Rule2025-17402
Extension of Compliance Dates for Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report
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Published
September 10, 2025
Effective
September 10, 2025
Issuing agencies
Securities and Exchange Commission
Abstract
The Securities and Exchange Commission ("Commission") is extending by twelve months the compliance dates for certain of the rule amendments the Commission adopted on December 16, 2024, regarding the electronic submission of certain materials under the Securities Exchange Act of 1934 ("Exchange Act") and amendments to the FOCUS Report (Form X-17A-5), a periodic financial and operational report filed by broker-dealers and security-based swap dealers.
Full Text
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<title>Federal Register, Volume 90 Issue 173 (Wednesday, September 10, 2025)</title>
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[Federal Register Volume 90, Number 173 (Wednesday, September 10, 2025)]
[Rules and Regulations]
[Pages 43552-43556]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17402]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 202, 232, 240, 249, and 249b
[Release Nos. 33-11386; 34-103877; IC-35738; File No. S7-08-23]
RIN 3235-AL85
Extension of Compliance Dates for Electronic Submission of
Certain Materials Under the Securities Exchange Act of 1934; Amendments
Regarding the FOCUS Report
AGENCY: Securities and Exchange Commission.
ACTION: Final rule; extension of compliance dates.
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SUMMARY: The Securities and Exchange Commission (``Commission'') is
extending by twelve months the compliance dates for certain of the rule
amendments the Commission adopted on December 16, 2024, regarding the
electronic submission of certain materials under the Securities
Exchange Act of 1934 (``Exchange Act'') and amendments to the FOCUS
Report (Form X-17A-5), a periodic financial and operational report
filed by broker-dealers and security-based swap dealers.
DATES:
Effective Date: This release is effective September 10, 2025. The
effective date for the Commission release adopted on December 16, 2024,
which is entitled ``Electronic Submission of Certain Material Under the
Securities Exchange Act of 1934; Amendments Regarding the FOCUS
Report'', remains March 24, 2025.
Compliance Date: The compliance dates for certain amendments
adopted on December 16, 2024, and published on January 21, 2025 at 90
FR 7250, are extended by twelve months, as discussed in more detail
below.
FOR FURTHER INFORMATION CONTACT: For Forms 1 and 15A--Justin Pica,
Assistant Director, and David Michehl, Special Counsel; for Form 1-N--
David Dimitrious, Senior Special Counsel, and
[[Page 43553]]
Michou Nguyen, Special Counsel; for Form CA-1--Matthew Lee, Assistant
Director, and Claire Noakes, Senior Special Counsel; for Form 19b-4(e)
and technical amendment to Form 19b-4--Cristie March, Senior Special
Counsel, and Edward Cho, Special Counsel; for Rule 17a-22--Matthew Lee,
Assistant Director, and Susan Petersen, Special Counsel; for Rule 17a-
5, Rule 17a-12, Rule 18a-7, Form X-17A-5 Part III and related annual
filings, Form X-17A-5 Parts II, IIA, and IIC, Form 17-H, and Form X-
17A-19--Raymond A. Lombardo, Assistant Director, and Valentina Minak
Deng, Special Counsel; for notices provided pursuant to Rule 3a71-
3(d)(1)(vi) and Rule 15fi-3(c)--John Guidroz, Assistant Director, and
Israel Goodman, Senior Counsel; and for reports submitted pursuant to
Rule 15fk-1(c)(2)(ii)(A), Kelly Shoop, Branch Chief, and Patrick
Bloomstine, Attorney-Adviser, Division of Trading and Markets, at (202)
551-5500, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The Commission is extending by twelve months
the compliance dates for all of the rule amendments the Commission
adopted on December 16, 2024 regarding the electronic submission of
certain materials under the Exchange Act, except for the following rule
amendments which continue to have the same compliance date stated in
the Commission's December 16, 2024 release: rule amendments that
originally had a compliance date of March 24, 2025; rule amendments
relating to the filing requirements for new derivative securities
products; \1\ and rule amendments requiring Form 17-H and broker-dealer
and security-based swap entity annual reports be filed electronically
on the Electronic Data Gathering, Analysis, and Retrieval (``EDGAR'')
system.\2\
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\1\ See 17 CFR 240.19b-4(e).
\2\ See 17 CFR 232.101's requirements relating to 17 CFR
240.17a-5, 17 CFR 240.17a-12, 17 CFR 240.17h-2T, and 17 CFR 240.18a-
7; 17 CFR 240.17a-5(d)(6) and (k)'s requirements to file
electronically; 17 CFR 240.17a-12(a)(2); 17 CFR 240.17a-12(b)(6),
(k), (l)(1), and (m)(1)'s requirements to file electronically; 17
CFR 240.17h-2T's requirement to file electronically; 17 CFR 240.18a-
7(c)(6)'s requirement to file electronically.
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I. Discussion
On December 16, 2024, the Commission adopted rule amendments that
require, among other things, electronic filing or submission, using
structured data where appropriate, of certain forms and other filings
or submissions that are required to be filed with or submitted to the
Commission under the Exchange Act and the rules and regulations
thereunder.\3\ The Commission addressed the compliance dates for these
rule amendments in the Adopting Release, intending to give regulated
entities time to incorporate these changes into their policies,
procedures, systems, and practices.\4\
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\3\ See Electronic Submission of Certain Materials Under the
Securities Exchange Act of 1934; Amendments Regarding the FOCUS
Report, Exchange Act Release No. 101925 (Dec. 16, 2024), 90 FR 7250
(Jan. 21, 2025), available at <a href="https://www.govinfo.gov/content/pkg/FR-2025-01-21/pdf/2024-30433.pdf">https://www.govinfo.gov/content/pkg/FR-2025-01-21/pdf/2024-30433.pdf</a> (``Adopting Release'').
\4\ See section VIII of Adopting Release at 7304.
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In the period since the Commission adopted the rule amendments,
industry representatives and market participants have expressed
concerns about the EDGAR filing or submission and structured data
requirements, and have requested additional time to comply.\5\ For
example, an industry group \6\ requested that the Commission extend by
twelve months the compliance date for the requirement to file or submit
the following forms and submissions on EDGAR in structured data format:
Form X-17A-5 Part III pursuant to Exchange Act Rules 17a-5, 17a-12, and
18a-7,\7\ Form 17-H pursuant to Exchange Act Rule 17h-2T,\8\ valuation
dispute notices pursuant to Exchange Act Rule 15fi-3(c),\9\ and
compliance reports pursuant to Exchange Act Rule 15fk-
1(c)(2)(ii)(A).\10\ SIFMA also asked to extend the compliance date to
file notices (and any withdrawals of notices) pursuant to Exchange Act
Rule 3a71-3(d)(1)(vi) (also known as ``ANE Exception Notices'') on
EDGAR.\11\ SIFMA stated that the Commission has yet to produce any
structured data taxonomies, and filers and submitters and their
technology vendors cannot begin meaningful work on the technology
builds required to convert their documents into structured data format
until the Commission finalizes the relevant taxonomies.\12\
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\5\ See, e.g., Letter from Kyle Brandon, Managing Director,
Securities Industry and Financial Markets Association (``SIFMA'')
(May 13, 2025), available at <a href="https://www.sec.gov/comments/s7-08-23/s70823-600675-1751083.pdf">https://www.sec.gov/comments/s7-08-23/s70823-600675-1751083.pdf</a> (``SIFMA 2025 Letter'').
\6\ See SIFMA 2025 Letter.
\7\ 17 CFR 240.17a-5; 17 CFR 240.17a-12; 17 CFR 240.18a-7.
\8\ 17 CFR 240.17h-2T.
\9\ 17 CFR 240.15fi-3(c).
\10\ 17 CFR 240.15fk-1(c)(2)(ii)(A).
\11\ 17 CFR 240.3a71-3(d)(1)(vi).
\12\ See SIFMA 2025 Letter.
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After consideration of these requests, the Commission is extending
by twelve months the compliance dates for the following rule amendments
(hereinafter, the ``Twelve Month Rules''):
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Rule Compliance date
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<bullet> 17 CFR 240.15fk-1(c).......... New requirements apply to
submissions due on or after
January 1, 2027 (extended from
January 1, 2026).
<bullet> 17 CFR 232.101's requirements New requirements apply to
relating to Sec. 249.1 (Form 1). filings due on or after March
<bullet> 17 CFR 232.405's requirements 2, 2027 (extended from March
relating to Sec. 249.1 (Form 1).. 2, 2026).
<bullet> 17 CFR 240.6a-1, 6a-2, and 6a-
3..
<bullet> 17 CFR 232.101's requirements New requirements apply to
relating to Sec. 249.200 (Form CA-1). filings due on or after April
<bullet> 17 CFR 232.405's requirements 30, 2027 (extended from April
relating to Sec. 249.200 (Form CA- 30, 2026).
1)..
<bullet> 17 CFR 240.17ab2-1's
requirements relating to Sec.
249.200 (Form CA-1)..
<bullet> 17 CFR 232.101's requirements New requirements apply to
relating to Sec. 249.10 (Form 1-N). filings due on or after July
<bullet> 17 CFR 232.101's requirements 1, 2027 (extended from July 1,
relating to Sec. 249.801 (Form 15A).. 2026).
<bullet> 17 CFR 240.6a-4...............
<bullet> 17 CFR 240.15aa-1 and 15aa-2..
<bullet> 17 CFR 232.405's requirements For firms with a minimum fixed
relating to 17 CFR 240.17a-5, 17a-12, dollar net capital requirement
and 18a-7. greater than or equal to
<bullet> 17 CFR 240.17a-5(d)(6) and $250,000 as of December 31,
(k)'s requirements to file as an 2025 (extended from December
Interactive Data File.. 31, 2024): New requirements
<bullet> 17 CFR 240.17a-12(b)(6), (k), apply to filings due on or
(l)(1), and (m)(1)'s requirements to after June 30, 2027 (extended
file as an Interactive Data File.. from June 30, 2026). For all
<bullet> 17 CFR 240.18a-7(c)(6)'s other firms: New requirements
requirement to file as an Interactive apply to filings due on or
Data File.. after June 30, 2029 (extended
from June 30, 2028).
[[Page 43554]]
<bullet> 17 CFR 232.405's requirements New requirements apply to
relating to 17 CFR 240.17h-2T. filings due on or after March
<bullet> 17 CFR 240.17h-2T's 31, 2027 (extended from March
requirement to file as an Interactive 31, 2026).
Data File..
<bullet> 17 CFR 232.101's requirements New requirements apply to
relating to 17 CFR 240.17a-19. filings due on or after
<bullet> 17 CFR 240.17a-19............. December 31, 2027 (extended
from December 31, 2026).
<bullet> Form X-17A-5 Part II.......... New requirements apply to
<bullet> Form X-17A-5 Part IIC......... filings due on or after March
<bullet> Form X-17A-5 Part IIA......... 1, 2027 (extended from March
1, 2026).
<bullet> 17 CFR 232's amendments New requirements apply
relating to 17 CFR 240.3a71- beginning January 1, 2027
3(d)(1)(vi). (extended from January 1,
<bullet> 17 CFR 240.3a71-3(d)(1)(vi) 2026).
requirements for filing of notices and
withdrawals..
<bullet> 17 CFR 232's amendments New requirements apply to
relating to 17 CFR 240.15fi-3(c). notices submitted on or after
<bullet> 17 CFR 240.15fi-3(c) January 1, 2027 (extended from
requirements for submission of notices January 1, 2026).
of valuation disputes..
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These twelve-month extensions will give firms more time to develop
compliant systems and will give Commission staff more time to build and
finalize taxonomies with respect to structured data requirements, as
well as work with FINRA to update the eFOCUS systems with respect to
FOCUS Report amendments. Once taxonomies are finalized, these
extensions will also facilitate an orderly transition by giving
registrants submitting filings, forms, and other submissions additional
time to test new technology infrastructure and update internal systems,
as well as to develop policies and procedures that will help ensure
compliance with the filing or submission requirements.\13\
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\13\ The Commission is not extending compliance dates for the
rule amendments with a compliance date of March 24, 2025, because
these rule amendments are ministerial, non-substantive, or
deregulatory and require little, if any, action on behalf of
registrants to prepare for compliance. The Commission is also not
extending the compliance date for the requirement for a self-
regulatory organization to publicly post the information required
under Rule 19b-4(e) on its website, because such information is the
same as that currently required on Form 19b-4(e). Finally, the
Commission is not extending the compliance date for the rule
amendments requiring Form 17-H and broker-dealer and security-based
swap entity annual reports be filed electronically on EDGAR, and
notes that many firms have already been filing these on EDGAR.
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For the sake of clarity, the rule amendments that have the same
compliance dates as in the Adopting Release, and are not being
extended, are listed below:
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Rule Compliance date
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<bullet> 17 CFR 240.19b-4(e)........... New requirements apply to
filings due on or after
September 1, 2025 (same
compliance date as in Adopting
Release).
<bullet> 17 CFR 232.101's requirements New requirements apply to
relating to 17 CFR 240.17a-5, 17 CFR filings due on or after June
240.17a-12, 17 CFR 240.17h-2T, and 17 30, 2025 (same compliance date
CFR 240.18a-7. as in Adopting Release).
<bullet> 17 CFR 240.17a-5(d)(6) and ...............................
(k)'s requirements to file
electronically.
<bullet> 17 CFR 240.17a-12(a)(2).......
<bullet> 17 CFR 240.17a-12(b)(6), (k),
(l)(1), and (m)(1)'s requirements to
file electronically.
<bullet> 17 CFR 240.17h-2T's
requirement to file electronically.
<bullet> 17 CFR 240.18a-7(c)(6)'s ...............................
requirement to file electronically.
<bullet> All other rule amendments not March 24, 2025 (same compliance
already referenced in either of this date as in Adopting Release).
release's charts.
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II. Economic Analysis
The Commission is mindful of the economic effects, including the
costs and benefits, of the compliance date extension. Exchange Act
section 3(f) requires the Commission, when it is engaged in rulemaking
pursuant to the Exchange Act and is required to consider or determine
whether an action is necessary or appropriate in the public interest,
to consider, in addition to the protection of investors, whether the
action will promote efficiency, competition, and capital formation.\14\
In addition, Exchange Act section 23(a)(2) requires the Commission,
when making rules pursuant to the Exchange Act, to consider among other
matters the impact that any such rule would have on competition and not
to adopt any rule that would impose a burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Exchange
Act.\15\
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\14\ See 15 U.S.C. 78(c)(f).
\15\ See 15 U.S.C. 78w(a)(2).
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The baseline against which the costs, benefits, and the effects on
efficiency, competition, and capital formation of the compliance date
extension are measured consists of the current requirements for filing
or submitting the documents affected by the Twelve Month Rules, and the
current filing or submission practices of firms subject to the Twelve
Month Rules. As discussed above,\16\ pursuant to the Adopting Release,
the current compliance dates for the Twelve Month Rules spanned from
January 1, 2026 to June 30, 2028, and industry representatives have
reached out to Commission staff to request additional time to comply.
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\16\ See supra section I.
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The Commission is extending the compliance date for the Twelve
Month Rules by twelve months, to help facilitate an orderly compliance
with the Twelve Month Rules. This extension will give firms additional
time to update, test, and develop technological infrastructure needed
to comply with structured data requirements, and to develop policies
and procedures that help ensure compliance in relation to the filing or
submission requirements (including through engagement with the
Commission and Commission staff on compliance and operational
challenges).\17\ For those affected firms
[[Page 43555]]
that are subject to other recently adopted rules with new compliance
obligations, the extension will provide them with additional time for
developing necessary technological capabilities and appropriate
policies and procedures with fewer conflicting priorities on internal
resources.\18\
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\17\ Two forms, Form X-17A-5 Part III and Form 17-H, are
affected by the Twelve Month Rules with respect to only structured
data requirements, not with respect to electronic filing
requirements. The remaining submissions affected by the Twelve Month
Rules are affected with respect to both electronic filing or
submission requirements and with respect to structured data
requirements.
\18\ Extending the compliance date will also mitigate the
potential costs associated with overlap of the compliance dates of
the Twelve Month Rules and rules that were adopted prior to the
Twelve Month Rules. See Adopting Release at section X.B and X.C.2.c.
As explained in the Adopting Release, where overlap in compliance
periods exists, the Commission acknowledges that there may be
additional costs on those entities subject to one or more other
rules, but spreading the compliance dates out over an extended
period limits the number of implementation activities occurring
simultaneously. Id. In addition, extending the compliance date will
likely mitigate the potential costs associated with overlap of the
compliance date and the compliance dates of rules that have been
adopted since the Twelve Month Rules. Specifically, the Commission
has adopted one rule since the Twelve Month Rules in which it
considered the overlap of compliance dates with those established in
the Adopting Release, including for the Twelve Month Rules. See
Daily Computation of Customer and Broker-Dealer Reserve Requirements
Under the Broker-Dealer Customer Protection Rule, Release No. 34-
102022 (Dec. 20, 2024), 90 FR 2790 (Jan. 13, 2025).
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The extension of the compliance dates by twelve months will delay
the realization of economic benefits associated with the Twelve Month
Rules. The delayed benefits include the streamlining of the filing or
submission process for documents affected by the electronic filing or
submission requirements of the Twelve Month Rules, which can reduce
errors and result in cost savings over time, and an increase in the
accessibility and usability of affected information by the public and
the Commission, which would increase transparency and insight into the
operations, governance, management, financial condition, and other
characteristics of the affected entities.\19\
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\19\ See Adopting Release, sections X.A and X.C.
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The extension of the compliance dates by twelve months will also
delay the cost associated with the Twelve Month Rules. As discussed in
the Adopting Release, affected firms that do not have experience
structuring in Inline XBRL may need to hire additional personnel
proficient in XBRL, train existing personnel, or otherwise outsource
compliance with the structured data requirements to a third-party
service provider.\20\ Extending the compliance date will give firms
more time to adjust their processes during which they may find or
develop less costly implementation methods to meet their filing or
submission deadlines. The extension of the compliance date will also
delay the accrual of the relevant per filing and per submission costs
and burdens described in the Adopting Release.
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\20\ See Adopting Release, section X.C.2.
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The extension of the compliance dates will delay the effects on
efficiency, competition, and capital formation of the Twelve Month
Rules. The delayed benefits include an increase in the timeliness of
public access to information electronically filed. Improving the speed
of disclosure to the public improves the price efficiency of markets by
improving the timeliness of information available to market
participants. These benefits may be delayed or reduced because
structured data requirements augment these effects by allowing the
Commission--and, where applicable, the public--to draw upon comparable
information from other reporting periods and from other disclosing
entities in assessing the reported disclosures.\21\ The extension of
the compliance dates may benefit smaller entities affected by the
Twelve Month Rules. As discussed in the Adopting Release, to the extent
that the EDGAR cost has a fixed component, smaller entities that do not
have experience with EDGAR may be at a relative competitive
disadvantage to larger entities.\22\ The extension of the compliance
dates may provide these smaller entities with more flexibility to
implement cost-effective compliance strategies, thereby reducing any
competitive effects of the Twelve Month Rules.
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\21\ See Adopting Release, sections X.A and X.D.
\22\ See Adopting Release, section X.D.
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The Commission considered reasonable alternatives to the new
compliance date, namely a shorter or longer extension. The Commission
believes, however, that, consistent with industry requests, a twelve-
month extension is appropriate to help facilitate the successful
implementation of the rule amendments.\23\ A shorter extension would
likely provide insufficient time for firms to fully implement the
technical and procedural changes necessary to comply with the rule
amendments. Furthermore, with respect to filings and submissions that
are tied to a firm's fiscal-year end, an extension of less than twelve
months might not provide a meaningful extension if the original
compliance date falls shortly after a firm's annual filing or
submission is due and the extended compliance date falls before the
firm's next annual filing or submission is due. Conversely, because a
twelve-month extension should be sufficient to facilitate successful
compliance, a longer extension would unnecessarily delay the benefits
arising from the rule amendments.
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\23\ See supra note 5.
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III. Procedural and Other Matters
The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a rulemaking in the Federal Register and
provide an opportunity for public comment. This requirement does not
apply, however, if the agency ``for good cause finds . . . that notice
and public procedure are impracticable, unnecessary, or contrary to the
public interest.'' \24\
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\24\ 5 U.S.C. 553(b)(B).
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For the reasons discussed below, the Commission, for good cause,
finds that notice and solicitation of comment regarding the extension
of the compliance dates set forth herein are impracticable,
unnecessary, or contrary to the public interest.\25\ This rule does not
impose any new substantive regulatory requirements on any person and
merely reflects the extension of the compliance dates for certain rule
amendments in the Adopting Release. An extension of the compliance
dates is needed to give firms additional time to update internal
systems, develop policies and procedures, and develop technological
infrastructure needed to comply with the Commission's requirements.
Firms must begin preparing for these changes well in advance of the
applicable compliance date in order to be fully in compliance by that
date. As a result, some firms may incur operational costs in order to
meet the compliance dates in the Adopting Release, including purchasing
software and making staffing changes or entering contracts with third-
party service providers.\26\ Providing immediate certainty that these
compliance dates are extended is therefore needed to allow firms to
avoid incurring unnecessary burdens and other challenges associated
with meeting the initial compliance dates of the Twelve Months Rules in
the Adopting Release.\27\
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\25\ See id. (stating that an agency may dispense with prior
notice and comment when it finds, for good cause, that notice and
comment are ``impracticable, unnecessary, or contrary to the public
interest'').
\26\ See Adopting Release, section X.C.2.b (discussing the
applicability and variability of structured data costs).
\27\ The compliance date extension set forth in this release is
effective upon publication in the Federal Register. Section
553(d)(1) of the APA allows effective dates that are less than 30
days after publication for a ``substantive rule which grants or
recognizes an exemption or relieves a restriction.'' 5 U.S.C.
553(d)(1).
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For similar reasons, although the APA generally requires
publication of a rule at least 30 days before its effective date,
[[Page 43556]]
the requirements of 5 U.S.C. 808(2) are satisfied (notwithstanding the
requirement of 5 U.S.C. 801),\28\ and the Commission finds that there
is good cause for this extension to take effect on September 10, 2025.
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\28\ See 5 U.S.C. 808(2) (if a Federal agency finds that notice
and public comment are impracticable, unnecessary or contrary to the
public interest, a rule shall take effect at such time as the
Federal agency promulgating the rule determines). This rule also
does not require analysis under the Regulatory Flexibility Act. See
5 U.S.C. 604(a) (requiring a final regulatory flexibility analysis
only for rules required by the APA or other law to undergo notice
and comment). Finally, this rule does not contain any collection of
information requirements as defined by the Paperwork Reduction Act
of 1995 (``PRA''). 44 U.S.C. 3501 et seq. Accordingly, the PRA is
not applicable.
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The Office of Management and Budget has determined that this action
is not a significant regulatory action as defined in Executive Order
12866, as amended, and therefore it was not subject to Executive Order
12866 review. Pursuant to the Congressional Review Act, the Office of
Information and Regulatory Affairs has designated the extension of the
compliance dates not a ``major rule,'' as defined by 5 U.S.C. 804(2).
IV. Conclusion
The Commission extends by twelve months the compliance dates for
certain of the rule amendments in the Adopting Release as specified
above.
By the Commission.
Dated: September 8, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17402 Filed 9-9-25; 8:45 am]
BILLING CODE 8011-01-P
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