FINANCIAL INDUSTRY AND REGULATION 

SEC's New EDGAR System to Debut: The Securities and Exchange Commission announced that on March 24, a new EDGAR filer management dashboard will go live on the SEC’s website, and filers can begin enrolling in “EDGAR Next” by submitting an amended Form ID. The SEC adopted rule and form amendments referred to as EDGAR Next in September 2024 to improve the ability of filers to securely manage and maintain access to their EDGAR accounts while simplifying the procedures for them to access EDGAR.

Treasury Cancels CTA Enforcement: Inc. reports that American businesses will not need to comply with the Corporate Transparency Act after all. In another twist, the Treasury Department on Sunday said that the agency will not enforce the CTA, an anti-money laundering measure passed under the Biden administration.

SEC Says Meme Coins Are Not Securities: CNBC reports that the SEC last week issued long sought after guidance saying it does not deem most meme coins securities under U.S. federal law.

Alts Platform Launched to Expand Private Market Access: AltsWire reports that SEI, a financial services technology and investment solutions company, announced the launch of its alternative investment product marketplace through its online platform SEI Access, designed to provide an end-to-end investment experience and increased access for wealth managers and financial advisers.

SEC Expands Confidential Filing to Promote Capital Formation: Financial Regulation News says the SEC announced Monday that its Division of Corporation Finance is further facilitating capital formation by enhancing the accommodations available to companies for nonpublic review of draft registration statements.

FINRA Issues Reg BI Fine Over Private Placements: ThinkAdvisor reports that the Financial Industry Regulatory Authority has fined Cova Capital Partners $30,000 for recommending three private placements that were unsuitable for or not in the best interests of at least some investors, violating Reg BI.

SEC Shareholder Proxy Proposal Guidance Causes Split: Pensions & Investments reports that new guidance from the SEC will make it easier for public companies to get the greenlight to exclude shareholder proposals on company proxy statements, experts said, but investor and business groups are split on whether that’s a good thing.

NASAA Ready to Roll Out State Advisor Regs: Financial Advisor reports that as the SEC pumps the brakes on securities enforcement, the North American Securities Administrators Association is preparing to roll out a regulatory standard of its own to stop firms and professionals from using the titles “adviser” or “advisor” unless they are registered as an RIA or investment advisor representative.

FINRA Governors Board Names Curtis New Chair: Wealth Management reports that Raymond James COO Scott Curtis is the new head of FINRA’s board of governors, succeeding outgoing chair and FusionIQ CEO Eric Noll.

POLICY AND LEGISLATION

Congress Seems Headed to a Long-Term Stopgap Funding Plan: The Hill reports that House GOP leaders want to have text of a stopgap spending measure that covers the remaining months of fiscal 2025 ready by this weekend, in time to vote next week and beat a deadline of March 14, when the current continuing resolution expires.

Consolidated Audit Trail Review Sought by Congress: Pensions & Investments reports that Congressional Republicans asked the SEC to “launch a comprehensive review” of the consolidated audit trail, expressing concerns about the database’s funding, cybersecurity protections and collection of personally identifiable information.

Senate Consideration of House Budget Plan Delayed: Politico reports that Senate Republicans will not address the House budget resolution until at least late March, as they focus on averting a government shutdown by March 14.

Senate Votes to Repeal Biden-Era Cryptocurrency Reporting Rule: The Wall Street Journal reports that the Senate voted 70-27 to repeal a Biden-era rule requiring that some cryptocurrency platforms report their customers’ transactions to the Internal Revenue Service, delivering a bipartisan victory to the ascendant industry.