Week of  April 20 - 26, 2026

🗓️ April 20, 2026

• SEC and CFTC Jointly Propose Amendments to Reduce Private Fund Reporting Burdens. Washington D.C. - The SEC and CFTC proposed amendments to Form PF to reduce reporting burdens for private fund advisers while maintaining necessary data collection for systemic risk monitoring and investor protection. The changes include raising the filing threshold for smaller advisers from $150 million to $1 billion and for large hedge fund advisers from $1.5 billion to $10 billion, eliminating or streamlining many requirements, and enabling identification of funds active in the private credit market. The public comment period will be open for 60 days after the proposal’s publication in the Federal Register. 🔗 Read more
• CFTC and SEC Jointly Propose Amendments to Strengthen Disclosure and Reduce Private Fund Reporting Burdens.  Washington - The Commodity Futures Trading Commission and Securities and Exchange Commission have jointly proposed amendments to Form PF to reduce reporting burdens for private funds. The changes include raising the filing threshold from $150 million to $1 billion for all filers and from $1.5 billion to $10 billion for large hedge fund advisers, eliminating filing requirements for smaller advisers, and reducing reporting obligations for smaller hedge fund advisers. The proposal seeks public comments and will be published in the Federal Register, with a comment period open for 60 days post-publication. 🔗 Read more
• FINRA Strengthens External Relations Leadership with Two Senior Appointments. Washington - FINRA announced the addition of Chris Rosello as Senior Vice President, Global Government Affairs, and Chris Spina as Senior Vice President, Corporate Communications, to enhance engagement with regulators, policymakers, industry stakeholders, and the media. Both leaders, based in Washington, D.C., report to Marcia Asquith and bring extensive experience in financial regulation, government relations, and strategic communications, aiming to strengthen FINRA’s partnerships and communication efforts. Chris Rosello has over 25 years of experience in corporate government relations and public service, while Chris Spina has nearly 25 years in strategic communications and media relations, with previous roles at MetLife, Freddie Mac, and the Commodity Futures Trading Commission. 🔗 Read more
  

🗓️ April 21, 2026

• SEC Charges Real Estate Fund Manager and Three California Residents in Alleged Multimillion Dollar Fraud Scheme. The Securities and Exchange Commission charged Voyager Pacific Capital Management, LLC, its CEO Roger David Hardcastle, former CFO John Giarmarco, and then-COO Vanessa Lung-Medlock with a multi-year fraudulent scheme involving a real-estate investment fund. The SEC alleges that from September 2020 through March 2024, they used over $15 million in new investor money to pay current investors in a Ponzi-like manner and diverted millions to entities they controlled, resulting in investor losses. Hardcastle and Giarmarco have agreed to bifurcated settlements, while Hardcastle also pleaded guilty to wire fraud in a parallel criminal proceeding. 🔗 Read more
• SEC Files Settled Action as to Former Investment Advisory Firm Employee Charged with Insider Trading. The Securities and Exchange Commission filed a settled action against Rakesh Ahuja, a former employee of an investment advisory firm, for allegedly insider trading using confidential information obtained during his employment. Ahuja allegedly breached his duty by trading through a relative’s brokerage account based on nonpublic information, resulting in approximately $65,000 in profits. Without admitting or denying the allegations, Ahuja consented to a final judgment, agreeing to be enjoined from certain activities and to pay disgorgement, interest, and a civil penalty totaling $143,097.51. 🔗 Read more
• IAIS publishes aggregate report on the peer review process on ICP 13 (Reinsurance and other forms of risk transfer). The IAIS has published the results of its peer review process (PRP) on “Reinsurance and other forms of risk transfer,” focusing on Insurance Core Principle (ICP) 13. The assessment involved 80 jurisdictions, with 85% receiving ratings of either Observed or Largely Observed, indicating high observance of ICP 13 standards. The PRP aims to identify gaps in supervisory frameworks, promote understanding of IAIS materials, and foster peer exchange through thematic reviews. 🔗 Read more
• ESMA support ESEF implementation with updated taxonomy. The European Securities and Markets Authority (ESMA) has released the 2025 European Single Electronic Format (ESEF) XBRL taxonomy files and an updated ESEF Conformance Suite to aid issuers and software vendors in preparing 2026 IFRS consolidated financial statements. The 2025 taxonomy incorporates IFRS 18 Presentation and Disclosure, effective from 1 January 2027, with early application allowed, and includes two entry points for reporting under IAS 1 and IFRS 18. ESMA will not amend the ESEF RTS or taxonomy in 2026, aligning with the IFRS Foundation’s decision, to ensure regulatory stability and provide more implementation time. 🔗 Read more‍
  

🗓️ April 22, 2026

• Federal Reserve Board issues enforcement action with former employee of First Financial Bank. The Federal Reserve Board announced a consent prohibition order against Destiny Lara, a former employee of First Financial Bank in Abilene, Texas, for breach of fiduciary duty and bribery. 🔗 Read more
• Equal Credit Opportunity Act (Regulation B). The Consumer Financial Protection Bureau (Bureau or CFPB) is issuing a final rule that amends provisions related to disparate impact, discouragement of applicants or prospective applicants, and special purpose credit programs under Regulation B, the regulation implementing the Equal Credit Opportunity Act (ECOA or Act). The amendments facilitate compliance with ECOA by clarifying the obligations imposed by the statute. 🔗 Read more‍
  

🗓️ April 23, 2026

• Agencies finalize changes to enhance community bank leverage ratio. The federal bank regulatory agencies have finalized a rule to modify the community bank leverage ratio, lowering it from nine percent to eight percent, to provide greater flexibility and reduce regulatory burden. The rule, adopted without change from the November 2025 proposal, extends the grace period for non-compliance from two to four quarters and allows community banks to use a simpler measure of capital adequacy. This framework maintains a higher leverage ratio requirement to ensure safety and soundness. 🔗 Read more
• SEC Obtains Final Judgment as to Former New York Registered Representative Charged with Misappropriating Customer Funds. The United States District Court for the Southern District of New York entered a final judgment against Clarice Saw in the SEC’s civil enforcement action, finding her liable for violating federal securities laws and misappropriating approximately $2.4 million from an elderly customer. The Court ordered Saw to pay disgorgement of $640,587.30, prejudgment interest of $98,144.04, and a civil penalty of $640,587.30, and permanently enjoined her from further violations. The SEC’s litigation was led by Oren Gleich and Sheldon Mui, and supervised by Jack Kaufman and Mark Sylvester. 🔗 Read more
• SEC Obtains Final Judgment against Investment Adviser Charged with Making Misrepresentations in SEC Filing. The U.S. District Court for the District of Colorado entered a final judgment by default against AI Investment Education Foundation Ltd. for making material misrepresentations and unsubstantiated statements in its June 2024 Form ADV filed with the SEC. The judgment permanently enjoins the company and its executives from future violations and filing a Form ADV as an Exempt Reporting Adviser, and orders a civil penalty of $1,182,254. The SEC’s litigation was conducted by a team from the Boston Regional Office, with assistance from the Financial Industry Regulatory Authority. 🔗 Read more
• CFTC Charges U.S. Service Member with Insider Trading in Nicolás Maduro-Related Event Contracts. Washington - The Commodity Futures Trading Commission has filed a complaint against Gannon Ken Van Dyke, an active-duty U.S. Army service member, for insider trading on Polymarket.com using classified information related to “Operation Absolute Resolve” aimed at capturing former Venezuelan President Nicolás Maduro and his wife. The CFTC seeks restitution, penalties, and bans, marking the first time it has charged insider trading involving event contracts and used the ‘Eddie Murphy Rule’ for such charges. A parallel criminal indictment against Van Dyke was unsealed by the U.S. Attorney’s Office for the Southern District of New York. 🔗 Read more
• Agencies Finalize Changes to Community Bank Leverage Ratio. Washington - The federal bank regulatory agencies have finalized a rule to modify the community bank leverage ratio from nine percent to eight percent, providing greater flexibility and reducing regulatory burden. The rule, adopted without change from the November 2025 proposal, extends the grace period for non-compliance from two to four quarters and allows community banks to use a simpler measure of capital adequacy. This framework maintains a leverage ratio higher than the standard, ensuring safety and soundness. 🔗 Read more
• The EBA responds to the Commission’s proposed changes to its draft technical standards on operational risk. The European Banking Authority (EBA) has published an Opinion on the European Commission’s proposed amendments to the Regulatory Technical Standards for operational risk under the Capital Requirements Regulation. The EBA is concerned that two amendments, allowing the combined use of the accounting approach and the prudential boundary approach, and limiting notification obligations to material changes, could affect the consistency, transparency, and supervisory effectiveness of capital requirements. The EBA supports other amendments that enhance readability and legal certainty and invites the Commission to reconsider the two problematic amendments. 🔗 Read more
• EBA Report shows persistent gender imbalance and pay gaps in EU banking leadership. The European Banking Authority (EBA) has published its benchmarking analysis on diversity practices in the management bodies of over 850 EU institutions, revealing significant gender imbalances and pay gaps, especially at senior management levels. Despite some progress since 2021, around 20% of institutions lack a diversity policy, and women hold only 12% of CEO positions, with male executive directors earning about 10% more than females. The EBA emphasizes the need for balanced gender representation and will continue to monitor these practices, aiming to improve data quality and publication timeliness. 🔗 Read more

🗓️ April 24, 2026

• Federal Reserve Board announces approval of application by Banco de Credito del Peru. The Federal Reserve Board on Friday announced its approval of the application by Banco de Credito del Peru, of Lima, Peru, to establish a state-licensed branch in Coral Gables, Florida. 🔗 Read more
• Federal Reserve Board announces approval of application by OceanFirst Financial Corp. The Federal Reserve Board on Friday announced its approval of the application by OceanFirst Financial Corp., of Toms River, New Jersey, to merge with Flushing Financial Corporation, and thereby indirectly acquire Flushing Bank, both of Uniondale, New York. 🔗 Read more
• SEC Obtains Final Judgment as to Defendants Charged in Forex Offering Fraud. The United States District Court for the Southern District of Texas issued a final judgment against John Fernandez and his companies, Avail Progression, LLC and Elite Generators, LLC, following the SEC’s civil enforcement action. Fernandez was accused of promising guaranteed returns to investors by trading their funds in the forex markets but instead used the funds for Ponzi payments and personal expenses. The judgment permanently enjoins Fernandez and his companies from violating certain securities laws and prohibits Fernandez from participating in securities transactions or acting as an officer or director of a public company. Additionally, the defendants are ordered to pay disgorgement, prejudgment interest, and a civil penalty totaling over $7 million. 🔗 Read more
• SEC Charges Private Equity Fund Adviser and Co-Founder in Alleged Fraud. The Securities and Exchange Commission filed fraud charges against Jay S. Lucas and Lucas Brand Equity, LLC for allegedly making fraudulent misrepresentations to investors and misappropriating over $50 million intended for private equity funds. The SEC claims Lucas used the funds for personal expenses and other business interests, failing to disclose financial conflicts of interest and making material misrepresentations about fund management. In a parallel criminal action, Lucas was indicted on charges including securities fraud and money laundering, with the SEC seeking permanent injunctions and civil penalties. 🔗 Read more
• CFTC Reaffirms Exclusive Jurisdiction Over Prediction Markets in Massachusetts Supreme Judicial Court Filing. Washington - The Commodity Futures Trading Commission (CFTC) filed an amicus brief in the Massachusetts Supreme Judicial Court to assert its exclusive jurisdiction over U.S. commodity derivatives markets, including prediction markets, in the case of Commonwealth of Massachusetts v. KalshiEx LLC. This filing is part of the CFTC’s efforts to counter state attempts to regulate these markets, despite previous court rulings against such actions. The brief emphasizes the federal authority granted by Congress under the Commodity Exchange Act, which preempts state laws, and highlights the CFTC’s ongoing legal actions against several states to maintain its regulatory role. 🔗 Read more
• CFTC Sues New York Over Prediction Markets Amid Ongoing Efforts to Preserve Jurisdiction. Washington - The Commodity Futures Trading Commission (CFTC) has filed a lawsuit in the U.S. District Court for the Southern District of New York to stop the state from applying its gambling laws to CFTC-registered contract markets. The CFTC seeks a declaratory judgment that federal law grants it exclusive authority over event contracts and requests a permanent injunction against New York’s enforcement of preempted state laws. This action is part of the CFTC’s ongoing efforts to affirm its jurisdiction, following similar lawsuits in Arizona, Connecticut, and Illinois. 🔗 Read more
• FDIC Publishes March Enforcement Actions. Washington - The Federal Deposit Insurance Corporation (FDIC) published a list of 22 administrative enforcement actions taken against banks and individuals in March 2026, including one consent order, seven orders terminating consent orders, two orders to pay civil money penalties, one combined order of prohibition and order to pay, five orders of prohibition, and six orders of termination of deposit insurance. No administrative hearings are scheduled for May 2026. For more details, visit the FDIC’s web page. 🔗 Read more
• The ESA’s Joint Committee highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, and ESMA) published its Annual Report for 2025, highlighting its focus on consumer protection in digital financial markets, implementing the Digital Operational Resilience Act, improving sustainable finance disclosures, and enhancing cross-sectoral risk monitoring. Chaired by EIOPA, the Committee acted as a key coordination platform, supporting cooperation between the ESAs, the European Commission, and the European Systemic Risk Board, while advancing initiatives like the EU securitisation framework, the European Single Access Point, and financial innovation through the European Forum for Innovation Facilitators. Additionally, it contributed to simplifying the EU financial regulatory framework, particularly in sustainable finance and PRIIPs. 🔗 Read more
• EIOPA submits draft technical standards on the functioning of resolution colleges and on reporting requirements for resolution plans under IRRD. The European Insurance and Occupational Pensions Authority (EIOPA) has submitted two draft technical standards to the European Commission to support the implementation of the European Union’s Insurance Recovery and Resolution Directive (IRRD), which will become operational in 2027. The first draft Regulatory Technical Standards (RTS) focus on the establishment and functioning of resolution colleges, while the second draft Implementing Technical Standards (ITS) specify procedures and standardized forms for insurers to submit information for resolution plans. The IRRD aims to enhance the stability of Europe’s insurance sector by promoting pre-emptive planning and effective crisis management, making insurance failures less likely and more manageable. 🔗 Read more
• ECB signs agreements with European standard setters to facilitate digital euro payments. The European Central Bank (ECB) has partnered with ECPC, nexo standards, and the Berlin Group to utilize existing open technical standards for processing digital euro online payments, aiming to minimize costs, expand geographical reach, and diversify use cases. These standards, including CPACE, nexo, and Berlin Group, support various payment functionalities such as contactless payments, merchant system connections, and alias-based transactions, providing a European alternative to proprietary standards. The adoption of the digital euro regulation by EU co-legislators will ensure these standards apply across the euro area, offering market actors certainty for future investments and reducing dependencies on international payment schemes. 🔗 Read more
• Joint Committee annual report highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, and ESMA) published its Annual Report for 2025, highlighting its focus on consumer protection in digital financial markets, implementing the Digital Operational Resilience Act, improving sustainable finance disclosures, and enhancing cross-sectoral risk monitoring. Chaired by EIOPA, the Committee acted as a key coordination platform, supporting cooperation between the ESAs, the European Commission, and the European Systemic Risk Board, while also advancing initiatives like the EU securitisation framework and the European Single Access Point. Additionally, it contributed to simplifying the EU financial regulatory framework, particularly in sustainable finance and PRIIPs. 🔗 Read more