The third quarter of 2026 brought a busy run of United States (“US”) regulatory activity, with the US Securities and Exchange Commission (“SEC”) at the midpoint of most developments.
Key themes include efforts to widen retail access to private markets, continued rulemaking on crypto assets and tokenised securities, and a push to update market infrastructure, from electronic delivery and transfer agent rules to preparations for 24-hour trading. Alongside this, several compliance timelines and reporting obligations were adjusted, including the extended Form PF compliance date, the end of beneficial ownership reporting for US companies and persons under the Corporate Transparency Act, and a proposal to rescind the “pay-to-play” rule for investment advisers.
This update summarises the main developments from the quarter and what they mean for investment advisers, fund managers and other market participants.
