Week of July 20 - 26, 2026

🗓️ July 20, 2026

• SEC Charges Individual and His Company in Alleged Multi-Million Dollar Crypto Asset Mining Investment Scheme. The Securities and Exchange Commission filed partially settled charges against Zan Shaikh and his company Mining Automatic for misappropriating and misusing approximately $22 million from over 380 investors in a fraudulent crypto asset mining scheme. Between June 2023 and May 2025, they promised guaranteed monthly returns but used only about 13% of the funds for mining, instead using the majority for marketing and personal expenses. The SEC’s complaint charges them with violating several securities laws, and they have consented to judgments that include enjoining them from future violations, imposing an officer and director bar on Shaikh, and requiring them to pay disgorgement, prejudgment interest, and civil penalties. 🔗 Read more
• ESMA calls on firms to finalise preparations ahead of T+1 settlement deadlines. The European Securities and Markets Authority (ESMA) has issued a statement emphasizing the importance of preparing for the T+1 settlement cycle transition in EU financial markets, set for 11 October 2027. ESMA highlights 2026 as a critical year, with the first regulatory deadline on 7 December 2026 for allocations and confirmations processes, urging market participants to test their readiness and that of their entire ecosystem. 🔗 Read more
• ESMA publishes report on cross-border investment services supervision. The European Securities and Markets Authority (ESMA) published a follow-up report assessing the progress of national competent authorities (NCAs) in implementing 2022 recommendations on cross-border investment firm supervision. The report highlights improvements in stronger authorisation controls, data-driven and risk-based supervision, and enhanced cooperation and enforcement across the Netherlands, Germany, the Czech Republic, Luxembourg, Cyprus, and Malta. It emphasizes the importance of matching supervisory approaches to the scale and complexity of outbound cross-border activities to ensure consistent investor protection. 🔗 Read more
• Updated taxonomy for the 2027 risk assessment data collection. The European Banking Authority (EBA) has released an updated data model and taxonomy in version 4.3 to assist reporting agents in preparing for the AMLA risk assessment 2027 data collection, but it should not be used for submissions. A subsequent release, version 4.4, expected in September 2026, will incorporate feedback from the 2026 data collection to improve the templates by distinguishing unavailable information from a reported value of zero and adding two new data points. 🔗 Read more
  

🗓️ July 21, 2026

• Unlicensed gambling den raids in Doncaster. Two Doncaster city centre premises were raided as part of Operation Snaresbrook, a joint effort by the Gambling Commission, Immigration Enforcement, South Yorkshire Police, and City of Doncaster Council’s trading standards and licensing teams to disrupt unlicensed gambling. Eight people were arrested, with one charged under the Gambling Act of 2005 and seven for immigration offences, while officers seized nearly £9,000, poker tables, slot machines, and account books. 🔗 Read more
• Press Release: AMLA finalises standards for supervisory cooperation in direct supervision. AMLA has published rules outlining its cooperation with national financial supervisors to select and directly supervise significant cross-border financial institutions in the EU starting in 2028. These rules ensure harmonized supervision across the EU by establishing a clear process for selecting firms, involving national supervisors in data gathering and AMLA in risk assessment, and ensuring smooth transitions in supervision. The standards, developed in collaboration with national supervisors, emphasize proportionality by requesting detailed data only from eligible entities and exempting those that do not qualify. 🔗 Read more
  

🗓️ July 22, 2026

• SEC Announces Departure of Principal Deputy Director of Enforcement Sam Waldon. Washington D.C. - The Securities and Exchange Commission announced that Sam Waldon, Principal Deputy Director of the Division of Enforcement, will leave the agency on July 31, 2026, after over 14 years. He will be succeeded by Osman Nawaz, who previously served at the SEC from 2010-2024 and rejoined last month. Waldon’s contributions, including his leadership roles and mentorship, have been highly valued, and he expressed gratitude for his time at the SEC, while Nawaz brings experience from various roles within the Division of Enforcement. 🔗 Read more
• FINRA Foundation Research Reveals Gaps in Fraud Awareness That May Leave Americans Vulnerable. Washington - A new report by the FINRA Investor Education Foundation reveals that financial fraud losses in the U.S. are nearing $200 billion annually, with significant knowledge gaps leaving millions vulnerable. The study, conducted with RAND, found that only 50% of Americans mentioned identity-based fraud, the most recognized category, while fewer mentioned threat-based (20%), opportunity-based (17%), consumer-based (16%), and imposter-based (14%) fraud. Fraud awareness varied by demographics, with adults under 40, Hispanic respondents, and lower-income individuals showing lower awareness of certain fraud types. The research also linked higher financial literacy to greater fraud awareness and different outcomes, such as those aware of threat-based fraud being less likely to lose money to scams. 🔗 Read more
  

🗓️ July 23, 2026

• SEC Announces Roundtable on Preparations for 24-Hour Trading. Washington D.C. - The Securities and Exchange Commission announced a roundtable on Sept. 17, 2026, to discuss the potential move towards 24-hour trading in U.S. equity markets, focusing on preparations, operations, resiliency, and the opportunities and challenges of such an expansion. The event will be open to the public, held at the SEC’s headquarters in Washington, D.C., and streamed live on SEC.gov, with a recording available later. Public comments on 24-hour trading can be submitted electronically or on paper, referencing File Number 4-913, and will become part of the public record. 🔗 Read more
• SEC Settles Litigation Against Hawaii-Based Tour Operator and a Former Principal for Alleged Fraud. The Securities and Exchange Commission filed proposed final judgments against Semisub, Inc. and Jamey Denise Jackson for allegedly conducting an offering fraud and misappropriating investor funds. From 2017 through at least February 2022, they raised approximately $4.7 million from over one hundred individuals by falsely claiming the funds would be used for constructing a vessel for sightseeing tours in Hawaii. Instead, a significant portion was used for personal expenses, including homes and vacations. Denise Jackson consented to a judgment requiring her to pay $1,901,762, which is satisfied by a restitution order in a parallel criminal case where she was sentenced to 24 months in prison and ordered to pay $16,745,132.58 in restitution. 🔗 Read more
• SEC Obtains Final Consent Judgment as to Former CFO Charged with Overstating and Misrepresenting Revenue in Connection with Two Public Stock Offerings. The U.S. District Court for the Southern District of New York entered a final judgment against Joshua A. Weiss, who consented without admitting the allegations to being permanently enjoined from violating certain securities laws and rules, and to pay a $30,000 civil penalty. Additionally, in a settled administrative proceeding, Weiss was sanctioned from appearing or practicing before the Commission as an accountant, with a possibility of reinstatement after one year. The SEC’s ongoing litigation is led by Jodanna Haskins and Terry Miller, supervised by Gregory A. Kasper, with the investigation conducted by Emily Scruggs, supervised by Nicholas Heinke, from the SEC’s Denver Regional Office. 🔗 Read more
• CFTC Extends Public Comment Period on Proposed Rule on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities. The Commodity Futures Trading Commission is extending the deadline for public comment on the extension of standard futures contracts to 24/7 trading and the potential listing of energy commodity perpetual contracts to August 26, 2026. This extension is due to requests from commenters and the addition of several questions to the request. The original request is organized around two sets of questions: the extension of standard futures contracts to a 24/7 schedule and the consideration of perpetual contracts referencing physically delivered or storable energy commodities. 🔗 Read more
• The EBA consults on rules to further improve depositor protection under the revised Deposit Guarantee Schemes Directive. The European Banking Authority (EBA) has launched four public consultations on proposed rules to enhance depositor protection, maintain financial stability, and harmonize depositor protection standards across the EU under the revised Deposit Guarantee Schemes Directive (DGSD3). The consultations cover Implementing Technical Standards (ITS) on depositor information and information exchange, Regulatory Technical Standards (RTS) on client funds protection, and Guidelines (GL) on fund investment by Deposit Guarantee Schemes (DGSs), with feedback requested until 23 October 2026. The proposals aim to improve depositor awareness, enhance transparency, ensure consistent protection, and support DGSs’ ability to mobilize funds efficiently. 🔗 Read more
• Evolution Malta Holding Limited to pay £4.75m. The Gambling Commission has announced a £4.75 million settlement with Evolution Malta Holding Limited after an investigation revealed that its games were available on six unlicensed websites in Great Britain. The investigation highlighted weaknesses in Evolution’s risk assessment for money laundering and terrorist financing, which failed to prevent unlicensed operators from accessing its games. The Commission emphasized the importance of current and effective risk assessments for operators to ensure their products do not support illegal gambling, and warned of continued regulatory action against such failings. 🔗 Read more
  

🗓️ July 24, 2026

• SEC Obtains Final Judgment Against Mexico-Based Company, Its CEO, and Four Individuals in Alleged Ponzi Scheme Targeting Spanish-Speaking U.S. Investors. The U.S. District Court for the Western District of Texas issued a final judgment against Aras Investment Business Group S.A.P.I. de C.V., its CEO Armando Gutierrez Rosas, and four individuals for a fraudulent scheme that defrauded U.S. retail investors, primarily from the Mexican American community, by promising high returns on non-existent investments. The SEC’s complaint alleged that Gutierrez operated a Ponzi scheme, using investor funds for personal expenses, and the court ordered disgorgement and penalties totaling over $2.8 million, with Gutierrez also facing a $448,746 civil penalty. The SEC’s litigation was led by Kristen Warden and supervised by Melissa Armstrong and Tim England. 🔗 Read more
• SEC Obtains Final Judgments Against California-Based Company, Two Individuals, and Relief Defendant for Their Roles in Alleged Offering Fraud Schemes. The U.S. District Court for the Central District of California issued a final judgment against Gauntlet Holdings, LLC, Darrell W. Rideaux, and Ali Derakhshanfar for securities offering fraud. The SEC’s complaint alleged two fraudulent schemes: one involving the sale of falsely backed promissory notes for $7.98 billion and another defrauding an investor of $1 million. Gauntlet and Rideaux were ordered to pay $842,500 in disgorgement, $165,809 in interest, and a $842,500 civil penalty, while Derakhshanfar was ordered to pay $500,000 in disgorgement, $143,837 in interest, and a $500,000 civil penalty. Sal N. Ortiz was ordered to pay $142,500 in disgorgement under a final consent judgment. 🔗 Read more
• SEC Files Settled Action Against Founders of Modular Construction Startup Alleging $65 Million Offering Fraud. The Securities and Exchange Commission filed settled charges against Brian Kuzdas and John Rowland for allegedly operating an offering fraud through S2A Modular Corp. and related entities. The SEC claims that from approximately April 2018 through January 2025, the Defendants raised approximately $65 million from nearly 350 retail investors to finance “MegaFactories” across the United States. The complaint alleges that the Defendants diverted funds from investors’ chosen projects and falsely reported over 600 units under contract, when only around 100 were obtained by the end of 2024. Without admitting the allegations, the Defendants consented to final judgments, including a $200,000 civil penalty and two-year officer and director bars. 🔗 Read more
• CFTC Releases Advisory on Self-Certification of an Event Contract Series. Washington - The Commodity Futures Trading Commission’s Division of Market Oversight issued an advisory reminding designated contract markets about the proper procedures for submitting self-certifications of an event contract series. The advisory highlights concerns with broad, template-style certifications that combine many potential event contract variations, which limit the DMO’s ability to assess compliance with necessary regulations. It emphasizes that such certifications should not be submitted and provides guidance on certifying closely related event contracts as a class or under specific regulations. 🔗 Read more
• CFTC Staff Issues No-Action Position on Designated Contract Market Procedures. Washington - The Commodity Futures Trading Commission’s Division of Market Oversight has issued a no-action letter to Kraken Derivatives Exchange Inc. regarding certain dormancy procedures. This time-limited position responds to Kraken’s request to extend the no-action position granted in CFTC Letter No. 25-46. 🔗 Read more
• The EBA seeks feedback on the 4.4 draft technical package of its reporting and disclosure framework. The European Banking Authority (EBA) has published a draft technical package for version 4.4 of its reporting and disclosure framework, which includes IFRS 18 reporting, Pillar 3 ESG disclosures, and other technical amendments. This early release aims to help reporting entities prepare for the changes before the final publication in September 2026, with stakeholders invited to provide feedback. The draft introduces new reporting requirements such as amendments to Pillar 3 disclosures, IFRS 18-aligned templates, and integration of FRTB-related disclosures, with various first reference dates set for 31/12/2026 and 31/03/2027. 🔗 Read more
• Results of the ECB Survey of Professional Forecasters for the third quarter of 2026. Respondents’ expectations for headline inflation (HICP) were 2.7% for 2026, 2.2% for 2027, and 2.0% for 2028, with no change for 2026 and 2028, and a 0.1 percentage point increase for 2027. For HICP excluding food and energy (HICPX), expectations were 2.4% for 2026, 2.2% for 2027, and 2.1% for 2028, with a 0.2 percentage point increase for 2026. Real GDP growth expectations were 0.6% for 2026, 1.2% for 2027, and 1.3% for 2028, with downward revisions of 0.4 percentage points for 2026 and 0.1 percentage points for 2027. Unemployment rate expectations were 6.3% for 2026 and 2027, declining to 6.2% in 2028 and 6.1% in the longer term. 🔗 Read more
• ECB to extend use of climate factors in Eurosystem collateral framework to non-financial corporate credit claims. The Governing Council of the European Central Bank has decided to extend the use of climate factors in the Eurosystem collateral framework to certain eligible credit claims from non-financial corporations, aiming to strengthen risk management by addressing financial uncertainties related to the green transition. This measure, which complements the existing risk control framework, will be implemented by the end of 2027 at the earliest, with climate factor values updated annually, and will apply a maximum additional reduction of 5% to the final collateral value. The climate factor will be based on an asset-level uncertainty score, considering sector-level stressors, debtor exposure, and residual maturity, with individual credit claim values not publicly disclosed. 🔗 Read more