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 …
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Equity-Indexed Annuities
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Engagement
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Enforcement Process
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Enforcement
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Electronic Fingerprint Processing
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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)
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Derivatives
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Regulatory Notice 25-01
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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. ET on that date.
OCC Processing Unchanged: The Options Clearing Corporation's proc
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)
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Regulatory Notice 25-02
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Regulatory Notice 25-03
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Regulatory Notice 25-05
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Regulatory Notice 25-06
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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 wil
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,
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Special Notice – 5/15/25
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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).
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Regulatory Notice 25-09
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Election Notice – 9/4/25
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Regulatory Notice 25-10
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Regulatory Notice 25-11
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Regulatory Notice 25-12
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Regulatory Notice 25-13
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Election Notice – 10/20/25
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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
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
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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,
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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 fi
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
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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
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
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Regulatory Notice 25-16
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Regulatory Notice 25-18
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Regulatory Notice 25-19
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Regulatory Notice 26-01
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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.
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No description available.
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…
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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…
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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…
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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…
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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…
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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, includin
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 r
Asset ManagerBroker DealerHedge Fund 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 The Securities and Exchange Commission today proposed amendments to the rules that define which registered investment companies, investment advisers, and business development companies qualify as small entities for purposes of the Regulatory Flexibility…
The SEC proposed amendments on January 7, 2026, to expand the definitions of "small entities" under the Regulatory Flexibility Act (RFA) for registered investment advisers (RIAs), investment companies, and business development companies by significantly raising asset thresholds last updated in 1998. This would increase the number of qualifying small entities, enabling the SEC to better assess regulatory impacts and potentially provide tailored relief like extended compliance timelines during rulemaking. It matters because it could indirectly reduce compliance burdens for mid-sized firms by influencing future SEC rules to minimize disproportionate effects on smaller players.
#
What Changed
Raise the RAUM threshold for RIAs to qualify as small entities from $25 million to $1 billion, with conforming changes for control affiliates.
Increase the net asset threshold for investment companies from $50 million to $10 billion.
Update aggregation of related funds from "group of related investment companies" to "family of investment companies" as defined in Form N-CEN for easier identification.
Introduce inflation adjustments to thresholds every 10 years via SEC order, without formal rulema
What You Need To Do
- Submit public comments by the deadline to influence thresholds, alternatives (e
- Monitor Federal Register for exact publication and comment instructions; review proposed rule and fact sheet on SEC site (https://www
- Assess internal status
- No immediate compliance changes, as this affects SEC rulemaking process only; prepare for potential indirect impacts via future rules
Key Dates
January 7, 2026 - SEC issues proposal and press release.
60 days after Federal Register publication - Public comment period closes (publication expected shortly after January 7; exact date TBD, likely March 2026 based on estimates).
No stated adoption date - Typically at least one year post-comment period under normal processes.
Every 10 years post-adoption - Inflation adjustments to thresholds via SEC order.
Compliance Impact
Urgency: Medium. This proposal does not impose direct new requirements or alter existing obligations—it's procedural for SEC's RFA analyses during rulemaking. However, adoption could lead to meaningful indirect benefits for mid-sized RIAs and funds, such as longer compliance phases or reduced burden
Asset Manager
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…
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No description available.
Asset ManagerBroker Dealer
No description available.
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No description available.
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. Such swaps are deemed void if rejected from clearing.
*Prime Broker Arrangement Exemptions**
Swaps executed purs
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…
Asset ManagerBroker DealerCrypto Exchange Election Notice - 12/16/2025
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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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No description available.
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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…
Asset ManagerBroker DealerWealth Manager
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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No description available.
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.
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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
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
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