Proposed Amendments to Exchange Act

FACT SHEET

Proposed Amendments to Exchange Act

Rule 3a12-8

On August 28, 2026, the Securities and Exchange Commission proposed amendments to

Rule 3a12-8.

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Rule 3a12-8 (“the Rule”) designates the debt obligations issued by certain foreign

governments as “exempted securities” under the Securities Exchange Act of 1934

solely for the purposes of futures marketing and trading.

●

Futures contracts on these debt obligations fall under the exclusive jurisdiction of the

Commodity Futures Trading Commission (“CFTC”).

●

The proposed amendments would add the debt obligations of the European Union to

the list of foreign governments in the Rule and make conforming changes, while

leaving the substantive requirements of the Rule unchanged.

Why This Matters

Debt obligations issued by several European Union member states are currently included

in Rule 3a12-8, but European Union debt obligations are not. The addition of European

Union debt obligations would create consistency in regulatory treatment between futures

on these debt obligations and futures on the debt obligations of the member states that are

already included on the list.

How This Rule Applies

The proposed amendment would place the trading of futures contracts on European Union

debt obligations under the sole jurisdiction of the CFTC, provided that the futures contracts

meet the other provisions in the Rule. Thus, the trading of these contracts in the U.S. or by

U.S. persons would be governed solely by the Commodity Exchange Act. The offerings of

the underlying debt obligations, however, would remain subject to the federal securities

laws.

All of the existing provisions in Rule 3a12-8 would apply to futures contracts on European

Union debt obligations as they apply to the debt obligations of the governments that are

currently listed in Rule 3a12-8.

What’s Next

The proposing release is published on SEC.gov and will be published in the Federal

Register. The public comment period will remain open for 60 days after the date of

publication in the Federal Register.

U.S. SECURITIES AND EXCHANGE COMMISSION