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March 2025 Recap: Compliance & Regulatory Insights in 10 Mins
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Subscribe04 APR 2025 / MONTHLY REGULATORY CAPSULE
The Securities and Exchange Commission (SEC) hit pause on its proposed climate disclosure rules, with future implementation uncertain amidst legal challenges. Additionally, the SEC has ended its longstanding case against Ripple Labs over the unregistered XRP token sales, striking a blow for digital asset regulation. Furthermore, the SEC is reported to have shifted its focus to fewer but significantly more aggressive enforcement actions, particularly targeting cross-border conduct. It also expanded its confidential filing process, allowing businesses to keep IPOs and offers hidden until ready for launch. Meanwhile, the Internal Revenue Service (IRS) is reportedly shrinking in size, potentially impacting tax enforcement. The IRS has also rolled out new procedures for victims of financial scams to qualify for loss deductions and has set out tax relief measures for West Virginia taxpayers affected by severe storms. The Financial Crimes Enforcement Network (FinCEN) issued a rule exempting domestic companies from Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). The Public Company Accounting Oversight Board (PCAOB) has gone ahead with heavy enforcement of audit rules on both big-name firms and solo CPAs and targeted failures in Form AP (Audit Participant) reporting. These major shifts in the regulatory scheme will likely shape how businesses and tax professionals operate and advise their clients.
March brought major shifts across the regulatory map, some expected, others out of left field. The SEC hit pause on climate rules, the IRS shrank in size and service, and PCAOB fired off fresh audit crackdowns. Meanwhile, new tax guidance, FinCEN relief,...
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