Settlement Preserves Whistleblower Rights to Report SEC Violations
Affinity Bancshares, Inc. and Affinity Bank, National Association filed a settlement agreement with former executive Clark Nelson as SEC EDGAR Exhibit 10.2. The agreement terminates a prior employment agreement, provides a settlement amount of $1,201,073, and explicitly preserves the executive's whistleblower rights to report SEC violations in connection with Fidelity Bank's acquisition of the company.
ARK 21Shares Bitcoin ETF Rule Change to Generic Listing Standards
Cboe BZX Exchange filed a proposed rule change with the SEC to transition the ARK 21Shares Bitcoin ETF from an individual approval order to the recently approved generic listing standards for Commodity-Based Trust Shares under Rule 14.11(e)(4). The exchange seeks comment on whether the Fund meets the requirements for generic listing.
FINRA Proposed Rule Changes
FINRA filed proposed rule changes with the SEC for public comment. The proposed amendments would affect broker-dealer practices and market operations. The specific details of the rule changes are under review by the SEC.
NYSE American Options Fee Schedule Amendments - Floor Broker Credits and Incentive Program Changes
NYSE American LLC filed a proposed rule change with the SEC to modify its Options Fee Schedule effective March 18, 2026. The Exchange proposes to increase the Floor Broker credit cap from $4,000,000 to $5,500,000 per month per firm and eliminate two incentive programs: the FB AON CUBE Rebate and the ATP Electronic Rebate. The SEC is soliciting public comments on the proposal.
Nasdaq Texas Proposed Rule Change - Anti-Internalization Functionality Expansion
Nasdaq Texas LLC filed a proposed rule change with the SEC to expand its Port-Level Anti-Internalization Functionality under Equity 4, Rule 4757 to FIX and FLITE order entry protocols. FLITE functionality is already operational and will become formally operative 30 days after filing. FIX protocol support is planned for implementation before end of 2026. The CORE FIX protocol implementation is also being delayed from Q1 2026 to before end of 2026.
Cboe Exchange Rule 5.4 amendment - MBTX options trading increments
The SEC approved Cboe Exchange's proposed rule change to amend Rule 5.4, modifying minimum trading increments for Cboe Mini Bitcoin U.S. ETF Index (MBTX) options. The new increments are $0.01 for series trading below $3.00 and $0.05 for series at $3.00 or higher, conditioned on iShares Bitcoin Trust ETF options participation in the Penny Interval Program. The Exchange filed the proposal as SR-CBOE-2025-075, which was approved on an accelerated basis.
NYSE Rule Changes Filing
The SEC has received a filing for NYSE rule changes posted April 2nd. The specific content and details of the proposed amendments are not available in this entry. This appears to be a routine rule change filing subject to SEC review.
Nasdaq MRX Options Trading Rule Change
SEC proposed a rule change for Nasdaq MRX (Mercury Exchange), an options trading platform. The proposal would amend existing trading rules to reflect updated operational procedures or market structure requirements. Comments on the proposed rule change have now closed, and the SEC will proceed to review submissions and issue a final determination.
Nasdaq PHLX LLC Rule Change Filing
The SEC received a rule change filing from Nasdaq PHLX LLC (SEC-2026-2014-0001) for review. The filing appears to modify exchange trading rules or operational procedures. No specific details regarding the scope of changes, fees, or trading mechanisms were provided in the available document content.
NYSE Arca Short Term Options Series Rule Change
NYSE Arca filed a proposed rule change with the SEC on March 27, 2026 (noticed March 30) to amend the Short Term Options Series Program. The Exchange proposes to permit listing of up to two Monday and Wednesday expirations for options on certain individual stocks or Exchange-Traded Fund Shares (Qualifying Securities). This proposal follows a similar approved change by Nasdaq ISE.
Nasdaq Texas Co-location Service Fees for NY11-5 Cabinet Offering
The SEC published a notice that Nasdaq Texas, LLC filed a proposed rule change to establish fees for expanded co-location services in its NY11-5 data center expansion area in Carteret, NJ. The Exchange proposes a $5,940 installation fee for the Cabinet offering in NY11-5, consistent with corresponding fees in the NY11-4 expansion area. The proposed fees are effective upon filing and operative on April 1, 2026.
Nasdaq Stock Market Expanded Co-location Service Fees
The SEC published notice of Nasdaq's proposed rule change to establish fees for expanded colocation services in the NY11-5 data center expansion area at its Carteret, NJ facility. The proposal includes a $5,940 installation fee for cabinet offerings and introduces cabinet power options currently available only in NY11-4. The proposed amendments are designated operative on April 1, 2026.
SEC Order Permitting Broker-Dealers to Pledge Eligible Equity Collateral
The SEC issued an exemptive order under Section 36 of the Securities Exchange Act of 1934 designating a new category of permissible collateral for broker-dealers borrowing fully-paid or excess margin equity securities from institutional investors. The order permits broker-dealers to pledge Eligible Equity Collateral consisting of Russell 1000 and/or S&P 500 equity securities, provided they meet specified concentration and diversification standards. This expands the collateral options beyond cash, Treasury bills/notes, and bank letters of credit previously permitted under Rule 15c3-3(b)(3).
NYSE Arca proposes market data fee changes SEC filing
NYSE Arca proposes market data fee changes SEC filing
Creator Capital Ltd. - Delinquent Periodic Filings Proceeding
The SEC initiated administrative proceedings against Creator Capital Ltd., a Bermuda corporation, for failing to file periodic reports required under Section 13(a) of the Exchange Act. The company has not filed any periodic reports since its Form 20-F for the period ended December 31, 2012, which reported a net loss of $807,484. The proceedings could result in suspension for up to twelve months or revocation of the company's securities registration.
SEC v. Camarda, McArthur, A.G. Morgan Financial - $138M Investment Adviser Fraud
The SEC charged registered investment adviser A.G. Morgan Financial Advisors LLC and its principals Vincent J. Camarda and James E. McArthur with an alleged $138 million offering fraud affecting at least 431 investors. The defendants allegedly recommended high-risk private equity funds while misrepresenting them as conservative investments, misappropriated approximately $1 million for personal use, and failed to disclose conflicts of interest. Criminal charges were also filed by the U.S. Attorney's Office for the Eastern District of New York.
Non-GAAP Financial Measures Disclosure with EU Medical Device Regulation Adjustments
Becton Dickinson (BD) filed Exhibit 99.1 with the SEC disclosing non-GAAP financial measures and their reconciliation to GAAP results, including a new adjustment category for costs related to EU Medical Device Regulation (EU MDR) and EU In Vitro Diagnostic Regulation (IVDR) compliance for fiscal year 2024. The exhibit explains that EU regulatory initiative-related costs are excluded from non-GAAP measures as one-time costs to establish initial compliance with the New EU Medical Devices Regulations.
Cboe BZX Exchange IPO Auction Rule Changes
The SEC approved Cboe BZX Exchange rule changes to Exchange Rule 11.23(d)(2)(B), creating separate frameworks for corporate securities and ETP IPO Securities regarding Quote-Only Period extensions. The changes expand circumstances under which the Exchange may extend the Quote-Only Period for ETP IPO Auctions.
BOX Exchange Rule Changes for Crypto ETF Options Position Limits
The SEC published a proposed rule change by BOX Exchange LLC to amend Rules 5055 (FLEX Equity Options) and 3120 (Position Limits) for options on 11 cryptocurrency ETF shares including iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust, and various Ethereum ETFs. The proposal would eliminate the current 25,000 contract position and exercise limits for certain Bitcoin ETF options and apply standard position limits per BOX Rules 3120 and 3140.
Nasdaq Rule 4757 Anti-Internalization Functionality Amendment
The SEC published Nasdaq's proposed rule change to amend Equity 4, Rule 4757, expanding the Port-Level Anti-Internalization Functionality to FIX and FLITE order entry protocols. The change also extends the implementation date for the CORE FIX order entry protocol to before end of 2026. The FLITE protocol functionality will become operative 30 days after filing.
Nasdaq Rule Change to Remove Obsolete Equity Rule Text
The SEC published a notice that Nasdaq filed a proposed rule change to remove obsolete text in Nasdaq Equities 6, Sections 1 and 2. The obsolete text describes Nasdaq Risk Management, a product that was replaced in 2021 and should have been removed in a 2024 cleanup filing. The SEC is soliciting comments from interested persons.
Co-Investment Exemptive Relief Application for BDCs and Affiliated Investment Entities
The SEC published notice of an application by Cypress Creek Private Strategies Master Fund, L.P. and affiliated entities requesting exemptive relief under sections 17(d) and 57(a)(4) of the Investment Company Act of 1940. The application seeks an order permitting business development companies (BDCs) and closed-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated entities. The application was filed on September 16, 2025, and amended on March 5, 2026.
Amendment to Rule 3307 Anti-Internalization Functionality
Nasdaq PHLX LLC filed a proposed rule change with the SEC to amend Equity 4, Rule 3307(c), extending the Port-Level Anti-Internalization Functionality to FIX and FLITE order entry protocols. The Exchange states the FLITE functionality is already operational, while FIX implementation is planned before end of 2026. The SEC is soliciting comments from interested persons.
Proposed Enterprise Fee for Depth of Book Market Data
The SEC published notice on March 31, 2026 that 24X National Exchange LLC filed a proposed rule change on March 18, 2026 to establish a monthly Enterprise license fee of $15,000 for its 24X Depth Feed proprietary market data. The proposed license would allow unlimited Professional and Non-Professional Users to access the depth of book data as an alternative to per-user fees. The Exchange cites market demand and alignment with other exchanges as justification for the new pricing option.
NYSE American Market Data Fee Changes
The SEC published a proposed rule change from NYSE American LLC to amend its Equities Proprietary Market Data Fees Schedule. The Exchange proposes to establish a new NYSE American BBO Digital Media Enterprise Fee of $5,000 per month and extend digital media enterprise fees to NYSE American BBO and Trades Enterprise Fee subscribers. The proposal is published for public comment.
NYSE American SEC rule change Short Term Options Series
NYSE American SEC rule change Short Term Options Series
SEC Joint Industry Plan Consolidated Equity Market Data Fee Schedule
The SEC published a notice on March 31, 2026, soliciting comments on Amendment No. 1 to the Consolidated Tape (CT) Plan fee proposal. The amendment, filed by the CT Plan Operating Committee on March 30, 2026, supersedes the original fee schedule filed December 11, 2025. The proposal establishes fees for Transaction Reports and Quotation Information including Professional/Non-Professional Use, Enterprise Caps, Redistributor Fees, Non-Display Use, and Derived Data fees.
Monthly Depth of Book Enterprise Fee for Proprietary Market Data Feed
The SEC published notice that 24X National Exchange LLC filed SR-24X-2026-09 to adopt a monthly Enterprise fee for its depth of book proprietary market data feed (24X Depth Feed). The Exchange currently charges various fees including $1,500/month for Internal Distributors, $2,500/month for External Distributors, $30/month per Professional User, and $3/month per Non-Professional User. The proposed enterprise fee structure applies to all subscribers of the 24X Depth Feed.
NYSE American Options Fee Schedule - Elimination of Incentive Rebates and FB Cap Increase
NYSE American LLC filed a proposed rule change with the SEC (Release No. 34-105132, File No. SR-NYSEAMER-2026-25) to modify its Options Fee Schedule, effective March 18, 2026. The Exchange increased the FB Cap on combined Floor Broker credits paid for QCC trades and rebates paid through the Manual Billable Program, while eliminating two incentive programs: the FB AON CUBE Rebate and the ATP Electronic Rebate.
Equity Market Data Fee Schedule Amendment Proposal
The SEC published a notice and instituted proceedings to determine whether to approve or disapprove Amendment No. 1 to the Consolidated Tape (CT) Plan regarding a new fee schedule for consolidated equity market data. The Operating Committee of CT Plan LLC filed the amendment on March 30, 2026, modifying the original fee proposal published December 31, 2025. The SEC is soliciting public comments on the modified fee proposal under Rule 608(b)(2)(i) of Regulation NMS.
Cypress Creek Private Strategies Master Fund Co-Investment Order Application
The SEC published notice of an application by Cypress Creek Private Strategies Master Fund, L.P. and affiliated entities requesting an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1. The application seeks to permit business development companies (BDCs) and closed-end management investment companies to co-invest in portfolio companies with each other and with affiliated investment entities. The application (File No. 812-15899) was filed September 16, 2025 and amended March 5, 2026.
Cboe Rule 5.4 Amendment - MBTX Options Minimum Increment
The SEC granted accelerated approval to Cboe Exchange's Amendment No. 1 to modify the minimum increment for options on the Cboe Mini Bitcoin ETF Index (MBTX) under Cboe Rule 5.4. The amendment (Release No. 34-105131, File No. SR-Cboe-2025-075) was approved on March 31, 2026 and published April 3, 2026, with no public comments received. The change affects market participants trading MBTX options on the Cboe Options exchange.
Cboe BZX Exchange Rule Amendment Extends IPO Quote Period
The SEC granted accelerated approval to Cboe BZX Exchange's proposed rule change to amend Exchange Rule 11.23(d)(2)(B), extending the quote-only period for IPO auctions. The amendment differentiates between BZX-listed corporate securities and ETP IPO Securities and expands circumstances for extending the Quote-Only Period. File No. SR-CboeBZX-2025-149.
Nasdaq PHLX Extends CORE FIX Order Entry and Amends Anti-Internalization Functionality
The SEC published Nasdaq PHLX's proposed rule change (SR-PHLX-2026-17) to extend the implementation date of the CORE FIX Order Entry protocol and amend the Exchange's anti-internalization functionality in Equity 4, Rule 3307. The anti-internalization functionality helps market participants prevent unwanted executions between orders from the same firm. Comments are being solicited on this immediately effective filing.
Nasdaq Rule Change Removes Obsolete Nasdaq Equities 6 Text
The Securities and Exchange Commission published notice that The Nasdaq Stock Market LLC filed a proposed rule change to remove obsolete text in Nasdaq Equities 6. The obsolete provisions relate to three discontinued products—ACT Workstation, Nasdaq InterACT, and Nasdaq Risk Management—that were replaced in 2021 by new platforms. This is a ministerial action that does not substantively affect the rights or obligations of any market participant.
FLEX Options Position Limits for Cryptocurrency ETF Shares
The SEC published notice that BOX Exchange LLC filed a proposed rule change to amend BOX Rules 5055 (FLEX Equity Options) and 3120 (Position Limits) to establish position limits for FLEX options overlying cryptocurrency Exchange-Traded Fund shares. The affected products include Bitcoin ETFs (IBIT, GBTC, BTC, BITB, FBTC, ARKB) and Ethereum ETFs (ETHA, FETH, ETHW, ETHE, ETH). The proposal is a competitive filing based on a similar Nasdaq ISE submission. The SEC seeks public comment on the proposed rule change.
Nasdaq Texas Anti-Internalization Functionality Amendment - Rule 4757
SEC published notice that Nasdaq Texas, LLC filed SR-NasdaqTX-2026-012 to amend Rule 4757 anti-internalization functionality and extend the CORE FIX order entry protocol implementation date. The change expands the Port-Level Anti-Internalization Functionality to allow unique group identification modifiers to apply across all order types, not just specific order entry ports.
Nasdaq CORE FIX Order Protocol Implementation Date Extension
The SEC published notice of Nasdaq's proposed rule change to amend its anti-internalization functionality in Equity 4, Rule 4757, and extend the implementation date of the CORE FIX order entry protocol. The amendment affects market participants using CORE FIX or OUCH order entry protocols. Release No. 34-105129; File No. SR-NASDAQ-2026-023.
Mendia-Alcaraz - Investment Adviser Fraud ($3.3M Unregistered Securities)
The SEC instituted administrative proceedings under Section 203(f) of the Investment Advisers Act against Bernardo Mendia-Alcaraz for securities fraud. From December 2019 through September 2023, Mendia-Alcaraz raised approximately $3.3 million from at least 41 investors through six private investment funds managed by Toltec Capital LLC via fraudulent misrepresentations about proprietary S&P 500 analytics. A permanent injunction was entered against Mendia-Alcaraz on December 16, 2025 in SEC v. Mendia-Alcaraz (N.D. Cal., No. 3:24-cv-05823-RS).
SEC v. Estate of Brodacki and Castle Hill Financial - Investment Adviser Fraud
The SEC charged the estate of Massachusetts investment adviser John R. Brodacki, III and Castle Hill Financial Group, LLC for breaching fiduciary duties and misappropriating approximately $1.68 million from at least 18 advisory clients. The enforcement action, filed in federal court in Massachusetts on April 2, 2026, alleges violations of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.