Week of October 5-11, 2026

🗓️ October 5, 2026

• Federal Reserve Board announces approval of application by Isabella Bank Corporation. The Federal Reserve Board approved Isabella Bank Corporation’s application to acquire Grand River Commerce, Inc., and indirectly Grand River Bank, both located in Grandville, Michigan. Additionally, the Board approved Isabella Bank’s merger with Grand River Bank and the establishment and operation of branches at Grand River Bank’s locations. 🔗 Read more
• FDIC Issues List of Banks Examined for CRA Compliance. Washington - The Federal Deposit Insurance Corporation (FDIC) issued a list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in July 2026. The CRA, a 1977 law, requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods. Public disclosure of CRA evaluations has been mandated since July 1, 1990, and a consolidated list of evaluations since that date is available from the FDIC’s Public Information Center. 🔗 Read more

🗓️ October 6, 2026

• SEC Seeks Final Judgment Against Former Western Asset Co-CIO Ken Leech in Cherry Picking Case.  Washington D.C. - The Securities and Exchange Commission moved for a final judgment by consent against Stephen Kenneth Leech II, former co-chief investment officer of Western Asset Management Company LLC, for a multi-year cherry-picking allocation scheme. Leech consented to pay a $3 million penalty, face an officer-and-director bar, and be permanently enjoined from violating antifraud provisions, while Western Asset was ordered to pay a $100 million penalty and establish a Fair Fund for affected investors. Additionally, Leech pleaded guilty to obstruction of justice charges related to false testimony to the SEC, with sentencing pending. 🔗 Read more
• FINRA Fines Revere Securities $800,000 for Small-Cap IPO-Related AML and Supervisory Failures. FINRA fined Revere Securities LLC $800,000 for anti-money laundering and supervisory violations related to small-cap IPOs for foreign-based issuers, requiring Revere to retain a third-party consultant for compliance review and implementation of recommendations. Since 2022, Revere’s core business involved over 40 IPOs for foreign-based small-cap issuers, with some experiencing significant stock price manipulation, such as a 318% surge followed by a 50% collapse on IPO day. In one instance, Revere allocated over $1.5 million in IPO shares to eight customers referred by a foreign broker-dealer, with four claiming unemployment while reporting incomes over $200,000 annually, yet Revere opened the accounts without adequate verification. 🔗 Read more
• EIOPA sets EU-wide expectations for the supervision of private equity-backed insurers. The European Insurance and Occupational Pensions Authority (EIOPA) has issued a supervisory statement to promote consistent and risk-based supervision of private equity-related (re)insurance undertakings across the EU. The statement addresses key areas such as mismatching investment horizons, complex financing and ownership structures, business model changes, heavy reliance on reinsurance, and governance issues, emphasizing the need for supervisors to assess and monitor these aspects to ensure the long-term viability and protection of policyholders. 🔗 Read more

🗓️ October 7, 2026

• SEC Charges Resident of India With Fraud for Providing Phony Audit Report to U.S. Issuer. The Securities and Exchange Commission filed charges against Himanshu Jindal for allegedly deceiving a publicly-traded company by falsely representing himself as a U.S. CPA and providing a fake audit report for its Form 10-K. Jindal, who has no U.S. accounting qualifications, allegedly used a forged signature from a New York-based firm to claim he conducted the audit, obtained payment through his company Helponic Global Private Limited, and continues to seek U.S. audit work. The SEC’s complaint, filed in the U.S. District Court for the District of Columbia, charges Jindal with violating antifraud provisions and seeks various legal remedies, with the investigation conducted by the New York Regional Office and supported by international cooperation. 🔗 Read more
• SEC Charges Gökçe Güven and Kalder Inc. With Allegedly Defrauding Investors In $6.7 Million Securities Offering. The Securities and Exchange Commission filed a partially-settled action against Kalder Inc. and its CEO, Gökçe Güven, for allegedly raising nearly $6,705,000 from investors through false and misleading statements about the company’s financial performance. Güven agreed to a bifurcated settlement, subject to Court approval, which includes a permanent injunction from violating federal securities laws, a six-year officer and director bar, and disgorgement with prejudgment interest and civil penalties. The SEC’s complaint alleges that Kalder maintained two sets of books, with one set containing inflated numbers, and misled investors about its revenue streams and customer contracts. 🔗 Read more
• ESMA clarifies access for EU market participants to the services of third-country CSDs. The European Securities and Markets Authority (ESMA) has clarified that EU market participants should not be blocked from accessing third-country Central Securities Depositories (CSDs) beyond 17 January 2027 until the EU finalizes legislation to extend the current transitional regime. This regime, which allows certain third-country CSDs to provide services for EU financial instruments, is set to end on that date, but the Market Integration and Supervision Package (MISP) proposes extending it, with support from the Council of the European Union and the European Parliament. ESMA’s statement aims to alleviate concerns about operational challenges due to uncertainty over continued access to these services. 🔗 Read more
• Land-based casino operators to pay £5m for regulatory failures. Three nationwide casino operators, owned by Rank Group PLC, will pay £5 million after a Gambling Commission investigation found anti-money laundering and social responsibility failures. The operators, which run 51 casinos across Great Britain, will also undergo a third-party audit to ensure effective implementation of AML and safer gambling policies. All £5 million will be directed to the Government’s Consolidated Fund, and the case highlights the risks of such failures in the land-based sector. 🔗 Read more
• AMLA identifies AML/CFT priorities for the review of MiCA. The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has published its response to the European Commission’s targeted consultation on the review of the Regulation on Markets in Crypto-Assets (MiCA). AMLA identifies five key areas for targeted amendments or clarifications to address money laundering and terrorist financing risks more effectively, including staking, lending, borrowing, DeFi arrangements, unauthorized stablecoins, certain asset-referenced tokens issuers, and cross-border supervision of service providers. AMLA is prepared to assist the European Commission in its MiCA review. 🔗 Read more
• Press Release: AMLA consults on draft standards for an EU-wide AML/CFT database. AMLA is establishing a central AML/CFT database to provide supervisors with a complete and reliable picture of risk, serving as a single point for reporting and retrieving information across the EU. The database will help identify risks and trends, support effective supervision, and ensure oversight of the EU supervisory system. The draft regulatory technical standards outline how and when supervisors report information, aiming to simplify reporting without adding new costs, and include provisions for automated and streamlined processes. 🔗 Read more

🗓️ October 8, 2026

• Federal Reserve Board announces enforcement action against American Express Company to address, among other things, the firm’s failure to sufficiently detect and report certain suspicious activity related to money laundering. The Federal Reserve Board announced an enforcement action against American Express Company for failing to adequately detect and report suspicious money laundering activities. Significant deficiencies were also found in the implementation of the company’s anti-money laundering program, particularly at its subsidiary national bank, which has faced a separate enforcement action from the Office of the Comptroller of the Currency. The Board’s action aims to ensure compliance with U.S. laws and regulations. 🔗 Read more
• SEC Obtains Final Judgments as to Five Defendants in Alleged Microcap Fraud Scheme. The Securities and Exchange Commission obtained final judgments against five defendants involved in an alleged microcap fraud, with the complaint filed on March 14, 2022. The defendants, including Francis Biller, Chester Alvarez, Troy Gran-Brooks, Justin Plaizier, and Raymond Dove, used high-pressure sales tactics to sell stocks of small U.S. companies, generating over $58 million in trading proceeds and receiving millions in payments. Final consent judgments were entered against Alvarez, Gran-Brooks, and Plaizier on January 24, 2025, and against Biller on February 21, 2025, imposing disgorgement and interest payments ranging from $131,347 to $8,392,982, while Dove received a judgment by default on September 30, 2026, with a total payment of $4,578,603. 🔗 Read more
• SEC Charges Encinitas Investment Adviser and his Advisory Firm in Alleged Fraudulent “Cherry-Picking” Scheme. The Securities and Exchange Commission charged Darren J. Caris and his firm, Caris Investment Partners, Inc., with allegedly defrauding clients through a cherry-picking scheme and making false statements. From December 2023 to April 2024, Caris allegedly allocated profitable trades to his personal account and unprofitable ones to clients’ accounts, while also misleading clients about trade allocation and conflicts of interest. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties, with the investigation led by the Los Angeles Regional Office and litigation by Daniel Lim. 🔗 Read more
• ESMA sets out supervisory expectations on services related to unauthorised stablecoins. The European Securities and Markets Authority (ESMA) has issued an opinion clarifying that crypto-asset service providers (CASPs) authorized under the Markets in Crypto-Assets Regulation (MiCA) must stop offering services related to non-MiCA-compliant stablecoins in the EU. This includes a wide range of services such as trading platforms, exchange services, and investment advice. National Competent Authorities (NCAs) are urged to supervise and ensure that market participants do not maintain or facilitate access to these stablecoins, and that CASPs implement necessary controls to prevent their availability in the EU. 🔗 Read more

🗓️ October 9, 2026

• SEC Proposes Expanding Securities Eligible for Cross Trading by Registered Funds. Washington D.C. - The Securities and Exchange Commission proposed amendments to the Investment Company Act’s “cross-trading rule” to modernize and expand it, allowing beneficial cross trades for registered funds and their shareholders while enhancing investor protection. These amendments aim to restore the ability to cross trade most fixed-income securities and update conditions related to pricing and oversight, recognizing market developments for more verifiable and transparent pricing. 🔗 Read more
• SEC Charges Executives with Allegedly Defrauding Thousands of Retail Investors Seeking Exposure to Pre-IPO Companies. The Securities and Exchange Commission charged William Sarris and Joseph Endoso, former executives of Linqto, Inc., with misleading investors from 2021 to 2024 by selling over $430 million in special purpose vehicles at inflated prices and falsely claiming compliance with federal securities laws. The SEC’s complaint, filed in the U.S. District Court for the Northern District of California, accuses them of violating multiple securities laws and seeks injunctive relief, disgorgement, civil penalties, and officer and director bars. The investigation was conducted by the SEC’s San Francisco Regional Office, with assistance from the U.S. Attorney’s Office for the Southern District of New York and the FBI. 🔗 Read more
• SEC Charges Fund Manager with Recidivist Violations of the Advisers Act in Settled Action. The Securities and Exchange Commission filed charges against SQN Capital Management LLC and its President, Jeremiah Silkowski, for antifraud violations from 2019 through 2025, including failing to comply with fund documents and inflating net asset values. On October 8, 2026, consent judgments were entered, imposing permanent injunctive relief, appointing a receiver for the funds, and ordering Silkowski to pay a $200,000 penalty and prohibiting him from acting as an investment adviser. SQN Capital and Silkowski consented without admitting the allegations, and the SEC’s investigation was led by Mariel Bronen and others, with litigation managed by Laura Meehan and her team. 🔗 Read more
• CFTC Issues Interim Final Rule Excluding Certain Activity from the Definition of Swap. Washington - The Commodity Futures Trading Commission published an Interim Final Rule excluding casino-style gambling products, such as sportsbook wagers and casino games, from the “swap” definition. Chairman Michael S. Selig stated, “Casino-style gambling products are not derivatives,” emphasizing the Commission’s role in clarifying its regulatory limits. This move aligns with the CFTC’s historical approach to products regulated by states. 🔗 Read more
• EBA CRR3/CRD6 dashboard shows banks maintain capital levels well above minimum requirements under the fully loaded Basel III framework. The European Banking Authority (EBA) published its CRR3/CRD6 dashboard for Q2 2026, showing that EU/EEA banks maintain capital levels well above minimum requirements, with an average CET1 ratio projected at 15.1%. The fully loaded CRR3 implementation projects a 6.0% increase in Tier 1 minimum required capital, with 33 institutions bound by the output floor, and no capital shortfalls expected before 2030. However, total projected capital shortfalls are expected to reach EUR 2.2 billion in 2030 and EUR 18.5 billion in 2033, representing only 0.6% of the current total capital. 🔗 Read more
• ESMA seeks evidence on the use of tokenised collateral in central clearing. The European Securities and Markets Authority (ESMA) has launched a Call for Evidence on the potential use of tokenised collateral by central counterparties (CCPs), inviting stakeholders to submit contributions by 15 January 2027. The initiative aims to explore how tokenisation could affect the transfer, management, protection, and use of collateral throughout its lifecycle, ensuring that fundamental safeguards remain unchanged while assessing the safety and effectiveness of tokenised arrangements. ESMA seeks feedback on different tokenisation models and their interaction with traditional market infrastructures, particularly in the event of a clearing member default, to ensure legal certainty, interoperable infrastructures, and appropriate supervision. 🔗 Read more