SEC Proposes Adding EU Debt Obligations to Exempted Securities Under Rule 3a12-8

On August 28, 2026, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Rule 3a12-8 under the Securities Exchange Act of 1934 to add debt obligations of the European Union (EU) to the list of foreign government debt obligations designated as 'exempted securities' solely for futures marketing and trading. The proposal aims to harmonize regulatory treatment, placing futures contracts on EU debt under the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC), consistent with existing treatment for several EU member states' debt. The underlying debt offerings remain subject to federal securities laws. The comment period will be open for 60 days after publication in the Federal Register.