The Securities and Exchange Commission (SEC) has released its Spring 2025 Regulatory Flexibility Agenda, outlining the Commission’s near- and longer-term priorities. While the Agenda does not bind the SEC to deadlines, it provides useful insight into the policy direction and areas of focus for the year ahead.

Key Focus Areas

1. Digital Assets and Crypto Markets
   The SEC continues to emphasize oversight of crypto assets, with potential frameworks that could include:

• New safe harbors and exemptions to enable transactions and trading
• Rules addressing digital asset offerings under the Securities Act
• Guidance around broker-dealer and market regulation, custody obligations for investment advisers and funds, and the extension of transfer agent responsibilities into distributed ledger technology

2. Public Company Disclosure and Registration
   Efforts are underway to simplify registration and reporting obligations, with a focus on:

• Streamlined disclosure requirements
• Reduced compliance burdens for shelf registrations
• Broadened benefits for emerging growth companies
• Adjustments to the accelerated filer framework

3. Private Market Access
   The Commission is exploring changes to broaden exemptions and expand flexibility in private markets, such as:

• Enhancements to Rule 144 for resales of restricted and control securities
• Potential updates to existing Securities Act exemptions
• A possible re-evaluation of the “accredited investor” definition, balanced against the SEC’s priority of channeling more activity into the public markets

4. Revisiting Existing Rules
   Certain requirements that have drawn industry criticism are also on the SEC’s radar, including:

• Form N-PORT reporting for funds
• The Consolidated Audit Trail (CAT)
• Shareholder proposal rules under Rule 14a-8

Big Picture

The Spring 2025 Agenda largely reflects the SEC’s ongoing effort to reduce unnecessary burdens on registrants, encourage use of the public markets, and promote efficient capital formation, while maintaining investor protections.

Read the SEC Spring 2025 Regulatory Agenda here: Agency Rule List – Spring 2025

SEC³ Insight: What Compliance Teams Should Do Now

• Track crypto-related custody and trading proposals, as they could reshape digital asset operations for advisers and funds.
• Evaluate current disclosure practices to identify areas where simplification may create efficiencies or reduce costs.
• Monitor potential changes to private market exemptions and accredited investor standards, which may affect fundraising strategies.
• Keep an eye on reviews of contested rules like Form N-PORT and Rule 14a-8, as updates could shift reporting and shareholder engagement requirements.

Need assistance with your compliance program? SEC’s team of experienced compliance professionals can help. For more information, please email us at info@sec3compliance.com, call (212) 706-4029 x 214, or visit our website at www.sec3compliance.com.

SEC3 provides links to other publicly available legal and compliance websites for your convenience. These links have been selected because we believe they provide valuable information and guidance. The information in this e-newsletter is for general guidance only. It does not constitute the provision of legal advice, tax advice, accounting services, or professional consulting of any kind.

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