The SEC in a good number of stocks n 2025. Many of these were organized in an island jurisdiction with main offices in Asia. Even when it is evident that the issuer's securities are of little value, regulatory action to remove them from the market appears excessively deliberate.  

The SEC has provided substantial notice that it will be pursuing enforcement actions against firms claiming market maker status without proper justification. The concept is quite explicit: firms claiming a market maker exemption from the locate requirement must be able to demonstrate that the relevant transactions are in the course of making a market.

It is all to the good, even if long delayed, that fewer firms will be subject to the Form PF filing requirement, and for the firms that are still subject to the requirement, it will be made less burdensome. The real question is not whether it is ok to make the eliminations and modifications suggested by the Commissions; the real question is whether Form PF, in its slimmed down state, will continue to be more trouble than it is worth.  

CAT is the exemplification of a regulatory mind-set, now—at last—being challenged, that there should be no limit to the amount of information that the government should be able to collect, without regard for any of (i) the costs of collecting and maintaining the information, (ii) the value of the information (other than the fines that can be collected for failing to provide it), and (iii) the danger of aggregating so much information where it would be an incredible target for hackers.