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NEWSLETTER: As we approach mid-year, the regulatory landscape is heating up – just in time for summer.
The SEC has undergone a notable reshuffle, with several key leadership changes. Among the most prominent:
- Former SEC and Justice Department attorney Kevin Muhlendorf has been appointed as SEC Inspector General, succeeding acting Inspector General Katherine Reilly.
- Erik Hotmire returns to the SEC as Chief External Affairs Officer and Director of the Office of Public Affairs.
- Jamie Selway replaces David Saltiel as Director of the Division of Trading and Markets.
- Natalia Diez Riggin steps in as Senior Advisor and Director of Legislative and Intergovernmental Affairs.
These personnel changes come alongside a broader regulatory reset. The new leadership has withdrawn 14 proposed rules from the previous administration, signalling a clear pivot away from excessive rulemaking. This raises the question: what direction will the SEC’s agenda take next?
It’s also worth considering these developments in light of the SEC’s 2026 Congressional Budget Justification and Annual Performance Plan. There’s plenty to keep us on our toes as the agency seeks targeted investment – particularly to expand its capacity to address emerging risks in digital assets, artificial intelligence, and complex market structures.
Lastly, there’s been a further extension to the Form PF amendments compliance date. With both the SEC and CFTC voting to push the deadline to October 1, firms now have additional time to review and adjust their internal systems.
Get in touch if you’d like to discuss any of these topics with us in more detail or need any support.
Rebecca Thorpe, Global Head of Regulatory Consulting
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