SEC Proposal Details

The U.S. Securities and Exchange Commission proposed amendments to Rule 3a12-8 on Aug. 28, 2026. The rule currently designates debt obligations of several EU member states and other foreign governments as exempted securities, but does not include the European Union itself.

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SEC Proposes Adding EU Debt to Exempted Securities List

“For too long, gaps like this one—where the debt of several EU member states was covered but debt of the European Union itself was not—have created exactly the kind of inconsistency that breeds confusion rather than confidence in the markets.”

Paul S. Atkins, SEC Chairman

Highlights

  • The SEC announced the proposal on Aug. 28, 2026.
  • The public comment period will run for 60 days after the date of publication in the Federal Register.
  • Rule 3a12-8 currently covers debt obligations of several EU member states and other foreign governments, but not the European Union itself.
  • If adopted, futures contracts on European Union debt obligations would fall under exclusive jurisdiction of the CFTC.

Proposed Amendments

  • Add the debt obligations of the European Union to the list of foreign government debt obligations designated as “exempted securities” under Rule 3a12-8, solely for the purposes of futures marketing and trading.
  • Leave unchanged the existing substantive requirements and provisions of Rule 3a12-8, including its application to the debt obligations of several EU member states and other foreign governments currently listed in the rule.

If adopted, futures contracts on European Union debt obligations would be placed under exclusive jurisdiction of the CFTC.

Offerings of the underlying debt obligations themselves would remain subject to the federal securities laws.

Publication and Comment Period

The proposing release has been published on SEC.gov and will be published in the Federal Register. The public comment period will run for 60 days after the date of publication in the Federal Register.