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News this week

• $275M Ponzi-like scheme charged (Aug 14)
  The SEC charged Ryan Wear, Water Station Management LLC, and Creative Technologies, plus a portfolio manager in a parallel case, alleging two related schemes that raised $275+ million from 250+ investors (many retail/veterans), with misappropriation and Ponzi-style payments. Remedies sought include injunctions, penalties, disgorgement, and an O&D bar.

• Final judgment in ONPASSIVE pyramid-scheme case (Aug 15)
  The SEC obtained a final judgment against Ashraf Mufareh and ONPASSIVE LLC: permanent injunctions, an 8-year O&D bar for Mufareh, $4M civil penalty for Mufareh, and $26.22M disgorgement + $1.22M interest + $4M penalty for ONPASSIVE. The complaint alleged $108M raised from 800,000+ investors via an AI-themed MLM/unregistered offering.

• EDGAR Next: one-month compliance reminder (Aug 15)
  SEC reminded filers that starting Sept 15, 2025, those not enrolled in EDGAR Next (or granted access on/after Mar 24, 2025) won’t be able to file until they enroll. The notice also highlights updated CCC/passphrase requirements and Login.gov credentials for individuals.

• SEC launches public market “Statistics & Data Visualizations” page with interactive charts (IPOs, exempt offerings, bonds, reporting issuers, municipal advisors, transfer agents, household participation). Good for benchmarking and decks, though less “compliance-critical” than the three above.

• Privacy Act notice - rescission of a CFPB System of Records (SORN) : Aug 14, 2025
  The CFPB proposed to rescind a Privacy Act system of records notice (SORN) because the system is no longer maintained. Comments are due Sept 15, 2025; the rescission becomes effective Sept 23, 2025 unless adverse comments are received. This is material for entities and individuals who submit or request records under the Privacy Act, as it changes what data CFPB maintains and how it is covered.

• Data & Research refreshes - Consumer Credit Trends (mortgages & autos) : August 2025
  CFPB updated several Consumer Credit Trends dashboards (published August 2025) covering mortgage borrower risk profiles, lending by borrower age and neighborhood income, plus mortgage and auto origination activity. The pages note the most recent underlying data are through Jan 2025, but the August updates are the latest official CFPB analytics presentations and are commonly used by market participants for trend monitoring.

• A D.C. Circuit panel on Aug 15 cleared the administration to proceed with mass layoffs/restructuring at the CFPB, a major contextual development for the agency’s operations. (Again, this is court-driven news, not a CFPB release.)

• Information Notice (Aug 14) - Reminder of annual Continuing Education (CE) obligations: 2025 Regulatory Element must be completed by Dec 31, 2025, with tools for firms to set earlier internal deadlines, automate notifications, and monitor completion via FINRA Gateway/FinPro.

  Why it matters: missing the deadline triggers CE-inactive status - an operational risk for supervision and sales coverage.

• Bank Accounting Advisory Series (BAAS) - 2025 edition released (Aug 15)
  OCC issued its annual BAAS update and an accompanying bulletin. The 2025 edition refreshes explanations and removes outdated Q&As; it’s meant to promote consistent GAAP/regulatory application across banks (it is staff interpretive guidance, not a rule).

• OFPP launches landmark FAR overhaul (Aug 15)
  OMB’s Office of Federal Procurement Policy announced the first major modernization of federal commercial buying in decades - authorizing agencies to drop roughly one-third of non-statutory contract requirements, retiring FAR Parts 38 and 51, centralizing supply-chain security policies, and pushing “Best-in-Class” and other preferred GWACs. Immediate deviations let agencies start streamlining now, with more releases to come.

• Procurement operations: The FAR overhaul can immediately reduce admin burden and shift spend toward government-wide vehicles - affecting acquisition strategies and vendor onboarding.

A thought from our Author Norm Osumi 

As we enter into the last 4 months of 2025, here are 10 reminders for SEC reporting professionals from the author:

1. Monitor Evolving SEC Leadership and Priorities. The SEC has experienced significant leadership changes, with Gary Gensler stepping down, Mark Uyeda serving as acting chair, and Paul Atkins being confirmed as SEC chair. This transition led to an unprecedented 2-1 Republican majority on inauguration day, enabling rapid policy shifts. Chair Atkins is known for a methodical approach, focusing on investor protection while considering innovation and not hindering it.

2. Stay Informed on Crypto Asset Regulation. Chair Atkins has clearly stated his focus on creating greater clarity for crypto and DeFi. The SEC, particularly under Commissioner Hester Peirce, has been actively engaging with stakeholders through roundtables and has directed staff to develop new rulemaking and a regulatory framework for crypto. This includes potentially replacing existing guidance, such as the rescinded SAB 121, with formal rules.

3. Understand the Current Stance on Shareholder Proposals. The SEC retracted Staff Legal Bulletin 14L and issued 14M, which represents a reversion to a more company-specific analysis for the exclusion of shareholder proposals. This shift occurred in the middle of proxy season. Professionals should be prepared for continued debate and potential future changes in this area.

4. Track Developments on Climate Disclosure Rules. Although climate disclosure rules were adopted, they are currently stayed and not going into effect. Acting Chair Uyeda voted to end the SEC's defense of these rules, indicating the agency believes the existing record is sufficient for courts to decide on their validity and whether they fall within the SEC's remit. This remains an ongoing legal challenge that could influence future SEC disclosure powers.

5. Prepare for Potential Changes in Executive Compensation Disclosures. Chair Atkins has announced roundtables and opened a public comment file to gather input on executive compensation rules, including requirements like pay versus performance and CEO pay ratio. The goal is to assess if current rules achieve their intended purpose and if they are workable, suggesting possible future adjustments to make disclosures more effective and less burdensome.

6. Be Aware of the SEC's Enforcement Focus. Expect continued robust enforcement actions under Chair Atkins, with an emphasis on individual accountability and retail fraud. While many current cases were initiated under previous administrations, the enforcement division will face challenges to ensure that charges align clearly with statutes, rules, and precedents, indicating a more rigorous review process for new cases.

7. Monitor Capital Formation Initiatives. The SEC is actively focusing on capital formation, particularly for small businesses. This includes exploring the extension of Emerging Growth Company (EGC) status from five to ten years, which could impact requirements like the audit over internal controls over financial reporting.

8. Engage Proactively with the SEC. The current SEC leadership, including Chair Atkins, is emphasizing openness and actively encouraging public engagement. Companies, law firms, and audit firms are urged to provide input through comment files, roundtables, or direct interaction with staff on issues important to them, as the staff is keen to use this information to improve the marketplace. As one speaker noted, "if you're not at the table, you're going to be on the menu".

9. Expect a Continuously Busy Rulemaking Pace. Despite administrative changes, the SEC has "hit the ground running". SEC reporting professionals should anticipate a sustained heavy pace of potential rulemaking and interpretations, as the agency has a comprehensive agenda it is considering across various divisions.

10. Prioritize Clarity and Effectiveness in Reporting. Chair Atkins's focus is on creating rules that are "smart, effective, and clear". This emphasis on transparency from the staff suggests that future guidance and rules aim to be easier to implement and less likely to require numerous subsequent interpretations, a factor that should be considered in your reporting practices.

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Weekly Podcasts

We want to keep you engaged with meaningful topics, so we create weekly podcasts and host periodic webinars.

In a recent conversation, Matt Brown shared a timeless leadership lesson:
- Building consensus and collaboration is the key.
- Great management team pick a few clear goals, communicate them relentlessly, and ensure everyone understands the what and the why.
- Success comes when leadership aligns messaging, goals, and performance metrics, and holds the team accountable to them.

A great takeaway for leaders everywhere: clarity, focus, and alignment drive both collaboration and performance.

Tune in to hear more.

Here’s the audio version of the same:

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