SEC

SEC Adopts Final Amendments for Holding Foreign Insiders Accountable Act

The SEC has adopted final amendments to rules and forms under the Exchange Act to implement the Holding Foreign Insiders Accountable Act. These amendments require directors and officers of foreign private issuers with U.S. registered equity securities to disclose beneficial ownership and transactions. The rule becomes effective on March 18, 2026.

SEC v. Fernando Passos - Fraud Enforcement Action

The SEC announced a final consent judgment against Fernando Passos, former executive vice president of IRB Brasil Resseguros S.A., for fraud. Passos is permanently enjoined from violating antifraud provisions, barred from serving as an officer or director of a public company, and ordered to pay a $500,000 civil penalty.

SEC Bars Ricardi Celicourt for Unregistered Broker Activities

The SEC has barred Ricardi Celicourt from association with any broker or dealer and from participating in any penny stock offering. This action follows findings that Celicourt acted as an unregistered broker, facilitating the sale of unregistered securities for Royal Bengal Logistics, Inc. and receiving over $517,000 in compensation.

Proposed Amendments to Form N-PORT Reporting for Investment Companies

The Securities and Exchange Commission has proposed amendments to Form N-PORT reporting requirements for investment companies and ETFs. This proposal includes changes to the data elements and reporting format, with a comment period ending on April 24, 2026.

SEC Extends Form N-PORT Compliance Dates

The Securities and Exchange Commission (SEC) has extended the compliance dates for Form N-PORT reporting for investment companies. This rule change, published on February 23, 2026, provides additional time for affected entities to comply with the reporting requirements.

SEC v. Tai Mo Shan Limited - Cease-and-Desist Order and $123M Penalty

The SEC has extended the deadline for the Division of Enforcement to submit a Proposed Plan of Distribution for the Fair Fund established in the cease-and-desist order against Tai Mo Shan Limited. The order requires Tai Mo Shan to pay a total of $123,095,287.00 in disgorgement, interest, and penalties for unregistered securities offerings.

SEC Reinstates Accountant Joseph Jennings, CPA After Suspension

The SEC has issued an order reinstating Joseph Jennings, CPA, to practice before the Commission as an accountant. Jennings was suspended in 2018 for insider trading violations related to the H.J. Heinz Company and Kraft Foods Group, Inc. merger.

SEC v. Madison Capital Funding LLC - Investment Adviser Sanctions

The SEC instituted administrative and cease-and-desist proceedings against Madison Capital Funding LLC, an investment adviser. The firm allegedly failed to determine fair market value for trades with pooled investment vehicles it advised during a period of market disruption.

SEC Bars Ejiro Ode Okuma for Fraud and Misappropriation

The SEC has barred Ejiro Ode Okuma from associating with any regulated entity following findings of fraud and misappropriation of over $9 million from a client. A final judgment was entered against Okuma, permanently enjoining him from future violations of securities laws.

SEC Obtains Final Judgments Against Mining Company and Executives

The SEC announced final judgments by consent against Western Sierra Resource Corporation and its executives Roger Johnson and Dennis Atkins. The company and executives were charged with issuing false and misleading statements regarding the acquisition of gold mining claims. Johnson and Atkins each agreed to pay a $150,000 civil penalty, a three-year officer-and-director bar, and a five-year penny-stock bar.