US Federal

SEC No-Action Letter: DoubleZero Programmatic Transfers

The SEC's Division of Corporation Finance issued a no-action letter to DoubleZero regarding Programmatic Transfers. The Division will not recommend enforcement action if these transfers are conducted as described, meaning they will not require registration under the Securities Act or Exchange Act.

SEC Grants DigitalBridge Waiver of Ineligible Issuer Status

The SEC's Division of Corporation Finance granted DigitalBridge Group, Inc. a waiver from being considered an "ineligible issuer" under Rule 405 of the Securities Act of 1933. This waiver is due to a prior Commission order against its subsidiary, Colony Capital Investment Advisors, LLC.

SEC - Archer-Daniels-Midland Co. Waiver Request for Ineligible Issuer Status

The SEC is considering a waiver request from Archer-Daniels-Midland Co. (ADM) to maintain its Well-Known Seasoned Issuer (WKSI) status, despite a recent settlement for violations of securities laws. ADM seeks to avoid being classified as an 'ineligible issuer' for three years following the settlement.

SEC Grants Capitolis Relief from Audited Financial Filing

The SEC's Division of Trading and Markets will not recommend enforcement action if Capitolis Global Broker Dealer LLC does not file its audited annual financial statements for the fiscal year ending January 31, 2026. This relief is contingent on the firm's audited financial reports for the subsequent fiscal year covering the entire period since its registration.

SEC Grants Vestwell Securities Relief from Annual Audit Filing

The SEC's Division of Trading and Markets will not recommend enforcement action against Vestwell Securities, LLC if it does not file its 2025 audited annual financial statements. This relief is granted based on specific representations made by the firm regarding its operational status and plans.

SEC No-Action Relief for Cboe BYX Exchange Rule Modification

The SEC's Division of Trading and Markets has issued no-action relief to Cboe BYX Exchange regarding modifications to its Retail Price Improvement Program. This relief extends to the program's expansion to include securities priced below $1.00, ensuring continued no-action stance on Rule 602 of Regulation NMS.

SEC No-Action Letter for Raymond James Capital Balance Funds

The SEC's Division of Trading and Markets issued a no-action letter to Raymond James & Associates, Inc. (RJA) regarding Rule 17a-13. The letter states the staff will not recommend enforcement action if RJA reconciles capital balance funds according to specified conditions, addressing unique reporting for these alternative investments.

SEC No-Action Letter: DTC Tokenization Services Pilot

The SEC's Division of Trading and Markets issued a no-action letter to The Depository Trust Company (DTC) regarding its pilot program for tokenization services. This guidance allows DTC to proceed with developing and testing its DTCC Tokenization Services using distributed ledger technology for security entitlements.

SEC Guidance: Insurance Companies May File SAP Financial Statements for Index-Linked Policies

The SEC's Division of Investment Management issued guidance allowing insurance companies to file financial statements prepared under statutory accounting principles (SAP) instead of GAAP for certain index-linked policies and contingent deferred annuities. This permission is subject to specific representations and acknowledgments filed with the SEC.

SEC Grants SAP Financial Statement Filing for Life Insurers

The SEC's Chief Accountant's Office granted a request from American General Life Insurance Company and two affiliates to file financial statements prepared under statutory accounting principles (SAP) instead of GAAP for certain annuity contracts on Form S-1 registration statements. This permission is specific to the described non-variable annuity contracts and requires notification for future filings.