A rulemaking petition filed recently highlights the need to address the communications safe harbors. The Securities and Exchange Commission has not reviewed the rules and regulations relating to social media under the...more
4/3/2026
/ Accredited Investors ,
Investors ,
JOBS Act ,
Petition for Rulemaking ,
Proposed Amendments ,
Regulation A ,
Regulation CF ,
Regulatory Reform ,
Rulemaking Process ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media
FINRA’s proposal would expand investor access to performance projections and targeted returns to more closely align FINRA Rule 2210 with the IA Marketing Rule -
The Financial Industry Regulatory Authority, Inc. (“FINRA”)...more
3/19/2026
/ Broker-Dealer ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Investment Management ,
Investors ,
Policies and Procedures ,
Proposed Amendments ,
Proposed Rules ,
Regulatory Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Amendments would limit rule’s applicability to equity securities -
On March 16, 2026, the Securities and Exchange Commission proposed for comment amendments to Rule 15c2-11.
Rule 15c2-11 is intended to promote...more
On March 17, 2026, the Securities and Exchange Commission issued an interpretation that provides guidance regarding how the federal securities laws apply to certain crypto assets and to certain transactions involving crypto...more
3/18/2026
/ Blockchain ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptoassets ,
Digital Assets ,
Digital Securities ,
Howey ,
New Guidance ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins ,
Tokenization
Yesterday, the Securities and Exchange Commission proposed amendments to Securities Exchange Act Rule 15c2-11. Subject to several exceptions, the Rule requires certain current information to be publicly available for brokers...more
On March 12, 2026, the Commodity Futures Trading Commission (“CFTC”) released two documents regarding “event contract” derivatives traded on prediction markets. The CFTC issued an Advance Notice of Proposed Rulemaking...more
3/16/2026
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
CFTC ,
Commodity Futures Contracts ,
Derivatives ,
Designated Contract Markets (DCMs) ,
New Guidance ,
Proposed Rules ,
Public Consultations ,
Regulatory Oversight ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
In back-to-back speeches at the Futures Industry Association conference, Commodity Futures Trading Commission Chair Selig and Securities and Exchange Commission Chair Atkins set out their views regarding facilitating...more
Last week, the banking agencies issued guidance in the form of Frequently Asked Questions that provides certainty regarding the treatment of tokenized securities for purposes of the capital rules. While this is not...more
The Securities and Exchange Commission today adopted final rules and form amendments to reflect the requirements of the recently enacted Holding Foreign Insiders Accountable (“HFIA”) Act....more
On February 12, 2026, the U.S. Securities and Exchange Commission (“SEC”) approved the Financial Industry Regulatory Authority, Inc.’s (“FINRA”) amendments to FINRA Rule 3220 (Influencing or Rewarding Employees of Others)...more
While visiting Texas, Securities and Exchange Commission Chair Atkins addressed corporate law matters and disclosure reform issues. Here, we address the Chair’s comments related to disclosure reform. Chair Atkins once again...more
On February 6, 2026, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 26-03 (the “Notice”) consolidating guidance on the use of negative consent letters for bulk transfers or assignments of...more
In recent remarks, Commissioner Uyeda provided an update on the Securities and Exchange Commission’s progress toward implementation of the Treasury clearing rule. The Commissioner emphasized the benefits associated with...more
2/12/2026
/ Capital Markets ,
Central Counterparties ,
Clearing Agencies ,
Final Rules ,
Financial Institutions ,
Market Participants ,
Regulatory Requirements ,
Repurchase Agreements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Financing Transactions (SFTs) ,
Securities Regulation ,
U.S. Treasury
On January 26, 2026, Securities and Exchange Commission Commissioner Mark T. Uyeda delivered remarks at the 53rd annual Securities Regulation Institute. The Commissioner focused his comments on efforts to improve capital...more
A Structured Products Primer on the Uses of Rule 424(b) and Rule 433 -
Rules 424(b) and Rule 433 under the Securities Act of 1933 (“Securities Act”) are the two primary filing mechanisms for preliminary offering...more
1/16/2026
/ Artificial Intelligence ,
Capital Markets ,
Disclosure Requirements ,
ETFs ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Investment ,
Investors ,
Regulatory Requirements ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media ,
Structured Financial Products
On January 13, 2026, Securities and Exchange Commission Chair Atkins released a statement relating to a comprehensive review of Regulation S-K. In the Chair’s statement, he notes that he has asked the Staff of the Division...more
IPOs and Small Public Companies As we noted in our prior post, the Office of the Advocate for Small Business Capital Formation recently issued its Staff Report for fiscal year 2025, which provides information on the Office’s...more
Asset management vehicles, especially those regulated under the Investment Company Act of 1940 (the 1940 Act), are frequently painted with a broad brush and described as having the same or virtually indistinguishable...more
1/13/2026
/ Alternative Investment Funds ,
Asset Management ,
Business Development Companies ,
Closed-End Funds ,
ETFs ,
Exchange-Traded Products ,
Fees ,
Fund Managers ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
Mutual Funds ,
Retail Investors ,
Tender Offers
The Office of the Advocate for Small Business Capital Formation recently issued its Staff Report for fiscal year 2025, which provides information on the Office’s activities. As do prior reports, this Report provides a...more
1/13/2026
/ Accredited Investors ,
Capital Formation ,
Capital Markets ,
Exemptions ,
Initial Public Offering (IPO) ,
Investment Funds ,
Private Funds ,
Publicly-Traded Companies ,
Regulation A ,
Regulation CF ,
Regulation D ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Small and Medium-Sized Enterprises (SMEs) ,
Small Business
In the National Defense Authorization Act for Fiscal Year 2026, the US Congress included an amendment extending the disclosure requirements set forth in Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange...more
On this blog, we have commented quite a number of times regarding a number of trends affecting our capital markets—many of which have been a factor since the early 2000s and which have become more pronounced since the...more
On December 11, 2025, the staff of the Division of Trading and Markets of the Securities and Exchange Commission issued a no-action letter to The Depository Trust Company (“DTC”) concerning a pilot version (the “Preliminary...more
12/29/2025
/ Blockchain ,
Depository Institutions ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Financial Services Industry ,
No-Action Letters ,
Pilot Programs ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Tokens ,
Tokenization
On December 19, 2025, the staff of the Division of Market Participants of the Commodity Futures Trading Commission (“CFTC”) issued no-action relief from commodity pool operator (“CPO”) registration for SEC-registered...more
The Securities and Exchange Commission’s Office of the Investor Advocate is required by Congress to produce and submit two reports annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the...more
This Legal Update summarizes the US Securities and Exchange Commission’s 2026 calendar year filing deadlines and financial statement staleness dates....more