The Securities and Exchange Commission announced it will host a roundtable on September 18, 2025, to discuss trade-through prohibitions in the National Market System (NMS) stock and listed options markets. SEC Chairman Paul Atkins noted the rulebook deserves a refresh as “Reg NMS and its Rule 611 have not served investors or broker-dealers well, given the market distortion and resulting gamesmanship by those that seek to take advantage of the Reg NMS structure.” Read more here.
Report Finds Office Spaces May Get Even Smaller
According to JLL’s “Global Occupancy Planning Benchmark Report 2025,” companies are aiming to tighten the space allotted per person in an effort to cut costs through full “agile seating” or completely unassigned seats. The report states more organizations are taking a structured approach that enables predictable attendance patterns while fostering in-person collaboration. It recommends optimizing space utilization through data-driven hybrid work strategies, emphasizing structured in-office schedules and investing in collaboration spaces as well as technology solutions to improve employee experience and support a more predictable and efficient workplace. Read more here.
President Trump Signs GENIUS Act into Law
President Trump signed the GENIUS Act into law, which the White House touts will pave the way for the United States to lead the global digital currency revolution. Among other things, the Act prioritizes consumer protection, and is designed to strengthen the U.S. dollar’s reserve currency status, and bolster national security. The legislation creates the first-ever Federal regulatory system for stablecoins, including strong reserve requirements, and requires 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries and requires issuers to make monthly, public disclosures of the composition of reserves. Stablecoin issuers must comply with strict marketing rules designed to protect consumers from deceptive practices. This includes a prohibition from making misleading claims that an issuer’s stablecoins are backed by the U.S. government, federally insured, or legal tender. Read more here.
Compliance Reminder: BE-180 Benchmark Survey
Due July 31, 2025
U.S. financial services providers who transacted in financial services with non-U.S. persons in the 2024 fiscal year may be required to file the Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons (BE-180) by July 31, 2025, unless they apply for and receive an extension. This mandatory survey, administered every five years by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA), covers financial services providers who sell or purchase financial services to or from non-U.S. persons. Read more here.
White House Unveils America’s AI Action Plan
The White House released “Winning the AI Race: America’s AI Action Plan,” in accordance with President Trump’s January executive order on Removing Barriers to American Leadership in AI. The Plan identifies over 90 Federal policy actions across three pillars – Accelerating Innovation, Building American AI Infrastructure, and Leading in International Diplomacy and Security – that the Trump Administration stated it will take in the coming weeks and months. The Plan includes several key policy initiatives designed to “cement U.S. dominance in artificial intelligence.” It also encourages agencies, such as the SEC to establish “regulatory sandboxes” where researchers, startups, and established enterprises can rapidly deploy and test AI tools while committing to open sharing of data and results. Read more here.
ESMA Issues FAQ on Use of Performance Fees on
UCITS Feeder Funds, MiCA
The European Securities and Markets Authority (ESMA), published or updated its questions and answers regarding Markets in Crypto-Assets Regulation (MiCA), including staking on own account and pre-funding clients’ orders with clients’ crypto assets. It also discusses the appropriate use of performance fees for UCITS feeder funds. Read more here.
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