Securities & Markets

SEC Staff Guidance on Corporation Finance Interpretations

The SEC's Division of Corporation Finance has updated its landing page for Corporation Finance Interpretations (CFIs). These interpretations provide staff guidance on federal securities laws and are not binding rules. The division is actively refreshing and reorganizing these positions.

SEC No-Action Relief for Multi-Class ETFs on Disclosure Rules

The SEC's Division of Trading and Markets has granted no-action relief to broker-dealers regarding disclosure requirements under Rules 15c1-5 and 15c1-6 for multi-class ETFs. This relief allows broker-dealers to effect in-kind creation or redemption transactions without specific disclosures under certain conditions related to multi-class ETF orders and compliance with existing terms.

SEC Order to Show Cause against Marco A. Rosas

The SEC has issued an Order to Show Cause against Marco A. Rosas for failing to file an answer to an earlier order instituting administrative proceedings. Rosas must respond by March 30, 2026, or face potential default judgment and sanctions.

SEC Denies Reconsideration for Southeast Investments and Frank Harmon Black

The SEC denied a motion for reconsideration filed by Southeast Investments, N.C., Inc. and Frank Harmon Black regarding a prior disciplinary action by FINRA. The Commission found the motion failed to meet the standards for reconsideration, reiterating arguments previously made and not presenting new evidence.

SEC v. Chimene Van Gundy - Order to Show Cause

The SEC has issued an order to show cause against Chimene Van Gundy for failing to file an answer in an administrative proceeding. Van Gundy must respond by March 31, 2026, or face potential default judgment and sanctions.

SEC Order to Show Cause against Christian A. Cuesta

The SEC has issued an Order to Show Cause against Christian A. Cuesta for failing to file an answer to an earlier order instituting administrative proceedings. Cuesta must respond by March 30, 2026, or face potential default judgment and sanctions.

SEC Order Directing Additional Briefing for Chester Lu

The SEC issued an order directing Chester Lu to file additional briefing regarding his application to review action by a self-regulatory organization (SRO). Lu's application alleges fraud by a cryptocurrency exchange, but the SEC requires clarification on whether the exchange is an SRO and if its actions fall within the scope of SEC review.

Cease and Desist Order Against Watsans Exchange and Sabrina Marlow

The Wisconsin Department of Financial Institutions has issued a cease and desist order against Watsans Exchange and Sabrina Marlow for alleged violations of the Wisconsin Uniform Securities Law. The order revokes exemptions and proposes restitution and civil penalties for operating an unregistered crypto asset trading platform.

Consent Order: McGonigle and RetireCo Cease and Desist

The Wisconsin Department of Financial Institutions issued a consent order against Matthew McGonigle and RetireCo Solutions, LLC for violating securities laws. The order requires them to cease and desist from further violations and includes restitution and barring from future registration.

Montana CSI Securities and Insurance Enforcement Actions

The Montana Commissioner of Securities and Insurance (CSI) has listed multiple securities and insurance enforcement actions on its website. These actions include consent agreements and final orders against various companies for alleged violations of Montana's Insurance Code and Securities Act.