FiSolve Weekly News Digest: September 19, 2025

Here is what we are reading in the news this week...

SEC and CFTC Extend Form PF Compliance Date

to October 2026

The Securities and Exchange Commission and U.S. Commodity Futures Trading Commission each voted to further extend the date for investment advisers to comply with Form PF to October 1, 2026.  The Form PF amendments were adopted in February 2024, and the regulators announced this extension will provide time to complete a substantive review of Form PF in accordance with a Presidential Memorandum and allow it time to take further appropriate actions, which may include proposing new amendments to Form PF.  Read more here.

FINRA Announces Launch of Crypto and Blockchain Education Program for Member Firms

FINRA announced the launch of its new Crypto and Blockchain Education Program, which is designed to provide FINRA member firms and their employees with educational resources focused on crypto assets and blockchain technology.  The program will include self-paced e-learning courses, as well as a separate in-person applied learning course offered in partnership with Georgetown University’s McDonough School of Business.  Read more here.

Employers Bracing for Highest Health Care Benefit

Cost Increase in 15 Years

Mercer released preliminary results from its 2025 National Survey of Employer-Sponsored Health Plans.  According to its analysis of survey responses from over 1,700 US employers, the total health benefit cost per employee is expected to rise 6.5% on average in 2026 – the highest increase since 2010 – even after accounting for planned cost-reduction measures.  If employers did not make any changes to their current plans, the overall average increase would have been nearly 9%.  The report also finds employees could expect paycheck deductions for health coverage to rise 6% to 7% on average in 2026, as their share of the premium typically increases proportionally with overall plan cost.  Read more here.

CFTC Sanctions Trading Firm for Wash Sales

The Commodity Futures Trading Commission issued an order filing and settling charges against a financial services company, for engaging in wash sales and non-competitive transactions on the New York Mercantile Exchange (NYMEX).  The individual is required to pay a $212,500 civil monetary penalty and cease and desist from further violations of the Commodity Exchange Act and CFTC regulations.  Read more here.

SEC Approve Path for Crypto Spot ETFs

with New Listing Rules

The Securities and Exchange Commission voted to approve proposed rule changes by three national securities exchanges. This enables the exchanges to adopt generic listing standards for new cryptocurrency and other spot commodity exchange-traded products.  The vote is believed to remove the last remaining hurdle to dozens of new spot ETFs tied to cryptocurrencies.  In July, the SEC issued an order announcing details of the listing standards, which specify the criteria an asset manager and the exchanges -- the NYSE, Nasdaq and Cboe Global Markets -- must meet in order for a new spot crypto ETF to be approved without a lengthy, customized regulatory review.  Read more here.

DOJ Files Motion for Summary Judgment in Challenge to Vermont’s “Climate Superfund” Law

The Justice Department’s Environment and Natural Resources Division filed a motion for summary judgment in its challenge to the State of Vermont’s “climate superfund” law, which the DOJ believes imposes billions of dollars in liability on foreign and domestic energy companies for their alleged past contributions to climate change.  The complaint was filed in May, along with a complaint against the State of New York for its similar statute, to advance President Donald J. Trump’s executive order to protect American energy from state overreach.  Read more here.

SEC to Host Webinar for Large Firms on Regulation S-P

The Securities and Exchange Commission announced it will hold a series of three compliance outreach events regarding the 2024 adoption of amendments to Regulation S-P.  The first event, for large firms, is a webinar scheduled for Sept. 25 from 1 p.m. to 2 p.m. ET.  Dates for the other two events, for transfer agents and small firms, will be announced later.  Read more here.

FINRA Issues Call for Candidates for Upcoming FINRA Regional Committee Elections

FINRA issued a notice to remind member firms of the upcoming nomination and election process to fill vacancies on FINRA’s Regional Committees.  In this election, the South and West regions each have six full-term vacancies to fill, and the Midwest, North and New York regions each have four full-term vacancies to fill.  On or about October 20, 2025, FINRA will email the official Election Notice to the executive representatives1 of FINRA member firms eligible to vote in the elections and FINRA’s election agent will follow up with voting instructions.  Voting will conclude in November 2025. The newly elected Regional Committee members will take office in January 2026 for three-year terms.  Read more here.

FiSolve to Host Compliance Anonymous on October 8

FiSolve's next Compliance Anonymous session is set for 12 PM ET on October 8. This confidential forum brings together legal, compliance, and operations professionals to openly discuss real-world challenges without attribution or judgment. Seats are limited, so please reserve your spot here.

‼️FiSolve's Negotiation Tip of the Week‼️

Lean on Data-Driven Insights

In financial services negotiations, anchor your proposals with data-driven insights—use relevant benchmarks, market trends, and performance metrics to justify your position. This not only establishes credibility but also shifts the conversation from subjective opinions to objective value. When both sides are grounded in verifiable data, it fosters trust and enables more rational, mutually beneficial outcomes.

For informational purposes only.  Subscription may be required.

If you've found this weekly news digest to be helpful, we'd appreciate it if you would share it with your colleagues or on social media. You can subscribe to this newsletter HERE.