Tower Semiconductor Section 16(a) Extension to May 29
SEC Division of Corporation Finance has extended no-action relief permitting directors and officers of Tower Semiconductor Ltd. and other qualifying foreign private issuers in conflict-affected regions to file Exchange Act Section 16(a) reports by May 29, 2026, instead of the original March 18, 2026 deadline. The extension applies to foreign private issuers organized and headquartered in Israel or other jurisdictions in the geographical region directly affected by the referenced conflict.
MIAX Sapphire Options Exchange Fee Schedule Amendment
MIAX Sapphire, LLC filed a proposed rule change with the SEC to amend its Options Exchange Fee Schedule. The proposal would increase annual fees for Simple Order Report and Complex Order Report from $24,000 to $30,000, and for Resting Simple Order Report from $12,000 to $15,000. The Exchange also proposes to establish new annual and monthly fees for the Purge Report at $30,000/year or $4,000/month, create a multi-report discount program, and sunset monthly subscription options. The SEC is seeking public comments on the proposed changes.
SEC Regulation 14N Paperwork Reduction Act 60-Day Comment Request
The SEC published a 60-Day Paperwork Reduction Act notice soliciting comments on Regulation 14N and Schedule 14N, which govern the filing of information by shareholders submitting director nominees pursuant to state law or company governing documents. The SEC estimates one response annually with 30 burden hours and $6,000 cost burden per response. Comments on this 60-Day Notice are due by June 16, 2026, with a second opportunity to comment following the Federal Register publication of a 30-Day Submission Notice.
CME Securities Clearing Proposes Enterprise Risk Management Framework
The SEC published notice that CME Securities Clearing Inc. filed a proposed rule change to establish an Enterprise Risk Management Framework under Section 19(b)(2) of the Securities Exchange Act of 1934. The ERMF consists of five parts: purpose and statement of framework, applicability, governance, risk universe, and enterprise risk management lifecycle. The SEC is soliciting comments from interested persons on the proposed rule change.
FINRA Rule 4210 Intraday Margin Requirements Replaces Day Trading Rules
The SEC approved a FINRA proposed rule change to amend Rule 4210 (Margin Requirements), eliminating pattern day trader designation and the associated $25,000 minimum equity requirement, and replacing these with new intraday margin standards based on real-time market exposure. Broker-dealers may implement either real-time monitoring to block trades creating margin deficits or end-of-day deficit calculations. The rule takes effect upon publication.
MIAX Pearl Options Proposes Higher Annual Fees for Liquidity Taker Event Reports
MIAX Pearl, LLC filed a proposed rule change with the SEC on March 31, 2026, to amend its Options Exchange Fee Schedule. The Exchange proposes to increase annual fees for the Simple Order Report from $24,000 to $30,000 and the Resting Simple Order Report from $12,000 to $15,000. The proposal also establishes a new Purge Report with monthly fees of $4,000 or annual fees of $30,000, introduces a discount program for multiple annual subscriptions, and establishes a sunset period ending monthly subscriptions on December 31, 2026.
MIAX Emerald Options Proposes Fee Changes for Liquidity Taker Reports
MIAX Emerald, LLC filed a proposed rule change with the SEC to amend its Options Exchange Fee Schedule. The proposal would increase annual fees for Simple Order Report and Complex Order Report from $24,000 to $30,000 each, and for Resting Simple Order Report from $12,000 to $15,000. The Exchange also proposes to establish fees for a new Purge Report at $4,000 per month or $30,000 per year, introduce a multi-report discount program, and sunset monthly subscriptions to all Liquidity Taker Event Reports.
MIAX Options Exchange Fee Schedule Amendment
MIAX Options Exchange filed a proposed rule change with the SEC to amend its Fee Schedule regarding Liquidity Taker Event Reports. The proposal would increase annual fees for the Simple Order Report and Complex Order Report from $24,000 to $30,000, increase the Resting Simple Order Report annual fee from $12,000 to $15,000, establish the new Purge Report at $4,000/month or $30,000/year, create a multi-report discount program, and sunset monthly subscriptions. The SEC is soliciting comments from interested persons.
Notice of Intent to Cancel Investment Adviser Registrations Under Section 203(h) of the Investment Advisers Act of 1940
The SEC has issued notice of intent to cancel the registrations of 24 investment advisers (SEC Nos. 801-111664 through 801-131864) pursuant to section 203(h) of the Investment Advisers Act of 1940. The registrants, who operate as internet investment advisers under rule 203A-2(e), appear ineligible for the internet adviser exemption following the Commission's amendment with a compliance date of March 31, 2025. Interested persons may request a hearing by May 11, 2026, after which the Commission may issue cancellation orders.
Cboe BZX Exchange Proposes Rule Change for Franklin Ethereum ETF
Cboe BZX Exchange filed a proposed rule change with the SEC to amend the Franklin Ethereum ETF (Release No. 34-105250, File No. SR-CboeBZX-2026-026), permitting the Fund to list and trade under the generic listing standards of BZX Rule 14.11(e)(4) instead of its existing approval order. The filing was submitted on April 6, 2026, and is designated as having immediate effectiveness. This notice solicits comments on the proposed rule change from interested persons.
SEC Grants Conditional Exemptive Relief for Cross-Margining of Cleared U.S. Treasury Securities and Related Futures
The SEC granted conditional exemptive relief under Section 36 of the Securities Exchange Act of 1934, permitting cross-margining of cleared U.S. Treasury securities and related futures between the Fixed Income Clearing Corporation (FICC) and Chicago Mercantile Exchange Inc. (CME). The relief exempts qualifying arrangements from Rule 15c3-3 customer protection reserve requirements, subject to specified conditions. The action responds to a joint application filed by FICC and CME and is effective immediately upon publication.
FICC-CME Cross-Margining Agreement Amendment Approved
The SEC granted accelerated approval of Fixed Income Clearing Corporation's proposed rule change to amend and restate its cross-margining agreement with CME. The amendment modifies the existing Second Amended and Restated Cross-Margining Agreement between FICC and CME, along with related GSD Rules. Cross-margining allows clearing members to offset margin requirements across clearing organizations when holding positions in both FICC and CME markets.
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 17Ad-27
The SEC published a Federal Register notice soliciting public comments on the extension of an existing information collection under Rule 17Ad-27 (OMB Control No. 3235-0799). The rule governs central matching service providers (CMSPs) that facilitate straight-through processing for securities transactions as part of the T+1 settlement cycle. Comments are requested within 60 days of publication.
Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC has issued a concept release seeking public comment on the Consolidated Audit Trail (CAT) system and other audit trails and data sources used for securities market surveillance. The release asks for feedback on the current effectiveness of CAT, potential improvements, and whether additional audit trails should be considered. The 65-day comment period closes June 22, 2026.
Sunshine Act Meeting Notice - Closed Commission Meeting April 23, 2026
The Securities and Exchange Commission published a Sunshine Act meeting notice announcing a closed meeting scheduled for 2:00 p.m. on Thursday, April 23, 2026. The meeting will be held via remote means and at Commission headquarters at 100 F Street NE, Washington, DC 20549. The General Counsel certified that one or more exemptions under 5 U.S.C. 552b(c) and 17 CFR 200.402 apply, permitting closure of the meeting to the public.
Cboe Exchange Amends Binary Options Exercise Settlement Definition
The SEC published a notice that Cboe Exchange filed an immediately effective rule change amending the definition of 'exercise settlement amount' applicable to binary options. The Exchange filed the proposed rule change on April 9, 2026, under Release No. 34-105239 and File No. SR-CBOE-2026-034. The SEC is soliciting comments from interested persons on this SRO rule change affecting options market settlement mechanics.
Nasdaq Texas LLC Proposed Rule Change Amending Connectivity Services Fees
The SEC has published notice that Nasdaq Texas, LLC filed a proposed rule change (SR-NasdaqTX-2026-016) to amend fees for certain connectivity services. The filing was submitted pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder. The SEC is soliciting comments on the proposed rule change from interested persons.
Long-Term Stock Exchange Amendment No. 1 Approved Regarding Complimentary Products and Services
The SEC granted accelerated approval to Long-Term Stock Exchange's Amendment No. 1 to File No. SR-LTSE-2025-31 regarding complimentary products and services offered by the exchange. The approval was granted under Release No. 34-105243. This is a final agency action on an SRO rule change filing.
Nasdaq Amends Connectivity Service Fees
The SEC published notice that The Nasdaq Stock Market LLC filed a proposed rule change to amend fees for connectivity services pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934. The filing (SR-NASDAQ-2026-031) was submitted on April 10, 2026, and designated for immediate effectiveness. The SEC is soliciting comments from interested persons on the proposed fee changes.
Nasdaq PHLX Connectivity Fee Change
The SEC published notice of Nasdaq PHLX LLC's proposed rule change to amend fees for connectivity services (File No. SR-PHLX-2026-23, Release No. 34-105245). The exchange filed the fee change on April 10, 2026, and the SEC is soliciting public comments on the proposal. This is a routine fee filing by a self-regulatory organization under Section 19(b)(1) of the Securities Exchange Act of 1934.
Cboe Exchange Binary Options Rule Change
The SEC published notice that Cboe Exchange filed a proposed rule change to amend its rules related to binary options. The Commission is soliciting comments on the proposed change from interested persons. Release No. 34-105247; File No. SR-CBOE-2026-032.
Cumulus Media Inc. Chapter 11 Plan Confirmed by Bankruptcy Court
Cumulus Media Inc. filed an 8-K with the SEC disclosing that on April 15, 2026, the Bankruptcy Court for the Southern District of Texas confirmed the company's Joint Prepackaged Chapter 11 Plan. The confirmation order addresses treatment of secured claims, ABL facility claims, 2029 secured claims, other funded debt claims, and general unsecured claims. The plan remains subject to conditions precedent including FCC approval.
SEC v. Basile et al. - $16M Crypto Token Fraud (SAFTs)
The SEC charged Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation with securities fraud in a $16 million SAFT (Simple Agreement for Future Tokens) offering for a cryptocurrency called Bitcoin Latinum (LTNM). The SEC alleges Basile falsely claimed LTNM was insured with up to $1 billion in coverage and asset-backed by an existing trust, when no such insurance or trust existed. The SEC further alleges Basile misused millions in investor funds for personal expenses including real estate, credit card payments, and a $160,000 horse purchase. The SEC seeks injunctive relief, disgorgement, civil penalties, and an officer-and-director bar against Basile.
Sudheesh Nambiar Charged in $44M Ponzi-Like Scheme
The SEC charged Sudheesh Nambiar, a Milpitas, California resident and investment adviser, with orchestrating a Ponzi-like scheme that fraudulently raised approximately $43 million from over 400 investors from November 2018 through May 2024. Nambiar allegedly promised investors annual returns of 20-40% and provided false account statements showing profitable trades while suffering actual trading losses of approximately $21 million. In a related scheme, Nambiar allegedly raised approximately $900,000 from nine investors through a private fund offering. The SEC seeks permanent injunctions, civil penalties, and disgorgement with prejudgment interest.
Final Judgment Against Investment Adviser Kevin N. Richards for Unregistered Securities Offerings
The SEC obtained a final judgment against Kevin N. Richards, who was charged with selling approximately $12 million in unregistered oil and gas securities to approximately 25 retail investors and acting as an unregistered broker while failing to disclose conflicts of interest. The final judgment orders Richards to pay disgorgement of $618,794, prejudgment interest of $128,915, and a civil penalty of $50,000, totaling $797,709. Richards was also permanently enjoined from violating securities laws and barred from acting as a broker, dealer, or investment adviser for five years.