U.S. SEC Proposes Filing Category Simplification and Opens Review of Novel ETFs

The U.S. Securities and Exchange Commission released two rule proposals aimed at easing reporting burdens for public companies. The first set would collapse the current three‑tier filer system into a streamlined two‑tier structure, expand access to Form S‑3 shelf registrations, allow broader use of offering communications, extend filing deadlines for the smallest issuers, raise the large‑accelerated filer threshold from $700 million to $2 billion, and exempt non‑accelerated filers from SOX 404(b) compliance.

Separately, the SEC issued a 27‑question request for comment on “novel” exchange‑traded funds, including those tied to crypto assets, blockchain‑enabled strategies, and event‑contract products. The agency is seeking input on whether such funds qualify as investment companies, whether existing Rule 6c‑11 and Rule 485 processes are adequate, and whether a separate review track is needed. Comments are due 60 days after publication in the Federal Register.