Search

Second Circuit Vacates Asset Freeze on Loan Guarantors Under Grupo Mexicano

The U.S. Court of Appeals for the Second Circuit vacated a district court preliminary injunction that froze guarantors' assets in Leadenhall Capital Partners LLP v. Advantage Capital Holdings, LLC. Applying the Supreme Court's Grupo Mexicano rule, the Second Circuit held that federal courts lack authority to preliminarily enjoin a defendant from transferring assets absent a lien or equitable interest, even where a creditor holds security against the borrower's collateral. Lenders with unsecured guarantees from parent companies or affiliates can no longer seek asset freezes against those guarantors before final judgment.

Pay Domain Launch for Payments and Fintech Brands

ICANN is launching a new .pay generic top-level domain (gTLD) dedicated to online payment transactions. The domain will roll out in phases: Sunrise period (April-May 2026) for Trademark Clearinghouse holders, Limited Registration Period (May 2026-February 2027) for entities with approved payment processors, and General Availability (2027). Unlike most new gTLDs, .pay will not initially be covered by major domain blocking services, making direct registration the primary defensive option for brand owners in the payments and financial services sectors.

CFTC, FDIC Stablecoin Rules; Prediction Market Jurisdictional Rulings

Morrison Foerster's weekly update covers: (1) CFTC/DOJ lawsuits against Arizona, Connecticut, and Illinois seeking declaration that the Commodity Exchange Act preempts state gambling laws for CFTC-registered prediction markets; (2) FDIC's April 7 proposed rule implementing GENIUS Act requirements for FDIC-supervised payment stablecoin issuers, with comments due 60 days after Federal Register publication; and (3) White House Council of Economic Advisors research finding stablecoin yield prohibition caused $800 million net welfare loss to consumers while increasing bank lending by 0.02%.

DOL Safe Harbor Proposed for ERISA Fiduciaries, 401(k) Investment Selection

DOL Safe Harbor Proposed for ERISA Fiduciaries, 401(k) Investment Selection

Securities Act Rule 477 Extension, OMB Review, Undergrounding Offerings

The SEC published a notice extending the OMB review period for Securities Act Rule 477 (OMB Control No. 3235-0550). The document invites public comment on the information collection extension. Rule 477 relates to underground offerings in securities regulation. This is a standard administrative procedure for information collection requirements under the Paperwork Reduction Act.

Regulation 14A Extension Request for Comments - OMB Control No. 3235-0059

The SEC published a notice requesting public comments on extending OMB Control No. 3235-0059, covering Regulation 14A (Commission Rules 14a-1 through 14a-21 and Schedule 14A). The notice invites feedback on the information collection burden associated with proxy-related disclosure requirements. Comments are being sought as part of the Paperwork Reduction Act process.

MEMX LLC Proposes Equities Transaction Fee Schedule Amendment

MEMX LLC filed a proposed rule change with the SEC on April 13, 2026, to amend the exchange's fee schedule concerning equities transaction pricing. The filing (SR-MEMX-2026-09) was submitted under SEC Rule 19b-4 by the self-regulatory organization and was noted as immediately effective. The SEC published notice of the filing in the Federal Register (91 FR 18905).

NYSE American LLC Trading Halt Rules Filing

The SEC received a filing from NYSE American LLC (SR-NYSEAMER-2026-27) proposing amendments to its lists of regulatory halts and operational halts. The proposed rule change was filed pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and became effective upon filing, as permitted for changes concerning the administration of a self-regulatory organization. NYSE American LLC operates as a national securities exchange.

Cboe Exchange Rule 5.1 Amendment for Binary Options Listing on Index Options During GTH and Curb Trading Hours

The SEC published a notice of filing by Cboe Exchange, Inc. (File No. SR-CBOE-2026-028) for a rule change to amend Rule 5.1 permitting the listing of binary options on exclusively listed index options designated for trading under Chapter 4, Section B during Global Trading Hours and Curb Trading Hours. The filing was made effective immediately under Section 19(b)(3)(A) of the Securities Exchange Act of 1934.

MIAX Emerald Options Exchange Fee Schedule Amendment for Non-Transaction Fees

The SEC filed notice that MIAX Emerald Options Exchange amended its fee schedule to modify non-transaction fees under SR-EMERALD-2026-08. The proposed rule change was filed and became immediately effective per Release No. 34-105180 published in 91 FR 18884.

MIAX Options Exchange Fee Schedule Amendment - Non-Transaction Fees

The SEC published notice of Miami International Securities Exchange LLC's proposed rule change (SR-MIAX-2026-12) to amend its fee schedule regarding non-transaction fees. The filing was made under Section 19(b)(3)(A) of the Securities Exchange Act and became effective immediately upon filing. The exchange submitted the proposal to the Commission as Release No. 34-105179.

MIAX Pearl Options Exchange Fee Schedule Amendment - Non-Transaction Fees

MIAX Pearl, LLC filed a proposed rule change with the SEC to amend its options exchange fee schedule regarding non-transaction fees. The SEC issued a notice of the filing on April 13, 2026, under Release No. 34-105178 (SR-PEARL-2026-14). The proposed change became immediately effective upon filing.

Cboe BZX Exchange Amends Average Daily Quote and Order Fee Schedule

The SEC published notice of Cboe BZX Exchange's filing to amend its schedule of Average Daily Quote fees and Average Daily Order fees. The exchange filed the proposed rule change under Section 19(b)(3)(A) of the Securities Exchange Act, making it effective upon filing. The amended fees take effect April 1, 2026. This is a routine self-regulatory organization notice of a fee modification.

Nasdaq Amends iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF Listing Terms

The Nasdaq Stock Market LLC filed a proposed rule change (SR-NASDAQ-2026-025) to amend listing terms for the iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF. The SEC published notice of this filing under Release No. 34-105176. The proposed change affects the continued listing standards and operational terms for these cryptocurrency-linked exchange-traded products.

Cboe Exchange Rule Change Approves Listing of Crypto Trust Options

The SEC issued an order approving Cboe Exchange's proposed rule change to establish listing criteria and withdrawal standards for options on commodity-based trusts holding multiple crypto assets. The approval modifies Exchange Rules 4.3 and 4.4 to set criteria for underlying securities and standards for withdrawal of approval. This represents the first SRO approval for options listing standards covering multi-asset crypto trusts.

Foreign Exchange Reserves at the Bank of Israel, March 2026

The Bank of Israel reported that the country's foreign exchange reserves stood at $228,271 million ($228.3 billion) at end of March 2026, a decrease of $6,274 million from the revised $234,545 million at end of February 2026. The decrease was primarily due to a revaluation effect that reduced reserves by approximately $8,936 million, partially offset by government FX activities of approximately $2,681 million. Reserves represent 37.2% of GDP.

Minimum Wage Increase Effects on Inflation

Banco de la República (Colombia's Central Bank) published a report box analyzing the potential inflationary effects of a significant minimum wage increase. The analysis considers a scenario where the 2026 minimum wage adjustment exceeds past inflation and labor productivity growth by 17.2 percentage points. The report quantifies the marginal contribution of this wage shock on inflation as an unusually large increase, noting it should not be interpreted as a complete inflation projection.

Macroeconomic and Fiscal Impact of Demographic Change, Colombia

Banco de la República Colombia published a working paper analyzing the macroeconomic and fiscal effects of demographic change in Colombia. The study uses a Computable General Equilibrium Model to assess three alternative demographic scenarios, incorporating interactions among households, firms, government, and the external sector. Findings indicate that population ageing poses significant challenges for fiscal sustainability and long-term economic growth, with public expenditure increasing due to higher pension and health obligations while the working-age population growth slows.

Real Domestic Effects of Banks' Cross-Border Lending

The Bank of England published Staff Working Paper No. 1,179 examining whether domestic banking sectors that engage in more cross-border lending benefit domestic productivity. Using cross-country and firm-level panel data across European economies and UK-specific data, the research finds that higher internationalisation of the domestic banking system is associated with improved domestic productivity. The effect is stronger when banks lend to firms in foreign advanced economies and is more pronounced during early phases of new banking relationships. In contrast, inflow of lending from foreign banks does not result in productivity improvements for the domestic real economy.

Weekly Report: Reserves 650,510, 8th April 2026

Bank of England published its weekly balance sheet report dated 8 April 2026. Reserves balances stood at £650,510 million, up from £645,085 million on 1 April 2026. Short-term repo operations increased to £100,301 million from £97,441 million week-on-week.

CSA Proposes Amendment to Insider Reporting Requirements for Investment Funds and Structured Products

The Canadian Securities Administrators published a notice proposing amendments to Part 9 of National Instrument 55-104 to clarify insider reporting requirements for investment fund transactions and structured products such as notes, American Depositary Receipts, and Canadian Depositary Receipts based on reporting insiders' securities. The 60-day comment period closes June 8, 2026.

Securities Regulators Report on CIRO, CIPF Oversight Activities

The Canadian Securities Administrators (CSA) published CSA Staff Notice 25-315 summarizing oversight activities for the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF) during the 2025 calendar year. The report covers CIRO's rules consolidation, cybersecurity breach response, dealer registration functions, and fee model amendments, along with CIPF's fund integration and credit-risk model assessment.

Regulators Remind Industry of Prediction Market Rules

The CSA and CIRO issued a joint reminder that prediction markets and event contracts in Canada are subject to securities and derivatives legislation. Trading or facilitating trading in event contracts that qualify as securities or derivatives requires compliance with registration or recognition requirements. MI 91-102 prohibits binary options with maturity under 30 days. Two CIRO members have been authorized to facilitate Canadian client access to event contracts on foreign markets.

SEC Extends Rule 22d-1 Sales Load Exemption PRA Comment Request

The SEC has submitted to OMB a request to extend the collection of information under Rule 22d-1 (OMB Control No. 3235-0310). Rule 22d-1 under the Investment Company Act of 1940 permits investment companies to offer scheduled variations or elimination of sales loads for particular classes of investors. The notice estimates approximately 6,740 funds issue redeemable securities carrying a sales load, with up to 50% potentially offering scheduled variations annually.

OMB Review Extension for Rule 203A-2(d) Multi-State Investment Adviser Exemption

The SEC has submitted to the Office of Management and Budget a request for extension of the information collection under Rule 203A-2(d), which provides an exemption allowing investment advisers required to register in 15 or more states to register with the Commission. The notice estimates 122 respondents with an annual time burden of 8 hours per response, totaling 976 hours. Rule 203A-2(d) is codified at 17 CFR 275.203A-2(d) under the Investment Advisers Act of 1940.

SEC Rule 12h-1(f) Exemption Extension OMB Review

SEC Rule 12h-1(f) Exemption Extension OMB Review

Second Circuit Affirms Dismissal of Securities Claims Arising from Reverse Split of ETNs

The Second Circuit Court of Appeals issued a per curiam opinion in Knapp v. Barclays PLC affirming the dismissal of a securities class action concerning a 4:1 reverse split of exchange-traded notes. The Court held that the reverse split did not constitute an unregistered "sale" under Section 12(a)(1) because it did not meaningfully change the nature of plaintiffs' investment or investment risks. The Court also rejected plaintiffs' Section 11 claim for failure to identify a registration statement covering post-split notes.

Drawstop Provisions in Fund Finance Credit Facilities

Cadwalader, Wickersham & Taft LLP published an analytical overview of drawstop provisions in fund finance credit facilities. The article explains how drawstops entitle lenders to halt loan advances upon specified events such as defaults or inaccurate representations, and examines deal-specific drawstops common in subscription line facilities including suspension events and key person events.

FY 2027 Budget Renews Pressure on CDFIs, Stay Course

The Trump administration's FY 2027 budget proposes eliminating core CDFI Fund Financial Assistance and Technical Assistance programs, redirecting approximately $100 million of the remaining $119.5 million to a new Rural Community Development Fund initiative. The more immediate concern is the administration's withholding of roughly $1 billion in already appropriated FY 2025 and FY 2026 CDFI funding pending OMB approval.

SEC Rule 205-3 Raises AUM to $1.4M, Net Worth to $2.7M

SEC Rule 205-3 Raises AUM to $1.4M, Net Worth to $2.7M

SAMA Holds First Digital Transformation Committee Meeting with Banking Sector Financial Institutions

SAMA's Digital Transformation Committee held its first quarterly meeting in Riyadh with representatives of licensed financial institutions in the banking sector. The meeting discussed data-sharing frameworks, technical integration, and joint digital channels. Deputy Governor Abdullah I. Alsaleh chaired the meeting, which supports Saudi Vision 2030 objectives for digital transformation in the financial sector.

Extension of Rule 17f-5, OMB Review, Comment Request

The Securities and Exchange Commission published a notice in the Federal Register (91 FR 18933) announcing the extension of Rule 17f-5 under the Investment Company Act of 1940, which governs the custody of fund assets held outside the United States. The SEC is requesting comments on the renewal of the associated information collection requirement under OMB Control No. 3235-0269.

SEC Announces Public Roundtable Meeting April 16, 2026

The Securities and Exchange Commission announces a public roundtable meeting on Thursday, April 16, 2026, from 9:00 a.m. to 3:15 p.m. ET. The meeting is open to the public on a first-come, first-served basis with doors opening at 8 a.m. ET. Visitors will be subject to security checks, and the meeting will be webcast on the SEC's website at www.sec.gov with a recording posted later.

SEC Sunshine Act Meetings Notice - Closed Meeting April 16, 2026

The SEC published a Sunshine Act Meetings Notice announcing a closed meeting scheduled for 2:00 p.m. on Thursday, April 16, 2026. The meeting will be closed to the public under Sunshine Act Exemption 9, which covers matters relating to agency investigation proceedings. Contact person information is provided for additional details.

SEC Requests Comments on Customer Account Statements Extension

SEC Requests Comments on Customer Account Statements Extension

Amends Rules 5130 and 5131 to Exempt Specified Collective Trust Funds

FINRA filed a proposed rule change with the SEC to amend Rules 5130 and 5131 to exempt specified collective trust funds (CTFs) from restrictions on purchasing and selling initial equity public offerings and from anti-spinning provisions. The SEC is soliciting comments from interested persons on the proposed amendments. Rule 5130 restricts the sale of new issues to accounts where restricted persons have beneficial interest, while Rule 5131(b) prohibits the allocation of new issue shares to accounts connected to investment banking clients.

SEC Requests OMB Extension of Rule 22e-4 Liquidity Risk Management Information Collection

The SEC has submitted to OMB a request for extension of the previously approved information collection under Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires open-end funds and exchange-traded funds that redeem in kind to establish written liquidity risk management programs reasonably designed to assess and manage liquidity risk. The rule includes requirements for liquidity classification, highly liquid investment minimums, limitation on illiquid investments to 15% of net assets, and board oversight.

NYSE Rule 5.2(j)(9) - Accelerated Approval for Class ETF Shares Listing

The SEC granted accelerated approval of NYSE's proposed rule change to adopt Rule 5.2(j)(9), permitting generic listing and trading of Class Exchange-Traded Fund Shares without requiring separate Commission approval orders for each product listing. The Exchange filed the proposal on February 12, 2026, with amendments filed February 23 and March 4, 2026. The rule aligns NYSE ETF listing standards with those of NYSE Arca. The SEC simultaneously solicits comments on the approved rule change.

OCC Rule Change on Collateral Eligibility and Margin Requirements Approved

The SEC approved OCC's rule change regarding collateral eligibility and margin requirements. OCC will discontinue accepting letters of credit and GSE debt securities as margin collateral. The rule change also addresses specific wrong-way risk presented by certain Clearing Member positions and includes organizational and technical changes to OCC's collateral rules.

NYSE Rule 8000 and 9000 Series Amendments - Disciplinary Rule Harmonization with FINRA

The SEC published notice that NYSE filed a proposed rule change to amend Rules 8000 and 9000 Series to harmonize with recent FINRA disciplinary rule changes. The amendments would automatically stay effectiveness of specified member organization expulsions, membership cancellations, and denials of continued membership applications pending SEC review. The proposed rules would also authorize Exchange staff and adjudicators to grant respondents and applicants stay opportunities before certain sanctions take effect.

TXSE Rule Change - Eighth Amended and Restated Stockholders Agreement; Texas Incorporation Conversion

The SEC has published notice seeking comments on TXSE's proposed rule change to convert the Exchange and TXSE Group from Delaware to Texas incorporation. The proposal includes adoption of the Eighth Amended and Restated Stockholders' Agreement, Texas Certificates of Formation for both entities, Bylaws, and a Company Agreement for the Exchange as a Texas LLC.

24X National Exchange Amends LLC Agreement for Shinhan Securities Conversion

The SEC has published notice that 24X National Exchange LLC filed a proposed rule change on March 27, 2026, to amend the LLC agreement for its parent company 24X US Holdings LLC. The amendment would authorize the issuance of 755,632 Voting Common Units to Shinhan Securities Co., Ltd. upon automatic conversion of a convertible promissory note issued on November 24, 2025. The conversion reduces 24X Bermuda Holdings LLC's ownership stake from 90.97% to approximately 84.41%. The Commission is soliciting comments on this non-controversial proposed rule change.

DTC Rule Corrections and Clarifications Proposed by Depository Trust Company

The SEC published notice that DTC filed a proposed rule change on March 31, 2026, seeking comments on corrections, clarifications, and harmonization changes to DTC's Rules and Procedures. The changes include adding 'Officer of the Corporation' as a defined term, expanding the Credit Risk Rating Matrix scale from 1-7 to 1-18, replacing specific fund references with 'any fund', and revising financial report delivery to reflect DTC's fiscal year. Comments are requested from interested persons.

Cboe Exchange Proposes Extended Equity Options Trading Hours

The SEC is seeking public comment on Cboe Exchange's proposed rule change (SR-CBOE-2025-079, Amendment No. 1) to establish extended trading hours sessions for eligible multi-listed equity options. The proposal would create a Global Trading Hours session from 7:30 a.m. to 9:25 a.m. ET and a Curb Trading Hours session from 4:00 p.m. to 4:15 p.m. ET for designated equity options meeting specified eligibility criteria.

Request for SAM Assistance - New Information Collection

The U.S. International Development Finance Corporation (DFC) published a notice in the Federal Register requesting public comments on a new information collection titled 'Request for SAM Assistance' (DFC-020). This is the agency's second notice—the 60-day notice received no comments, and this 30-day notice extends the comment period until May 11, 2026. DFC will use the form to assist potential investors in obtaining SAM.gov registration to conduct business with the agency. The estimated annual burden is 100 hours across 100 respondents.

Notice of Information Collection; Application for Debt Finance (DFC-012) Renewal

The U.S. International Development Finance Corporation (DFC) published a 30-day Federal Register notice extending the public comment period for renewal of an existing information collection (Application for Debt Finance, form DFC-012; OMB No. 3015-0001). The agency received no comments on its prior 60-day notice published February 3, 2026. The collection is used to gather economic data from investors to assess risk to the U.S. economy of DFC-supported projects. Comments are due May 11, 2026.

Bottomline Joins Nacha Preferred Partner for ACH, Open Banking, Fraud

NACHA announced Bottomline has become a Nacha Preferred Partner for ACH Experience, Open Banking, and Risk and Fraud Prevention. Bottomline provides real-time ACH transaction monitoring and fraud prevention solutions that help banks and businesses detect suspicious activity before funds are released. The Preferred Partners program recognizes organizations demonstrating leadership and innovation in advancing the ACH Network.

Walrus Security Named Preferred Partner for Account Validation and Fraud Prevention

Nacha announced Walrus Security as a Preferred Partner for Account Validation, Fraud Monitoring, and Risk and Fraud Prevention. Walrus Security's DoubleCheck platform verifies the authenticity of ACH payment details before payments are released. When payment instructions are created or changed, DoubleCheck confirms those details with the counterparty using identity verification. The partnership addresses credit-push frauds such as business email compromise by enabling organizations to authenticate counterparties before accepting ACH payment information. Nacha's Preferred Partner Program is open to technology solution providers whose offerings align with Nacha's strategy of advancing the ACH Network.

Abrigo Becomes Nacha Preferred Partner for ACH Fraud Prevention

NACHA announced that Abrigo has become a Nacha Preferred Partner for ACH Experience, Compliance, Risk, and Fraud Prevention. Abrigo provides AI-powered software and services helping more than 2,400 financial institutions detect and prevent fraud, manage risk, and analyze ACH files in real time to identify high-risk patterns. The Preferred Partner program recognizes organizations that demonstrate leadership and innovation advancing the ACH Network.

Homespire Mortgage Corp. & Michael Jonathan Rappaport Consent Order - $10,000 Penalty, 42-Month Ban

The Massachusetts Division of Banks issued Consent Order 2026-001-CO against Homespire Mortgage Corp. and sole owner Michael Jonathan Rappaport, imposing a $10,000 administrative penalty and a 42-month prohibition from engaging in mortgage lender and mortgage broker activities in Massachusetts. The enforcement action resolves findings from a September 2025 examination that identified failures to comply with Massachusetts and federal statutes and regulations governing mortgage lenders and brokers.