Week of  March 16-22, 2026

🗓️ March 16, 2026

• SEC Proposes Amendments to Exchange Act Rule 15c2-11. Washington D.C. - The Securities and Exchange Commission proposed amendments to Exchange Act Rule 15c2-11 to focus solely on equity securities, aiming to prevent manipulative and fraudulent trading schemes in the OTC equity markets. SEC Chairman Paul S. Atkins emphasized the importance of tailoring regulations to the specific asset class. The proposing release is available on SEC.gov, with a 60-day comment period following its publication in the Federal Register. 🔗 Read more
• SEC Announces Enforcement Division Director Judge Margaret A. Ryan Has Resigned From Agency. Washington D.C. - Judge Margaret A. Ryan has resigned as Director of the SEC’s Division of Enforcement, with Sam Waldon appointed as Acting Director effective March 16, 2026. Under Ryan’s leadership, the division refocused on enforcing federal securities laws, particularly targeting fraud and market manipulation, to protect investors and strengthen market integrity. Ryan expressed gratitude for the opportunity and confidence in the foundation she helped build, while the SEC plans to announce a permanent successor soon. 🔗 Read more
• CFTC Chairman Selig Announces Jessica Harris as Director, Division of Data and Chief Data Officer. Washington - Commodity Futures Trading Commission Chairman Michael S. Selig announced Jessica Harris as the director of the Division of Data and chief data officer, highlighting her extensive experience in data strategy and innovation. Harris expressed her gratitude and commitment to fostering a culture of data excellence and reinforcing financial market resilience. With a 25-year career in surveillance, market conduct, and financial regulation, Harris brings a balanced approach to leveraging data analytics and technology. 🔗 Read more
  

🗓️ March 17, 2026

• SEC Clarifies the Application of Federal Securities Laws to Crypto Assets. Washington D.C. - The Securities and Exchange Commission (SEC) issued an interpretation clarifying the application of federal securities laws to certain crypto assets, aiming to provide greater clarity and complement Congressional efforts for a comprehensive market structure framework. The Commodity Futures Trading Commission (CFTC) joined the SEC in this effort, emphasizing the importance of clear regulatory guidance for the crypto industry. The interpretation includes a token taxonomy and addresses the status of non-security crypto assets, airdrops, protocol mining, staking, and asset wrapping, urging market participants to review it for better understanding of regulatory jurisdiction.   🔗 Read more
• SEC Publishes Data on Public and Private Offerings, Municipal Advisors, Transfer Agents, and Securities-Based Swap Dealers. Washington D.C. - The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published a report on security-based swap dealers and updated statistics on various securities offerings, including IPOs, corporate bonds, and asset-backed securities. In 2025, market activity increased, with 374 IPOs raising over $70 billion, 34,553 Regulation D offerings raising $2.4 trillion, and a slight increase in corporate bond and asset-backed securities issuances. The SEC’s public statistics webpage offers interactive and downloadable visuals to explore these trends, and DERA integrates financial economics and data analytics to support the SEC’s mission. 🔗 Read more
• SEC Obtains Final Consent Judgment as to Alleged Former Executive of Cannabis Company Charged in Fraudulent Offering. The U.S. District Court for the Central District of California issued a final judgment by consent against J. Bernard Rice, a former executive of American Patriot Brands, Inc., regarding fraud charges. The judgment permanently prohibits Rice from violating antifraud provisions and participating in securities transactions, except for personal accounts, and bars him from being an officer or director of a public company for five years. Rice is also ordered to pay $581,000 in disgorgement, $271,877 in prejudgment interest, and a $236,451 civil penalty. This decision follows the Court’s June 16, 2025, order granting the SEC’s partial summary judgment, with the litigation led by Eugene Hansen and Samantha Williams. 🔗 Read more
• SEC Files Settled Action as to Former Chief Revenue Officer Charged with Insider Trading. The Securities and Exchange Commission filed settled insider trading charges against Paul W. Jorgensen, the former Chief Revenue Officer of Doximity, Inc., for selling shares based on nonpublic information about the company’s lower-than-expected sales. Jorgensen allegedly failed to file required reports and traded again after being terminated, resulting in profits and losses avoided of approximately $2,532,775. He consented to a judgment barring him from violating federal securities laws and serving as an officer or director of a public company, with disgorgement, interest, or penalties to be determined by the court. Jorgensen also pled guilty to securities fraud in a parallel criminal action and is awaiting sentencing. 🔗 Read more
• SEC Obtains Final Judgment as to Virginia Resident in Alleged Ponzi Scheme that Targeted Chinese Americans. The U.S. District Court for the Southern District of Florida entered a final judgment against defendant Bin Hao in the SEC’s civil enforcement action against Hao and his company, Qidian LLC. The SEC’s complaint alleged that from January 2017 to 2021, Hao and Qidian sold promissory notes and membership interests with high return rates to investors, using new investor money to pay prior investors in a Ponzi-like fashion and misappropriating funds for personal expenses. Without admitting or denying the allegations, Hao and Qidian consented to judgments enjoining them from future violations and agreed to pay disgorgement, prejudgment interest, and a civil penalty. Hao was ordered to pay a total of $2,238,136, and he agreed to an officer-and-director bar. 🔗 Read more
• CFTC Joins SEC to Clarify the Application of Federal Securities Laws to Crypto Assets. Washington - The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have issued a joint interpretation to clarify how federal securities laws apply to certain crypto assets and transactions. This interpretation aims to provide market participants with clear guidance on the status of crypto assets, addressing issues such as the definition of “security,” token taxonomy, and the application of securities laws to various crypto activities. The agencies emphasize their commitment to fostering a regulatory environment that supports the growth of the crypto industry in the United States. 🔗 Read more
• CFTC Staff Issues No-Action Position to Self-Custodial Crypto Asset Wallet Software Provider. Washington - The Commodity Futures Trading Commission’s Market Participants Division announced a no-action position regarding Phantom Technologies Inc.’s request. This position allows Phantom to provide and market software for trading with registered futures commission merchants, introducing brokers, and designated contract markets without enforcement action for not registering as an introducing broker, provided certain conditions are met. 🔗 Read more
• IOSCO Updates Statement on Non-GAAP Financial Measures. IOSCO published an updated Statement on Non-GAAP Financial Measures to help issuers provide clear and useful disclosure for investors and reduce the risk of such measures being presented in a misleading way. The update builds on IOSCO’s 2016 and 2002 statements and highlights its commitment to clear, useful, and standardized disclosures. IOSCO also notes that while non-GAAP financial measures can offer additional insight and flexibility, problems can arise when they are presented inconsistently, defined inadequately, or obscure financial results determined in accordance with GAAP. 🔗 Read more
• The EBA issues revised list of ITS validation rules. The European Banking Authority (EBA) has updated its list of validation rules under its Implementing Technical Standards (ITS) on supervisory reporting, identifying rules that have been deactivated, reactivated, or have changed in severity. Competent Authorities are reminded not to validate data against deactivated rules. Additionally, a small validation rules package, including a micro taxonomy package and Data Point Model (DPM) validation rules updates scripts, is required from release 4.0 onwards to ensure consistent amendments and improve the supervisory reporting process. 🔗 Read more
• The EBA consults on regulatory products on Initial Margin Model Authorisation. The European Banking Authority (EBA) has launched two public consultations on draft Guidelines and draft Regulatory Technical Standards (RTS) regarding initial margin model authorisation (IMMA) under the European Market Infrastructure Regulation (EMIR). These consultations, running until 17 June 2026, aim to ensure a robust, efficient, and harmonised authorisation process for models used in the exchange of initial margin for non-centrally cleared derivatives across the EU. The new EMIR 3 rules require counterparties using internal initial margin models to obtain prior authorisation from their competent authority, with specific requirements outlined in the draft Guidelines and assessment techniques in the draft RTS. 🔗 Read more

🗓️ March 18, 2026

• Federal Reserve issues FOMC statement. Available indicators suggest that economic activity has been expanding at a solid pace, with job gains remaining low and the unemployment rate little changed, while inflation remains somewhat elevated. The Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent, aiming to achieve maximum employment and inflation at the rate of 2 percent over the longer run, and is prepared to adjust monetary policy if risks emerge. Voting for the decision were Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Beth M. Hammack, Philip N. Jefferson, Neel Kashkari, Lorie K. Logan, Anna Paulson, and Christopher J. Waller, while Stephen I. Miran voted against it, preferring a 1/4 percentage point reduction. 🔗 Read more
• SEC Obtains Final Judgment as to Former Registered Representative and Investment Adviser Representative Charged with Misappropriating Customer and Client Assets. The United States District Court for the District of New Jersey issued a final judgment against Kenneth Welsh, a former registered representative and investment adviser representative, in the SEC’s civil enforcement action. The SEC’s complaint, filed on October 28, 2021, accused Welsh of misappropriating at least $2.86 million from clients between January 2016 and January 2021 through fraudulent transactions. On September 23, 2025, Welsh agreed to a bifurcated consent judgment, permanently enjoining him from violating several securities laws and ordering him to disgorge $1,998,120.20, with interest, which is satisfied by a restitution order in a parallel criminal case. The SEC’s investigation was led by John C. Lehmann, Jordan Baker, and Lindsay S. Moilanen, with litigation led by Christopher J. Dunnigan. 🔗 Read more
• SEC confirms exemption for directors and officers of EEA Foreign Private Issuers. The United States Securities and Exchange Commission (SEC) has decided to exempt directors and officers of European Economic Area (EEA) foreign private issuers (FPIs) from the reporting requirements under Section 16(a) of the US Securities Exchange Act of 1934. This decision ensures continued alignment with the EU regulatory framework, which already provides for substantially similar disclosure requirements for persons discharging managerial responsibilities set in the Market Abuse Regulation (MAR). 🔗 Read more

🗓️ March 19, 2026

• Agencies request comment on proposals to modernize the regulatory capital framework and maintain the strength of the banking system. The federal bank regulatory agencies have requested comments on three proposals to modernize the regulatory capital framework for banks, aiming to streamline capital requirements and better align them with risk while maintaining the banking system’s safety and soundness. The proposals include enhancing risk sensitivity for the largest banks, aligning capital requirements for traditional lending with risk for smaller banks, and improving systemic risk measurement for the most complex banks. Although the proposals are expected to modestly reduce capital requirements, overall capital levels will remain significantly higher than pre-financial crisis levels. 🔗 Read more
• CFTC and MLB Sign Groundbreaking MOU. Washington D.C. - The Commodity Futures Trading Commission (CFTC) and Major League Baseball (MLB) have signed a Memorandum of Understanding (MOU) to collaborate on protecting the integrity of professional baseball and its prediction markets. This agreement establishes a framework for information exchange, enabling both parties to respond swiftly to incidents and anticipate trends. CFTC Chairman Michael S. Selig highlighted the MOU as a step towards enhancing market integrity and resilience, with MLB playing a leading role in this initiative. 🔗 Read more
• IOSCO Consults on Good Practices for OTC Commodity Derivatives Markets. IOSCO has published a Consultation Report on Good Practices concerning over-the-counter (OTC) Commodity Derivatives Markets, inviting comments on proposed good practices intended to support the effective implementation of its principles, particularly Principles 12, 15, and 16. The report focuses on strengthening oversight through the collection and aggregation of OTC derivatives data, timely regulatory intervention, and enhanced information-sharing and cooperation between exchanges and regulators. Feedback received will inform the final report, which aims to strengthen the integrity and stability of global commodity markets. 🔗 Read more
• FDIC Board of Directors Rescinds Statement of Policy on Qualifications for Failed Bank Acquisitions. Washington - The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved the rescission of a 2009 Statement of Policy on Qualifications for Failed Bank Acquisitions and related 2010 questions and answers. The rescission aims to remove regulatory barriers for nonbanks in failed bank bids and reduce costs to the Deposit Insurance Fund. 🔗 Read more
• Agencies Request Comment on Proposals to Modernize the Regulatory Capital Framework And Maintain the Strength of the Banking System. Washington - The federal bank regulatory agencies have requested comments on three proposals to modernize the regulatory capital framework for banks of all sizes, aiming to streamline capital requirements and better align them with risk while maintaining the banking system’s safety and soundness. The proposals include enhancing risk sensitivity for large banks, aligning capital requirements for traditional lending with risk for smaller banks, and improving systemic risk measurement for the largest banks. Although the proposals are expected to modestly reduce capital requirements, overall capital levels will remain substantially higher than before the financial crisis, with comments due by June 18, 2026. 🔗 Read more
• The EBA publishes final draft amending technical standards shortening the timing for the application for prior permission to reduce own funds and eligible liabilities instruments. The European Banking Authority (EBA) published its final draft amending Regulatory Technical Standards (RTS) to shorten the timeframe for processing applications to reduce own funds and eligible liabilities instruments from four to three months, citing sufficient experience for more efficient assessments. The amendments aim to reduce unnecessary regulatory burden for institutions and have deleted simplified procedure provisions for liquidation entities following the exemption introduced by Directive (EU) 2024/1174 (the Daisy Chain Act). 🔗 Read more

🗓️ March 20, 2026

• Federal Reserve Board issues enforcement actions with former employee of Ally Bank and former employee of Regions Bank. The Federal Reserve Board announced enforcement actions against Lidia Estrada, a former employee of Ally Bank, for falsifying documents related to a request for increased compensation. Additionally, a consent prohibition order was issued against Brenda Fuson, a former employee of Regions Bank, for misappropriating customer funds. 🔗 Read more
• CFTC Staff Issues FAQs Concerning Registrant and Registered Entity Activities Relating to Crypto Assets and Blockchain Technologies. Washington - The Commodity Futures Trading Commission’s Market Participants Division and Division of Clearing and Risk have published responses to frequently asked questions about registrant and registered entity activities related to crypto assets and blockchain technologies. These responses offer additional clarity on topics covered in CFTC Staff Letter 25-39 and CFTC Staff Letter 26-05. 🔗 Read more

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