The Securities and Exchange Commission today approved an amendment to the National Market System Plan governing the Consolidated Audit Trail (“CAT”) and provided exemptive relief from certain requirements of Rule 17a-1 under the Securities Exchange Act…
Broker DealerAll Firms
No description available.
Broker DealerAll Firms
No description available.
FintechCrypto Exchange
No description available.
Broker DealerFintechCrypto Exchange
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAsset Manager
No description available.
The CFTC issued FAQs on March 20, 2026, providing clarification on how registered entities and market participants should handle crypto assets and blockchain technologies in their operations, building directly on the agency's tokenized collateral guidance and no-action relief issued in late 2025 and early 2026. This guidance is critical because it operationalizes the SEC-CFTC joint interpretation issued just three days earlier (March 17, 2026), which established a binding regulatory framework classifying 16 crypto assets as digital commodities and clarifying the treatment of non-security crypto assets under federal law.
What Changed
The CFTC FAQs address implementation questions arising from two prior staff positions:
Tokenized Collateral Guidance (CFTC Staff Letter 25-39): Established the framework allowing futures commission merchants (FCMs) and designated contract markets (DCMs) to accept digital assets as margin collateral.
No-Action Position (CFTC Staff Letter 26-05): Provided temporary relief permitting FCMs to accept payment stablecoins, Bitcoin, and Ether as customer margin collateral, subject to specific operational and notification requirements.
The FAQs clarify practical implementation questions that market...
What You Need To Do
- *Immediate (0–30 days)
- *Asset Classification Audit
- *Investment Contract Review
- *FAQ Implementation Review
- *Notification Protocol Establishment
Key Dates
March 20, 2026 - FAQs Published CFTC Market Participants Division and Division of Clearing and Risk issue clarifying FAQs effective immediately.
March 17, 2026 - SEC-CFTC Joint Interpretation Effective The foundational joint interpretation establishing crypto asset taxonomy and digital commodity classification became effective upon Federal Register publication.
Within 30–60 Days - Disclosure & Program Updates Firms must revise Form ADV, disclosure documents, offering materials, and custodial arrangements to reflect the new regulatory framework. DEADLINE
Immediate - Compliance Review Required Asset classification audits, staking arrangement reviews, and investment contract assessments must begin now; enforcement posture is live. DEADLINE
January 18, 2027 (Estimated) - GENIUS Act Stablecoin Exclusion Final implementing rules for payment stablecoins issued by permitted issuers; interim staff position applies now.
Compliance Impact
Urgency: CRITICAL
Crypto ExchangeBroker DealerFintech
No description available.
Broker DealerAll Firms
Information Notice 3/17/26
This FINRA Information Notice announces an SEC-mandated increase in the Section 31 fee rate from $0.00 to $20.60 per million dollars of specified securities transactions, effective April 4, 2026, reversing a prior zero-rate period. It matters because FINRA member firms will face renewed fee assessments on exchange and OTC trades, requiring immediate systems updates and budgeting adjustments ahead of the short implementation timeline. https://www.finra.org/rules-guidance/notices/information-notice-20260317[original notice]
What Changed
Section 31 Fee Rate Increase: The rate for specified securities transactions on exchanges and OTC markets rises from $0.00 to $20.60 per million dollars in transactions, based on trade date (not settlement date, per 17 CFR 240.31(a)(3)). This applies to covered sales with trade dates on or after April 4, 2026.[original notice]
Security Futures Unchanged: The assessment remains at $0.0042 per round turn transaction.[original notice]
FINRA Collection Mechanism: Fees are collected from member firms per Section 3 of Schedule A to FINRA By-Laws, aligned with SEC adjustments under Section 31 of the...
What You Need To Do
- Systems/Processes Update
- Budgeting/Financial Planning
- Legal Review
- Customer Disclosure
- Monitor SEC
Key Dates
February 27, 2026 - SEC Fee Rate Advisory #2 for FY 2026 announced, setting new rate.[original notice]
March 17, 2026 - FINRA Information Notice published.[original notice]
April 4, 2026 - Effective date; new $20.60 rate applies to trades with charge date (trade date) on or after this date. Current $0.00 rate applies through April 3, 2026.[original notice]
Compliance Impact
Urgency: High - With only ~2.5 weeks from publication (March 17) to effective date (April 4, 2026), firms risk non-compliance, underbilling, or financial shortfalls if systems aren't updated promptly. This is critical for high-volume traders, as fees scale with transaction dollars, potentially adding significant costs post-zero-rate period; missing the trade-date trigger could lead to disputes or penalties. Historical patterns show frequent adjustments (e.g., 2025 drop to $0.00), demanding agile compliance processes.
Broker Dealer
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerBankAsset Manager
No description available.
BankFintechCrypto Exchange
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published a new report on security based swap dealers (SBSDs) and updated statistics and data visualizations on initial public offerings (IPOs), follow-on registered…
Broker DealerAsset Manager
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAsset ManagerAll Firms
The Securities and Exchange Commission today proposed amendments to Exchange Act Rule 15c2-11, which sets out certain information gathering and review requirements for broker-dealers that publish quotations for, or maintain a continuous quoted market in…
The SEC is proposing amendments to Exchange Act Rule 15c2-11, which governs broker-dealer quotation requirements in OTC markets outside national securities exchanges, aiming to update information review standards for enhanced investor protection. This matters for compliance professionals as it could impose stricter due diligence on broker-dealers quoting OTC securities, building on 2020 amendments amid ongoing fixed income implementation challenges, potentially reducing fraud in retail-heavy OTC markets. https://www.sec.gov/newsroom/press-releases/2026-28-sec-proposes-amendments-exchange-act-rule-15c2-11
What Changed
Rule 15c2-11 requires broker-dealers to review current, publicly available issuer information (e.g., via EDGAR or issuer websites) before publishing or submitting quotations for OTC securities, with exceptions like piggybacking limited to scenarios with one-way priced quotes, post-trading suspension restrictions (60 days), and time-bound quoting for shell companies (18 months).
What You Need To Do
- Review processes
- Exception compliance
- Systems updates
- Issuer coordination
- Comment submission
Key Dates
TBD (post-Federal Register publication) - Proposed comment period closes; SEC seeks input on amendments. (Inferred from "consultation" type; exact date not in summary.) https://www.sec.gov/newsroom/press-releases/2026-28-sec-proposes-amendments-exchange-act-rule-15c2-11
Compliance Impact
Urgency: High – Builds on enforced 2020/2021 changes with fixed income phases expired (Phase 3 active since 2024), pressuring broker-dealers on ongoing quotes amid SEC scrutiny; proposals could tighten "publicly available" standards or exceptions, risking enforcement for non-compliant OTC activity in fraud-prone markets. Matters as OTC is retail-dominated, amplifying gatekeeper liability; operational overhauls needed now to avoid quoting halts.
Broker DealerAll Firms
The Securities and Exchange Commission today announced that Judge Margaret A. Ryan has resigned from her role as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director of the Division, effective March…
Judge Margaret A. Ryan, who assumed the role of SEC Enforcement Division Director in August 2025 and signaled a significant recalibration of enforcement priorities toward fraud and market integrity while reducing enforcement actions for technical violations, has resigned from the agency. Principal Deputy Director Sam Waldon has been named Acting Director, creating immediate uncertainty regarding continuity of the enforcement approach that was just articulated in February 2026 and may signal a shift in the SEC's enforcement trajectory going forward.
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
February 11, 2026 - Director Ryan delivered public remarks outlining enforcement priorities and Wells process commitments
February 24, 2026 - SEC announced comprehensive updates to Enforcement Manual (first update since 2017)
March 17, 2026 - Judge Margaret A. Ryan's resignation announced; Sam Waldon named Acting Director (effective immediately)
Ongoing - Four-week timeline for post-Wells meetings with senior leadership remains in effect pending Acting Director's confirmation of policy continuity
Compliance Impact
Urgency: HIGH
Broker DealerAsset ManagerBank No description available.
BankBroker DealerAll Firms
No description available.
The CFTC secured a default judgment on March 13, 2026, against New York-based Safety Capital Management Inc. and GNS Capital Inc. (d/b/a ForexnPower) for retail forex fraud, fraud as commodity pool operators (CPOs) and commodity trading advisors (CTAs), and related violations of the Commodity Exchange Act (CEA), ordering over $2.4 million in restitution and penalties. This enforcement action underscores the CFTC's aggressive pursuit of fraud targeting vulnerable retail investors, with permanent injunctions against future violations, serving as a stark reminder for firms in forex, CPO, and CTA spaces to prioritize robust compliance programs.
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud in retail forex transactions (CEA Section 6(c)(1) and Regulation 180.1), CPO/CTA fraud, and related violations, with penalties triple the monetary gain and permanent injunctions. The judgment highlights judicial emphasis on exploiting vulnerable communities, such as non-English-speaking groups reliant on advisors.
What You Need To Do
- Conduct gap analyses of retail forex, CPO, and CTA operations for fraud risks, especially in customer communications and targeting vulnerable groups
- Enhance disclosures, suitability assessments, and recordkeeping to demonstrate non-reliance exploitation
- Review parallel criminal risks (e
- Implement training on CEA Sections 4k, 4m, 4n, and Regulations 5
- Monitor for restitution collection, noting CFTC caution on defendant insolvency
Key Dates
September 25, 2015 - CFTC files original complaint against defendants.
April 11, 2018 - Parallel criminal case filed (United States v. Kang, et al., No. 18-cr-184, E.D.N.Y.).
August 31, 2022 - Consent order resolves claims against Tae Hung Kang.
September 19, 2024 - Summary judgment resolves claims against John H. Won.
March 13, 2026 - U.S. District Court for the Eastern District of New York enters default judgment against Safety Capital and GNS, ordering payments and injunctions.
Compliance Impact
Urgency: Medium - This resolves a decade-long case but reinforces CFTC's fraud enforcement focus, particularly on retail forex and vulnerable investors; firms should audit operations promptly to avoid similar defaults, as penalties (triple gains) and injunctions are severe, though not indicative of imminent rulemaking.
Asset ManagerBroker Dealer
No description available.
Broker DealerCrypto Exchange
No description available.
The CFTC has issued an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public comments on potential amendments or new regulations for event contracts in prediction markets, focusing on statutory compliance, public interest prohibitions, and cost-benefit analysis. This matters for compliance professionals as it signals heightened CFTC scrutiny and forthcoming rules that could reshape prediction market operations, amid jurisdictional disputes and enforcement priorities. (https://www.cftc.gov/PressRoom/PressReleases/9194-26)
What Changed
This ANPRM proposes no immediate changes, as it is an early-stage consultation seeking input on:
Application of Commodity Exchange Act (CEA) core principles and existing CFTC regulations to prediction markets.
Criteria for prohibiting event contracts deemed contrary to the public interest (e.g., potentially sports, politics, or sensitive topics like government employee outcomes).
Cost-benefit analyses for regulating prediction markets.
It builds on prior actions, including withdrawal of a 2024 proposed ban on certain event contracts and a 2025 staff advisory on sports-related contracts,...
What You Need To Do
- Submit comments
- Review compliance programs
- Monitor developments
Key Dates
April 26, 2026 - Deadline for public comments (45 days after Federal Register publication; ANPRM published March 12, 2026). Comments via CFTC Public Comments Portal. (https://www.cftc.gov/PressRoom/PressReleases/9194-26) DEADLINE
Compliance Impact
Urgency: High - This ANPRM initiates rulemaking that could prohibit certain event contracts or impose new CEA compliance burdens, amid CFTC Enforcement Division advisories on misconduct (e.g., MNPI, manipulation) and jurisdictional defenses against states/SEC. Firms risk enforcement actions if unprepared, especially as prediction markets grow with institutional interest; proactive commenting and program reviews are essential to influence outcomes and mitigate risks.
Broker DealerCrypto ExchangeAll Firms
No description available.
Broker DealerCrypto ExchangeAll Firms
The two agencies have entered into a MOU to guide coordination and collaboration to support lawful innovation, uphold market integrity, and ensure investor and customer protection.
Broker DealerCrypto Exchange
No description available.
Broker DealerFintechCrypto Exchange
No description available.
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAsset Manager
No description available.
Broker DealerCrypto Exchange
The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington D.C. on March 12 at 10 a.m. ET to discuss public company disclosure reform, fund proxy voting, and a potential…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission announced today that it will host a roundtable on April 16, 2026, to discuss listed options market structure, including facilitating competition in a quote driven market, evaluating the customer experience, and…
Broker DealerAll Firms
Regulatory Notice 26-05
Broker DealerWealth ManagerBank
No description available.
Broker DealerBank
No description available.
No description available.
The CFTC announced on March 2, 2026, the appointment of David I. Miller, a former federal prosecutor and white-collar defense attorney, as Director of Enforcement, replacing acting director Paul Hayeck. This leadership change signals a potential shift toward stricter enforcement against fraud, market manipulation, and abusive trading practices, particularly in commodities and digital assets, while emphasizing the division's core policing role over policy-making. Compliance professionals should monitor this for evolving enforcement priorities, as Miller's prosecutorial background and digital asset experience may intensify scrutiny on high-risk activities.
What Changed
This announcement introduces no new regulatory rules, requirements, or statutory changes; it is a personnel appointment reshaping enforcement leadership. Chairman Selig highlighted Miller's role in refocusing the Enforcement Division on "policing fraud, abuse, and manipulation rather than setting policy," potentially signaling reduced pursuit of novel legal theories and a narrower enforcement scope.
What You Need To Do
- Review internal controls for fraud, manipulation, and abusive trading, prioritizing digital asset activities (e
- Assess exposure from Miller's past cases (e
- Monitor CFTC enforcement dockets and coordinate with counsel experienced in CFTC/SEC/DOJ matters for upcoming investigations
- Update training on "core" violations (fraud, abuse, manipulation) to align with stated enforcement focus
Key Dates
March 02, 2026 - Announcement and effective start of David I. Miller as Director of Enforcement .
June 2025 - Paul Hayeck began as acting director (historical context; Hayeck transitions to Complex Fraud Task Force chief).
Compliance Impact
Urgency: Medium. This matters because the new Director influences case selection, resource allocation, and prosecutorial priorities, potentially increasing enforcement momentum in commodities and crypto amid CFTC's staffing buildup and jurisdictional expansions. Firms with digital asset exposure face heightened risk of investigations into fraud/manipulation, but the "narrower" focus may reduce pursuits of expansive theories, offering predictability for compliant actors. Track for 3-6 months to observe initial actions.
Broker DealerCrypto ExchangeAll Firms
The Securities and Exchange Commission today adopted final rule and form amendments to reflect the requirements of the recently enacted Holding Foreign Insiders Accountable Act (HFIA), which will increase transparency into the holdings and transactions…
The SEC adopted final rules on February 27, 2026, implementing the Holding Foreign Insiders Accountable Act (HFIA), which extends Section 16(a) beneficial ownership reporting requirements to directors and officers of foreign private issuers (FPIs) with Exchange Act Section 12-registered equity securities, effective March 18, 2026. This aligns FPI insiders' disclosure obligations with those of U.S. domestic issuers, enhancing market transparency while exempting >10% holders from reporting. Compliance professionals must prioritize preparation as the deadline approaches in two weeks from today (March 3, 2026).
What Changed
Extension of Section 16(a) Reporting: Directors and officers of FPIs must now file Forms 3 (initial beneficial ownership), 4 (changes in ownership), and 5 (annual summary) electronically and in English, covering holdings and transactions in the FPI's equity securities.
Rule Amendments:
- Rule 3a12-3(b): Removes full Section 16 exemption for FPI insiders; retains exemptions only for Section 16(b) short-swing profits and Section 16(c) short-selling prohibitions.
- Rule 16a-2: Explicitly excludes >10% beneficial owners of FPI equity from Section 16(a) reporting.
Form Updates: Forms 3, 4, and...
What You Need To Do
- For FPIs and Insiders
- Training and Policies
- Systems Preparation
- Monitor Exemptions
Key Dates
December 18, 2025 HFIA enacted into law.
February 27, 2026 SEC adopts final rules (ahead of 90-day mandate).
March 18, 2026 Effective date; directors/officers of existing FPIs must file initial Form 3; new directors/officers file within 10 days of appointment; ongoing Forms 4 within 2 business days of transactions. DEADLINE
Ongoing Annual Form 5 for unreported transactions; adopting release published in Federal Register (date TBD).
Compliance Impact
Urgency: Critical – With the March 18, 2026, effective date just two weeks away (as of March 3, 2026), non-compliance risks SEC enforcement, including public disclosure failures and potential civil penalties under Section 16. This materially heightens governance burdens for FPIs, demands immediate system/process overhauls, and aligns foreign insiders with U.S. standards to prevent opacity in cross-border listings.
All Firms
The U.S. Securities and Exchange Commission (SEC) and the Financial Services Agency of Japan (FSA) convened the Spring SEC-FSA Financial Regulatory Dialogue in Tokyo on Feb. 27, 2026.The SEC–FSA Dialogue builds upon longstanding efforts between the two…
BankAsset ManagerBroker Dealer
No description available.
Asset ManagerHedge Fund
The Securities and Exchange Commission today announced it will hold a roundtable on March 4 to discuss private market valuations and responsible retailization.The roundtable will be hosted by the Division of Investment Management from 1 p.m. to 3 p.m. ET…
Asset ManagerBroker DealerFintech No description available.
The CFTC Enforcement Division issued an advisory on February 25, 2026, detailing two enforcement cases involving illegal trading on prediction markets (event contracts) traded on KalshiEX, a Designated Contract Market. The advisory clarifies that the CFTC maintains full enforcement authority over prediction markets and will prosecute violations including insider trading, market manipulation, and fraud—establishing critical compliance expectations for platforms and traders in this emerging asset class.
What Changed
The advisory does not introduce new rules but rather reaffirms existing CFTC enforcement authority over prediction markets and clarifies the scope of prohibited conduct:
Insider trading/misappropriation: Trading based on material nonpublic information obtained through a breach of fiduciary duty or pre-existing duty of trust and confidence (Section 6(c)(1) of the Commodity Exchange Act and Regulation 180.1(a)(1) and (3))
Fraud and manipulation: Use of manipulative schemes or artifices to defraud, including trading in contracts where the trader has direct or indirect influence over the...
What You Need To Do
- *For Prediction Market Platforms (DCMs)
- *Implement robust surveillance systems to detect trading by individuals with material nonpublic information or direct/indirect influence over contract outcomes
- *Establish clear trading prohibitions in exchange rules addressing:
- Trading in contracts where the trader has influence over the outcome
- Trading based on material nonpublic information obtained through breach of duty
Key Dates
February 25, 2026 - CFTC Enforcement Division issues Prediction Markets Advisory
May 2025 - First enforcement case (political candidate trading incident) identified and resolved by Kalshi
August-September 2025 - Second enforcement case (YouTube editor trading incident) identified and resolved by Kalshi
No specific future deadlines - Advisory does not establish new compliance deadlines; it clarifies existing obligations DEADLINE
Compliance Impact
Urgency: HIGH
Crypto ExchangeBroker Dealer
The Securities and Exchange Commission’s Division of Enforcement today announced significant updates to its Enforcement Manual. These updates underscore the Commission’s ongoing commitment to fairness, transparency, and efficiency in the investigations…
The SEC's Division of Enforcement announced updates to its Enforcement Manual on February 24, 2026, focusing on enhancing fairness, transparency, and efficiency in investigations through standardized procedures like the Wells process and settlement considerations. These changes, the first major revisions since 2017, introduce uniform timelines and best practices to streamline resolutions and improve dialogue with investigated parties. Compliance professionals should prioritize this as it directly affects how firms respond to SEC inquiries, potentially accelerating outcomes and reducing uncertainties in enforcement actions.
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
February 24, 2026 - Updates to Enforcement Manual announced and effective; last major revision was 2017, with annual reviews planned going forward.
Four weeks from Wells notice receipt - Standard deadline for Wells submissions. DEADLINE
Four weeks from Wells submission receipt - Scheduling of Wells meetings with senior leadership.
Compliance Impact
Urgency: High - These procedural updates are immediately effective and alter critical interaction points with SEC staff, such as Wells responses and settlements, which can determine investigation closure, enforcement recommendations, or penalty severity. Firms under active scrutiny or anticipating inquiries gain from predictable timelines reducing prolonged uncertainty, but must adapt quickly to avoid suboptimal outcomes; non-compliance risks inefficient resolutions or missed cooperation credits.
Asset ManagerBroker DealerHedge Fund No description available.
BankFintechCrypto Exchange
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAll Firms
No description available.
Asset ManagerBroker DealerWealth Manager
No description available.
Broker DealerCrypto Exchange
No description available.
Crypto ExchangeAll Firms
The Securities and Exchange Commission will host the agency’s 45th Annual Government Business Forum on Small Business Capital Formation at SEC headquarters in Washington, D.C., on March 9 from 1 p.m. to 5 p.m. ET. The event will be webcast live. …
Asset ManagerBroker DealerFintech
No description available.
Crypto ExchangeFintech
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has published two new reports on exchange traded funds and fund mergers, and updated statistics and data visualizations on municipal advisors, transfer agents, and…
Asset ManagerBroker Dealer
No description available.
The CFTC has withdrawn its 2024 proposed rulemaking on "Event Contracts" (which sought to prohibit political event contracts) and the 2025 Staff Advisory (No. 25-36) on sports event contracts, signaling a policy shift under new Chairman Michael S. Selig toward promoting innovation via new rulemaking. This matters because it removes prior restrictive guidance, reduces immediate compliance burdens on prediction market operators, and opens the door for lawful event contracts while hinting at CFTC asserting exclusive jurisdiction over these derivatives.
What Changed
Withdrawal of the June 10, 2024, Notice of Proposed Rulemaking titled “Event Contracts,” which proposed prohibiting political event contracts as contrary to public interest (e.g., akin to war or terrorism outcomes); CFTC confirms no final rules will issue from this proposal.
Withdrawal of CFTC Staff Letter 25-36 (issued Sept.
What You Need To Do
- Review and disregard prior compliance programs built around the 2024 proposal or 2025 advisory (e
- Monitor CFTC docket for new event contracts rulemaking notice and provide comments during any future consultation period
- Assess current offerings for event contracts under existing Commodity Exchange Act prohibitions (e
- Evaluate litigation exposure, especially state gaming regulator actions; prepare for potential CFTC intervention asserting exclusive jurisdiction
- No immediate prohibitions lifted or mandates imposed—continue operating within current CEA framework (e
Key Dates
June 10, 2024 - Publication of withdrawn "Event Contracts" Notice of Proposed Rulemaking.
September 30, 2025 - Issuance of withdrawn CFTC Staff Letter 25-36 (Sports Event Contracts Advisory).
February 4, 2026 - CFTC announcement withdrawing both the 2024 proposal and 2025 advisory; no final rules from 2024 proposal; new rulemaking to advance.
Compliance Impact
Urgency: Medium – This withdrawal immediately eliminates overhang from restrictive proposals/advisories, allowing firms to pivot from prohibition compliance to innovation planning without urgent deadlines. It matters for reducing uncertainty in prediction markets but requires vigilance for new rules, jurisdictional fights, and insider trading clarity, as platforms like Polymarket face ongoing scrutiny.
Broker DealerFintechCrypto Exchange
No description available.
BankBroker DealerHedge Fund
No description available.
Broker DealerFintech
No description available.
BankBroker Dealer
The Securities and Exchange Commission today announced the appointment of Demetrios (Jim) Logothetis, as Chairman, and Mark Calabria, Kyle Hauptman, and Steven Laughton, as Board members, of the Public Company Accounting Oversight Board (PCAOB). George…
Asset ManagerBroker DealerBank
No description available.
Crypto ExchangeFintechAll Firms
No description available.
Crypto ExchangeFintech
No description available.
Crypto ExchangeFintechAll Firms
No description available.
All Firms
The Securities and Exchange Commission today filed settled charges against Archer-Daniels-Midland Company (ADM) and its former executives, Vince Macciocchi and Ray Young, and a litigated action against its former executive Vikram Luthar, for …
Broker DealerAsset Manager
No description available.
Broker Dealer
No description available.
Broker DealerFintechCrypto Exchange
No description available.
Crypto ExchangeFintech
Securities and Exchange Commission Chairman Paul S. Atkins and Commodity Futures Trading Commission Chairman Michael S. Selig will hold a joint event, previously scheduled for Jan. 27, now rescheduled for Thursday, Jan. 29, from 2 p.m. to 3 p.m. at CFTC…
Crypto ExchangeFintech
Equity-Indexed Annuities
Broker DealerWealth ManagerAsset Manager
Engagement
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Enforcement Process
Broker DealerAsset ManagerWealth Manager
Enforcement
Broker DealerAsset ManagerWealth Manager
Electronic Fingerprint Processing
Broker DealerAsset ManagerWealth Manager
Electronic Communications
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Direct Participation Programs (DPPs)
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Digital Experience Transformation (DXT)
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Derivatives and Other Balance Sheet Items (OBS)
Broker DealerAsset ManagerBank
Derivatives
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Department of Labor
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Deferred Annuities
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Day Trading
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Cybersecurity
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Customer Orders
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Customer Information Protection
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Customer Account Transfers
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Customer Account Statements
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Crypto Assets
Crypto ExchangeBroker DealerAsset Manager
Credit for Cooperation
Broker DealerAsset ManagerBank
COVID-19 / Coronavirus
Broker DealerAsset ManagerBank
Correspondence
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Corporate Financing
Broker DealerAsset ManagerBank
Corporate Bonds
Broker DealerBank
Continuing Education
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Broker DealerAsset ManagerBank
Consolidated Audit Trail (CAT)
Broker DealerAll Firms
Conflicts of Interest
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Comprehensive Automated Risk Data System (CARDS)
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Compensation
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Communications with the Public
Broker DealerWealth ManagerAsset Manager
Central Registration Depository (CRD)
Broker DealerWealth ManagerAsset Manager
Carrying Agreements
Broker DealerAsset ManagerBank
Capital Formation
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Capital Acquisition Brokers
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Business Continuity Planning
Broker DealerBankAsset Manager
BrokerCheck
Broker DealerWealth ManagerAll Firms
Broker-Dealer Recruitment Disclosures
Broker DealerWealth ManagerAll Firms
Books and Records
Broker DealerAsset ManagerBank
Bond Mutual Fund Volatility/Risk Rating
Asset ManagerBroker Dealer
Blue Sheets
Broker DealerAsset ManagerBank
Block Chain / Distributed Ledger Technology
Broker DealerFintechCrypto Exchange
Best Practices
Broker DealerAsset ManagerBank
Best Execution
Broker DealerAsset ManagerAll Firms
Auction Rate Securities
Broker DealerWealth ManagerAsset Manager
Asset Backed Securities
Broker DealerAsset ManagerBank
Artificial Intelligence
Broker DealerAsset ManagerBank Arbitration and Mediation
Broker DealerWealth ManagerBank Anti-Money Laundering
Broker DealerBankAsset Manager
Annual Audit
Broker DealerAsset ManagerBank
Alternative Display Facility (ADF)
Broker DealerAsset ManagerBank
Alternative and Complex Products
Broker DealerWealth ManagerAsset Manager
Algorithmic Trading
Broker DealerAsset ManagerFintech
Agency Bonds
Broker DealerBank
Advertising Regulation
Broker DealerAsset ManagerWealth Manager
Regulatory Notice 25-01
Broker DealerBank
Information Notice - 1/3/25
FINRA issued an Information Notice on January 3, 2025, modifying the Contrary Exercise Advice (CEA) cut-off time for options expiring on January 9, 2025, from the standard 5:30 p.m. ET to 10:00 a.m. ET due to the National Day of Mourning. This time-sensitive directive required immediate operational adjustments for all broker-dealers and clearing members handling options exercise instructions on that specific date.
What Changed
The primary regulatory modification addresses a single-day exception to standard options exercise procedures:
CEA Cut-Off Time Acceleration: The normal 5:30 p.m. ET deadline for submitting Contrary Exercise Advice was compressed to 10:00 a.m. ET on January 9, 2025.
Exercise Instruction Acceptance Window: Members could not accept exercise instructions for either customer or non-customer accounts after 10:00 a.m.
What You Need To Do
- *Update Internal Procedures
- *System Configuration
- *Staff Communication
- *Customer Notification
- *Submission Coordination
Key Dates
January 9, 2025 - 10:00 a.m. ET Final deadline for option holders to make exercise/non-exercise decisions and for members to accept exercise instructions (accelerated from standard 5:30 p.m. ET) DEADLINE
January 9, 2025 - 10:00 a.m. ET Final deadline for members to submit Contrary Exercise Advice to exchanges or OCC (accelerated from standard 5:30 p.m. ET or 7:30 p.m. ET depending on account type and submission method) DEADLINE
January 9, 2025 National Day of Mourning; national options exchanges closed; exercises in specified option classes prohibited
Compliance Impact
Urgency: HIGH (for January 9, 2025 operations; now historical)
Broker DealerAll Firms
Regulatory Notice 25-02
Broker DealerBankAsset Manager
Regulatory Notice 25-03
Broker DealerBankAsset Manager
Regulatory Notice 25-04
Broker DealerWealth ManagerFintech Regulatory Notice 25-05
Broker DealerWealth ManagerAsset Manager
Regulatory Notice 25-06
Broker DealerAsset Manager
Regulatory Notice 25-07
Broker DealerAsset ManagerFintech
Information Notice - 4/24/25
This FINRA Information Notice announces the SEC's reduction of the Section 31 fee rate to $0.00 per million dollars in specified securities transactions, effective May 14, 2025, following the SEC's Fee Rate Advisory for Fiscal Year 2025. It matters because it eliminates these transaction fees for FINRA member firms for the remainder of FY 2025 (and potentially beyond until FY 2026 appropriations), reducing costs and simplifying billing processes amid the SEC's over-collection of its appropriation target.[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
What Changed
The Section 31 fee rate drops from $27.80 per million dollars to $0.00 per million dollars for covered securities transactions on exchanges and over-the-counter markets, applicable to trade dates (charge dates) of May 14, 2025, or later.[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
The assessment on security futures transactions remains unchanged at $0.0042 per round turn transaction.[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
FINRA will assess fees on member firms per Section 3 of Schedule A to the By-Laws, aligned with SEC...
What You Need To Do
- Update internal billing, invoicing, and financial reporting systems to reflect the $0
- Review and adjust any automated fee calculations or client pass-through mechanisms for transactions on or after the effective date
- Contact FINRA's Amanda Rath for finance questions ((240) 386-6637) or SEC's Robert McNamee/Faisal Sheikh for legal/interpretive issues; monitor SEC website for updates
- Test systems for security futures (unchanged rate) and confirm no inadvertent charging of Section 31 fees post-effective date
Key Dates
April 8, 2025 - SEC announces Fee Rate Advisory for Fiscal Year 2025.
April 24, 2025 - FINRA publishes Information Notice.[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
May 13, 2025 - Last day for current rate of $27.80 per million (trade dates through this date).[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
May 14, 2025 - New rate of $0.00 per million takes effect for trade dates (charge dates) on or after this date; applies to OTC sales and options settlements/exercises.[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
Ongoing until 60 days after FY 2026 appropriation enactment - $0.00 rate remains in effect.
Compliance Impact
Urgency: Low - This is a beneficial change eliminating fees due to SEC over-collection, with no new requirements or penalties; firms already past the May 14, 2025, effective date (as of January 2026) face minimal risk if systems were updated timely. It matters for cost savings, accurate financials, and avoiding erroneous collections, but non-compliance (e.g., continued billing) could lead to refunds or disputes rather than enforcement.[https://www.finra.org/rules-guidance/notices/information-notice-20250424]
Broker Dealer
Special Notice – 5/15/25
Broker DealerAsset ManagerAll Firms
Information Notice - 6/26/25
This FINRA Information Notice announces the termination of **Prospective CAT Cost Recovery Fee 2025-1** effective July 1, 2025, with **Prospective CAT Cost Recovery Fee 2025-2** taking effect for transactions in eligible securities by FINRA member CAT executing brokers. It matters because firms must transition billing and payment processes seamlessly to avoid disruptions in CAT cost recovery compliance under FINRA Rule 6897(b)(1)(D).
What Changed
Termination of Fee 2025-1: No longer applied to transactions after June 30, 2025, per FINRA Rule 6897(b)(1)(D), which requires notice upon replacement by a subsequent fee.
Implementation of Fee 2025-2: New fee recovers FINRA's ~$7.27 million share of budgeted CAT costs for July 1–December 31, 2025; monthly invoicing begins for July 2025 transactions.
Distinction from CAT LLC fees: Unrelated to "CAT Fee 2025-1" (assessed by CAT LLC, rate $0.000022 per transaction, remains in effect).
What You Need To Do
- Verify internal systems stop applying Fee 2025-1 post-June 30, 2025, and prepare for Fee 2025-2 invoicing starting July transactions
- Review and pay final Fee 2025-1 invoice (due August 2025) per Rule 6897(b)(2)
- Update budgeting/forecasting models for Fee 2025-2 (covers H2 2025 CAT costs); monitor FINRA notices for rate details via SR-FINRA-2025-010
- Contact Amanda Rath ((240) 386-6637) or Faisal Sheikh ((202) 728-8379) for questions
- Distinguish FINRA fees from CAT LLC fees to avoid double-counting in financial controls
Key Dates
June 30, 2025 - Last day Prospective CAT Cost Recovery Fee 2025-1 applies to transactions.
July 1, 2025 - Prospective CAT Cost Recovery Fee 2025-2 takes effect for transactions.
July 2025 - Last invoice sent for Fee 2025-1 (based on June 2025 transactions).
August 2025 - Payments due for Fee 2025-1 final invoice; first invoices for Fee 2025-2 issued (based on July transactions). DEADLINE
Compliance Impact
Urgency: Medium - Primarily administrative; no new reporting burdens, but failure to transition could lead to underpayment, late fees, or Rule 6897 violations. Matters for high-volume brokers due to monthly cash flow impacts and ongoing CAT funding obligations (totaling FINRA's 2025 budgeted costs). As of January 2026, firms should have adapted, but audits may flag non-compliance.
Broker Dealer
Regulatory Notice 25-08
Broker DealerAsset Manager
Information Notice - 8/14/25
This FINRA Information Notice dated August 14, 2025, reminds registered persons and firms of annual continuing education (CE) requirements under FINRA Rule 1240, including 2025 Regulatory Element completion by December 31, 2025, and resources for Firm Element plans via the FLEX catalog. It matters because non-compliance triggers automatic CE inactive status, halting registered activities, with today's date (January 25, 2026) indicating the deadline has passed, requiring immediate remediation for affected individuals.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
What Changed
Effective January 1, 2023, amendments to FINRA Rule 1240 mandate annual completion of both Regulatory Element and Firm Element for all registered persons, per CE Council recommendations.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
Launched July 1, 2024, the Financial Learning Experience (FLEX) serves as an optional centralized catalog for Firm Element e-learning courses to support written training plans.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
2025 Regulatory Element courses are pre-assigned via FinPro Gateway, with topics...
What You Need To Do
- Registered persons
- Verify FinPro access/recovery; contact FINRA Testing and Continuing Education Department for questions
Key Dates
January 1, 2023 - Effective date of CE rule amendments requiring annual Regulatory and Firm Elements.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
July 1, 2024 - Launch of FLEX catalog for Firm Element resources.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
October 1 (annually) - FINRA publishes upcoming Regulatory Element topics by registration category.
December 31, 2025 - Deadline to complete 2025 Regulatory Element courses; non-completion results in automatic CE inactive status.[https://www.finra.org/rules-guidance/notices/information-notice-20250814] DEADLINE
Compliance Impact
Urgency: High - The December 31, 2025, deadline has passed (as of January 25, 2026), meaning non-compliant registered persons are already CE inactive and barred from registered functions until remediation, risking operational disruptions, exam retakes, or enforcement. Firms face supervisory liability for inadequate monitoring, with repeated reminders (e.g., 2024 notice) signaling FINRA enforcement focus.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
Broker DealerAll Firms
Election Notice – 9/4/25
Broker DealerAsset ManagerBank
Regulatory Notice 25-10
Broker DealerBankFintech
Regulatory Notice 25-11
Broker DealerBankAsset Manager
Regulatory Notice 25-12
Broker DealerBank
Election Notice – 10/20/25
Broker DealerAsset ManagerAll Firms
Information Notice - 10/21/25
FINRA's Information Notice dated October 21, 2025, reminds member firms of NSCC's amendment to Rule 50, effective October 17, 2025, which removes the "Settle Prep Day" from the ACATS process, shortening full customer account transfers to 3-4 business days. This matters because it aligns with FINRA Rule 11870's requirements to expedite transfers, enhances operational efficiency, reduces risk, and improves client experience amid broader industry shifts like T+1 settlement.[original notice]
What Changed
Removal of Settle Prep Day: NSCC Rule 50 amended to eliminate the settlement preparation stage from ACATS, effective October 17, 2025, streamlining the process for all securities transfers.[original notice]
Mutual Fund/Options Synchronization: Eliminates the extra day for processing mutual funds and options via Fund/SERV, aligning their settlement with other assets; also removes the second day of Fund/SERV pending acknowledgment.[original notice]
Overall Timeline Reduction: Full ACATS transfers now complete in 3-4 business days (previously longer), supporting faster asset access without...
What You Need To Do
- Operational Readiness
- Exception Handling
- System Updates
- Contact FINRA/NSCC
Key Dates
September 5, 2025 - SEC approves NSCC's proposed rule change (File No. SR-NSCC-2025-011) amending Rule 50.[original notice]
September 10, 2025 - Federal Register publication of SEC approval (90 FR 43709).[original notice]
October 17, 2025 - Effective date: Removal of Settle Prep Day and Fund/SERV changes; firms must support next-day settling assets.[original notice] DEADLINE
October 2026 - Planned modernization of ACATS client interfaces (decommission of legacy formats; migration to JSON/MQ for enhanced messaging).
Compliance Impact
Urgency: Medium - Effective over three months ago (as of January 2026), with industry-wide accommodation confirmed; no new mandates but requires ongoing operational alignment to avoid Rule 11870 violations (e.g., delays in validation or exceptions). Matters for reducing transfer failures, enhancing efficiency post-T+1, and minimizing client complaints on account mobility; non-compliance risks FINRA scrutiny on customer protection.[original notice]
Broker DealerWealth ManagerAll Firms
Regulatory Notice 25-14
Broker DealerAsset Manager
Information Notice - 11/7/25
FINRA's Information Notice 11/7/25 publishes a **2026 Filing Schedule** on its website to guide clearing firms on accurate submission dates for extensions of time under Federal Reserve Regulation T, SEA Rule 15c3-3, and FINRA Rule 4210, accounting for holidays and business days. This matters because the automated REX system rejects incorrect dates, forcing resubmissions that delay compliance and risk regulatory violations amid shortened settlement cycles.
What Changed
No new regulatory requirements or rule amendments; this is guidance providing a pre-calculated Filing Schedule for 2026 to prevent errors in the REX system. It emphasizes using schedule dates around holidays when exchanges or banks close, and confirms fixed SEA Rule 15c3-3 deadlines (e.g., 30th/45th calendar days post-settlement, 10th business day for (m) possession/control, regardless of foreign settlement cycles).
What You Need To Do
- Access and reference the 2026 Filing Schedule on FINRA's website (via https://www
- Input schedule-specific dates for extensions, particularly around 2026 holidays when exchanges/banks close, to avoid automatic denials
- File SEA Rule 15c3-3 extensions on exact due dates listed above, even for foreign-traded securities
- Contact Theresa Reynolds (646-315-8567 or email) for questions
- Update internal compliance calendars, training, and systems to integrate the schedule
Key Dates
November 7, 2025 - Notice published; 2026 Filing Schedule made available on FINRA website.
Throughout 2026 - Use Filing Schedule for all extension requests, especially pre/post-holidays (e.g., Veterans Day 11/11/2026 bank holiday, Thanksgiving 11/26/2026, Christmas 12/25/2026).
30th calendar day after settlement - (d)(2).
45th calendar day after settlement - (d)(3), (h).
2nd business day after 30th calendar day from segregation deficit - (d)(4).
Compliance Impact
Urgency: Medium - Proactive guidance prevents operational disruptions from REX rejections, but no immediate deadlines or penalties for non-use; however, inaccurate filings risk delayed margin compliance, customer liquidations under Regulation T, or possession/control failures under SEA Rule 15c3-3, especially in holiday periods with T+1 settlement pressures. Firms should integrate now (as of January 2026) to ensure Q1 readiness.
Broker Dealer
Information Notice 11/10/25
FINRA Information Notice 11/10/25 provides due dates for 2026 and Q1 2027 filings of Annual Reports, FOCUS Reports, Form Custody, and various supplemental schedules under SEA Rule 17a-5 and FINRA Rule 4524. It matters because it ensures timely electronic submissions via FINRA Gateway, incorporates SEC amendments for EDGAR PDF filings (with future Interactive Data requirements), and highlights a 30-day extension option for qualifying smaller firms, helping prevent compliance failures amid federal holidays. https://www.finra.org/rules-guidance/notices/information-notice-20251110
What Changed
Electronic Filing Mandates: All specified filings must be submitted electronically via FINRA Gateway; SEC no longer accepts paper Annual Reports, requiring EDGAR PDF submissions under amended SEA Rule 17a-5(d)(6)(i). https://www.finra.org/rules-guidance/notices/information-notice-20251110
SEC Interactive Data Compliance Dates: Annual reports and supplements must be filed as Interactive Data Files per Rule 405 of Regulation S-T; firms with net capital ≥$250,000 (as of Dec 31, 2025) comply for filings due ≥June 30, 2027; others ≥June 30, 2029.
What You Need To Do
- Submit all filings electronically via FINRA Gateway by 11:59 p
- For 30-day extension
- Affirm de minimis exemptions in eFOCUS for OBS/SIS/SLS where applicable
- Prepare for Interactive Data
- Contact firm's Risk Monitoring Analyst for questions; review eFOCUS guidance and SIPC site
Key Dates
2026 Nov 30, 2025 period (ext: March 2, 2026)
2026 Dec 31, 2025 period (ext: March 31, 2026)
2026 Jan 31, 2026 period (ext: May 1, 2026)
2026 Feb 28, 2026 period (ext: May 29, 2026)
2026 March 31, 2026 period (ext: June 29, 2026)
Compliance Impact
Urgency: High – Multiple imminent deadlines (e.g., January 27-29, 2026 for Q4 2025 filings, just days from today), mandatory electronic/EDGAR shifts, and late fees/exam risks for misses; smaller firms gain extension relief but must notify promptly. Non-compliance risks enforcement under SEA Rule 17a-5, operational disruptions, and audit delays. https://www.finra.org/rules-guidance/notices/information-notice-20251110
Broker DealerAll Firms
Regulatory Notice 25-15
Broker DealerBank
Information Notice 11/14/25
FINRA Information Notice 11/14/25 summarizes SEC amendments to SEA Rule 17a-5 mandating electronic filing of broker-dealer annual reports, supplemental reports, and Form 17-H on EDGAR in PDF format, alongside FOCUS Report updates including electronic signatures and elimination of notarization. These changes modernize submissions, eliminate paper filings to the SEC, and impose new interactive data requirements with phased compliance, requiring broker-dealers to secure EDGAR access and adapt processes promptly to avoid disruptions.[https://www.finra.org/rules-guidance/notices/information-notice-20251114]
What Changed
Electronic Filing Mandate: SEC no longer accepts paper submissions of annual reports (Form X-17A-5 Part III), supplemental reports under SEA Rule 17a-5(k), and Form 17-H; all must be filed on EDGAR in PDF format.[https://www.finra.org/rules-guidance/notices/information-notice-20251114]
Electronic Signatures Permitted: Allowed for all SEA Rule 17a-5 reports (including annual and FOCUS Reports) via specified processes, e.g., Adobe Acrobat digitally signed certificates with document locking; FOCUS Report Parts II and IIA now require signature by one principal executive or financial...
What You Need To Do
- Implement electronic signature processes (e
- Retain signed Oath or Affirmation for 6 years per SEA Rule 17a-4 (no notarization)
- Review FINRA eFOCUS page for FOCUS amendments; prepare for interactive data filings per net capital tier (test systems in advance)
- Direct questions to firm's Risk Monitoring Analyst
Key Dates
June 30, 2025 Electronic PDF filing on EDGAR mandatory for annual reports (fiscal years ending on/after this date), supplemental reports (SEA Rule 17a-5(k)), and Form 17-H; no paper accepted.[https://www.finra.org/rules-guidance/notices/information-notice-20251114]
December 31, 2025 Reference date for determining firm net capital threshold ($250,000+) for interactive data compliance phasing. DEADLINE
June 30, 2027 Interactive Data File requirement applies to filings due on/after for firms with ≥ $250,000 minimum net capital (as of 12/31/2025). DEADLINE
June 30, 2029 Interactive Data File requirement applies to filings due on/after for firms with < $250,000 minimum net capital (as of 12/31/2025). DEADLINE
As early as possible pre-due date Submit Form ID for EDGAR access (5-7 business day approval delay).[https://www.finra.org/rules-guidance/notices/information-notice-20251114]
Compliance Impact
Urgency: High – Immediate action needed for EDGAR access and PDF filings (past June 30, 2025 deadline as of January 2026), risking filing rejections or enforcement if unprepared; interactive data adds future burden but allows planning. Matters due to SEC's zero-tolerance for paper, potential delays in EDGAR approvals, and operational shifts in signing/retention, amplifying risks for non-compliant firms amid FINRA/SEC modernization push.[https://www.finra.org/rules-guidance/notices/information-notice-20251114]
Broker Dealer
Information Notice 11/17/25
FINRA Information Notice 11/17/25 reminds member firms of a modified exercise cut-off time for standardized equity options expiring on November 28, 2025, due to national options exchanges closing early at 1:00 p.m. ET on the Friday after Thanksgiving. This adjustment shifts the deadline for option holders' final exercise decisions from 5:30 p.m. ET to 2:30 p.m. ET under FINRA Rule 2360(b)(23)(A)(viii). It matters for compliance as firms must enforce this deadline to avoid regulatory violations, protect client positions, and manage operational risks during a holiday-shortened trading day.
What Changed
National options exchanges will close at 1:00 p.m. ET on November 28, 2025, triggering a modified exercise cut-off under FINRA Rule 2360(b)(23)(A)(viii): deadline is 1 hour 30 minutes after close (i.e., 2:30 p.m. ET), overriding the standard 5:30 p.m. ET.
Firms may set earlier internal deadlines for accepting exercise instructions but cannot accept any after 2:30 p.m.
What You Need To Do
- Update client communications
- Configure systems and procedures
- Train staff
- Monitor and record
- Contact FINRA contacts (James Turnbull or Matthew Vitek) for clarification
Key Dates
November 17, 2025 - Publication of FINRA Information Notice 11/17/25 reminding firms of upcoming modified cut-off.
November 28, 2025, 1:00 p.m. ET - Early close of national options exchanges.
November 28, 2025, 2:30 p.m. ET - Firm deadline to accept final exercise/not-exercise decisions (no later instructions permitted). DEADLINE
2026 ); relevant for historical compliance review or similar future holidays. DEADLINE
Compliance Impact
Urgency: low (post-event as of January 2026). This is a one-time reminder for a past holiday adjustment, with low risk of enforcement absent systemic failures. It matters operationally to prevent erroneous exercises, client disputes, or capital charges from uncollected exercise costs, but non-compliance could trigger FINRA surveillance reviews under Rule 2360. Firms should audit 2025 records now for lessons on future early-closes (e.g., Good Friday).
Broker Dealer
Regulatory Notice 25-17
Broker DealerAsset ManagerBank
Regulatory Notice 25-19
Broker DealerAsset Manager
Regulatory Notice 26-01
Broker DealerAsset Manager
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerFintechAll Firms
No description available.
No description available.
Crypto ExchangeFintech
Securities and Exchange Commission Chairman Paul S. Atkins and Commodity Futures Trading Commission Chairman Michael S. Selig will hold a joint event on Tuesday, Jan. 27, from 10 a.m. to 11 a.m. at CFTC headquarters to discuss harmonization between the…
BankBroker DealerCrypto Exchange The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee announced that it will hold a public meeting at the SEC Headquarters in Washington, D.C., on Tuesday, Feb. 24, 2026, at 10 a.m. ET. The meeting will also be…
Broker DealerFintechCrypto Exchange
The Securities and Exchange Commission today approved the 2026 budget for the Public Company Accounting Oversight Board (PCAOB) and the related accounting support fee.The 2026 PCAOB budget totals $362.1 million. The 2026 budget reflects a 9.4% ($37.6…
Broker DealerBank
The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC’s Investor Advisory Committee, established pursuant to Section 39 of the Securities Exchange Act of 1934 to help protect investors and improve securities…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission is seeking candidates to fill a limited number of vacancies on the agency’s Small Business Capital Formation Advisory Committee, which provides advice and recommendations to the Commission on rules, regulations, and…
Broker DealerAsset ManagerAll Firms
The Securities and Exchange Commission today announced the senior team from the Division of Corporation Finance responsible for advising division Director James Moloney on all matters the division has before the Commission. These include rulemaking…
BankBroker DealerWealth Manager The Securities and Exchange Commission today announced that Christina M. Thomas will rejoin the Division of Corporation Finance in February as deputy director and chief advisor on disclosure, policy, and rulemaking.“Christina brings her deep technical…
All Firms
No description available.
FintechCrypto ExchangeAll Firms
No description available.
Crypto ExchangeFintech
The Securities and Exchange Commission today announced that Keith E. Cassidy has been appointed Director of the Division of Examinations. Mr. Cassidy has served as Acting Director since May 2024 and previously was the division’s Deputy Director, Acting…
BankBroker DealerAsset Manager No description available.
The CFTC announced three major enforcement actions on January 16, 2026, resolving cases involving **market manipulation (spoofing), misappropriation of confidential information, and unregistered commodity pool operations**. These cases demonstrate the CFTC's continued enforcement focus on fraudulent trading practices and registration violations, with combined penalties exceeding $685,000 and criminal sentences totaling over six years in prison.
What Changed
The enforcement actions establish precedent in three critical areas:
*Market Manipulation (Spoofing): The CFTC secured consent orders against precious metals futures traders for spoofing—placing and canceling orders to create false market impressions. The orders impose three-year and six-month trading bans** and require cease-and-desist compliance with the Commodity Exchange Act's spoofing prohibition.
*Misappropriation and Fictitious Trading: The CFTC obtained permanent injunctive relief requiring disgorgement of unlawful gains ($135,788) plus civil penalties ($200,000), with 18-month...
What You Need To Do
- *For Registered Futures Firms and Banks
- trade and post-trade compliance controls
- *For Commodity Pool Operators and Investment Advisors:
- by-jurisdiction licensing analyses before soliciting investors
- *For All Market Participants
Key Dates
September 2019 - CFTC enforcement action filed against Smith and Nowak
December 2021 - CFTC complaint filed against Miller and Omerta Capital; DOJ criminal charges filed
December 2022 - CFTC complaint amended against Miller and Omerta Capital
August 2023 - Smith and Nowak sentenced to prison (criminal case)
June 2024 - Miller sentenced to prison (criminal case)
Compliance Impact
Urgency: HIGH
The CFTC has announced enforcement updates, including civil monetary penalties and trading bans for spoofing in precious metals futures markets and misappropriating confidential information. These updates highlight the importance of compliance with CFTC regulations. Firms must ensure they are registered and comply with anti-spoofing and anti-fraud regulations.
What Changed
The CFTC has obtained federal court orders imposing civil monetary penalties and trading bans on individuals and firms for spoofing and misappropriating confidential information. The CFTC has also charged an unregistered commodity pool operator with fraud and registration violations.
What You Need To Do
- Verify registration with the CFTC at NFA BASIC before committing funds
- Review and update anti-spoofing and anti-fraud policies and procedures
- Ensure compliance with CFTC regulations regarding commodity pool operations and futures market participation
Key Dates
1 Sept 2021 CFTC enforcement action filed against Gregg Smith and Michael Nowak
10 Dec 2021 Department of Justice charged Peter Miller with conspiracy to commit commodities fraud
1 Jun 2024 Peter Miller sentenced to five months in prison and five months of home confinement
10 Dec 2024 Department of Justice charged Travis Ford with conspiracy to commit wire fraud
Non-Compliance Risk
Enforcement action, fines, trading bans, and registration revocation
Related Regulations
Commodity Exchange ActCFTC regulations
Confidence: high
Broker DealerAsset ManagerCrypto Exchange The Securities and Exchange Commission today announced that J. Russell “Rusty” McGranahan has been named SEC General Counsel. As the SEC’s chief legal officer, Mr. McGranahan will oversee the provision of legal expertise and advice to the Office of the…
BankAsset ManagerBroker Dealer
The Securities and Exchange Commission today announced that Paul H. Tzur and David M. Morrell have been named as Deputy Directors of the Division of Enforcement. Mr. Tzur joined the Commission on January 6, 2026, as the Deputy Director overseeing the…
The SEC announced on January 12, 2026, the appointment of Paul H. Tzur and David M. Morrell as Deputy Directors of the Division of Enforcement, with Tzur joining on January 6, 2026, to oversee key operations. This personnel change is part of a broader reorganization replacing Regional Directors with Deputy Directors for more centralized oversight of investigations. It matters for compliance teams as it signals greater consistency in enforcement approaches, potentially affecting investigation timelines, Wells process strategies, and settlement negotiations across SEC-regulated entities.
What Changed
This announcement reflects structural reforms rather than new substantive regulations:
Replacement of Regional Directors with Deputy Directors, centralizing reporting from local offices (e.g., Boston, Fort Worth, Atlanta) and specialized units directly to headquarters-led Deputy Directors.
Enhanced supervision of enforcement decisions, aiming for consistency and reduced regional variations in handling investigations.
Complements parallel Wells process reforms under Chairman Paul Atkins, including a baseline four-week response period, greater access to evidence, and senior-level meetings for...
What You Need To Do
- Review and update internal protocols for SEC investigations to align with centralized reporting structures, anticipating uniform standards across regions
- Train legal/compliance staff on refined Wells process (e
- Monitor upcoming SEC communications for Enforcement Director Judge Margaret Ryan's guidance on fraud-focused priorities
- Assess current or potential matters for earlier engagement with Deputy Directors on case theories and resolutions
Key Dates
January 6, 2026 - Paul H. Tzur joins SEC as Deputy Director of the Division of Enforcement.[User Query]
January 12, 2026 - SEC announces appointments of Paul Tzur and David Morrell as Deputy Directors.[User Query]
Compliance Impact
Urgency: Medium. This matters due to its role in ongoing SEC transition under Chairman Atkins and Director Ryan, promising more predictable enforcement but requiring adaptation to centralized decision-making and Wells enhancements. While not imposing immediate obligations, it could accelerate case resolutions and shift settlement dynamics, especially amid 2025's enforcement slowdown from staffing cuts (15-20% headcount reduction). Firms with active investigations should prioritize strategic adjustments now.
Asset ManagerBroker DealerHedge Fund No description available.
FintechCrypto Exchange
The Securities and Exchange Commission today announced it will hold its third and final outreach event to help firms comply with amendments to Regulation S-P. The event, which is focused on small firms, is open to in-person or virtual attendance, and is…
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today published and delivered to Congress its 2025 staff report that serves as a comprehensive and data-rich resource on capital-raising dynamics…
Asset ManagerBroker DealerWealth Manager No description available.
Broker DealerCrypto Exchange
No description available.
BankBroker DealerCrypto Exchange
The Securities and Exchange Commission today announced that Nekia Hackworth Jones, Deputy Director of the Division of Enforcement (Southeast), concluded her tenure with the agency on December 26, 2025.“I am thankful to Nekia for answering the call to…
This SEC press release announces the departure of Nekia Hackworth Jones, Deputy Director of the Division of Enforcement (Southeast), who concluded her tenure on December 26, 2025, after overseeing enforcement investigations and litigations across Washington D.C., Atlanta, and Miami offices. It matters to compliance professionals as personnel changes in SEC Enforcement leadership can signal potential shifts in enforcement priorities, investigation focus, or regional scrutiny intensity in the Southeast U.S.
What Changed
There are no main regulatory changes, new requirements, or policy updates in this announcement; it is solely a personnel departure notice with no substantive regulatory implications.
What You Need To Do
- related delays and monitor for successor announcements via https://www
Key Dates
December 26, 2025 - Nekia Hackworth Jones concludes her tenure at the SEC.
December 29, 2025 - SEC issues press release announcing the departure.
Compliance Impact
Urgency: low - This is a routine leadership transition with no immediate regulatory or enforcement changes; it matters peripherally for firms anticipating shifts in SEC Enforcement priorities under new leadership, but lacks direct compliance obligations.
Broker DealerAll Firms
The Securities and Exchange Commission today announced that Cicely LaMothe, Deputy Director of the Division of Corporation Finance, has retired from the agency.“Cicely has gone above and beyond the call of duty over the past twenty-four years to serve…
Asset ManagerBroker DealerWealth Manager
No description available.
BankBroker DealerCrypto Exchange
No description available.
BankBroker DealerCrypto Exchange
The Securities and Exchange Commission today filed charges against purported crypto asset trading platforms Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc. and investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment…
Crypto ExchangeBroker DealerAsset Manager
No description available.
Broker DealerCrypto Exchange
No description available.
Asset ManagerBroker Dealer
No description available.
Broker DealerCrypto Exchange
No description available.
BankBroker DealerCrypto Exchange
No description available.
Broker DealerCrypto Exchange
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The CFTC approved a final rule on December 18, 2025, that codifies existing staff no-action positions and eliminates duplicative business conduct and documentation requirements for swap dealers and major swap participants. This rule resolves over a decade of regulatory uncertainty, reduces operational costs, and harmonizes CFTC requirements with SEC and Municipal Securities Rulemaking Board standards.
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
April 4, 2025 - CFTC Staff Letter 25-09 issued, establishing no-action position on PTMMM requirement
September 12, 2025 - CFTC issued further amended exemptive order permitting JSCC to clear interest rate swaps
September 24, 2025 - CFTC issued Notice of Proposed Rulemaking (comment period opened)
October 24, 2025 - Comment period deadline (ISDA and SIFMA submitted comments on this date) DEADLINE
December 18, 2025 - CFTC approved final rule (subject to pre-publication technical corrections)
Compliance Impact
Urgency: HIGH
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The Securities and Exchange Commission today announced that financial economist and academic scholar Dr. Joshua T. White will return to the agency beginning the week of Jan. 5, 2026, to serve as its Chief Economist and Director of the Division of…
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The Securities and Exchange Commission’s Office of the Investor Advocate today delivered its Report on Activities for the Fiscal Year 2025 to Congress, highlighting the initiatives and work of the office during the fiscal year.The report includes:An…
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The Securities and Exchange Commission today charged Canadian citizen Nathan Gauvin and three entities he controls—Blackridge, LLC, Gray Digital Capital Management USA, LLC, and Gray Digital Technologies, LLC—with orchestrating two fraudulent securities…
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The Securities and Exchange Commission today announced the agenda and panelists for its Dec. 16, 2025, roundtable on Rule 611 of Regulation NMS and other associated rules and regulatory requirements.The roundtable will be held at the University of Austin…
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The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December.“I have known Lori for…
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The Securities and Exchange Commission today announced it will hold the second in its series of compliance outreach events regarding the 2024 adoption of amendments to Regulation S-P. The event, for transfer agents, is a webinar scheduled for December 17…
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The Securities and Exchange Commission today announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026. As…
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The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on Dec. 4, 2025, at 10 a.m. ET. The meeting will be webcast on the SEC website.The committee will host two panels:Regulatory Changes in Corporate…
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The CFTC filed a civil enforcement action on November 21, 2025, against Brian Mitchell, Kevin Mack Jr., and their unregistered entity Young Pros Investment Group LLC (YPIG) for fraudulently soliciting ~$1 million from 33 pool participants to trade commodity futures, using misrepresentations, Ponzi payments, false statements, and registration violations, including Mitchell's breach of a prior 2021 CFTC order. This case underscores the CFTC's aggressive enforcement against unregistered commodity pools and fraud, seeking restitution, disgorgement, penalties, trading bans, and injunctions under the Commodity Exchange Act (CEA). Compliance teams must prioritize registration checks and fraud prevention to avoid similar actions, as it highlights personal liability for controlling persons.
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reinforces longstanding CEA and CFTC rules on:
Mandatory registration as a Commodity Pool Operator (CPO) and Associated Persons (APs) for pools trading commodity futures (CFTC Regulation 4.13 exemptions do not apply here due to fraud and public solicitation).
Prohibitions on fraud, misrepresentations, guarantees of profit, non-disclosure of risks, commingling funds, and operating pools as non-separate entities (CEA Section 4o, Regulations 4.20, 4.21).
Compliance with prior CFTC orders...
What You Need To Do
- Verify registration
- Implement controls
- Conduct due diligence
- Train staff
- For SEC-registered advisers
Key Dates
2025 .
November 21, 2025 - CFTC files complaint in U.S. District Court for the Eastern District of Michigan.
~December 2020 - May 2022 - Alleged fraudulent solicitation and trading period.
2021 - Prior CFTC administrative order against Mitchell (Press Release 8427-21) prohibiting trading and registration activities for three years.
Compliance Impact
Urgency: High - This action signals intensified CFTC scrutiny on unregistered pools amid rising crypto/futures fraud (e.g., similar January 2026 case against Wolf Capital). It matters because penalties include personal bans, multimillion restitution/disgorgement, and whistleblower awards (10-30% of sanctions), amplifying financial/reputational risk; non-registration alone triggered charges alongside fraud. Firms with commodity exposure must audit operations immediately to preempt enforcement.
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The Securities and Exchange Commission’s Crypto Task Force has rescheduled its Financial Surveillance and Privacy Roundtable, previously scheduled for October, to Monday, Dec. 15, 2025.“I am looking forward to getting this event back on the calendar…
BankBroker DealerCrypto Exchange The Securities and Exchange Commission announced today that it will hold a roundtable on Dec. 16, 2025, to discuss Rule 611 of Regulation NMS and other, associated rules and regulatory requirements. This roundtable is a follow-up to the SEC’s Sept. 18,…
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The CFTC today announced the U.S. District Court for the Central District of California entered a final judgement against Safeguard Metals LLC and Jeffrey Ikahn (aka Jeffrey Santulan and Jeffrey Hill) ordering them to pay $25.6 million in restitution to victims and a $25.6 million civil monetary penalty for operating a nationwide, precious metals fraud. Released: 11/20/2025
The CFTC, alongside 30 state regulators, secured a final judgment on November 20, 2025, against Safeguard Metals LLC and Jeffrey Ikahn, imposing $25.6 million in restitution to victims and a $25.6 million civil monetary penalty for a nationwide precious metals fraud scheme from October 2017 to July 2021 that defrauded over 450 elderly investors of more than $52 million. This enforcement action, resolving a February 2022 complaint, highlights coordinated federal-state-SEC efforts to combat commodity fraud and underscores personal liability for controlling persons under CEA Section 6(c)(1) and Regulation 180.1(a). It matters for compliance as it reinforces aggressive penalties for misrepresentations, overcharges, and targeting vulnerable populations, with offsets across parallel SEC proceedings.
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud, including Section 6(c)(1), 7 U.S.C. § 9(1), and 17 C.F.R. § 180.1(a)(1)-(3), covering material misrepresentations, omissions, and deceptive schemes in precious metals sales.
What You Need To Do
- Conduct immediate fraud risk assessments on precious metals sales scripts, disclosures, and pricing markups to ensure no material misrepresentations or undisclosed overcharges
- Enhance senior investor protections, including suitability reviews, cooling-off periods, and training on vulnerable customer targeting bans
- Review controlling person policies for good faith oversight, documenting supervisory failures to avoid personal liability
- Audit parallel SEC/CFTC exposures in commodity-linked activities, preparing for offset calculations in multi-agency actions
- Update compliance manuals with this case as precedent for CEA fraud in physical commodities; monitor whistleblower notices for internal reporting incentives
Key Dates
February 1, 2022 - CFTC and states file initial complaint alleging fraud scheme.
May 5, 2022 - Plaintiffs file First Amended Complaint.
September 6, 2023 - Second Amended Complaint filed.
May 2, 2025 - Court enters SEC remedies judgment ($25.6M disgorgement/penalty, with offsets).
September 30, 2025 - Court issues Statement of Decision granting restitution ($25.6M) and civil penalty ($25.6M).
Compliance Impact
Urgency: Medium - This resolved enforcement sets precedent for precious metals fraud penalties but imposes no new rules or immediate deadlines beyond whistleblower claims (March 9, 2026). It matters due to escalating CFTC-state coordination, personal liability risks, and focus on elder fraud amid rising retail commodity scams; firms in metals or alternatives face audit risks if sales practices mirror the scheme (e.g., overcharges, false safety claims).
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The Securities and Exchange Commission’s Division of Examinations today released its 2026 examination priorities. The Division publishes its annual examination priorities to provide transparency to registrants and investors about the topics that the…
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The Securities and Exchange Commission today announced that Antonia M. Apps, Deputy Director of the Division of Enforcement (Northeast), will conclude her tenure with the agency effective Dec. 1, 2025. “I thank Antonia for her steadfast leadership in…
This SEC press release announces the departure of Antonia M. Apps, Deputy Director of the Division of Enforcement (Northeast), effective December 1, 2025. It signals ongoing leadership transitions within the restructured Enforcement Division under new SEC Chair Paul Atkins, which may influence enforcement priorities, transparency, and regional consistency, requiring firms to adapt compliance strategies amid a "return to basics" approach focused on core investor protection.
What Changed
This announcement itself introduces no new regulatory changes or requirements; it is a personnel update. However, it occurs amid broader Enforcement Division restructuring, including:
Consolidation from one Deputy Director to four (three regional: Northeast, Southeast, West; one for specialized units), reducing reporting lines for a more unified nationwide enforcement program.
Rescission in March 2025 of delegated authority for the Enforcement Director to issue formal orders of investigation, now requiring direct Commission authorization to align with priorities.
Emphasis on transparency,...
What You Need To Do
- Review ongoing Northeast Regional Office investigations for potential leadership changes and engage early with new deputies on cooperation opportunities
- Enhance internal self-reporting and remediation protocols to align with Enforcement's stated rewards for cooperation and robust Wells processes
- Update compliance training on restructured reporting lines and Commission-authorized formal orders, ensuring defenses stick to established securities laws rather than novel theories
- Monitor SEC staff directory for replacement announcements, such as potential roles for Samuel Waldon or others in the Northeast
Key Dates
December 1, 2025 - Antonia M. Apps concludes her tenure as Deputy Director of Enforcement (Northeast).[User Query]
December 26, 2025 - Nekia Hackworth Jones concluded her tenure as Deputy Director of Enforcement (Southeast).
March 2025 - SEC rescinded delegation of formal order authority to Enforcement Director.
April 2025 - Nekia Hackworth Jones appointed Deputy Director (Southeast).
September 2, 2025 - Margaret A. Ryan appointed Director of Enforcement.
Compliance Impact
Urgency: Low - This is a routine personnel change with no immediate regulatory shifts or deadlines post-December 1, 2025. It matters indirectly as part of 2025's Enforcement Division overhaul (15% headcount reduction, regional consolidation), likely leading to prioritized, transparent enforcement on retail harm and core violations rather than expansive theories—firms should prepare for efficiency-driven probes but face no urgent overhauls.
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The Securities and Exchange Commission today issued an order granting temporary exemptive relief from certain compliance dates adopted under Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders as follows:…
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The Securities and Exchange Commission today announced that Stacey Bowers, who has served as the Director of the Office of the Advocate for Small Business Capital Formation, will depart the agency effective October 17, 2025. She has served as Director…
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Election Notice - 1/10/2025
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The Securities and Exchange Commission today enhanced its efforts to assist broker-dealers and other market participants on the path to central clearing of U.S. Treasury securities, developing a one-stop webpage that puts the latest status updates, staff…
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The Securities and Exchange Commission today issued an order granting conditional exemptive relief related to certain requirements of the National Market System Plan governing the Consolidated Audit Trail (CAT NMS Plan), Rule 613 of Regulation NMS, and…
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The Securities and Exchange Commission today published a concept release soliciting public comment on how to improve current SEC rules governing residential mortgage-backed securities (RMBS) and certain aspects of asset-backed securities (ABS) generally…
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The Securities and Exchange Commission today announced that Ken Johnson, who has been serving as Chief Operating Officer (COO) since December 2017, will retire from the agency in December. “Ken has been an integral leader at the SEC for more than two…
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The CFTC issued an order on September 17, 2025, sanctioning Shinhan Securities Co. Ltd. with a $212,500 civil monetary penalty for engaging in wash sales and non-competitive transactions on NYMEX, involving near-simultaneous bids and offers for the same futures contracts under the same beneficial owner to avoid risk and price competition. This enforcement action underscores the CFTC's ongoing focus on market manipulation practices that undermine open and competitive trading, serving as a reminder for firms to enhance trade surveillance and compliance programs. Compliance professionals should note this as evidence of active CFTC scrutiny on wash trading violations under the Commodity Exchange Act (CEA).
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements introduced. It reaffirms existing prohibitions under CEA Section 6(c)(2) against wash sales (fictitious sales) and non-competitive transactions that negate risk or price competition in futures markets. The case highlights CFTC's interpretation of wash sales as including trades where buy and sell orders for identical quantities of the same contract are executed near-simultaneously for accounts with the same beneficial owner, even if enhancing execution likelihood.
What You Need To Do
- Enhance trade surveillance
- Conduct gap analysis
- Strengthen internal controls
- Self-reporting consideration
- Training and recordkeeping
Key Dates
September 17, 2025 - CFTC issues order filing and settling charges against Shinhan, requiring immediate payment of $212,500 penalty and cease-and-desist order.
Compliance Impact
Urgency: Medium - This action signals sustained CFTC enforcement on wash sales amid broader anti-manipulation priorities, with penalties reflecting cooperation but still material ($212,500). It matters because wash trades erode market integrity, and recent advisories incentivize proactive remediation to reduce penalties; firms with similar trading patterns face heightened exam risk, especially post-2025 enforcement shifts toward disruptive practices like spoofing and wash trading.
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Election Notice - 7/18/2025
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Election Notice - 5/15/2025
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