Banking & Credit in United States

What Changed

The resignation itself does not constitute a regulatory change, but it creates operational uncertainty regarding the enforcement priorities and procedural reforms that Director Ryan had recently implemented: *Previously Announced Priorities (Now in Question): Reduced enforcement for technical violations: Director Ryan had signaled that routine violations concerning reporting requirements, recordkeeping, and internal accounting controls should not necessarily result in enforcement actions. "Middle ground" approach: For non-fraud violations posing investor or market integrity risks, the...

What You Need To Do

• *Immediate (Next 30 Days)
• *Monitor Acting Director's statements
• *Assess Wells submissions in progress
• *Review investigation status
• *Update compliance calendars

Key Dates

References

• [1] dlapiper.com/en-us/insights/publications/2026/02/sec-enfo...
• [2] alston.com/en/insights/publications/2026/02/sec-leadershi...
• [3] goodwinlaw.com/en/insights/publications/2026/03/alerts-pr...
• [4] davispolk.com/insights/client-update/sec-updates-its-enfo...
• [5] jdsupra.com/legalnews/sec-s-division-of-enforcement-annou...
• [6] regulationtomorrow.com/2026/03/us-secs-updated-enforcemen...
• [7] governance-intelligence.com/regulatory-compliance/back-ba...
• [8] secretariat-intl.com/insights/the-evolving-sec-enforcemen...

What Changed

The updates target investigative and enforcement procedures for greater consistency: Uniform Wells process: Recipients of a Wells notice receive four weeks to submit responses; Wells meetings are scheduled within four weeks of submission and include senior Division leadership. Guidance is provided on effective submissions to foster dialogue and timely resolutions. Simultaneous settlement and waiver consideration: Restores practice allowing settling parties to request Commission waivers from collateral consequences (e.g., disqualifications) alongside settlement offers, improving transparency...

What You Need To Do

• Review the updated Enforcement Manual (https
• Update internal policies for responding to Wells notices: Prepare submissions within four weeks, focusing on elements staff find "most helpful" (e
• For settlements, incorporate simultaneous waiver requests in offers to leverage restored process and mitigate collateral impacts
• Enhance cooperation strategies per new evaluation framework to potentially reduce civil penalties; document internal collaboration for enforcement interactions
• Monitor annual Manual reviews via SEC Division of Enforcement page (https://www

Key Dates

References

• [1] sec.gov/newsroom/press-releases/2026-20-secs-division-enf...
• [2] sec.gov/about/divisions-offices/division-enforcement
• [3] sec.gov/files/enforcementmanual.pdf

What Changed

The final rule introduces the following substantive amendments: *Exceptions for Swaps Intended to be Cleared (ITBC Swaps)** Swap dealers and major swap participants are exempted from certain External Business Conduct Standards and swap trading relationship documentation requirements when executing swaps that are intended by the parties to be cleared contemporaneously with execution.

What You Need To Do

• *Immediate Actions (Pre-Implementation)
• *Implementation Actions (Upon Effective Date)
• trade disclosure systems to remove PTMMM generation and delivery requirements
• based operations, review implications of superseded Staff Letter No
• *Ongoing Compliance

Key Dates

References

• [1] cftc.gov/PressRoom/PressReleases/9157-25
• [2] cftc.gov/media/12866/federalregister121825/download
• [3] isda.org/2025/11/18/isda-and-sifma-comment-on-cftc-propos...
• [4] gibsondunn.com/derivatives-legislative-and-regulatory-wee...
• [5] sifma.org/advocacy/letters/revisions-to-business-conduct-...
• [6] skadden.com/insights/publications/2025/09/cftc-proposes-e...