US Federal

FINRA Trade Reporting Enhancements for Fractional Share Transactions

FINRA is reminding firms of upcoming trade reporting enhancements for fractional share transactions, effective February 23, 2026. Members will be required to report fractional share quantities up to six digits after the decimal in a new field.

FINRA Guidance on Negative Consent for Bulk Customer Account Transfers

FINRA has issued guidance to reduce burdens for broker-dealers regarding the use of negative consent for bulk customer account transfers. This notice eliminates the requirement for firms to submit draft letters to FINRA for review and approval, consolidating existing guidance and providing effective practices.

FTC Sending $22.8 Million to Consumers for Deceptive Real Estate Schemes

The FTC is returning nearly $23 million to 1,659 consumers who were defrauded by deceptive real estate schemes, specifically Sanctuary Belize and Kanantik. This second distribution includes checks averaging $16,462 for Sanctuary Belize investors and $6,346.39 for Kanantik investors.

FTC Settlement with Express Scripts to Lower Drug Costs

The FTC has secured a settlement with Express Scripts, Inc. (ESI), a major pharmacy benefit manager, requiring significant changes to its business practices. These changes are projected to lower drug costs for patients by up to $7 billion over 10 years and increase revenue for community pharmacies.

FTC ANPRM on Rental Housing Fees Submitted to OMB

The FTC has submitted a draft Advance Notice of Proposed Rulemaking (ANPRM) concerning fees in the rental housing market to the Office of Management and Budget (OMB) for review. This action signals the agency's intent to potentially create new rules to address deceptive or unfair fees charged to renters.

FTC Draft Rulemaking on Negative Option Plans Submitted for Review

The FTC has submitted a draft Advance Notice of Proposed Rulemaking (ANPRM) concerning its Negative Option Rule to the Office of Management and Budget (OMB) for review. This action indicates the agency is considering potential revisions or new regulations related to negative option plans, which are common in subscription services.

FTC Warns 42 Law Firms on Anticompetitive DEI Hiring Practices

The FTC has issued warning letters to 42 law firms regarding potentially anticompetitive employment practices related to Diversity, Equity, and Inclusion (DEI) hiring. The firms, which participated in the Mansfield Certification program, are cautioned that coordinating on candidate pools or sharing pay information may violate antitrust laws.

FDA Guidance on Promotional Labeling for Biosimilar Products

The FDA has issued new guidance addressing promotional labeling and advertising considerations for prescription reference products, biosimilar products, and interchangeable biosimilar products. The guidance aims to ensure promotional communications are accurate, truthful, and non-misleading for manufacturers and their representatives.

FDA Finalizes Guidance on Drug Dispute Resolution

The FDA has finalized guidance for industry on formal dispute resolution and administrative hearings for drugs subject to final administrative orders under section 505G of the FD&C Act. This guidance provides recommendations for resolving scientific and medical disputes between the Center for Drug Evaluation and Research (CDER) and drug sponsors.

FDA Draft Guidance on Bayesian Methodology in Drug Trials

The FDA has issued draft guidance on the use of Bayesian methodology in clinical trials for drug and biological products. This guidance is intended for sponsors and applicants and focuses on supporting primary inference for effectiveness and safety. The agency is seeking public comments on this draft document.