Chelsea Cowan – Global Investment Law Watch

United States: NFA Updates Digital Asset Obligations

Oct 22 2025

By: Sarah V. Riddell, Cheryl Isaac, and Gustavo De La Cruz Reynozo

On 17 October 2025, the National Futures Association (NFA) announced that it will be eliminating interpretive guidance requiring digital assets-related disclosure obligations for NFA members. The NFA Board unanimously concluded that NFA Interpretive Notice 9073 (Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities), which was originally adopted by the NFA to require members to disclose specific risks associated with their digital asset activities and inform customers that the NFA does not have jurisdiction over spot digital assets, was outdated and should be reevaluated. The NFA expects to propose updated disclosure requirements in the future after it receives input from impacted members. In the meantime, commodity pool operators (CPOs) and commodity trading advisors (CTAs) remain obligated to appropriately disclose material risks related to their offerings (regardless of asset class).

United States: SEC Compliance Outreach on Regulation S-P for Large Firms

Sep 29 2025

By: Jessica D. Cohn and Yonathan Y. Tewelde

On 25 September 2025, staff from the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Trading and Markets hosted a webinar discussing the amendments to Regulation S-P and what to expect when Regulation S-P is in scope of an exam. The amendments, among other things, require brokers, dealers, registered investment advisers, investment companies, and transfer agents (covered institutions) to adopt written policies and procedures for incident response programs to address unauthorized access to or use of customer information, including procedures for providing timely notification to individuals affected by an incident involving sensitive customer information with details about the incident and information designed to help affected individuals respond appropriately.

United States: Upcoming SEC Webinar for Large Firms on Regulation S-P

Sep 23 2025

By: Jessica D. Cohn and Yonathan Y. Tewelde

The US Securities and Exchange Commission (SEC) staff will be hosting a webinar on 25 September 2025 regarding the upcoming compliance requirements under the amendments to Regulation S-P. The session is specifically geared toward large firms and is anticipated to cover expectations around incident response programs, including customer notification, the Division of Examinations’ expectations and potential Risk Alerts from the SEC staff.

United States: The Wait Is Over: SEC Approves Generic Listing Standards Benefitting Commodity-Based ETPs

Sep 19 2025

By: Keri E. Riemer and Richard F. Kerr

Marking a monumental step forward for the launch of crypto asset exchange-traded products (ETPs), the Securities and Exchange Commission (SEC) approved rule changes by three exchanges to adopt generic listing standards for ETPs that hold spot commodities, including crypto assets. Provided that the ETPs satisfy certain conditions, they will be able to be listed and commence trading more quickly, as their exchanges will not need to submit proposed rule changes for each issuer.

Australia: A Seat at the Table–What Does the Government’s Economic Reform Roundtable Mean for Superannuation Fund Trustees?

Sep 08 2025

By: Ravi Jayemanne, Ben Kneebush, and Thais Fernandes (Graduate)

From 18–21 August 2025, the Australian Government (Government) hosted the Economic Reform Roundtable with industry and government leaders to explore reforms aimed at boosting productivity, resilience, and budget sustainability.

United States: Going for Two! SEC Approves Multi-Crypto Asset ETP

Aug 01 2025

By: Rich Kerr and Keri Riemer

On 29 July 2025, the US Securities and Exchange Commission (SEC) approved a proposed rule change to list and trade shares of a multi-crypto asset exchange-traded product (ETP), under NYSE Arca Rule 8.201-E. This marks the first time that the SEC has approved the listing of an ETP that will invest in more than one type of crypto asset on a spot basis; until now, the SEC has only approved listing rules permitting single crypto asset ETPs to be listed. The approved multi-crypto asset ETP (the Trust) will invest in both bitcoin and ether on a spot basis.

United States: In Cash or In-Kind—SEC Approves Options for Creations and Redemptions of Crypto ETP Shares

Aug 01 2025

By: Rich Kerr, Keri Riemer, Joshua Durham, and Lael Franco

On 29 July 2025, the US Securities and Exchange Commission (SEC) issued an order approving proposed rule changes to permit various exchange-traded products (ETPs) to engage in creations and redemptions of their shares with authorized participants (APs) on an in-kind basis. The proposed rule changes were submitted by the Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc. and NYSE Arca, Inc. (Exchanges) with respect to the ETPs seeking to engage in in-kind creations and redemptions.

Europe: UK FCA Confirms the Circumstances in Which it May Make Public Announcements About Live Investigations

Aug 01 2025

By: Michael E. Ruck, Rosie Naylor, Jordan Hawthorne, and Laura Scott

We discussed in an earlier blog that the United Kingdom’s Financial Conduct Authority has axed proposed “name and shame” rules, retaining only an ability to make a public announcement about an investigation in “exceptional circumstances”. It has now published a revised Enforcement Guide which also details three specific circumstances in which it may make an announcement:

United States: Staff Shares Disclosure ABCs for ETPs

Jul 03 2025

By: Keri E. Riemer and Richard F. Kerr

As part of its effort to provide greater clarity on the application of federal securities laws to crypto assets, on 1 July 2025, the SEC’s Division of Corporation Finance (Division) released a statement (Statement) addressing its views about the application of certain disclosure requirements to crypto asset exchange-traded products (ETPs).

Europe: Ireland Agrees Mutual Recognition of Funds Framework With Hong Kong

May 16 2025

By: Michelle Lloyd and Shane Geraghty

The Central Bank of Ireland (CBI) and the Securities and Futures Commission of Hong Kong (SFC) entered into a Memorandum of Understanding on 14 May 2025 establishing a framework for the mutual recognition of funds (MRF) between the two jurisdictions.

Author:Chelsea Cowan