Financial Compliance

CFTC Enforcement Director Outlines Updated Priorities, Previews Cooperation Policy

New CFTC Division of Enforcement Director David I. Miller announced five enforcement priorities at NYU Law School on March 31, 2026: insider trading in prediction markets, market manipulation, retail fraud, spoofing and manipulation in derivatives markets, and emerging digital asset misconduct. Miller also previewed a forthcoming cooperation advisory that will provide a clear path to declinations for parties who self-report, fully cooperate, and remediate violations. The Division plans to hire additional staff to pursue these priorities.

New IDX Listing Rule: Enhancing free float and governance

The Indonesia Stock Exchange (IDX) issued Decree No. Kep-00045/BEI/03-2026 on March 31, 2026, implementing revised listing rules that take immediate effect. Key changes include increasing the minimum free float threshold for continued listing from 7.5% to 15%, raising initial listing thresholds based on market capitalization to 15-25%, and adding new corporate governance requirements. The rule aims to prevent Indonesia's downgrade from emerging to frontier market status by improving transparency and market liquidity.

National Association of Industrial Bankers v. Weiser - En Banc Rehearing on DIDMCA Opt-Out

The Tenth Circuit granted en banc rehearing in National Association of Industrial Bankers v. Weiser, vacating its November 2025 panel decision that had allowed Colorado to apply its Uniform Consumer Credit Code interest-rate caps to loans made by out-of-state, state-chartered banks to Colorado borrowers. The court will reconsider whether DIDMCA § 525's phrase 'loans made in such State' allows opt-out states to regulate out-of-state bank lending to their residents. Supplemental briefing has been ordered on preemption and interpretive issues.

FCA and ICO clarify vulnerability data expectations for firms

The UK Financial Conduct Authority (FCA) and Information Commissioner's Office (ICO) published a joint statement clarifying regulatory expectations for financial firms on the use and sharing of vulnerability-related customer data. The statement addresses how firms should identify vulnerable customers, design appropriate products and communications, share data across distribution chains, and monitor outcomes under consumer duty while complying with UK GDPR.

Cayman Islands clarifies tokenized fund regulatory framework

The Cayman Islands Monetary Authority has amended the Mutual Funds Act, Private Funds Act and Virtual Asset (Service Providers) Act to establish a clearer regulatory framework for tokenized investment funds. The amendments introduce new record-keeping obligations, enhanced risk disclosures and annual confirmation requirements to CIMA, while clarifying that regulated fund issuance of digital investment interests does not require separate VASP Act approval.

Treasury GENIUS Act Rule, CFTC Lawsuits, DOL 401(k) Alternatives, Crypto Tax Bill

Paul Hastings summarizes four major U.S. financial regulatory developments: Treasury's NPRM establishing criteria for state stablecoin regimes to qualify as substantially similar to the federal GENIUS Act framework; CFTC's lawsuits against Arizona, Connecticut, and Illinois asserting exclusive federal jurisdiction over prediction markets; DOL's proposed rule creating a fiduciary safe harbor for including alternative investments in 401(k)s; and House members releasing an updated Digital Asset PARITY Act discussion draft addressing digital asset taxation.

IG4 GROUP / PETROBRAS / BRASKEM Merger (M.12316)

The European Commission notified and reviewed a proposed merger between IG4 GROUP, PETROBRAS, and BRASKEM under Council Regulation (EC) No 139/2004. The Commission issued a clearance decision under Article 6(1)(b) on 7 April 2026 via the simplified procedure, indicating the transaction does not raise competition concerns. The case was notified on 11 March 2026 with a provisional deadline of 20 April 2026.

SCDCA Offers Fuel Efficiency Tips to Save Money

The South Carolina Department of Consumer Affairs published consumer advisory tips on maximizing fuel efficiency amid rising gas prices. The guidance offers practical advice including avoiding rapid acceleration and braking, driving under 50 mph, combining trips to reduce cold starts, minimizing AC use, and utilizing fuel rewards programs and price-tracking tools to help consumers reduce fuel costs.

Little Time Left to Wake Up - Can We Reconcile Europe with Speed?

François Villeroy de Galhau, Governor of the Banque de France, delivered his final speech at the Eurofi High Level Seminar, reflecting on European urgency and the need for faster policy delivery. The speech emphasized that Europeans know what needs to be done but must overcome institutional inertia to act with greater speed. Drawing on Stoic philosophy from Cyprus, the birthplace of Zeno, Villeroy called for lucidity about unchangeable circumstances and determination to change what must be addressed.

An anchor of stability in uncertain times

Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, delivered remarks to the Brandon Chamber of Commerce on March 26, 2026, discussing three major economic forces shaping Canada's economy: global trade policy and US protectionism, demographic shifts, and artificial intelligence. The speech addressed central bank independence and the current affordability concerns of Canadians without announcing new policy measures.