Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Minor · Needs Congress

Require an annual SEC and CFTC report on SRO supervision

Not started

837 27. Financial Regulatory Agencies

“Require the SEC and the CFTC to publish a detailed annual report on SRO supervision.”

What has happened

  1. Not started

    Neither Commission was required to publish such a report and neither began publishing one. A Federal Register full-text search for "oversight of self-regulatory organizations" since 2025-01-20 returns zero documents and one for "rule enforcement review" — the name of the CFTC's own SRO examination program — also returns zero. The only CFTC action touching SRO oversight in the window is a fee rule, Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations (2025-12-15), which sets what the exchanges pay for those reviews and publishes nothing about them. No 119th-Congress bill imposes the reporting duty. Both agencies' own publication indexes were read on 2026-09-03 and neither carries such a report. The SEC's complete, dated report index (2023 through 2026-09-02) contains no report on oversight of self-regulatory organizations; the nearest products are the statutory annual staff report on nationally recognized statistical rating organizations, which is about credit rating agencies, and the 2026 Examination Priorities, which is EXAMS's forward look at examinations of registrants. The CFTC's own Rule Enforcement Reviews index describes the program in the present tense — Division of Market Oversight staff "prepare a detailed written report of their findings" — while listing no review published since **2017** (CBOT/CME/COMEX/NYMEX Disciplinary and NADEX Trade Practice) and no examination priorities since 2019. Neither agency publishes such a report, neither has begun one, and one of them has visibly stopped publishing the nearest thing it used to do. The supervision itself may continue unpublished; what is absent is the publication, which is what the Quote asks for.

    No action found yet. This entry is the starting point, not a finding.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • The CFTC’s fee rule is https://www.federalregister.gov/documents/2025/12/15/2025-22807/fees-for-reviews-of-the-rule-enforcement-programs-of-designated-contract-markets-and-registered (2025-12-15). It confirms the review program still runs and charges for it; it is not the published annual report the Quote asks for, so it is a lead rather than Evidence.
  • On the SEC side, the whole rulemaking output for the window (57 rules and proposed rules) and the 2026-08-14 Regulatory Flexibility Agenda were read; neither contains an SRO supervision reporting entry.
  • The weak half of this negative is now strong (2026-09-03, read-queue ticket 04). sec.gov opens to the full browser header set, so the earlier caveat — that the negative was strong on rulemaking and weak on agency publishing practice — can be retired. Both agency indexes were read in full and neither is a search box:
    • https://www.sec.gov/reports — the Commission’s complete report index, faceted by division and office, dated from 2023 through the 2026-2030 Strategic Plan of 2026-09-02. Every in-window entry was listed and none is a report on SRO oversight.
    • https://www.cftc.gov/IndustryOversight/TradingOrganizations/DCMs/dcmruleenf.html — the Commission’s own Rule Enforcement Reviews index. Newest first: 2017 (CBOT, CME, COMEX and NYMEX Disciplinary Program; NADEX Trade Practice), 2016, 2015, 2014 … back to 2007. Nothing after 2017. The single “Examination Priorities” link is DMO’s 2019 Examination Priorities. The row’s guessed path /IndustryOversight/IndustryFilings/RuleEnforcementReviews/index.htm is a 404, as is cftc.gov/sitemap.xml; this is the live path. Both indexes are undated as pages, so they are recorded here as a dated negative search read 2026-09-03 rather than as frontmatter Evidence.
  • Cluster negative search for pages 836–837 is recorded in docs/research/ch-27.md.
Action
issue
Object
an annual SEC and CFTC report on SRO supervision
ID
2176