeks to clarify, and enhance the public’s understanding of, how we enforce the federal securities laws,” said Margaret A. Ryan, Director of the SEC’s Division of Enforcement. “Our updates to the Enforcement Manual ensure greater uniformity, reflect the Division’s best practices, and improve our staff’s ability to carry out the mission-critical work they do on behalf of investors.”
Updates to the Enforcement Manual include changes in the following areas:
Ensuring a uniform Wells process: The updated Enforcement Manual emphasizes the importance of open, informed, and thoughtful dialogue between SEC staff and potential respondents and defendants, with the goal of producing better outcomes and ensuring the fair and timely resolution of investigations and recommendations of possible enforcement actions. - To encourage this dialogue and facilitate greater consistency in the Wells process, the Enforcement Manual updates provide that recipients of a Wells notice will ordinarily receive four weeks to make Wells submissions. The update also gives guidance on what makes a Wells submission most helpful to the staff and the Commission. The updated Enforcement Manual provides that Wells meetings will be scheduled within four weeks of receipt of a Wells submission and will include a member of senior leadership within the Division. - The processes and timelines set out in the updated Enforcement Manual are intended to ensure that the Division acts promptly to achieve the Commission’s three-part mission while also allowing parties affected by an enforcement investigation to learn more quickly whether the staff will recommend closure of an investigation or an enforcement action, as well as help ensure efficient use of Commission resources.
Facilitating simultaneous consideration of settlement recommendations and waiver requests: The updated Enforcement Manual reflects that the Commission recently restored its prior practice of permitting a settling party to request that the Commission simultaneously consider an offer of settlement and any related request for a Commission waiver from automatic disqualifications and other collateral consequences that result from the underlying enforcement action. By providing potential parties to an SEC action with greater visibility into the collateral effects of a settlement, these updates conserve Commission resources, enhance the transparency of its processes, and protect investors by driving significant efficiencies in the resolution of investigations.
The proposed amendments to Form N-PORT follow a review (in accordance with a Presidential Memorandum) of the amendments the Commission made to the form in 2024. The proposal considers developments that have occurred after the Commission’s adoption of those amendments.
“Reducing unnecessary reporting burdens and increasing efficiency in disclosure requirements is a top priority of the Commission,” said SEC Chairman Paul S. Atkins. “This proposal provides registrants additional time to file the form, refines reporting items, and reduces the frequency of public reporting of fund portfolio holdings – all the while retaining insight into funds’ portfolio-related issues.”
The proposed amendments to Form N-PORT would:
In connection with the proposed amendments, but by separate action, the Commission is extending the compliance dates for those Form N-PORT reporting requirements related to the “Names Rule” under the Investment Company Act of 1940, which addresses certain investment company names. This extension will provide additional time for funds and the Commission to consider the proposed amendments to Form N-PORT and avoid certain costs associated with regulatory requirements that the Commission is proposing to eliminate.
The new compliance dates are Nov. 17, 2027, for fund groups with net assets of $10 billion or more and May 18, 2028, for fund groups with less than $10 billion in net assets as of the end of their most recent fiscal year.
The proposing release for Form N-PORT amendments will be published in the Federal Register, and the public comment period will remain open until 60 days after the Federal Register publication date.
]]>The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors.
"The annual Small Business Forum is a unique opportunity for innovators, investors, advisors, and policymakers to come together and help identify challenges in capital raising,” said SEC Chairman Paul S. Atkins. “I encourage members of the public to join us to share ideas and have their voices heard on ways to improve capital formation."
The event will feature appearances by SEC Commissioners and discussions with thought leaders from across the small business ecosystem on capital raising by early- to late-stage private companies and smaller public companies. Both in-person and online participants will have the opportunity to submit policy recommendations in advance by emailing smallbusiness@sec.gov by noon ET on March 5. Online voting to prioritize recommendations to be included in the report for the Commission and Congress will open to the public at the end of the event.
]]>The reports provide the public with information about the growth in active ETFs and the changes in fees paid by investors when mutual funds and ETFs acquire other funds.
“With more than 3600 ETFs holding assets exceeding $10 trillion, understanding this market is critical, not just because of its size, but because of its evolving dynamics” said Dr. Joshua T. White, Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “Active ETFs, while still a smaller segment of the market, are growing rapidly and now rival passive funds in number, reflecting a shift toward more actively managed strategies. At the same time, our research shows that fund mergers can deliver meaningful fee reductions for investors. These trends highlight the importance of ongoing analysis to ensure transparency and resilience in this fast-changing landscape.”
The two reports issued today are:
SEC staff also updated the SEC’s public statistics and data visualizations webpage to include updated statistics and visualizations on municipal advisors, transfer agents, and security-based swap dealers (SBSDs). The webpage provides statistics presented in time series charts to show market trends, pie charts to show distribution across different categories, as well as heat maps to show geographic distributions. The visuals are interactive and downloadable, thus allowing the public to explore the information they are interested in.
DERA integrates financial economics and rigorous data analytics into the SEC’s core mission. It conducts detailed, high-quality economic and statistical analyses to advise on Commission matters and helps identify and respond to issues, trends, and innovations in the marketplace.
The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and broker-dealers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB accomplishes these goals through registering public accounting firms, setting auditing standards, conducting inspections, and pursuing disciplinary actions. The PCAOB is subject to oversight by the SEC.
“I am confident that this new Board will usher in a new day at the PCAOB—one of sensible, efficient oversight of auditors,” said SEC Chairman Paul S. Atkins in a statement. “The newly appointed Chairman and Board members have already demonstrated a profound commitment to protecting investors and responsible use of such funds by accepting compensation much more in line with the ethos of public service. I look forward to working with this Board as it refocuses on the PCAOB’s core statutory mission—protecting investors and furthering the public interest in the preparation of informative, accurate, and independent audit reports.”
SEC Chief Accountant Kurt Hohl said, “We look forward to working with the new Board in connection with furthering the PCAOB’s central mission of promoting investor protection.”
Chairman Atkins added, “I would like to thank George Botic for his leadership in serving as Acting Chairman for the last six months. I also would like to thank Christina Ho, Kara Stein and Anthony Thompson for their dedicated service as members of the Board.”
Demetrios (Jim) Logothetis, Chairman, will serve a term ending on October 24, 2030. Mr. Logothetis serves on the board of The Republic Bank of Chicago, where he chairs the audit committee, and on the advisory council of CrossCountry Consulting, a privately owned consultancy firm. In 2019, Jim retired from Ernst and Young (EY) after forty years with the firm, during which time he served as the lead partner for several of EY’s largest clients. He held a number of leadership roles with the firm, including Vice-Chair of Global Accounts, Managing Partner of the Midwest U.S assurance and advisory practices, and Chairman of the German Business Center in the United States. He also served as Senior Advisor in U.S. Department of Housing and Urban Development’s Office of the Assistant Secretary and Chief Financial Officer, where he led the Audit Coordination Committee for Ginnie Mae. He holds an M.B.A. degree in Accounting, Finance, and International Business from The University of Chicago Booth Graduate School of Business and a B.S. degree in Accountancy from De Paul University.
Mark Calabria will serve a term ending on Oct. 24, 2027. Mr. Calabria is currently an Associate Director and Chief Statistician with the U.S. Office of Management and Budget and a Senior Advisor to the Office of the Director of the Consumer Financial Protection Bureau. His prior service includes Director of the Federal Housing Finance Agency, Assistant to the Vice President, Deputy Assistant Secretary with the U.S. Department of Housing and Urban Development, and Senior Economist at the National Association of Realtors. He has a B.A and Ph.D. in Economics from George Mason University.
Kyle Hauptman will serve a term ending on Oct. 24, 2029. Mr. Hauptman is currently the Chairman of the National Credit Union Administration (NCUA). He was originally appointed by President Trump and confirmed by the Senate to serve as a Board Member in December 2020. He was elevated to Chairman of the NCUA in January 2025. He previously served on the Senate Banking Committee staff, as a staff director and as Economic Policy Counselor to a senator. He has also held positions at the American Enterprise Institute, Jefferies and Co., and Lehman Brothers. He holds an M.B.A. degree from Columbia Business School and a B.A. from University of California, Los Angeles.
Steven Laughton will serve a term ending on Oct. 24, 2026. Mr. Laughton is currently Board Counsel to PCAOB Board Member Christina Ho. Prior to joining the PCAOB in 2022, he spent more than thirty years with the U.S. Department of the Treasury. His roles at the Treasury Department included Senior Counsel to the General Counsel, where he helped establish the Paycheck Protection Program, and Assistant General Counsel, where he supervised more than 50 attorneys and staff and advised on a wide range of matters, including cybersecurity, consumer financial policy, disclosure, privacy, and advisory committees. He holds a B.A. in Political Science and French from Tufts University and a J.D. from Case Western Reserve University School of Law.
]]>The SEC’s complaint against Luthar alleges that he directed “adjustments” to Nutrition’s transactions with other ADM business segments when Nutrition was falling short of its operating profit targets for fiscal years 2021 and 2022. According to the complaint, the adjustments included retroactive rebates and price changes not customarily available to ADM’s third-party customers that were essentially one-sided transfers of operating profit to Nutrition, with the goal of making it appear that Nutrition was meeting the 15% to 20% per year operating profit growth Luthar and other ADM executives projected to investors.
The SEC’s settled order against ADM, Macciocchi, and Young finds that Macciocchi and Luthar led efforts to identify and structure adjustments for fiscal years 2021 and 2022, and that Young negligently approved improper adjustments for fiscal years 2019 and 2021. These adjustments also included retroactive rebates and price changes, were targeted to specific dollar amounts to hit Nutrition’s operating profit goals or mask a shortfall, and were not provided to third parties, according to the order.
The SEC considered ADM’s cooperation and significant remedial measures in accepting its settlement offer. Specifically, the company conducted an internal investigation, voluntarily reported its findings to the staff, and provided the staff with additional analyses from an outside accounting expert. ADM’s remedial measures included implementing new internal accounting controls around intersegment transactions, amending its policies and procedures, and testing the effectiveness of its new controls, among other things.
The order creates a Fair Fund to distribute the ordered monetary relief to investors harmed by the violations.
“Transparent and honest disclosure are key to maintaining market integrity, so when ADM misled its investors, the SEC stepped in to protect them and the market,” said Judge Margaret A. Ryan, Director of the SEC’s Division of Enforcement. “The SEC is steadfast in its commitment to rooting out fraud and holding accountable wrongdoers, while also engaging market participants constructively to ensure the right outcomes are achieved in a timely and fair manner. In this matter, we credit ADM’s cooperation and its efforts to avoid future accounting and disclosure violations.”
The complaint alleges, and the order finds, that the adjustments rendered ADM’s annual and quarterly reports false and misleading because the adjustments resulted in transactions inconsistent with ADM’s representation that intersegment transactions were recorded at amounts “approximating market.” Further, the order finds that ADM overstated Nutrition’s operating profit for fiscal years 2019, 2021, and 2022, the third quarter of 2019, and all quarters in 2021 as a result of the adjustments.
The complaint, filed in the U.S. District Court for the Northern District of Illinois, charges Luthar with violating the antifraud provisions of the federal securities laws, aiding and abetting ADM’s violations of the antifraud, reporting, books and records, and internal accounting control provisions of the federal securities laws, and failing to reimburse ADM for certain executive compensation as required. The complaint seeks permanent injunctions, an officer and director bar, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and reimbursement of certain executive compensation to ADM pursuant to the Sarbanes-Oxley Act.
The SEC’s order finds that ADM, Macciocchi, and Young violated the antifraud, reporting, internal accounting controls, and books and records provisions of the federal securities laws, and that Macciocchi and Young caused certain of ADM’s violations. Without admitting or denying the findings, ADM, Macciocchi, and Young agreed to cease and desist from committing or causing any violations and any future violations of the relevant provisions of the federal securities laws, and ADM has voluntarily undertaken to cooperate fully with the Commission in the litigation and any other proceedings related to the matters described in the order. ADM agreed to pay a $40,000,000 civil penalty, Macciocchi agreed to pay disgorgement and prejudgment interest totaling $404,343 and a civil penalty of $125,000, and Young agreed to pay disgorgement and prejudgment interest totaling $575,610 and a civil penalty of $75,000. Macciocchi also agreed to a three-year officer and director bar.
]]>“For too long, market participants have been forced to navigate regulatory boundaries that are unclear in application and misaligned in design, based solely on legacy jurisdictional silos,” said SEC Chairman Paul S. Atkins and CFTC Chairman Michael S. Selig. “This event will build on our broader harmonization efforts to ensure that innovation takes root on American soil, under American law, and in service of American investors, consumers, and economic leadership.”
Title: SEC – CFTC Harmonization: U.S. Financial Leadership in the Crypto Era
Date: Thursday, January 29, 2026
Time: 2:00 pm – 3:00 pm ET
Host: CFTC Headquarters at Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20036
Agenda:
The event, held at CFTC headquarters, will be open to the public and webcast live on the SEC’s website. Doors will open at 1:30 p.m.
For online attendance, registration is not necessary. For in-person attendance, please register in advance.
]]>“For too long, market participants have been forced to navigate regulatory boundaries that are unclear in application and misaligned in design, based solely on legacy jurisdictional silos,” said SEC Chairman Paul S. Atkins and CFTC Chairman Michael S. Selig. “This event will build on our broader harmonization efforts to ensure that innovation takes root on American soil, under American law, and in service of American investors, consumers, and economic leadership.”
Title: SEC – CFTC Harmonization: U.S. Financial Leadership in the Crypto Era
Date: Tuesday, January 27, 2026
Time: 10:00am – 11:00am ET
Host: CFTC Headquarters at Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20036
Agenda:
The event, held at CFTC headquarters, will be open to the public and webcast live on the SEC’s website. Doors will open at 9:30 a.m.
For online attendance, registration is not necessary. For in-person attendance, please register in advance.
]]>The meeting will continue the committee’s discussion on potential regulatory improvements regarding “finders” who assist companies with raising capital in private markets from accredited investors. To learn more about how the current regulatory framework affects “finders,” the committee will hear from Steven Jafarzadeh, chief compliance officer and partner at Stonehaven.
During the afternoon session of the meeting, the committee will hear from SEC Office of the Advocate for Small Business Capital Formation staff, who will provide an overview of the office’s 2025 Staff Report, which includes in-depth data on the state of capital raising activity from startup to small cap. The session will also explore the private secondary market and how it has grown to fill liquidity needs and meet investor demand for private securities and its impact on the venture landscape.
Continuation funds, special purpose vehicles, and private tender offers have become more prevalent as ways to rebalance portfolios and provide liquidity to investors and employees. To better understand the private secondary market and related deal flow drivers, trends, opportunities, and challenges that stem from private secondary transactions, the committee will hear from Emily Zheng, senior research analyst at Pitchbook; Nigel Dawn, managing director at Evercore; and William Duval, special counsel at Cooley LLP.
For more information about the committee and the full agenda for the meeting, visit the committee webpage.
The Small Business Capital Formation Advisory Committee provides advice and recommendations to the SEC on rules, regulations, and policy matters relating to small businesses.
]]>The 2026 PCAOB budget totals $362.1 million. The 2026 budget reflects a 9.4% ($37.6 million) decrease from the prior year and includes a 52% and 42% reduction in the chairperson and other Board members’ compensation, respectively. The accounting support fee (ASF) totals $306.0 million, an 18.4% ($68.9 million) decrease from the prior year, of which $280.3 million will be assessed on public company issuers and $25.7 million will be assessed on brokers and dealers.
“Both during my time as a Commissioner and now as Chairman, I have recognized–and continue to recognize–the importance of driving improvements in audit quality. Nevertheless, all regulators, including the Commission and the PCAOB, must continually assess how and whether current approaches to fulfilling the Board’s responsibilities provide benefits to investors without imposing excessive burdens on businesses. For the Commission, its diligent oversight of the PCAOB is a crucial check on the considerable authority that the Board holds over audit firms and the risks of potentially excessive burdens,” said SEC Chairman Paul S. Atkins in a statement. “A significant aspect of this oversight is the Board’s budget. The PCAOB must exhibit a strong commitment to responsible stewardship of the accounting support fee, which is its primary source of funding and functions as a tax on public companies and broker-dealers. This includes being mindful of and transparent about material investments so that the Commission can appropriately exercise our budget oversight responsibilities. The decrease in this year’s budget does not detract from the significance of the PCAOB’s mission, which remains crucial; rather, it underscores that fiscal discipline and regulatory effectiveness complement each other.”
“This year’s budget decrease represents progress. However, the ongoing initiatives by the Commission and PCAOB to re-assess the PCAOB’s strategic plan, operations, and budget remain key priorities for the future,” said SEC Chief Accountant Kurt Hohl. “The SEC remains committed to robust oversight of the PCAOB and ensuring that its operations are transparent, justified, and worthy of the trust placed in it by investors and the public.”
The Sarbanes-Oxley Act of 2002, which established the PCAOB, provides the Commission with oversight responsibility over the PCAOB. This includes reviewing and approving the PCAOB’s budget and accounting support fee annually.
]]>The purpose of the Investor Advisory Committee is to advise and consult with the Commission on:
Committee members represent the interests of investors, are knowledgeable about investment issues, and have reputations for integrity.
“The Investor Advisory Committee is an indispensable partner in safeguarding investors and strengthening our markets,” said SEC Chairman Paul S. Atkins. “Qualified candidates who are interested in lending their time and expertise to further the agency’s efforts are encouraged to apply for the committee’s open roles. Working together, we can enact reforms to reinvigorate our capital markets and allow market participants to innovate, while adhering to the SEC’s mission of protecting investors.”
Members of the public interested in serving on the committee as either an at-large committee member or as a member representative of the interests of senior citizens should promptly email a letter of interest to iac-candidates@sec.gov with applicable information about their relevant experience. The letter of interest should indicate whether the person submitting the letter seeks to serve as an at-large committee member or as the committee member representing the interests of senior citizens. The deadline for submission of a letter of interest is Feb. 23, 2026.
Applicants who previously applied in 2025 for membership on the committee and who are interested in being reconsidered may submit an e-mail by the deadline requesting their prior application be reconsidered provided that the information furnished in the 2025 application remains accurate.
]]>The committee was established by the SEC Small Business Advocate Act of 2016. Consistent with statutory requirements, committee members represent a diverse spectrum of leaders, investors, and advisors who work with early-stage private companies and smaller public companies.
The committee advises and consults with the Commission on rules, regulations, and policies as they relate to:
“The Small Business Capital Formation Advisory Committee serves the important function of advising the Commission on achieving its three-part mission,” said SEC Chairman Paul S. Atkins. “I am grateful to the committee for elevating the voices of America’s entrepreneurs. I look forward to welcoming new members and continuing to work with current members to improve pathways for small businesses to obtain the capital that they need to grow their companies in both the private and public markets.”
Members of the public interested in serving on the committee should promptly email a letter of interest to smallbusiness@sec.gov with applicable information about their relevant experience. The deadline for submissions is Feb. 20, 2026.
Relevant experience may include:
“I am pleased that we have assembled such a dedicated and talented group of public servants with such a wide range of experience in the public and private sectors," said James Moloney, Director of the Division of Corporation Finance. "With their sage advice and leadership, and the work of the rest of the dedicated staff in the division, I am confident that we will effectively and efficiently further the SEC’s mission.”
“Christina brings her deep technical experience in disclosure, compliance, and international securities law back to the Commission at a critical time,” said SEC Chairman Paul S. Atkins. “Her expertise will contribute meaningfully to the Division’s goals of facilitating capital formation and protecting investors in the modern operating environment.”
“Christina is a talented attorney with a deep understanding of corporate disclosure matters,” said James Moloney, Director of the Division of Corporation Finance. “Her experience, intellect, and practical ideas will be wonderful assets to our work in the Division and will support the Commission’s mission.”
Ms. Thomas returns to the SEC from private practice, where she represented public companies on capital markets transactions, SEC disclosure and compliance, and corporate governance matters. She previously served as counsel to SEC Commissioner Elad L. Roisman and was detailed to the Office of International Affairs and Office of the General Counsel at the U.S. Department of the Treasury. Ms. Thomas started her legal career as an attorney-adviser in the Division of Corporation Finance. Ms. Thomas received her J.D. from New York Law School and her B.A. from Fordham University.
Ms. Thomas said, “I am thrilled to return to the SEC at this exciting time. I look forward to working with Chairman Atkins, the Commissioners, Director Moloney, and the staff to advance reforms that will improve the markets for both companies and investors. Serving in this role is an honor and a privilege.”
]]>As Acting Director, Mr. Cassidy led several initiatives to strengthen the national examinations program, including developing an examination projection model to improve risk‑based resource allocation and adopting a metric-based operational effectiveness framework.
Mr. Cassidy joined the division in 2017 to lead the Technology Controls Program, where he oversaw technology‑focused examinations as well as the SEC’s CyberWatch Program and the Cybersecurity Program Office. He previously served as Director of the SEC’s Office of Legislative and Intergovernmental Affairs. Before joining the Commission staff in 2010, Mr. Cassidy was Chief of Staff and Counsel in the Department of Justice’s Office of Legislative Affairs and an attorney in the United States Senate.
“Keith has demonstrated steady leadership and a commitment to risk‑based, technology‑informed oversight,” said SEC Chairman Paul S. Atkins. “His experience modernizing examination practices, strengthening operational metrics, and enhancing resource allocation positions the division to further its mission to prevent fraud, promote compliance, monitor risk, and inform policy on behalf of investors.”
“My priorities as Director will be to continue refining the processes that strengthen intra‑Commission coordination and ensure alignment across the national examinations program,” said Mr. Cassidy. “I am deeply grateful to Chairman Atkins for the opportunity to continue to serve with the highly skilled agency staff whose efforts protect investors and ensure that U.S. markets are the strongest in the world.”
Mr. Cassidy is the Commission’s senior staff representative to the Financial Banking Information Infrastructure Committee, the Cyber Incident Response Council, and the G7 Cyber Experts Group, and serves as the Commission’s federal senior intelligence coordinator.
Mr. Cassidy is a Lieutenant Colonel in the U.S. Marine Corps Reserve, currently serving as the Commanding Officer of 4th Reconnaissance Battalion. He holds a J.D. from the George Washington University Law School, an LL.M. in Securities and Financial Regulation from Georgetown Law Center, and a B.A. in history from the University of Virginia. He is also a Certified Information Systems Security Professional (CISSP).
]]>Jeffrey Finnell, who has served as Acting General Counsel, remains at the Commission as Deputy General Counsel.
“I have known Rusty for many years and am excited to have recruited someone of his caliber and experience to my senior team. In addition to being a seasoned securities and M&A lawyer, he has served as both a public company and government agency general counsel. I expect Rusty to deploy these skills immediately across a wide range of priorities, including our initiatives to strengthen the capital markets and deliver on a robust rulemaking agenda,” said SEC Chairman Paul S. Atkins.
“I thank Jeff for his service as Acting General Counsel,” Chairman Atkins continued. “I am pleased that he will continue serving at the Commission as Deputy General Counsel. His sound judgment and deep expertise in the securities laws are invaluable to the SEC.”
Mr. McGranahan said, “It is an honor to have the opportunity to join the SEC and the Chairman’s senior team during this period of rapid technological and financial innovation. I look forward to working with my new SEC colleagues to embrace developments in a manner that responsibly fosters and maintains America’s preeminence in financial services and capital formation.”
Mr. McGranahan’s career spans 30 years at a number of top companies and firms. He was recently the General Counsel of the U.S. General Services Administration (GSA), setting the course for a number of key initiatives during the first 10 months of this Administration. Prior to GSA, Mr. McGranahan was the General Counsel of Focus Financial Partners, a wealth management firm. He was with Focus Financial for nine years, leading the legal function through an explosive period of growth, including its IPO in 2018 and going private transaction in 2023. Before Focus Financial, Mr. McGranahan spent nine years with BlackRock, serving as Managing Director, M&A Counsel, and Corporate Secretary.
Mr. McGranahan began his career at Skadden, Arps and at White & Case, and for three years was based in Eastern Europe where he worked on some of the first public offerings from the region.
Mr. McGranahan earned his J.D. from Yale Law School and his B.A., summa cum laude, in Economics and Politics from the Catholic University of America. Mr. McGranahan has also earned the Chartered Financial Analyst (CFA) designation.
]]>“Paul and David are excellent attorneys and dedicated public servants,” said SEC Chairman Paul S. Atkins. “I am delighted to have such talented individuals join the Division of Enforcement to aid in its critical role of protecting investors and the markets.”
Mr. Tzur joins the Commission from private practice, where he focused on white collar defense and complex commercial litigation. Before that he served as an Assistant U.S. Attorney in the Northern District of Illinois, where he was a prosecutor in the Securities and Commodities Fraud Section. Mr. Tzur also served in supervisory roles as a deputy chief in the General Crimes Section and later in the Narcotics and Money Laundering Section. Following law school, Mr. Tzur clerked for the Honorable Steven M. Colloton of the U.S. Court of Appeals for the Eighth Circuit. Mr. Tzur received his J.D. from Northwestern University School of Law and his B.S. from Duke University.
Mr. Morrell joins the Commission after his return to private practice, where he focused on civil litigation and government disputes. Before that he served as Deputy Assistant Attorney General in the U.S. Department of Justice (DOJ), Civil Division, where he led the Federal Programs Branch. Prior to that role, he oversaw DOJ's Consumer Protection Branch. Before DOJ, from 2017 to 2019, Mr. Morrell served in the White House as Special Assistant and Associate Counsel to the President and Associate Counsel. Following law school, Mr. Morrell clerked for Justice Clarence Thomas of the U.S. Supreme Court and clerked for Chief Judge Edith H. Jones of the U.S. Court of Appeals for the Fifth Circuit. Mr. Morrell received his J.D. from Yale University and his B.A. from Hillsdale College.
“Paul and David both have a wealth of experience as experienced trial, litigation, and appellate lawyers. Their experience, intellect, and common sense will serve them well as they assume leadership over enforcement investigations and litigations in several offices that play a key role in achieving our investor protection mission. I welcome them to our talented enforcement team,” said Judge Margaret A. Ryan, Director of the SEC’s Division of Enforcement. “They are very well-regarded practitioners, and I am extremely pleased that Paul and David agreed to return to public service.”
Mr. Tzur said, “I am honored and thrilled to be joining the SEC. I look forward to working with Chairman Atkins, the Commission, and Director Ryan to identify and pursue sensible enforcement actions that aim to protect investors and maintain U.S. markets as the most trusted in the world.”
“It is a privilege to join the Division of Enforcement in advancing its mission of protecting the integrity of our financial markets through proper enforcement of U.S. securities laws,” said Mr. Morrell.
]]>At the event, SEC staff will cover the new Regulation S-P compliance obligations, discuss what to expect when interacting with an exam team during an examination, and answer any remaining compliance questions. It will also include a workshop where examination staff will engage in an Incident Response tabletop discussion, review a sample document request list, and demonstrate a mock examination session.
“Strengthening protections for investors’ personal data is a benefit to both firms and investors,” said Keith Cassidy, Acting Director for the Division of Examinations. “We recognize implementation of these new requirements may create challenges associated with compliance, and the SEC’s Division of Examinations wants to help firms clearly understand these new requirements.”
The event will take place at SEC Headquarters located at 100 F St. NE in Washington D.C. For in-person attendance, please register. For online attendance, advanced registration is preferred but not required. Questions may also be submitted in advance.
A link to watch the event will be available on January 22 on www.sec.gov. Additional information about each Regulation S-P compliance outreach event, including the recordings of previous events, are available on the Reg Compliance S-P Outreach webpage.
]]>The report presents data across three company lifecycle stages to provide a fulsome picture of what is happening in the small business marketplace. It also highlights the past year’s work of the Office of the Advocate for Small Business Capital Formation, which advances the interests of small businesses and their investors at the SEC and in the capital markets.
The report’s contents include:
Informed by feedback garnered through its ongoing outreach efforts, the Office of the Advocate for Small Business Capital Formation continually enhances its array of educational resources to help equip small businesses and their investors with tools to navigate capital raising.
]]>The RFA requires federal agencies to conduct certain analyses, with the goal of minimizing the significant economic impact of federal rulemaking on small entities. This proposal would raise the small entity thresholds for investment companies and advisers. It is designed to help the Commission better tailor its analyses to address the specific regulatory challenges that these small entities face and consider adapting its rulemaking accordingly.
“The Commission has a longstanding commitment to understanding and addressing the concerns of small entities,” said SEC Chairman Paul S. Atkins. “Today’s proposal – consistent with the SEC’s intent to modernize regulatory requirements – would further this commitment by more accurately capturing the types and numbers of investment advisers and investment companies that are ‘small.’ This, in turn, would help the Commission more appropriately promote the effectiveness and efficiency of its regulations, with the goal of minimizing the significant economic impact on small entities.”
Specifically, this proposal would:
The proposing release will be published in the Federal Register. The public comment period will remain open until 60 days after the date of publication of the proposing release in the Federal Register.
]]>
“I am thankful to Nekia for answering the call to return to public service and for her leadership in the Division of Enforcement,” said SEC Division of Enforcement Director Margaret A. Ryan. “She has shown deep commitment to her colleagues, the Division, and the Commission, all motivated by her passion for protecting investors. We deeply appreciate her contributions to the agency’s mission and wish her the best.”
Ms. Jones said, “Serving at the SEC for almost five years has been a pleasure and a privilege. As both Atlanta Regional Director and Deputy Director overseeing the Home Office and the Atlanta and Miami regional offices, I have seen colleagues across this agency show a relentless commitment to protecting investors, impeccable judgment in carrying out the agency’s mission, and tremendous expertise in every aspect of the securities industry. This agency and its exceptional staff are a shining example of public service. I owe a debt of gratitude to Chairman Paul Atkins, former Acting Chairman Mark Uyeda, and current and former Directors of the Divisions of Enforcement and Examinations for entrusting me with this remarkable opportunity to help protect investors and the markets.”
In April 2025, Ms. Jones was appointed to serve as the Deputy Director of the Division of Enforcement (Southeast). In that role, she supervised the agency’s enforcement investigations and litigations across the Washington, D.C., Atlanta and Miami offices.
Prior to that national role, Ms. Jones served as the Regional Director of the Atlanta Regional Office from March 2021 through April 2025. As Regional Director, she supervised more than 100 attorneys, accountants, analysts, securities compliance examiners, and other staff, and she led the regional examinations and enforcement programs covering Alabama, Georgia, North Carolina, South Carolina, and Tennessee.
Before joining the SEC, Ms. Jones spent nearly a decade with the Department of Justice including as an Assistant United States Attorney in the U.S. Attorney’s Office for the Northern District of Georgia. She also served as Senior Counsel to the Deputy Attorney General and later as Associate Deputy Attorney General and Executive Director of the Financial Fraud Enforcement Task Force.
Ms. Jones clerked for the Honorable Sterling Johnson, Jr., of the U.S. District Court for the Eastern District of New York. Ms. Jones received her bachelor’s degree cum laude in business administration from Emory University, and her juris doctorate and MBA degrees from Harvard University.
]]>“Cicely has gone above and beyond the call of duty over the past twenty-four years to serve the public in her many critical roles in the Division of Corporation Finance,” said Jim Moloney, Director of the Division of Corporation Finance. “Throughout her tenure she has contributed her passion, commitment, and accounting expertise to support our mission – to ensure investors have the information they need to make informed decisions. She will be sorely missed, and we wish her all the best on her next chapter.”
Ms. LaMothe joined the Division of Corporation Finance in 2002 and has served in multiple senior leadership positions, including Program Director of the Disclosure Review Program, Associate Director of the Office of Assessment and Continuous Improvement, and Associate Director of Disclosure Operations before being named Deputy Director for Disclosure Operations in 2022. She served as Acting Director until Jim Moloney was appointed Director on September 30, 2025.
During Cicely’s tenure she:
“After more than two decades at the SEC, I depart with a deep sense of honor and gratitude for the opportunity to serve the American public. The work has been incredibly challenging and rewarding, and I have learned immensely from the dedicated individuals who commit themselves daily to this critical mission. To my colleagues, your integrity and, more importantly, your friendship, has been my true inspiration and constant motivation,” said Ms. LaMothe.
Before coming to the SEC, Ms. LaMothe worked for six years in the private sector, including as the financial reporting manager for a public company and with a national accounting firm. Ms. LaMothe earned her bachelor’s degree in accounting from Hampton University and is a licensed Certified Public Accountant.
]]>“This matter highlights an all-too-common form of investment scam that is being used to target U.S. retail investors with devastating consequences. Our complaint alleges a multi-step fraud that attracted victims with ads on social media, built victims’ trust in group chats where fraudsters posed as financial professionals and promised profits from AI-generated investment tips, then convinced victims to put their money into fake crypto asset trading platforms where it was misappropriated,” said Laura D’Allaird, Chief of the Cyber and Emerging Technologies Unit. “Fraud is fraud, and we will vigorously pursue securities fraud that harms retail investors.”
According to the complaint, from at least January 2024 to January 2025, AI Wealth, Lane Wealth, AIIEF, and Zenith operated so-called investment clubs using WhatsApp and solicited investors to join the clubs with ads on social media. The clubs gained investors’ confidence with supposedly AI-generated investment tips before luring investors to open and fund accounts on purported crypto asset trading platforms Morocoin, Berge, and Cirkor, which falsely claimed to have government licenses, as alleged. The investment clubs and platforms then allegedly offered “Security Token Offerings” that were purportedly issued by legitimate businesses. In reality, no trading took place on the trading platforms, which were fake, and the Security Token Offerings and their purported issuing companies did not exist, according to the complaint. When investors tried to withdraw their funds, the complaint alleges that the defendants further defrauded victims by demanding that they pay advance fees. In all, the defendants misappropriated at least $14 million from U.S.-based retail investors and funneled those funds overseas through a web of bank accounts and crypto asset wallets, as alleged.
The complaint, filed in the United States District Court for the District of Colorado, charges the defendants with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC seeks permanent injunctions and civil penalties against all of the defendants, and disgorgement with prejudgment interest against Morocoin, Berge, and Cirkor.
The SEC’s Office of Investor Education and Assistance has issued an investor alert warning investors that fraudsters may use popular social media platforms and messaging apps to lure investors into scams, and never to rely solely on information from group chats in making investment decisions. The SEC encourages investors to use Investor.gov to check the background of anyone offering or selling them an investment.
]]>The Securities and Exchange Commission today announced that financial economist and academic scholar Dr. Joshua T. White will return to the agency beginning the week of Jan. 5, 2026, to serve as its Chief Economist and Director of the Division of Economic and Risk Analysis (DERA), which integrates financial economics and rigorous data analytics into the SEC’s core mission.
Robert Fisher, who has served as the SEC’s Acting Chief Economist since January, will continue to support the agency’s mission in DERA.
Dr. White previously conducted cost-benefit analyses of SEC rulemaking between 2012 and 2018 while serving in various DERA roles including financial economist, visiting academic scholar, and expert consultant. For the past 18 months, he has been on leave from his position as assistant professor of finance at Vanderbilt University’s Owen Graduate School of Management to serve in the Office of Economic and Risk Analysis at the Public Company Accounting Oversight Board (PCAOB), where he was a senior advisor until he became acting chief economist this past April.
“Josh is a well-respected researcher and a true champion of rigorous economic analysis in regulatory policy, and his expertise in financial regulation and cryptocurrency makes him a tremendous fit to lead our efforts to ensure that high-quality economic analysis continues to underpin SEC rulemaking,” said SEC Chairman Paul S. Atkins. “I am grateful that he is returning to the SEC as we restore our agency to a regulatory practice that includes reliably quantifying the potential costs and benefits of any rule. I also extend my great thanks to Robert for his valuable initial leadership in this area as Acting Chief Economist.”
Dr. White said, “I want to thank Chairman Atkins for this opportunity to come back to the SEC and serve alongside the talented economists in DERA to provide the type of thorough and unbiased economic analysis that the Commission needs to inform its rulemaking. Together we will utilize a wide range of research and perspectives to enhance robustness in our analyses and strengthen confidence in our markets.”
Among his earlier experience, Dr. White was an assistant professor of finance at the University of Georgia’s Terry College of Business prior to joining the faculty at Vanderbilt. He has contributed his research in corporate finance and corporate governance to such academic journals as the Review of Financial Studies, Journal of Financial Economics, Journal of Accounting and Economics, The Accounting Review, Review of Finance, and Review of Corporate Finance Studies.
Dr. White holds a BS, MBA, and Ph.D. in finance from the University of Tennessee’s Haslam College of Business, where he is a past recipient of the Outstanding Ph.D. Alumnus Award.
The report includes:
The Office of the Investor Advocate is an independent office that was established by Congress to: assist retail investors in resolving problems with the Commission and self-regulatory organizations (SROs); identify areas where investors would benefit from changes in SEC and SRO rules and regulations; identify investor problems with financial service providers and investment products; analyze the potential impact on investors of proposed regulations and rules of the SEC and SROs; and propose regulatory or legislative changes to the Commission and to Congress that might mitigate investor problems and promote investor interests.
]]>According to the SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, Gauvin gained a following on Discord by falsely presenting himself as a successful investment professional managing over a billion dollars in assets through Blackridge, which in reality was a mere shell entity. From September 2022 to November 2024, Gauvin and his entities allegedly raised approximately $18.1 million from investors through an unregistered offering of interests in the “Gray Fund,” a purported diversified investment fund advised by Gray Digital and Gauvin. The complaint alleges that Gauvin and Gray Digital falsely claimed that the Gray Fund generated double-digit monthly returns and held over $78 million in assets, when, in fact, the fund actually had a monthly compounded return of approximately 1.4% and its assets were far lower than claimed. The complaint further alleges that Gauvin misappropriated investor funds to finance a lavish lifestyle, including using hundreds of thousands of dollars for purchases of custom jewelry, luxury concierge services, real estate, and art.
In a second scheme which began in May 2024, Gauvin allegedly offered “seed stock” in Gray Digital Technologies at $30,000 per share, falsely claiming the company had a $60 million valuation and more than $12 million in annual revenue. In reality, the complaint alleges that Gray Digital Technologies had no operations, assets, or revenue. According to the complaint, Gauvin raised at least $60,000 from two retail investors and then ceased communicating with them about this offering.
“Gauvin exploited the trust of his online followers to perpetrate a brazen fraud,” said Jaime Marinaro, Associate Director of the SEC’s Fort Worth Regional Office. “Investors should always verify the credentials of anyone offering investment opportunities, especially when those opportunities are promoted through social media or online communities.”
The SEC’s complaint charges Gauvin and his three entities with violating the antifraud provisions of the federal securities laws and Gauvin, Gray Digital, and Gray Digital Technologies with registration violations. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and conduct-based injunctions against all defendants, along with a bar against Gauvin acting as an investment adviser.
In a parallel action, the U.S. Attorney’s Office for the Eastern District of New York today announced criminal charges against Gauvin.
The SEC’s Investor Bulletin: How to Check Out Your Investment Professional provides instructions for verifying an investment professional’s registration status and background.
The SEC appreciates the assistance of the Commodity Futures Trading Commission and the U.S. Attorney’s Office for the Eastern District of New York.
]]>The roundtable will be held at the University of Austin’s campus at the Scarbrough Building, located at 522 Congress Avenue, Austin, Texas, from 9 a.m. to 1 p.m. CT. The event will be open to the public and webcast live on the SEC’s website. Doors will open at 8 a.m. CT.
For in-person attendance, attendees must register by Monday, Dec. 15, 2025. Visitors will be subject to security checks.
For online attendance, registration is not necessary; a link to watch the event will be available on Dec. 16 at www.sec.gov, and a recording will be available at a later date on the SEC’s website.
Agenda
8 a.m. Doors Open
9 a.m. Remarks – SEC Chairman Paul Atkins, SEC Commissioner Hester Peirce, SEC Commissioner Caroline Crenshaw, SEC Commissioner Mark Uyeda, and Jamie Selway, Director, SEC’s Division of Trading and Markets
9:30 a.m. Panel One – Potential Changes to Rule 610 of Regulation NMS
Panel One will focus on potential modifications to Rule 610 if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include: the fair access provisions contained in Rule 610(a) and (b); the access fee caps contained in Rule 610(c); and the prohibition on locked and crossed markets contained in Rule 610(e).
Moderators: Jamie Selway, Director, Jon Kroeper, Deputy Director, Kelly Riley, Senior Special Counsel, SEC’s Division of Trading and Markets
Panelists:
10:30 a.m. Break
10:45 a.m. Panel Two – Potential Changes to Rule 600 of Regulation NMS and Market Data
Panel Two will focus on necessary changes to the definitions contained in Rule 600 of Regulation NMS as well as the impact on market data if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include: which, if any, defined terms in Rule 600 would require amendment or removal; the effect of potential changes on the national best bid and national best offer; and the incentives associated with the market data formula for revenue allocation from the consolidated market data plans.
Moderators: Jamie Selway, Director, Jon Kroeper, Deputy Director, Peggy Sullivan, Senior Policy Advisor, SEC’s Division of Trading and Markets
Panelists:
11:45 a.m. Break
12 p.m. Panel Three – Impacts on Best Execution
Panel Three will focus on potential enhanced best execution guidance if the trade-through prohibitions of Rule 611 are modified or rescinded. Areas for discussion will include: additional guidance necessary to assist broker-dealers in fulfilling their best execution obligations if Rule 611 is modified or rescinded and if other rules (such as the access fee caps in Rule 610(c)) are amended.
Moderators: Jamie Selway, Director, Jon Kroeper, Deputy Director, David Dimitrious, Senior Special Counsel, SEC’s Division of Trading and Markets
Panelists:
1 p.m. Concluding Remarks
]]>“I have known Lori for decades, when I was a Commissioner and now as Chairman, and I have witnessed firsthand her unwavering commitment to provide America’s investors with invaluable information to help them make better informed investing decisions,” said SEC Chairman Paul S. Atkins. “She has a unique ability to make a deep connection with everyday investors explaining the most complex investing terms in a way they can understand. Her dedication to educating investors has been a touchstone for the agency. I wish her all the best in her future endeavors.”
Under her leadership, Ms. Schock has enhanced OIEA’s presence in the financial literacy community and has increased the SEC’s investor education outreach and assistance efforts. Some highlights include:
“It has been an absolute privilege and honor to serve with Chairman Atkins and such esteemed Chairmen, Commissioners and colleagues throughout my career at the SEC,” said Ms. Schock. “I am so proud of the positive, impactful work of the entire OIEA team as they truly make a difference in investors’ lives. I know they will carry on their important work and continue to be a champion to assist, educate and protect investors.”
Ms. Schock previously was Associate Director at the Financial Industry Regulatory Authority’s Investor Education Foundation and Office of Investor Education, and before that, was Director of Outreach at the Center for Audit Quality.
She joined the SEC in 2001 as a Staff Attorney in OIEA. She also served as Special Counsel to the Director from 2002-2006 and as Acting Director and Deputy Director from 2006-2007.
A member of the Colorado bar, Ms. Schock received her J.D. from the University of Akron School of Law while also earning her Master of Taxation from the University of Akron College of Business. She received her B.A. from Furman University.
]]>“New technologies give us a fresh opportunity to recalibrate financial surveillance measures to ensure the protection of our nation and the liberties that make America unique,” said Commissioner Hester M. Peirce, head of the Crypto Task Force. “I look forward to this chance for the SEC, other federal regulators, and the public to learn from the roundtable participants about how these new tools work.”
The roundtable will be held at the SEC's headquarters at 100 F Street, N.E., Washington, D.C. on Dec. 15 from 1 p.m. – 5 p.m. ET. The event will be open to the public and webcast live on the SEC’s website. Doors will open at 12 p.m.
For in-person attendance, please register in advance. For online attendance, registration is not necessary; a link to watch the event will be available on Dec. 15 on www.sec.gov.
Please note that an invitation to participate in the roundtable does not serve as an endorsement of the project or any affiliate(s) of the project. The SEC does not endorse or sponsor any particular securities, issuers, products, services, professional credentials, firms, or individuals.
To learn more about the Crypto Task Force, please visit the Crypto Task Force webpage.
| Time | Speakers and Panelists |
|---|---|
| 1:00 - 1:30 p.m. | Opening/Welcome Remarks from the U.S. Securities and Exchange Commission:
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| 1:30 - 3:00 p.m. | Discussion of Financial Surveillance and Privacy Moderator:
Panelists:
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| 3:00 - 3:30 p.m. | Break |
| 3:30 - 5:00 p.m. | Panel on Financial Surveillance and Privacy Moderator:
Panelists:
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The Regulation S-P compliance outreach events are tailored for each registrant type and scheduled according to the compliance deadlines published in the Regulation S-P rule amendments. Staff from the Divisions of Examinations and Trading and Markets will cover the new Regulation S-P compliance obligations, discuss what to expect when interacting with an exam team during an examination, and answer any remaining compliance questions.
“When investors share their personal information with a firm, they deserve to know that this information will be protected,” said Keith Cassidy, Acting Director of the Division of Examinations. “We recognize that this is the first time transfer agents are required to comply with Regulation S-P’s Safeguards Rule, and our Division is committed to helping them understand their obligations under the rule to help protect investors’ personal information.”
While not required, advance registration is preferred. Questions may also be submitted in advance.
A link to watch the event will be available on Dec. 17 on www.sec.gov. Additional information about each Regulation S-P compliance outreach event, including the agenda and speakers, will be posted on the Reg Compliance S-P Outreach webpage.
]]>The Securities and Exchange Commission today announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026.
As the Investor Advocate, Ms. Martin Firvida has led an office that was established by Congress to identify, analyze, and address the concerns of investors, providing them a voice and ensuring their needs are reflected in decisions made at the SEC and elsewhere in the federal government and securities industry.
Under her leadership, the office conducted a significant research project to study registered index-linked annuities and investors’ understanding of these complex products, and advised the Commission on opportunities to improve disclosures for retirement investors. Ms. Martin Firvida also helped lead other data collection efforts within the office that identify real-time insights on evolving retail investing behavior and inform the Commission rulemaking process with evidence obtained from surveys and tests of the impacts of potential policy changes.
“Our work at the SEC should always be rigorous and responsive to the needs and interests of investors, and Cristina and her staff have provided important policymaking support to the Commission,“ said SEC Chairman Paul S. Atkins. “We wish her the best in her future endeavors and thank her for the contributions she made to our agency and investors as a whole.”
Ms. Martin Firvida said, “It has been a privilege to serve investors and the Commission in this role, and I thank the Chairman and the Commissioners for generously supporting and encouraging our work. I am grateful for the opportunity to spotlight investor aspirations and challenges by providing timely empirical research, expert legal analysis, and direct engagement during a period of rapid change in the capital markets. It has been an honor to work alongside the exceptional staff at the SEC, especially the dedicated experts in the Office of the Investor Advocate.”
Prior to serving as the Investor Advocate, Ms. Martin Firvida worked at AARP as vice president of financial security and livable communities for government affairs. She directed federal and state advocacy on pensions, retirement savings, Social Security, financial services, and other aspects of retirement financial security. She also managed AARP’s federal and state advocacy on housing, labor, telecommunications, and tax policy. Prior to joining AARP, Ms. Martin Firvida was director of government relations and senior counsel at the National Women’s Law Center.
Ms. Martin Firvida earned her bachelor’s degree cum laude in philosophy from Yale University and her juris doctorate cum laude from Cornell Law School. She was a women’s law and public policy fellow at Georgetown University Law Center.
The committee will host two panels:
The committee will also discuss a potential recommendation regarding the Disclosure of Artificial Intelligence’s Impact on Issuer Operations.
The full agenda is available on the committee’s webpage.
The Investor Advisory Committee, which focuses on investor-related interests, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. Established by the statute, the committee is authorized by Congress to submit findings and recommendations to the Commission.
Learn more about the Investor Advisory Committee by visiting the committee’s webpage.
]]>“I am looking forward to getting this event back on the calendar before the end of the year. Given the many threats to people’s privacy, developing sound policies is of paramount importance,” said Commissioner Hester M. Peirce, head of the Crypto Task Force. “The SEC and other financial regulators will benefit from learning more about new tools Americans can use to protect their own data and personal information.”
The roundtable will be held at the SEC's headquarters at 100 F Street, N.E., Washington, D.C. from 1 p.m. to 5 p.m. ET. The event will be open to the public and webcast live on the SEC’s website. Doors will open at 12 p.m. ET.
For in-person attendance, please register. For online attendance, registration is not necessary; a link to watch the event will be available on www.sec.gov.
To learn more about the Crypto Task Force, please visit the Crypto Task Force webpage.
]]>The roundtable will be open to the public and held at the University of Austin’s campus at the Scarbrough Building, located at 522 Congress Avenue, Austin, Texas. The number of in-person participants may be limited. Registration is required for in-person attendance. Visitors will be subject to security checks.
Information regarding the roundtable’s agenda and speakers will be posted before the event.
Members of the public who wish to provide their views on the current Rule 611 trade-through prohibition applicable to National Market System (NMS) stocks may submit comments electronically or on paper. Comments should be submitted using one method only. Information that is submitted will become part of the public record of the roundtable and posted on the SEC’s website. All comments received will be posted without change. Persons submitting comments are cautioned that personal identifying information is not redacted or edited from comment submissions. All submissions should refer to File Number 4-862, and the file number should be included on the subject line if email is used.
Electronic Comments:
Use the SEC’s online submission form or send an email to rule-comments@sec.gov with “File Number 4-862” included in the subject line.
Paper Comments:
Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.
]]>“Examinations are an important component to accomplishing the agency’s mission, but they should not be a 'gotcha' exercise,” said SEC Chairman Paul S. Atkins. “Today’s release of examination priorities should enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency’s most public-facing division.”
The Division examines SEC-registered investment advisers, investment companies, broker-dealers, clearing agencies, and self-regulatory organizations, among others, for compliance with federal securities laws. The annual publication of the examination priorities furthers the SEC’s mission and aligns with the Division’s four pillars to promote and improve compliance, prevent fraud, monitor risk, and inform policy.
“In this increasingly complex and changing financial and regulatory environment, we strive to improve compliance in a way that that is both transparent and practical,” said Keith Cassidy, Acting Director of the Division of Examinations. “Fiscal year 2026 marks an important time for the Division to build on our strengths, advance our mission with renewed focus, and ensure that our examination program continues to protect the investing public and support fair and orderly capital markets.”
For fiscal year 2026, in addition to conducting examinations in core areas such as fiduciary duty, standards of conduct, and the custody rule, the Division will also examine for compliance with new rules, such as the 2024 amendments to Regulation S-P. As with previous years, the Division will prioritize examinations of newly registered advisers and investment companies to empower and encourage building robust compliance programs.
The 2026 examination priorities cover a broad landscape of potential risks to investors that firms should consider as they review and strengthen their compliance programs. They are not, however, an exhaustive list of all the areas the Division will focus on in the upcoming year. The scope of any examination includes analysis of other risk factors such as an entity’s history, operations, and products and services.
]]>“I thank Antonia for her steadfast leadership in her different roles in the Division of Enforcement and her commitment to the staff and the SEC’s mission,” said SEC Division of Enforcement Director Margaret A. Ryan. “Her strategic counsel and analysis, her willingness to take on complex issues, and her dedication to the staff and the agency have earned her the deep respect of her colleagues during her tenure at the SEC. I wish Antonia all the best in her next endeavor.”
Ms. Apps said, “I want to thank Acting Chairman Mark Uyeda for entrusting me with the opportunity to help lead the exceptionally talented staff of the Division of Enforcement, first as Acting Deputy Director for the entire Division and then as Deputy Director overseeing the New York, Boston, Philadelphia, and Chicago regional offices. I am proud of the Division’s collaboration with colleagues across the agency and with outside government partners to advance the Commission’s mission of protecting investors and promoting fairness and integrity in our markets. It has been a privilege to help lead the Division this year and to serve as head of the New York Regional Office for the preceding two years. Throughout my tenure, I have been consistently inspired by the dedication, integrity, and resilience of the staff who define this great agency. As I move on to my next chapter, I remain confident that this Division and the SEC will continue to meet the evolving challenges of our markets with determination, skill, and commitment to the public interest.”
Ms. Apps served as Regional Director of the New York Regional Office from January 2023 through January 2025. In this role, she oversaw an office of over 600 attorneys, accountants, investigators, securities compliance examiners and others, and led the examination and enforcement programs for the New York region. Under Ms. Apps’ leadership, the New York Office brought more stand-alone enforcement actions and completed more examinations than any other office in the country, and hired more staff in a two-year period than were hired in any previous two-year period in the history of the New York office. With her support, the New York office also engaged in more investor education and outreach events than ever before.
In January 2025, Ms. Apps was appointed Acting Deputy Director of the Division of Enforcement and, subsequently, Deputy Director of Enforcement (Northeast), helping to lead the Division of Enforcement on a national level.
Before joining the SEC as Regional Director in 2023, Ms. Apps was a litigation partner at Milbank LLP, where she represented clients in high-stakes criminal, regulatory, and complex civil matters. She previously served as an Assistant U.S. Attorney in the Criminal Division of the Southern District of New York, where she investigated and prosecuted high-profile securities fraud and other white-collar cases. Since 2016, Ms. Apps has also taught white-collar criminal law and procedure at Harvard Law School. Earlier in her career, Ms. Apps was a partner at Kellogg, Hansen, Todd, Figel & Frederick PLLC in Washington, D.C., where she represented clients in complex litigation and regulatory matters, and an associate at Fried, Frank, Harris, Shriver & Jacobson LLP in New York. She also served as a law clerk to the Honorable Fred I. Parker of the U.S. Court of Appeals for the Second Circuit, and holds law degrees from the universities of Sydney, Oxford, and Harvard.
]]>The Commission also provided temporary exemptive relief to the exchanges from the requirement to file proposed rule changes to amend any exchange rules to reflect the round lot definition in Rule 600(b)(93) of Regulation NMS until 30 calendar days following the end of the lapse in appropriations.
The temporary exemptive relief was issued by the Commission in light of a denial of a petition for review issued by the U.S. Court of Appeals for the District of Columbia Circuit, and in anticipation of an end to the Commission’s partial stay of the effect of the amendments to Rules 600(b)(89)(i)(F), 610(c) and 612 upon the completion of judicial review, as well as concerns about market participants’ ability to comply with certain amendments by Nov. 3, 2025, during the lapse in appropriations.
"The order issued today will provide clarity to the market regarding certain upcoming compliance dates, said SEC Chairman Paul S. Atkins. "In light of recent events, exemptive relief from the Nov. 3, 2025, compliance date is necessary to facilitate orderly market functions.
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