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On November 19, 2024, MIAX Emerald, LLC filed a proposed minor rule violation plan (MRVP) with the Securities and Exchange Commission (SEC). This plan allows the exchange to address certain rule violations with fines not exceeding $2,500, without having to report these minor infractions immediately to the SEC. Instead, the exchange will provide a quarterly report detailing such violations. The SEC found this proposal meets public interest standards and enables the exchange to manage oversight responsibilities more efficiently.

The Securities and Exchange Commission (SEC) was notified by the Cboe BZX Exchange, Inc. about a proposed rule change to list and trade shares of the 21Shares Core XRP Trust under a specific rule related to Commodity-Based Trust Shares. An amended version of this proposal was published in the Federal Register on February 21, 2025. Initially, the SEC had 45 days to decide on this proposal, but it has chosen to extend the review period to May 22, 2025, to allow for a more thorough consideration of the proposed changes and any issues that arise. This extension gives the SEC extra time to decide whether to approve or reject the proposal.

The Securities and Exchange Commission (SEC) announced a notice regarding an application under the Investment Company Act of 1940. The application, filed by The RBB Fund Trust and First Eagle Investment Management, LLC, seeks an exemption allowing them to enter into sub-advisory agreements without needing shareholder approval. In addition, they are also requesting relief from certain disclosure requirements concerning fees paid to subadvisers. The SEC will grant this request unless a hearing is ordered, and interested parties can request a hearing by contacting the SEC by February 24, 2025.

NYSE Chicago, Inc. has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to update its fee schedule. The change will establish a fee called CAT Fee 2025-1, which industry members must pay for 2025. This fee will be used to cover some costs of the Consolidated Audit Trail system, with the rate set at $0.000022 per executed equivalent share. The new fee structure, intended to be effective for six months starting in January 2025, replaces a previous fee and aims to cover half of the planned 2025 audit trail expenses.

The Securities and Exchange Commission (SEC) received an application from Columbia Funds Series Trust and Columbia Management Investment Advisers, LLC for an exemption from specific requirements under the Investment Company Act of 1940. The exemption would allow the Trusts' board of trustees to approve changes to sub-advisory agreements without holding in-person meetings, which can be costly and impractical. Instead, these meetings could be conducted using technology that allows board members to communicate simultaneously. The goal is to enable the Trusts to respond more efficiently to changes in the market or to adjust investment strategies without unnecessary delays.

The Securities and Exchange Commission (SEC) announced that MIAX Emerald, LLC filed a proposed rule change on March 13, 2025. This proposal seeks to amend the Exchange's Fee Schedule by introducing new fee categories for its proprietary market data feeds, including the Top of Market feed and the Administrative Information Subscriber feed, among others. The proposal was made effective immediately, and the SEC is seeking public comments on whether it aligns with the requirements of the Securities Exchange Act of 1934. Interested parties can submit their comments electronically or by mail, ensuring they reference file number SR-EMERALD-2025-07.

The Securities and Exchange Commission (SEC) is asking for public comments on a proposed extension of its information collection aimed at helping small businesses. The SEC’s Office of the Advocate for Small Business Capital Formation plans to gather feedback to improve its communication and outreach efforts. They will collect data on demographics, the effectiveness of outreach materials, and the issues faced by small businesses. The public can submit written comments on the necessity and burden of this information collection until April 7, 2025.

In response to requests from industry participants, the Securities and Exchange Commission (SEC) has announced a temporary exemption for institutional investment managers from complying with Rule 13f-2 and Form SHO reporting requirements. Originally set to start on January 2, 2025, the compliance date has been extended to January 2, 2026, giving these managers additional time to adjust their systems and address any operational challenges. This decision was made to ensure the accuracy of the information that will be shared with investors. The SEC believes this extension will help achieve the goals of transparency and accurate data reporting, while balancing the preparation needs of the industry.

The Securities and Exchange Commission (SEC) published a notice of a proposed rule change by MIAX PEARL, LLC, which operates an equities trading platform. This change involves updating their fee schedule to add more information regarding rebates for retail orders. This update is intended to clarify the rebates customers will receive when they make trades that add liquidity to the exchange. The proposal does not change the fees or rebates but aims to make the fee schedule easier to understand for users, ensuring transparency and reducing confusion.

The Securities and Exchange Commission (SEC) has announced an extension for determining whether to approve a rule change proposed by the New York Stock Exchange (NYSE). The rule change involves calculating distribution standards on a worldwide basis for certain companies listing on the NYSE. The original deadline for the decision was March 9, 2025, but the SEC has extended this by 60 days to May 8, 2025, to allow more time for consideration. The SEC has not yet received any public comments on this proposed rule change.