Week of August 31 - September 6, 2026

🗓️  August 31, 2026

• SEC and FDA Announce MOU to Bolster Cooperation and Ensure Market Integrity. Washington D.C. - The Securities and Exchange Commission and the Food and Drug Administration have entered into a Memorandum of Understanding to enhance cooperation in their regulatory and enforcement responsibilities, aiming to improve market oversight and compliance. The MOU includes information-sharing protocols to facilitate the exchange of relevant information between the agencies, with a focus on FDA-related disclosures by public companies that impact financial markets. The agreement will be in effect for three years and may be extended or modified by mutual consent. 🔗 Read more
• SEC Charges Texas Attorney and Texas-Based Podcast Host for Multiple Alleged Offering Frauds. The Securities and Exchange Commission filed charges against Texas attorney David T. Gilchrist for allegedly conducting four fraudulent securities offerings between 2021 and 2025, raising over $1.85 million from at least 22 investors, and against podcast host Christopher “Aaron” Novinger for soliciting investors in two of these offerings. The SEC’s complaint, filed in the U.S. District Court for the Northern District of Texas, charges both individuals with violating antifraud provisions and other securities laws, with Novinger’s wife, Rebecca Novinger, named as a relief defendant. In a parallel action, the U.S. Attorney’s Office for the Northern District of Texas has filed criminal charges against Gilchrist. 🔗 Read more
• CFTC Further Extends Compliance Date for Amendments to Form PF. Washington - The Commodity Futures Trading Commission and the Securities and Exchange Commission have extended the compliance date for the Form PF Amendments from October 1, 2026, to July 1, 2027. This extension helps filers avoid significant costs related to implementing the amendments, which may be amended or eliminated in a new rule proposal issued on April 20, 2026. It also allows the Commissions time to consider comments on the new proposal. 🔗 Read more

🗓️  September 1, 2026

• SEC Charges San Francisco Bay Area Private Fund Executives with Multimillion Dollar Ponzi-Like Scheme. Washington D.C. - The Securities and Exchange Commission charged Mark D. Hanf and Hoai-Nam Chu Phan with orchestrating an offering fraud that raised over $80 million from approximately 190 investors, many of whom were retired senior citizens. From December 2021 to November 2025, they misrepresented the use of investor capital in PPMG’s private funds, using new investor money to make Ponzi-like payments to prior investors. By February 2026, despite total investments of almost $121 million, recoverable assets were estimated at less than $17 million, resulting in devastating losses. Both consented to a judgment enjoining them from future securities violations, with criminal charges also announced by the U.S. Attorney’s Office. 🔗 Read more
• SEC Proposes to Modernize Rules for Registered Transfer Agents. Washington D.C. - The Securities and Exchange Commission proposed to update the rules and forms for registered transfer agents to reflect their current processes and operations, including the use of electronic communications and blockchain technology. The proposal aims to modernize the federal transfer agent rules while ensuring the safe and efficient functioning of the U.S. securities markets. The public comment period will be open for 60 days after the proposal is published in the Federal Register. 🔗 Read more
• SEC Charges Former CEO of Lugano Diamonds in Alleged Massive Accounting and Offering Fraud. The Securities and Exchange Commission filed charges against Mordechai Ferder, the founder and former CEO of Lugano Diamonds & Jewelry, Inc., for allegedly running a fraud scheme from 2021 to 2025 that caused Lugano and its public parent company, Compass Diversified Holdings, to recognize over a billion dollars of fictitious revenue. Ferder is accused of making false claims to investors about acquiring and increasing the value of diamonds, while instead making Ponzi-like payments and fraudulently recording investor funds as revenue. The SEC seeks permanent injunctions, disgorgement, civil money penalties, and an officer and director bar against Ferder, with ongoing investigations and litigation led by SEC officials. 🔗 Read more
• CFTC Resolves Action Against Swaps Trader for Making False Statements. Washington - The Commodity Futures Trading Commission announced a consent order against John Patrick Gorman III, a U.S. dollar swaps trader, for making false or misleading statements during an investigation. Gorman is required to pay a $90,000 civil monetary penalty. In March 2019, after receiving a preservation request, Gorman deleted relevant WhatsApp messages and later falsely claimed in May 2019 that he had not destroyed any documents. His false statements during a November 2019 testimony were also material to the investigation. The consent order resolves the CFTC’s enforcement action and permanently enjoins Gorman from violating the Commodity Exchange Act, while dismissing counts I and II of the CFTC complaint filed on February 1, 2021. 🔗 Read more
• EIOPA publishes its technical advice on minimum common standards for insurance guarantee schemes across the EU. The European Insurance and Occupational Pensions Authority (EIOPA) has provided technical advice to the European Commission on establishing minimum common standards for insurance guarantee schemes (IGS) in the EU. The advice emphasizes a balanced approach to harmonization, focusing on specific policy areas to enhance policyholder protection, support the Single Market, and ensure operational readiness under the IRRD framework, while allowing for national flexibility where necessary. Key recommendations include harmonizing the scope of eligible policies, trigger moments for IGS activation, claim submission and payout timeframes, and funding arrangements, with a focus on life and non-life products that could cause significant financial hardship. 🔗 Read more
• AUSTRAC initiates investigation into Western Union. AUSTRAC has launched an investigation into Western Union Financial Services Australia Pty Ltd and The Western Union Company due to concerns about their management of high-risk payment channels, customers, and affiliates, but not affiliates themselves. The investigation will focus on Western Union’s AML/CTF program, transaction monitoring program, and governance arrangements, with AUSTRAC determining any action after completing the investigation. This follows a 2025 supervisory campaign that identified weaknesses in detecting and managing transactions linked to child sexual exploitation, emphasizing the importance of strong compliance systems and timely reporting. 🔗 Read more

🗓️  September 2, 2026

• CFTC Staff Issues No-Action Position on Large Trader Reporting for Direct Participants. Washington - The Commodity Futures Trading Commission’s Division of Market Oversight today announced it has issued a no-action letter to Electron Exchange DCM LLC, a designated contract market, which would allow Electron Exchange to submit large trader reporting on behalf of direct participants as if Electron Exchange’s contracts were exclusively self-cleared contracts. 🔗 Read more
• CFTC Issues Final Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps. Washington - The Commodity Futures Trading Commission issued a final rule to modify its interest rate swap clearing requirement, updating the swaps needed for clearing to a derivatives clearing organization. The rule removes the requirement to clear interest rate swaps referencing the Canadian Dollar Offered Rate and the Interbank Equilibrium Interest Rate, replacing it with a requirement to clear Canadian dollar and Mexican peso-denominated interest rate swaps referencing overnight, nearly risk-free rates. The amendments include changes to the termination date range for certain swaps and the removal of specific swaps from the fixed-to-floating swap class. 🔗 Read more

🗓️  September 3, 2026

• SEC Proposes Rescission of Political Contribution Rule for Investment Advisers. Washington D.C. - The Securities and Exchange Commission has proposed rescinding its “pay-to-play” rule, which prohibits investment advisers from providing compensated services to government clients for two years after making political contributions to certain officials, due to unintended consequences like operational challenges and suppression of political speech. The proposal would also amend the Advisers Act recordkeeping rule, but other requirements such as fraud prohibitions and fiduciary duties would remain. The public comment period will be open for 60 days after the proposal is published in the Federal Register. 🔗 Read more
• SEC Obtains Final Consent Judgment as to Corey Ortiz in Connection with Alleged “Free-Riding” Scheme. The United States District Court for the Eastern District of New York entered a final consent judgment against Corey Ortiz for his involvement in a $2 million “free-riding” scheme. The SEC’s complaint, filed on October 31, 2023, accused Ortiz and three others of using unfunded brokerage accounts to generate profits in other accounts they controlled, transferring broker credits to accumulate guaranteed profits. Over four years, they allegedly used at least 600 brokerage accounts, with Ortiz primarily recruiting individuals to open or provide access to accounts. The judgment enjoins Ortiz from violating securities laws, orders him to disgorge $199,710 with $19,727 in interest, and imposes a five-year conduct-based injunction on opening brokerage accounts. 🔗 Read more

🗓️  September 4, 2026

• Federal Reserve Board announces termination of enforcement actions with United Texas Bank, Quontic Bank Acquisition Corp., and Quontic Bank Holdings Corp. The Federal Reserve Board announced the termination of enforcement actions against United Texas Bank and Quontic Bank Acquisition Corp. and Holdings Corp. The cease and desist order for United Texas Bank, dated August 29, 2024, and the written agreement for Quontic Bank, dated July 5, 2023, will both be terminated on September 2, 2026. 🔗 Read more
• SEC Files Subpoena Enforcement Action Against Institutional Shareholder Services Inc. The Securities and Exchange Commission (SEC) has filed a subpoena enforcement action in the U.S. District Court for the Eastern District of Pennsylvania to compel Institutional Shareholder Services, Inc. (ISS) to comply with an outstanding administrative subpoena issued on July 21, 2026. ISS has refused to provide documents relevant to the SEC’s investigation into its compliance with federal securities laws, impeding the SEC’s mission and oversight obligations. The SEC’s filing seeks a court order to ensure ISS produces the required records, as more than four months have passed since the original request without compliance. 🔗 Read more
• SEC Obtains Final Judgments as to Investment Adviser and His Advisory Firm Charged with Fraud and Improper Disclosure of Client Nonpublic Personal Information. The U.S. District Court for the Central District of California entered final judgments against Parker Terrill Austin and Embarcadero Capital Advisors, Inc. related to fraud charges. Starting in 2023, Austin allegedly sent nonpublic client information to his future business partner and breached fiduciary duty by placing clients in contrary investments. After being terminated from his previous employer, Austin launched Embarcadero and misrepresented his disciplinary history to attract clients. Without admitting the allegations, Austin and Embarcadero consented to judgments enjoining them from certain violations, with Austin ordered to pay a $118,225 penalty and Embarcadero to disgorge $25,000, pay $2,505.06 in interest, and a $120,000 penalty. 🔗 Read more
• SEC Files Settlements with Former Animal Health Company Senior Director and Tippee in Alleged Insider Trading Scheme. The Securities and Exchange Commission filed consents and proposed final judgments against Trijya Vakil and Neeraj Visen for trading Kindred Biosciences, Inc. stock based on nonpublic information about its acquisition. Vakil, a Senior Director at Elanco Animal Health, Inc., allegedly purchased 500 shares after learning of the acquisition in April 2021, resulting in $2,447.50 in gains. She also tipped Visen, who bought 38,000 shares, gaining $109,437. Both consented to pay $54,718 each in civil penalties and were permanently enjoined from violating securities laws, with Vakil and Visen also pleading guilty to criminal charges. 🔗 Read more
• SEC Files Settled Action as to Chicago-Area Investment Adviser for Allegedly Misappropriating Client Funds. The Securities and Exchange Commission filed a settled action against Waldon Fenster, an unregistered investment adviser, alleging he lied to investors and misappropriated money for gambling and personal expenses. From January 2023 to March 2024, Fenster raised approximately $3.6 million from 23 investors, promising profits of over 20% through short-term, high-interest bridge loans, which were never issued. He allegedly misappropriated over $2.5 million and returned the remainder to some investors to encourage referrals. Without admitting the allegations, Fenster agreed to a final judgment, including a $2,516,120.80 disgorgement, $450,012.39 in prejudgment interest, a $236,451.00 civil penalty, and a prohibition from securities activities and associations with brokers or advisers. 🔗 Read more
• SEC Charges San Francisco Bay Area Private Fund Executives with Multimillion Dollar Ponzi-Like Scheme. The Securities and Exchange Commission charged Mark D. Hanf and Hoai-Nam Chu Phan with orchestrating an offering fraud that raised over $80 million from about 190 mostly retail investors, many of whom were retired senior citizens, by misrepresenting the use of investor capital in real estate lending. The SEC alleges that Hanf and Phan used new investor money to make Ponzi-like payments to prior investors and that Hanf misappropriated over $7 million for personal use. Both consented to a judgment enjoining them from future securities violations, with criminal charges also announced by the U.S. Attorney’s Office for the Northern District of California. 🔗 Read more
• FDIC Issues List of Banks Examined for CRA Compliance. Washington - The Federal Deposit Insurance Corporation (FDIC) has released a list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in June 2026. The CRA, a 1977 law, mandates the FDIC to assess a bank’s efforts in meeting the credit needs of its community, including low- and moderate-income areas, while ensuring safe operations. Public disclosure of these evaluations has been required since July 1, 1990, and can be accessed from the FDIC’s Public Information Center or directly from the banks. 🔗 Read more
• ESMA signs Memorandum of Understanding with the Securities and Exchange Board of India. The European Securities and Markets Authority (ESMA) has signed a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI) to enhance cooperation and information exchange regarding the recognition of central counterparties (CCPs) in India. This agreement follows a previous MoU with the Reserve Bank of India and represents a significant step towards restoring EU clearing members’ access to Indian CCPs after over two years of engagement. The MoU highlights ESMA’s commitment to international supervisory cooperation and mutual support for safe, resilient, and open financial markets. 🔗 Read more