Week of  February 23 - March 1, 2026

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🗓️ February 23, 2026

• Following earlier actions to remove reputation risk from its supervision of banks, Federal Reserve Board requests comment on proposal to codify that removal. The Federal Reserve Board has requested comment on a proposal to codify the removal of reputation risk from its bank supervision, reinforcing its policy against penalizing institutions for banking customers engaged in legal activities. Vice Chair for Supervision Michelle W. Bowman highlighted concerns about debanking due to political views or lawful business involvement, emphasizing that such discrimination is unlawful. The proposal aims to ensure supervisory decisions focus on material financial risks, enhance clarity, and maintain strong risk management expectations for banks. 🔗 Read more
• CFTC Chairman Selig Announces Senior Staff Appointments. Washington - Commodity Futures Trading Commission Chairman Michael S. Selig announced four senior staff appointments. Brooke Nethercott was appointed as Director of the Office of Public Affairs, bringing her congressional experience and commitment to innovation. Emma Johnston joined as Senior Agriculture Advisor, with a background in policy advising and a strong connection to the U.S. agriculture industry. Meghan Tente and Elizabeth (Libby) Mastrogiacomo were appointed as Senior Advisors, both with extensive experience in leadership roles and legal counsel at the CFTC. 🔗 Read more
• The EBA publishes follow-up Report on ICT risk assessment under the Supervisory Review and Evaluation Process. The European Banking Authority (EBA) published a follow-up report on ICT risk assessment, showing progress in strengthening this area due to the Digital Operational Resilience Act. However, further work and investment are needed for consistent ICT risk supervision across the EU. The report highlights improvements in ICT supervisory capacity and the use of ICT risk sub-categories, urging full integration of these methodologies into supervisory processes. 🔗 Read more
• ESMA consults on guarantees as CCP collateral and on certain aspects of CCP investment policy. The European Securities and Markets Authority (ESMA) has initiated a public consultation on the review of the European Market Infrastructure Regulation (EMIR 3), inviting stakeholders, including non-financial counterparties (NFCs), to provide feedback on various conditions related to collateral acceptance, eligible financial instruments, and secured arrangements for emission allowances. EMIR 3 aims to enhance the efficiency, competitiveness, and accessibility of EU clearing services and CCPs by broadening the types of guarantees accepted as collateral and including NFC clients. 🔗 Read more
• ESMA simplifies MiFID II/ MiFIR obligations on market data. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn its guidelines on the MiFID II/ MiFIR obligations on market data, effective immediately, reflecting its ongoing commitment to simplifying rules and reducing unnecessary compliance burdens for market participants. The decision aligns the framework with the newly applicable regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis (RTS on RCB). 🔗 Read more
  

🗓️ February 24, 2026

• Minutes of the Board's discount rate meetings on January 20 and 28, 2026. The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today's minutes cover the Board meetings that occurred on January 20 and 28, 2026. The Board's process for setting the discount rate is distinct from the process the Federal Open Market Committee follows in setting the target range for the federal funds rate. 🔗 Read more
• Federal Reserve Board issues enforcement action with former employee of First Financial Bank. The Federal Reserve Board announced a consent prohibition order against Jamal Hillman, a former employee of First Financial Bank in Cincinnati, Ohio, for misappropriating customer funds. 🔗 Read more
• SEC’s Division of Enforcement Announces Updates to Enforcement Manual. Washington D.C. - The Securities and Exchange Commission’s Division of Enforcement announced updates to its Enforcement Manual to enhance fairness, transparency, and efficiency in investigations. Key changes include a uniform Wells process with a four-week timeline for submissions and meetings, and the facilitation of simultaneous consideration of settlement recommendations and waiver requests. The updates also detail the framework for evaluating cooperation and include other changes to align with current best practices. 🔗 Read more
• SEC Files Settled Action as to Additional Individual in Alleged $196 Million South Florida Ponzi Scheme. The Securities and Exchange Commission filed a settled action against Joel Castellanos for his involvement in a $196 million fraudulent securities offering by MJ Capital Funding, LLC, MJ Taxes and More, Inc., and Johanna M. Garcia. Castellanos, through his sales team, raised at least $25.2 million from 1,222 investors without being registered as a broker or dealer, violating federal securities laws. He consented to a final judgment enjoining him from future violations, requiring disgorgement of $46,861.94 with interest, and a civil penalty of $150,000, amounts satisfied by court-collected funds. MJ Capital and MJ Taxes are under receivership, and Garcia has a permanent injunction and officer and director bar against her. 🔗 Read more
• SEC Obtains Final Consent Judgments as to Joseph C. Lewis, Carolyn W. Carter, Patrick J. O’Connor, and Bryan L. Waugh in Alleged Insider Trading Case. The Court entered the final judgments as to Lewis and Carter on November 26, 2024 and February 13, 2025, respectively, and entered the final judgments as to O’Connor and Waugh on February 4, 2026. The final judgments permanently enjoin the defendants and order them to pay penalties, disgorgement, and prejudgment interest in the following amounts: Lewis ($1,636,645.11 penalty), Carter ($241,154.81 penalty, $241,154.81 disgorgement, $43,589.44 prejudgment interest), O’Connor ($24,221.53 penalty, $171,886.12 disgorgement, $29,257.46 prejudgment interest), and Waugh ($33,126.86 penalty, $132,507.44 disgorgement, $22,554.64 prejudgment interest). In total, the judgments order $1,935,148.31 in penalties, $545,548.37 in disgorgement, and $95,401.54 in prejudgment interest. According to the SEC’s complaint, Carter, O’Connor, and Waugh realized ill-gotten profits by trading in the stock of two public companies / one of the companies on the basis of tipped material, nonpublic information. 🔗 Read more
• SEC Obtains Final Consent Judgment as to Denver Day-Trader Charged with Defrauding Investors. The U.S. District Court for the District of Colorado entered a final consent judgment against Ian G. Bell in the SEC’s civil enforcement action related to an alleged fraudulent day-trading scheme. Bell, without admitting or denying the allegations, consented to a judgment that permanently enjoins him from violating certain securities laws and orders him to pay disgorgement of $339,848.84, plus interest, which are deemed satisfied by a forfeiture order in a parallel criminal case. The SEC’s litigation and investigation were conducted by members of the Denver Regional Office. 🔗 Read more
• FDIC-Insured Institutions Reported Return on Assets of 1.24 Percent and Net Income of $77.7 Billion in Fourth Quarter 2025. The Federal Deposit Insurance Corporation (FDIC) released its latest Quarterly Banking Profile, summarizing financial results from 4,336 insured commercial banks and savings institutions. In the fourth quarter of 2025, these institutions reported a return on assets (ROA) ratio of 1.24 percent and an aggregate net income of $77.7 billion, a decrease of $1.6 billion from the prior quarter. For the full year, net income increased by 10.2 percent to $295.6 billion. Key findings include a rise in the net interest margin to 3.39 percent, a 3.8 percent decrease in net income among community banks, and a 2.0 percent increase in loan growth for the quarter, with annual growth reaching 5.9 percent. 🔗 Read more
• The Superintendency of Banks of Guatemala joins IAIS cooperation and information exchange agreement. The Superintendency of Banks of Guatemala (SIB) has joined the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU), enhancing its ability to collaborate with international supervisors and safeguard consumers. The MMoU provides a global framework for compliance and confidentiality, allowing for open cooperation and information exchange among insurance supervisors. Since its inception in June 2009, the MMoU has grown to represent three-quarters of global gross written premiums. 🔗 Read more
• ESMA reminds firms of their obligations under CFD product intervention measures amid rising offerings of perpetual futures. The European Securities and Markets Authority (ESMA) has issued a statement reminding firms to assess if newly offered products fall under existing product intervention measures on contracts for differences (CFDs). This is in response to the increased offering of derivatives like perpetual futures, which often require leverage limits, risk warnings, and other regulatory measures. Firms are also reminded to target a narrow market, conduct appropriateness assessments for non-advised services, and manage conflicts of interest. 🔗 Read more
  

🗓️ February 25, 2026

• The EBA and ESMA launch a consultation on the revised suitability assessment framework for banks and investment firms. The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have launched a consultation on revised joint Guidelines for assessing the suitability of management body members and key function holders, alongside draft Regulatory Technical Standards (RTS) for large institutions. These elements, part of the Suitability Package, aim to harmonize suitability assessments and promote supervisory convergence across the EU, incorporating new requirements from the revised Capital Requirements Directive (CRD) and reinforcing the link with the AML-CFT framework. The consultations will run until 25 May 2026, and the revised package includes targeted simplification measures to reduce administrative burden. 🔗 Read more
• ESMA sets out clearing thresholds under EMIR 3. The European Securities and Markets Authority (ESMA) has published its draft Regulatory Technical Standards (RTS) for new and revised clearing thresholds (CTs) under EMIR 3, aiming to maintain systemic risk coverage in OTC derivative markets while minimizing complexity and compliance burdens. ESMA has retained five CTs categories, clarified position calculation timing, and suggested increasing thresholds in commodity, interest rate, and credit derivatives to reflect market changes. Although there were requests for broader recognition of structured hedging arrangements, ESMA states that changes to the hedging exemption would require Regulation-level amendments. 🔗 Read more
• The EBA and ESMA consult on revised suitability assessment requirements for banks and investment firms. The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have launched a consultation on revised joint guidelines for assessing the suitability of management body members and key function holders, aiming to harmonize assessments and ensure supervisory convergence across the EU. The guidelines incorporate new requirements from the revised Capital Requirements Directive (CRD) and updates for entities under CRD and investment firms under MiFID II, including mandatory assessments for certain roles and guidance on anti-money laundering and countering terrorist financing. Additionally, the guidelines introduce simplification measures to reduce administrative burden and enhance flexibility and clarity. 🔗 Read more
• SEC Obtains Final Consent Judgment Against Defendant Charged in a Multi-Million Dollar Offering Fraud. The U.S District Court for the Eastern District of Wisconsin entered a final judgment by consent against Charles T. Lawrence, Jr. in the SEC’s civil enforcement action, finding him guilty of offering fraud by falsely representing his role and misappropriating investor funds. The judgment permanently enjoins Lawrence from violating securities laws and orders him to disgorge $3,588,713 plus interest, which is satisfied by a restitution order in a parallel criminal case. The SEC’s investigation was led by Matthew T. Wissa and supervised by Jeffrey A. Shank, with BeLinda I. Mathie leading the litigation. 🔗 Read more
• SEC Obtains Final Judgments by Consent Against Colorado Mining Company and Executives in Fraud Case. The Securities and Exchange Commission obtained final judgments against Western Sierra Resource Corporation, its CEO Roger Johnson, and CFO Dennis Atkins for making false and misleading statements about purchasing gold mining claims worth billions. The SEC’s complaint, filed on June 18, 2024, alleged that from June 2021 to October 2023, the company falsely claimed to have paid $10 million for mining rights in Nevada, which did not exist. Without admitting guilt, Western Sierra, Johnson, and Atkins consented to a judgment enjoining them from antifraud violations, with Johnson and Atkins each paying a $150,000 civil penalty, and facing a three-year officer-and-director bar and a five-year penny-stock bar. 🔗 Read more
• CFTC Enforcement Division Issues Prediction Markets Advisory. The Commodity Futures Trading Commission’s Division of Enforcement issued an advisory following two enforcement cases involving misuse of nonpublic information and fraud in prediction markets on KalshiEX. In May 2025, a political candidate was found trading on his own candidacy, violating Kalshi’s rules, and was fined $2,246.36 with a 5-year suspension. In August and September 2025, an editor for a YouTube channel traded on a related prediction market using material non-public information, resulting in a $20,397.58 fine and a 2-year suspension. These cases potentially violated Section 6(c)(1) of the Commodity Exchange Act and Regulation 180.1(a)(1) and (3) for insider trading and fraudulent practices. The Commission has full authority to police illegal trading practices on Designated Contract Markets and continues to coordinate with them to investigate and prosecute violations. 🔗 Read more
• The EBΑ concludes work on legacy instruments monitoring. The European Banking Authority (EBA) has decided to conclude its dedicated work on monitoring legacy instruments, as these should be eliminated over time to maintain clear subordination rankings and avoid complexity in the prudential framework. The EBA has published two Opinions on the prudential treatment of legacy instruments and regularly monitored them, but it will no longer prioritize this task, trusting competent authorities to handle remaining cases with the provided guidance. 🔗 Read more
  

🗓️ February 26, 2026

• ESMA consults on post-trade risk reduction services under EMIR . The European Securities and Markets Authority (ESMA) has initiated a consultation on the conditions for post-trade risk reduction (PTRR) services to benefit from a conditioned exemption from the clearing obligation under EMIR 3. The consultation seeks feedback on transparency, algorithm safeguards, execution, controls, record-keeping, and monitoring by authorities for PTRR service providers. The draft Regulatory Technical Standards (RTS) outline the requirements for OTC derivative transactions to qualify for the exemption, focusing on compression, portfolio rebalancing, and basis risk optimisation, while ensuring the exemption is not misused and simplifying the process. 🔗 Read more
• SEC Announces Roundtable on Private Markets Valuation As Retail Investor Access Accelerates. Washington D.C. - The Securities and Exchange Commission will host a roundtable on March 4 to discuss private market valuations and responsible retailization, featuring two panels with industry experts. The event, moderated by SEC officials, will address the integration of private market assets into public vehicles and the governance challenges of delivering these assets to retail investors. The roundtable will be held at the SEC’s Washington D.C. headquarters and streamed live on their website. 🔗 Read more
• SEC Obtains Final Consent Judgment as to Senior Executive of Brazilian Company Charged with Fraud. The Securities and Exchange Commission announced a final consent judgment against Fernando Passos, former executive vice president of finance and investor relations at IRB Brasil Resseguros S.A., for allegedly spreading false information about a non-existent investment by Berkshire Hathaway Inc. in IRB to inflate its stock price. Passos, without admitting or denying the allegations, agreed to a permanent injunction against violating antifraud provisions, a ban from serving as an officer or director of a public company, and a $500,000 civil penalty, with the judgment entered on February 25, 2026. The SEC’s litigation and investigation were conducted by the Denver Regional Office. 🔗 Read more
• CFTC Staff Reissues Staff Letter 25-50 to Add Additional No-Action Position on CPO Delegation Arrangements. Washington - The Commodity Futures Trading Commission’s Market Participants Division reissued CFTC Staff Letter 25-50 to include an additional no-action position regarding the interaction with CFTC Staff Letter 14-126. This reissuance ensures that MPD will not recommend enforcement against a Delegating CPO for not registering as a CPO if all criteria of Letter 14-126 are met, except the Designated CPO is a QEP No-Action CPO. The reissuance was prompted by a request from the Managed Funds Association. 🔗 Read more
• The EBA kicks off EU central validation of ISDA SIMM from 1 March 2026. The European Banking Authority (EBA) will begin the central validation of the ISDA SIMM on 1 March 2026, marking a significant step in its role as a central validator of pro forma models to ensure consistent supervisory oversight across the EU. This initiative is part of the EBA’s mandate under the amended EMIR to establish an EU-level validation function for initial margin models used for non-centrally cleared over-the-counter derivatives. The EBA has also published a Decision detailing the operational arrangements for the validation function, which will include onboarding, application procedures, governance, cooperation mechanisms, and criteria for monitoring SIMM model changes. 🔗 Read more
• The EBA responds to the Commission’s proposed amendments to the draft technical standards on equivalent legal mechanism. The European Banking Authority (EBA) published its Opinion on the European Commission’s amendments to the draft Regulatory Technical Standards (RTS) regarding residential property completion. The EBA opposes two amendments: increasing the risk weight cap for protection providers from 20% to 30% and removing the requirement for completion guarantees to be mandated by the law of the Member State where the property is built. The EBA argues that these changes could undermine the prudential safeguards and legal certainty of the framework. 🔗 Read more
• Financial statements of the ECB for 2025. ECB reports loss of €1.3 billion (2024: loss of €7.9 billion). Losses will be offset against future profits. 🔗 Read more
• ESMA issues a supervisory briefing on algorithmic trading. The European Securities and Markets Authority (ESMA) published a supervisory briefing to support consistent supervision of algorithmic trading across the EU, providing National Competent Authorities (NCAs) with practical tools and clarified expectations under MiFID II. It addresses key areas of supervisory practice divergence, such as pre-trade controls and governance arrangements, and includes considerations for the use of artificial intelligence to help assess new risks. As a nonbinding convergence tool, the briefing complements existing requirements to promote a harmonized approach to oversight. 🔗 Read more
  

🗓️ February 27, 2026

• SEC Adopts Final Rules for the Holding Foreign Insiders Accountable Act. The Securities and Exchange Commission has adopted final rule and form amendments to implement the Holding Foreign Insiders Accountable Act (HFIA), which enhances transparency in the holdings and transactions of directors and officers of foreign private issuers (FPIs). Directors and officers of FPIs with equity securities registered under Section 12 of the Securities Exchange Act of 1934 must disclose their holdings and transactions starting March 18, 2026. The HFIA Act requires electronic and English filing of Section 16 reports by directors and officers of Exchange Act reporting FPIs, excluding “10 percent holders,” and mandates the SEC to issue final regulations within 90 days of enactment. 🔗 Read more
• SEC, FSA Hold Spring Financial Regulatory Dialogue. Washington D.C. - The U.S. Securities and Exchange Commission (SEC) and the Financial Services Agency of Japan (FSA) held the Spring SEC-FSA Financial Regulatory Dialogue in Tokyo on February 27, 2026, to enhance cooperation on cross-border issues. Led by SEC Commissioner Mark T. Uyeda and FSA Vice Minister MIYOSHI Toshiyuki, the Dialogue focused on recent market developments, strategic priorities, and regulatory matters, including crypto and digital assets. Future Dialogues are planned for Tokyo in fall 2026 and Washington, D.C., in spring 2027. 🔗 Read more
• SEC Dismisses Civil Enforcement Action Against Former Chief Financial Officer. The U.S. Securities and Exchange Commission filed a joint stipulation with Vidul Prakash to dismiss, with prejudice, the Commission’s civil enforcement action against him. As stated in the joint stipulation, the Commission’s decision to exercise its discretion and seek dismissal is “based on the facts and circumstances of this case and its ongoing review of the evidence, including evidence developed in discovery” and “does not reflect the SEC’s position on any other case.” 🔗 Read more
• SEC Obtains Final Consent Judgment as to Alleged Orchestrator of $100 Million Fraudulent Scheme Involving Two Mutual Funds. The United States District Court for the Southern District of New York entered a final consent judgment against Ofer Abarbanel, the manager of two mutual funds, for diverting fund assets to shell companies through unauthorized loans, violating federal securities laws. Abarbanel pled guilty in a parallel criminal case, was sentenced to four years in prison, and ordered to pay $106 million in restitution, with the judgment requiring disgorgement of $106,530,000 plus interest, offset by previously returned assets. The judgment also bars Abarbanel from associating with any broker, dealer, or investment adviser, and the SEC’s litigation is led by Derek Bentsen with assistance from various agencies. 🔗 Read more
• FDIC Approves the Deposit Insurance Application for Edward Jones Bank, Salt Lake City, Utah. Washington - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the deposit insurance application for Edward Jones Bank, a Utah-chartered industrial bank proposed by Jones Financial Companies, L.L.L.P. The bank’s business model will focus on securities-based loans funded by sweep deposits from existing clients, and it met the statutory factors for approval with conditions, including maintaining a minimum nine percent tier 1 leverage ratio. The approval order expires in 12 months unless extended by the FDIC. 🔗 Read more
• FDIC Issues CRA Examination Schedules for Second Quarter 2026 and Third Quarter 2026. The Federal Deposit Insurance Corporation (FDIC) has released the lists of institutions scheduled for Community Reinvestment Act (CRA) examinations in the second and third quarters of 2026. CRA examinations assess a bank’s efforts to meet the credit needs of its community, including low- and moderate-income areas, and are scheduled based on asset size and CRA rating. The schedules are subject to change, and public comments on the examinations are encouraged and will be considered if received before the examination is completed. 🔗 Read more
• FDIC Publishes January Enforcement Actions. Washington - The Federal Deposit Insurance Corporation (FDIC) today published a list of orders of administrative enforcement actions taken against banks and individuals in January 2026. There are no administrative hearings scheduled for March 2026. The FDIC issued eight orders in January 2026. The administrative enforcement actions in those orders consisted of two consent orders, two orders terminating consent orders, two orders to pay, and two prohibition orders. To view orders, adjudicated decisions and notices and the administrative hearing details online, please visit the FDIC’s web page by clicking the link below. 🔗 Read more
• Number of counterfeit euro banknotes remains low in 2025. 44,000 counterfeit euro banknotes withdrawn in 2025 representing one of the lowest levels ever in proportion to the total banknotes in circulation. €20 and €50 most counterfeited denominations, accounting for around 80% of all counterfeit notes withdrawn. Euro banknotes remain safe and trusted means of payment. Authenticity of euro banknotes can be verified using “feel, look and tilt” method. Some 444,000 counterfeit euro banknotes were withdrawn from circulation in 2025, a decrease of 20% compared with the previous year. The likelihood of receiving a counterfeit is low, as the number of counterfeits is very small in proportion to genuine euro banknotes in circulation. In 2025, 14 counterfeits were detected per million genuine banknotes in circulation, which is one of the lowest levels since the launch of the euro. 🔗 Read more‍
• ‍ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments. The European Securities and Markets Authority (ESMA) has released the results of the annual transparency calculations for equity and equity-like instruments, effective from 6 April 2026. These calculations include liquidity assessments, market determination, average daily turnover, transaction values, and transaction numbers, with market participants encouraged to monitor daily updates for newly traded instruments. The full list of assessed instruments is available via ESMA’s FITRS and the Register web interface, with remaining revised rules applicable from 2 March 2026. 🔗 Read more