Securities & Markets

CMA Rwanda 2026 RSE Listings Forum on Capital Market Readiness

The Capital Market Authority of Rwanda (CMA Rwanda) held the 2026 RSE Listings Forum on March 19, 2026, to encourage businesses to strengthen their readiness for raising capital through the market. The forum brought together entrepreneurs, investors, and policymakers under the theme 'Capital Market Connect: Preparing Businesses for Investment Success.' CMA Rwanda emphasized that companies seeking investment must demonstrate sound governance, reliable financial reporting, a clear business strategy, and structures meeting investor requirements.

Capital Markets Quarterly Report Q4 2025 Released

CMSA Tanzania released its Q4 2025 quarterly report covering the capital markets industry for the period ended 31 December 2025. The report highlights growth in total investments, robust activity in primary and secondary markets, and increased investor participation. New product approvals included the EFTA Bond, iTrust EAC Large Cap ETF, Ziada Fund, and a Rights Issue by Mwalimu Commercial Bank PLC.

Tanzania Lists First Regional ETF in East Africa: iTrust EAC Large Cap ETF

The Capital Markets and Securities Authority (CMSA), in partnership with the Dar es Salaam Stock Exchange (DSE) and iTrust Finance Limited, announced the successful launch and listing of the iTrust EAC Large Cap ETF (IEACLC-ETF) on the DSE on 3 February 2026. The fund is the first Regional ETF listed on a stock exchange in East Africa, tracking large-cap equities across EAC exchanges including CRDB Bank, NMB Bank, Vodacom Tanzania, Safaricom, Equity Group Holdings, KCB Group, and MTN Uganda, among others.

Extension of the Commencement Date for the Securities Industry Certification Course (SICC) 2026

The Capital Markets and Securities Authority (CMSA) has extended the commencement date for the Securities Industry Certification Course (SICC) 2026 from March 2026 to 13 April 2026, following stakeholder requests. Applications must be submitted through the CMSA online portal at portal.cmsa.go.tz by 10 April 2026.

Tigerless AI and Piermont Valley Acquisition Corp Merger Agreement

Tigerless AI Holdings Inc., through its subsidiaries, and Piermont Valley Acquisition Corp. executed a merger agreement dated April 17, 2026, establishing terms for the acquisition of Piermont Valley via subsidiary mergers. The agreement includes representations and warranties, covenants, closing conditions, and post-closing earn-out provisions. Piermont Valley, as a publicly listed SPAC-like entity, is subject to SEC reporting obligations including trust account, PIPE investment, and Nasdaq listing requirements as part of the transaction.

Section 232 Tariff Changes Not Expected to Materially Impact 2026 Guidance

Stanley Black & Decker (NYSE: SWK) announced on April 20, 2026 that recent changes to the Section 232 tariff regime are not expected to materially impact the company's full-year 2026 guidance. The company plans to provide additional details during its first quarter earnings call on April 29, 2026 at 8:00 am ET. This is an investor-facing disclosure regarding trade policy exposure.

SCA UAE Launches Risk-Assessment Methodology for Licensed Companies

The UAE Securities and Commodities Authority (SCA) held a workshop on 5 December 2025 introducing an updated annual risk-assessment methodology to licensed companies. The workshop was attended by 587 representatives from 215 companies. The methodology covers money laundering and terrorism financing risks, solvency and financial risks, market conduct and investor protection, operational and governance risks, and cybersecurity and technology-related threats. SCA also introduced a new electronic system for receiving corporate responses.

UAE Sustainable Finance Working Group Issues Fourth Statement

The UAE Sustainable Finance Working Group issued its fourth statement during Abu Dhabi Finance Week 2025, reaffirming commitment to sustainable finance aligned with the UAE Green Agenda 2015-2030, National Climate Change Plan 2017-2050, and UAE Net Zero by 2050 Strategic Initiative. The statement reports progress across four workstreams and issues new Climate Transition Planning Principles for financial institutions and corporates.

OKADA 560A First Listing: Special Matching Mechanism Details

Tokyo Stock Exchange announced details of the special matching mechanism to be applied to OKADA CORPORATION Inc. (code: 560A) on its first listing date of April 15, 2026. The order book center price is set at JPY 1,123, with an upper limit of JPY 2,583 (230%) and a lower limit of JPY 843 (75%). Buy and sell market orders are prohibited on the listing date.

Feriest Co., Ltd. (557A) Special Matching Mechanism for April 20 Listing

Osaka Exchange published the matching mechanism for Feriest Co., Ltd. (code: 557A), scheduled for listing on April 20, 2026. The order book center price is set at JPY 2,150, with an upper limit of JPY 4,945 (230%) and lower limit of JPY 1,613 (75%). Market orders are prohibited on the listing date until the initial price is determined.

TopBuild Corp. QXO Merger 8-K Filing

TopBuild Corp. filed a Form 8-K current report with the SEC disclosing execution of a merger agreement with QXO, Inc. Under the agreement, TopBuild stockholders can elect to receive $505.00 in cash per share or 20.200 QXO Shares per TopBuild share, subject to proration with a 45%/55% cash/stock split maximum. The merger is subject to customary closing conditions including stockholder approvals.

QXO to Acquire TopBuild for Approximately $17 Billion

QXO, Inc. (NYSE: QXO) announced a definitive agreement to acquire TopBuild Corp. (NYSE: BLD) for approximately $17 billion, representing a 19.8% premium to TopBuild's 60-day volume-weighted average price. The transaction has been unanimously approved by both boards of directors and is subject to customary closing conditions including shareholder approval. The acquisition is expected to close in Q3 2026, creating the second largest publicly traded building products distributor in North America with more than $18 billion of combined revenue.

Bangladesh SEC Updates Investment Education and Training Provider Rules

The Bangladesh Securities and Exchange Commission has issued updated regulations on investment education and training providers under the SEC Act, 1993. The rules establish three-tier training categories (basic, intermediate, and advanced), mandate curriculum requirements, require provider registration, and create an Investment Education Division within BSEC. Training providers must comply with annual reporting, certificate issuance, and center establishment requirements.

CCEP/TTEP Circular on SSE and SZSE Trading Rules Consultation

HKEX has notified China Connect Exchange Participants and Trade-through Exchange Participants that the Shanghai Stock Exchange and Shenzhen Stock Exchange published consultation papers on amendments to their Trading Rules, with the consultation period having concluded on 17 April 2026. The proposed changes include adjusting the trading method for SSE-listed funds during the closing auction period from continuous auction to closing call auction, and increasing the daily price limit for risk alert stocks on the Main Board of both exchanges from 5% to 10%.

WellCell Holdings 1-into-4 Share Subdivision Adjusted Price Display

The Stock Exchange of Hong Kong Limited (SEHK) issued a participant circular informing that WellCell Holdings Co., Limited (stock code 2940) will implement a 1-into-4 share subdivision effective 21 April 2026, converting existing shares of HK$0.005 each into subdivided shares of HK$0.00125 each. The Exchange will display an Adjusted Previous Closing Price on the OTP-C temporary stock page on 21 April 2026, calculated using the standard formula of Closing Price on the day immediately before Share Subdivision becoming effective multiplied by the Ratio (R) of 1/4.

Conclusions on Proposed Enhancements to Structured Products Listing Framework Chapter 15A

HKEX concludes structured products listing framework enhancements

Victory Giant Technology and Huaqin Co. Admitted to CCASS for Clearing

HKSCC has admitted two newly listed securities — Victory Giant Technology (HuiZhou) Co., Ltd. and Huaqin Co., Ltd. — into CCASS for clearing and settlement. Clearing for Victory Giant begins 20 April 2026 and for Huaqin on 22 April 2026, with exchange-trade settlement commencing the following day respectively. All trades will be automatically settled on a Continuous Net Settlement (CNS) basis unless isolated from the CNS System.

George J. Drazenovic CPA, SEC Administrative Proceeding File No. 3-22628

The SEC issued an order suspending George John Drazenovic, CPA from appearing or practicing before the Commission as an accountant pursuant to Rule 102(e)(3)(i). The suspension follows a February 24, 2026 final judgment permanently enjoining Drazenovic from violating Sections 17(a) and 10(b) of the federal securities laws in connection with penny stock pump and dump schemes spanning April 2010 to October 2019.

Domestic Listed and OTC Companies FY114 Offshore and Mainland China Investment Statistics

FSC Taiwan reported that 1,224 domestic listed and OTC companies had cumulative investments of NT$2.79 trillion in mainland China as of end of FY114, a decrease of NT$535 billion from FY113 primarily due to exchange rate fluctuations. These companies earned combined investment income of NT$548.9 billion in FY114, an increase of NT$58.8 billion from FY113. Separately, 1,370 companies held cumulative offshore investments (excluding mainland China) of NT$10.98 trillion, generating NT$976.5 billion in income for the year.

FSC Taiwan Fines Sanyuan Construction Responsible Person NT$240,000 and Accountant NT$250,000 for AML Violations

The FSC Taiwan Securities and Futures Bureau imposed two fines on April 17, 2026. First, a responsible person at Sanyuan Construction (三圓建設) was fined NT$240,000 for providing short-term financing to others with loans outstanding beyond 1 year without recovery, violating the Public Issuance Company Fund Lending and Endorsement Guarantee Processing Guidelines Article 3. Second, accountant Zheng was fined NT$250,000 for multiple AML violations including failure to obtain customer identity documents, failure to assess beneficial ownership, failure to screen against PEP databases and MJ sanctions list, and failure to evaluate suspicious transaction reporting obligations.

KGI Securities Fined NT$600,000 for Inconsistent ETF vs Index Performance Comparison

FSC Taiwan fined KGI Securities Investment Trust Co., Ltd. NT$600,000 for publishing marketing materials that compared ETF total returns (dividends included) against the underlying index's price returns (dividends excluded). The inconsistent comparison basis was found on the firm's website and simplified prospectuses across multiple funds over an extended period, creating potential investor misunderstanding that ETF performance exceeded the tracked index. The regulator also issued a corrective order requiring the firm to align its performance disclosures.

Resolution CVM 242 Makes CPC Technical Pronouncements Document 29 Mandatory for Public Companies

CVM Resolution 242, effective January 1, 2026, makes mandatory for all public companies (companhias abertas) the Technical Pronouncements Review Document No. 29 issued by the Brazilian Accounting Pronouncements Committee (CPC). The resolution aligns Brazilian accounting standards with recent International Accounting Standards Board (IASB) updates including amendments to IFRS 9 and IFRS 7, Annual Improvements Volume 11, and Nature-dependent Electricity contracts. It modifies six CPC technical pronouncements and introduces minor changes to CPC 12 and CPC Orientation 10 on carbon credits.

CVM Suspends Irregular Securities Offerings by NLC Confinamentos, Mineradora NLC, and Partners

CVM Brazil, through Deliberação CVM 907, ordered the immediate suspension of securities offerings by NLC Confinamentos S/A, Mineradora NLC Ltda., and their direct and indirect partners Emerson Renato Muller and Marcos Rodrigo Matias. The entities offered unregistered securities including shares in NLC Confinamentos S/A, the Nelore Coin (NLC) token, and the NLCD dividend asset, purportedly tied to cattle and gold mining operations. Non-compliance with the suspension order carries a daily fine of R$ 100,000.00 under Article 11 of Lei 6.385.

OnilX Stop Order Excludes Crypto-Asset Intermediation

CVM's Colegiado issued Ato Declaratório 25.300 on April 16, 2026, amending Ato 24.680 to clarify that the stop order against the OnilX group does not prohibit cryptocurrency intermediation activities, as these fall outside CVM's regulatory perimeter. The amended declaration excludes Bitcoin, Ethereum, and USDT trading that does not constitute securities. Securities intermediation without CVM authorization remains prohibited, with non-compliance subject to daily fines of R$ 1,000.

TSE Public Inspection of FISCO Ltd. Improvement Status Report

Tokyo Stock Exchange (TSE) made public the Improvement Status Report submitted by FISCO Ltd. (Code: 3807, Growth Market) for inspection from April 21, 2026 to October 17, 2030. The report concerns corrections to the company's past consolidated financial statements disclosed in August 2025, attributable to inadequate organizational structure for timely disclosure. FISCO submitted its original Improvement Report to TSE on October 17, 2025, following a September 19, 2025 request, and this six-month status update is now publicly available.

Batonz Co. Listing Mechanism: JPY 660 Center Price, 554A

The Tokyo Stock Exchange announced the matching mechanism for Batonz Co., Ltd. (code: 554A), scheduled for listing on April 21, 2026. The order book center price is set at JPY 660, with an upper limit of JPY 1,518 (230%) and a lower limit of JPY 495 (75%). Special quote renewals occur at JPY 33 intervals every 10 minutes up to the upper limit. Market orders are prohibited on the listing date until the initial price is determined.

QXO Acquires TopBuild, $18B Revenue Combined

QXO Inc. filed an SEC Form 8-K announcing the acquisition of TopBuild Corp., a building materials company. The transaction creates a combined entity with approximately $18 billion in annual revenue. The filing serves as a disclosure document notifying investors and the SEC of this material business combination.

QXO Inc 8-K Filing

QXO Inc, a publicly traded company headquartered in Greenwich, Connecticut, filed a Form 8-K current report with the U.S. Securities and Exchange Commission. The filing is available through the SEC EDGAR database under accession number 0001104659-26-045111. Form 8-K is used to report material events such as changes in leadership, financial results, mergers, acquisitions, or bankruptcy proceedings.

AURI Inc. Disclosure Failure, Two Notes, $103,516

The GTII Receivership Estate, through its court-appointed receiver Paul Strickland, formally notified OTC Markets that AURI Inc. (OTCMKTS: AURI) materially violated Pink Basic Disclosure Guidelines by failing to disclose two outstanding Convertible Promissory Notes totaling approximately $103,515.96. The notes, issued to MSC Capital Advisors LLC and assigned to the GTII Receivership Estate on April 8, 2026, contain variable conversion features with a 75% discount to market.

Innovation Insights 2025: UK Fintech Investment Reaches $15B with 49% Sandbox Applications Rise

The FCA published its Innovation Insights 2025 report documenting UK fintech growth, ranking second globally with $15 billion in disclosed investment across 445 deals. Applications to FCA innovation services, including the Regulatory Sandbox and Innovation Pathways, rose 49% in 2025. The FCA expanded its offerings with new programs including Supercharged Sandbox, Smart Data Accelerator, Scale-up Unit (jointly with PRA), and a stablecoins cohort within the Regulatory Sandbox. Global fintech investment exceeded $130 billion across more than 4,500 deals in 2025.

AG Brown Joins 23 AGs Urging CFPB to Abandon Staffing Reduction Plan

Maryland Attorney General Anthony G. Brown joined a coalition of 23 attorneys general in sending a letter to the Consumer Financial Protection Bureau urging it to abandon a proposed strategic plan that would dramatically reduce agency staffing. The CFPB's plan would reduce the Office of Supervision Policy and Operations from 72 staff to one person, undermining the agency's statutory obligation to supervise financial institutions and enforce consumer protections. The coalition raised concerns that workforce reductions would result in less consumer relief, citing that the CFPB has already abandoned billions of dollars in harm it previously sought to recover.

HKEX Launches Semiconductor and Tech Indexes for Five ETF Issuers

HKEX announced the launch of two technology-focused benchmarks: the HKEX KRX Semiconductor Index (a co-branded index with Korea Exchange providing cross-market exposure to Hong Kong and South Korean semiconductor companies) and the HKEX Tech & US Tech 100 Index (tracking HKEX Tech 100 constituents and the 100 largest Nasdaq-listed technology companies). HKEX entered licensing agreements with Bosera Asset Management, Da Cheng International, E Fund Management, GF International, and Huatai-PCG Asset Management to develop ETFs tracking these new indices, subject to regulatory approval.

HKEX Censures Cloud Factory Technology Holdings and Four Directors for Prospectus Misstatements

HKEX censured Cloud Factory Technology Holdings Limited (Stock Code: 2512) and four of its directors for material misstatements in the company's prospectus and forecast memorandum during its listing process. The investigation found that the company failed to disclose bank loans and capital expenditure exceeding RMB160 million each, which were material transactions known to the directors. HKEX directed the company to appoint a compliance adviser and ordered all four directors to attend training.

Forfeiture of Unclaimed Second Interim Dividend for 2019

HKEX announced the forfeiture of unclaimed second interim dividend for 2019 of HK$2.99 per share, amounting to HK$15,988,428.24. The dividend was payable on 15 April 2020 and became forfeited after remaining unclaimed for six years as of 15 April 2026, pursuant to HKEX's Articles of Association. The forfeited amount reverts to HKEX.

Accelerated Settlement Consultation Paper for Hong Kong Cash Market

HKEX has published a consultation paper seeking market feedback on proposals to accelerate the settlement cycle for Hong Kong's cash equity market. The consultation invites responses from market participants on potential implementation timelines and operational considerations. Comments are requested by June 2026.

Accelerated Settlement: T+1 Cycle for Hong Kong Cash Market

HKEX published a Consultation Paper on Accelerated Settlement proposing to shorten Hong Kong cash market settlement from T+2 to T+1. The indicative implementation target is Q4 2027, subject to market readiness and regulatory approval. The proposals cover adjustments to clearing procedures, extended service windows for settlement instruction input and matching, and modified clearing risk management timelines.

SSE Main Board Theme Week Launched for New Growth Drivers

The Shanghai Stock Exchange launched the "Theme Week of Cultivating New Growth Drivers" on March 30, 2026, as part of its Main Board companies' performance briefings program. Major listed companies including China Yangtze Power, Jiangdu Hengrui Pharmaceuticals, Wanhua Chemical, TBEA, and Sany Heavy Industry will participate in themed events over the next month, focusing on scientific and technological innovation and industrial transformation. This initiative aims to enhance investor communication and information disclosure quality among listed companies.

52 SSE Publicly Offered REITs Release 2025 Annual Reports

The Shanghai Stock Exchange announced that all 52 publicly offered REITs listed on the SSE completed disclosure of their 2025 annual reports as of March 31, 2026. The 52 products collectively achieved total revenue of RMB 14.5 billion, up 71% year-on-year, and distributable amount of RMB 8.8 billion, up 42% year-on-year. The consumer sector achieved 98% average occupancy rate, affordable rental housing maintained 95% occupancy, and energy sector recorded 4 billion kWh of settled electricity with 106% revenue achievement rate.

Trading Rules Expanded to A-shares and ETFs, Price Limits for Risk-Warning Stocks Raised

The Shanghai Stock Exchange is soliciting public comments on revised Trading Rules that would expand after-hours fixed-price trading from STAR Market stocks to all A-shares and exchange traded funds (ETFs), adjust fund closing auction from continuous to call auction, and raise the price limit ratio for Main Board risk-warning stocks from 5% to 10%. The consultation closes April 20, 2026.

SSE Releases 2026 Practical Initiatives

The Shanghai Stock Exchange released its List of Practical Initiatives for 2026 containing 10 measures across five areas including disclosure optimization, supervision and corporate governance improvements, product innovation, market services, and fee reductions. The exchange plans to cut approximately RMB 1.113 billion in fees in 2026. Key initiatives include updating ESG disclosure evaluation criteria, expanding mobile voting services for shareholders, improving the Fixed Income+ multi-asset index system, and enhancing information accessibility through website updates.

Margin Requirement Raised from 80% to 100%

The Shanghai, Shenzhen, and Beijing Stock Exchanges, upon CSRC approval, have raised the minimum margin ratio for leveraged securities purchases from 80% to 100%. The adjustment applies only to newly opened margin trading contracts, with existing contracts and roll-overs grandfathered under prior rules. The policy aims to moderately reduce market leverage following a period of active margin trading growth.

TSE De-Designates Seven Companies from Securities Under Supervision

Tokyo Stock Exchange de-designated seven companies from Securities Under Supervision (Confirmation) status effective April 16, 2026. The companies—SATO FOODS INDUSTRIES (2814), RUNSYSTEM (3326), Asgent (4288), Unozawa-gumi Iron Works (6396), Ledax (7602), Bitcoin Japan Corporation (8105), and Kyogoku unyu shoji (9073)—had been under supervision because TSE could not confirm compliance with continued listing criteria. Following examination of stock distribution documentation, TSE confirmed all seven companies meet continued listing standards on the Standard Market.

Hisamitsu Pharmaceutical Delisting Effective May 11, 2026

TSE has determined that Hisamitsu Pharmaceutical Co., Inc. (Code: 4530, Prime Market) will be delisted effective May 11, 2026. The delisting follows shareholder approval of a reverse stock split structured so that shares held by minority shareholders would be reduced to less than one share, triggering the delisting provision under Securities Listing Regulations, Rule 601, Paragraph 1, Item (18). The stock will trade under designation as Securities to Be Delisted from April 17 through May 10, 2026, after which it will be fully delisted.

Wellbin Group Delisted From Tokyo Pro Market

Tokyo Stock Exchange has decided to delist Wellbin Group Co., Ltd. (Code: 7136) from the Tokyo Pro Market. The stock is designated as Securities to Be Delisted from April 15, 2026 through May 18, 2026, with the delisting taking effect on May 19, 2026. The company submitted a delisting application, triggering TSE's determination under Special Regulations of Securities Listing Regulations Concerning Specified Listed Securities Rule 143.

Aqualine Ltd Designated Securities Under Supervision Examination Code 6173

Tokyo Stock Exchange has designated Aqualine Ltd (Code: 6173, Growth Market) as Securities Under Supervision (Examination) effective April 16, 2026. The designation stems from examination findings that the company's internal management system has not been adequately developed or implemented, with multiple governance failures including departures of key executives, inadequate auditor oversight, and unresolved timely disclosure deficiencies. The company remains under examination until TSE determines whether it falls under delisting criteria.

TSE Delists SAKURAI, KOYOSHA, and NEPON from Standard Market

The Tokyo Stock Exchange has decided to delist three securities from the Standard Market effective October 1, 2026. SAKURAI LTD. (Code: 7255), KOYOSHA INC. (Code: 7946), and NEPON Inc. (Code: 7985) were found non-compliant with continued listing criteria under Securities Listing Regulations, Rule 601, Paragraph 1, Item (1). The designation period runs from April 15, 2026 through September 30, 2026.

Margin Trading Facility Guidelines, 2082

The Securities Board of Nepal (SEBON) approved the Margin Trading Facility Guidelines, 2082 pursuant to Section 118 of the Securities-Related Act, 2063. The guidelines establish regulatory requirements for margin trading facilities provided by securities brokers and dealers in Nepal. The directive takes effect from Bikram Samwat 2082/11/01 (February 15, 2026), superseding any prior margin trading arrangements that do not conform to the new requirements.

Ninth Amendment to Securities Issuance Directive Allows New Instruments

SEBON has issued the Ninth Amendment to the Securities Issuance and Distribution Directive, effective BS 2082/04/01. The amendment modifies share application procedures for Nepalis working abroad, extending the window from a fixed 15 days to a minimum of 4 working days with potential extension up to 15 days. Additionally, banks and financial institutions are now permitted to issue Perpetual Non-Cumulative Preference Shares.

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.

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.