Welcome to our biweekly recap, where we curate the top compliance news and insights from various industry publications. We have selected the most relevant and important updates related to regulatory compliance, industry news, and critical updates.
Today’s recap focuses on the new acting SEC Chair, an SEC Crypto task force, an FCA survey, a warning from FINRA on Reg BI and Form CRS, and the likelihood for some SEC enforcement actions to be dropped.
Here are our top compliance articles as of January 31, 2025:
Mark Uyeda appointed acting SEC chair as Gary Gensler steps down (Author – Leo Almazora, Investment News)
Mark Uyeda, a Republican commissioner at the SEC, has been appointed as the acting chair following Gary Gensler’s resignation. Uyeda, who joined the SEC in June 2022, has been critical of Gensler’s regulatory approach and calls for a focus on capital formation and innovation while protecting investors from fraud. President Trump plans to nominate ex-SEC commissioner Paul Atkins as the permanent chair, indicating a potential shift in regulatory priorities. Uyeda’s appointment comes amid senior staff departures from the SEC, and despite differing policy perspectives, Uyeda and fellow commissioners praised Gensler’s public service.
SEC Launches Crypto Task Force (Author – Nicola M. White, ThinkAdvisor)
The SEC has launched a new Crypto Task Force led by Commissioner Hester Peirce, known as “Crypto Mom” in the industry. This task force aims to address the regulatory challenges posed by the rapidly evolving cryptocurrency market. It will focus on ensuring compliance with existing securities laws, protecting investors, and promoting innovation within the crypto space. The initiative reflects the SEC’s commitment to adapting its regulatory framework to better oversee digital assets and mitigate associated risks.
The FCA and Practitioner Panel joint survey for 2025 launches (Author – FCA)
The FCA and Practitioner Panel have launched their joint survey for 2025, targeting a sample of regulated firms to gather feedback on the FCA’s regulatory performance. This year’s survey has been shortened for easier response and will be used to evaluate the FCA’s performance against its 3-year Strategy. The results will be presented to the Practitioner Panel and the FCA Board, and published in summer 2025
FINRA Issues New Warning on Reg BI, Form CRS Compliance (Author – Melanie Waddell, Think Advisor)
FINRA has issued a new warning to firms regarding compliance with Regulation Best Interest (Reg BI) and Form CRS. The warning highlights ongoing deficiencies in firms’ adherence to these regulations, particularly in areas such as disclosure, care obligations, and conflict of interest management. FINRA emphasizes the importance of thorough documentation and supervision to ensure compliance and protect investors. The notice serves as a reminder for firms to review and enhance their compliance programs to meet regulatory expectations
Trump admin may wash hands of some of SEC’s last-minute enforcement flurry (Author – Dan Shaw, Financial Planning)
The SEC, under former Chair Gary Gensler, ended the first quarter of its 2025 fiscal year with a surge of enforcement actions, filing a record number of cases. However, with the appointment of Mark Uyeda as acting chair, there is a likelihood that many of these cases will be reviewed and potentially dropped. Uyeda, known for his criticism of regulatory overreach, will serve until Trump’s nominee, Paul Atkins, is confirmed as the permanent chair. This shift in leadership suggests a possible move towards a more lenient regulatory approach, impacting the enforcement landscape significantly
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