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Oregon Enforcement Orders for United Advocacy Counseling and NEXT Insurance

The Oregon Division of Financial Regulation has added two new enforcement orders. United Advocacy Counseling (DM-25-0060) and NEXT Insurance US LLC (INS-25-0051) are subject to these orders, with dates of March 17, 2026, and March 16, 2026, respectively.

FCA Final Rules: Operational Incident and Third Party Reporting

The FCA has published final rules and guidance for operational incident and material third party reporting. These rules, which will apply from 18 March 2027, aim to standardize reporting processes and enhance oversight of critical third-party arrangements within the financial sector.

FCA Consultation on Regulation for SME Access to Finance

The FCA is seeking views on how its regulations can better support small and medium-sized enterprises (SMEs) in accessing finance. This initiative is part of the FCA's strategy to support growth and improve business access to capital.

Larry Holley - Fine Payment Instructions and Consent Order

The Michigan Department of Licensing and Regulatory Affairs has issued fine payment instructions and a consent order related to Larry Holley's unregistered securities activities. The total fine for Larry Holley has been reduced to $40,000.00, payable after the SEC receivership closes.

ASIC v. Sunshine Loans - High Court Ruling on Recusal

The Australian Securities and Investments Commission (ASIC) has won a High Court appeal against Sunshine Loans. The High Court unanimously rejected Sunshine Loans' appeal regarding the recusal of a judge, allowing the original judge to determine penalties for unlawful fees charged by Sunshine Loans.

NYSE American LLC Proposes Market Data Fee Amendments

NYSE American LLC has filed a proposed rule change to amend its market data fees. The filing includes proposed changes to the fees for various data products and services, with a comment period open until February 12, 2026. This action is subject to SEC review.

NYSE Arca Proposes Rule Change for Fees and Charges

NYSE Arca has filed a proposed rule change with the SEC to introduce the NYSE Arca Equity Membership On-Ramp Program. This program offers discounted fees for new Equity Permit Holders for up to 18 months to encourage participation from smaller, retail-oriented market participants. The rule change is proposed to be effective March 6, 2026.

NYSE American Options Fee Schedule Amendment Proposal

The NYSE American has proposed amendments to its Options Fee Schedule. This filing initiates a public comment period, allowing stakeholders to review and respond to the proposed changes regarding options trading fees.

NYSE Arca Equities Market Data Fees Amendment Proposal

The NYSE Arca has proposed an amendment to its market data fees, specifically concerning the fees for Consolidated Audit Trail (CAT) data. This proposal outlines new fees for CAT data access and related services, with a comment period open until January 15, 2026.

NYSE Arca Fee Schedule Proposal - Broker Credits

NYSE Arca has proposed amendments to its fee schedule, specifically waiving certain broker credits that were set to expire in March 2026. This filing initiates a public comment period for the proposed changes to the exchange's pricing structure.

SEC Director Clarifies Howey Test for Crypto Assets

SEC Director James Moloney provided a statement clarifying the application of the Howey test to crypto assets. The statement explains how the 80-year-old legal standard for identifying investment contracts remains relevant in the context of modern digital assets.

SEC Chairman Atkins on Crypto Asset Token Safe Harbor

SEC Chairman Atkins announced new guidance on crypto assets, establishing four categories not deemed securities. This interpretation aims to provide clarity on when crypto assets implicate federal securities laws, focusing on digital securities and investment contracts.

SEC Publishes Data on Offerings, Advisors, Agents, Swap Dealers

The SEC's Division of Economic and Risk Analysis has published a report on security-based swap dealers and updated data visualizations for various market activities in 2025. The updates include statistics on IPOs, registered offerings, municipal advisors, and swap dealers, aiming to increase transparency for investors and issuers.

SEC Clarifies Securities Laws for Crypto Assets

The SEC, joined by the CFTC, issued an interpretation clarifying the application of federal securities laws to crypto assets. The guidance provides a token taxonomy and addresses how crypto assets may become subject to or cease to be subject to investment contracts, impacting various crypto transactions.

SEC Obtains Final Judgment Against Bin Hao in Ponzi Scheme

The SEC announced a final judgment against Bin Hao for his role in an alleged Ponzi scheme that targeted Chinese Americans. Hao was ordered to pay over $2.2 million in disgorgement, prejudgment interest, and a civil penalty.

SEC charges Paul Jorgensen with Doximity insider trading

The SEC has charged Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc., with insider trading. The complaint alleges that Jorgensen traded on material nonpublic information ahead of two earnings calls, resulting in approximately $2,532,775 in profits and avoided losses.

SEC Charges Former Doximity CRO with Insider Trading

The SEC filed settled insider trading charges against Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc. The charges allege unlawful trading based on material nonpublic information, resulting in approximately $2.5 million in profits and losses avoided. Jorgensen consented to a settlement including permanent injunctions and an officer/director bar.

SEC v. J. Bernard Rice - Final Judgment for Securities Violations

The SEC has filed a final judgment against J. Bernard Rice for violations of securities laws, including Section 10(b) of the Exchange Act and Section 17(a) of the Securities Act. The judgment permanently enjoins Rice from further violations and restricts his participation in the issuance or sale of securities.

SEC Obtains Final Consent Judgment Against J. Bernard Rice

The SEC announced a final consent judgment against J. Bernard Rice, an alleged former executive of cannabis company American Patriot Brands, Inc. The judgment includes permanent injunctions, a five-year officer and director bar, disgorgement of $581,000 plus interest, and a civil penalty of $236,451.

SEC v. Bin Hao - Final Judgment Entered

The SEC announced the final judgment entered in the case of SEC v. Bin Hao. This action, filed in the Southern District of Florida, concludes the SEC's litigation against the defendant. The judgment imposes specific terms and penalties.

AMF Analysis of French Equity Market Participants (2019-2024)

The AMF has published an analysis of participants in the French equity market between 2019 and 2024. The report details changes in participant typology and investment behaviors, noting a stable overall structure despite shifts influenced by regulatory developments and Brexit.

IOSCO Publishes Final Report on Financial Asset Tokenization

IOSCO has published its Final Report on the Tokenization of Financial Assets, examining its adoption, risks, and regulatory implications. The report aims to build a shared understanding among global securities regulators on how to address emerging challenges in this area.

IOSCO Updates Statement on Non-GAAP Financial Measures

IOSCO has published an updated Statement on Non-GAAP Financial Measures, revising its 2016 and 2002 statements. The update aims to help issuers provide clearer and more useful disclosures to investors, reducing the risk of misleading information.

IOSCO/BCBS Report on Margin Requirements for Non-Centrally Cleared Derivatives

IOSCO and BCBS have published a report assessing the implementation of margin requirements for non-centrally cleared derivatives. The report concludes the framework has been effectively implemented with no material issues identified, and no changes are proposed. Ongoing monitoring is recommended.

IOSCO Publishes Recommendations for Neo-Brokers

IOSCO has published a final report with recommendations for securities regulators and neo-brokers. The report addresses challenges posed by neo-broker business models and aims to foster a more transparent and accountable environment, enhancing investor protection measures.

IOSCO Consultation Report on Valuing Collective Investment Schemes

IOSCO has published a consultation report proposing 13 updated recommendations for valuing collective investment schemes (CIS). The report seeks feedback from market participants by February 2, 2026, to modernize existing principles and address evolving market dynamics, particularly concerning illiquid assets and retail investment.

Macquarie Securities fined $35 million for short sale misreporting

The New South Wales Supreme Court has ordered Macquarie Securities (Australia) Limited (MSAL) to pay a $35 million penalty for systemic failures that led to the misreporting of tens of millions of short sales over more than a decade. ASIC initiated civil proceedings against MSAL in May 2025.

ASIC Disqualifies Director Simon Raftery for Two Years and Six Months

ASIC has disqualified Simon Raftery from managing corporations for two and a half years due to his involvement in five failed companies that owed approximately $43 million. Mr. Raftery's application for a stay on the disqualification decision was refused by the Administrative Review Tribunal.

ASIC Disqualifies Director for Five Years Due to Company Failures and Fraud

ASIC has disqualified Vincenzo Frank Tesoriero from managing corporations for five years due to his involvement in the failure of 20 companies. The disqualification stems from improper conduct, including facilitating fraudulent transactions and failing to maintain adequate records.

ASIC Secures Record $350M Civil Penalties and $583M in Refunds

ASIC announced record civil penalties of $349.8 million and $583 million in refunds and payments to Australians for the second half of 2025. These outcomes resulted from successful enforcement actions against major companies and super trustees for serious misconduct.

SFC Freezes HK$4.3M Assets in Insider Dealing Case

The Securities and Futures Commission (SFC) of Hong Kong has obtained worldwide court orders to freeze assets totaling HK$4.3 million in an insider dealing case. The action targets a former HKEX staff member and his relatives, alleging access to and trading on confidential information.

SFC and ICAC Joint Operation Targets Insider Dealing and Corruption

The SFC and ICAC conducted a joint operation targeting insider dealing and corruption involving senior executives of three licensed corporations. Eight individuals were arrested, and investigations revealed alleged bribes of over $4 million leading to approximately $315 million in illicit profits.

Retail Trader Sentenced for False Trading in Hong Kong

The Securities and Futures Commission (SFC) Hong Kong announced that a retail trader was sentenced to 220 hours of community service and fined $117,715 for false trading in six Hong Kong-listed companies. The SFC highlighted the importance of market integrity and investor confidence.

SFC obtains HK$4M compensation order against former Coolpad executive

The Securities and Futures Commission (SFC) of Hong Kong obtained a compensation order of HK$4 million against Mr Zhang Wei, a former executive director of Coolpad Group Limited. Zhang was also disqualified from holding directorships for five years for his role in transactions that caused significant losses to the company.

SFC bans Andy Lau Ka Ho for life over misconduct

The Securities and Futures Commission (SFC) has permanently banned Andy Lau Ka Ho, a former licensed representative, from the industry for serious misconduct. The ban follows an investigation into unauthorized trading, fabricated instructions, and forged statements conducted between 2014 and 2019.

ASIC Launches Interactive Dashboard for Financial Complaints Data

The Australian Securities and Investments Commission (ASIC) has launched a new interactive dashboard providing unprecedented access to consumer complaints data. The dashboard allows users to compare complaints reported by individual financial firms, enhancing transparency and accountability within the financial services industry.

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 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.

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 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 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 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.

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.

Montana Securities Fraud Reporting and Investigation

The Montana State Auditor, Commissioner of Securities and Insurance has updated its website to provide information on reporting securities fraud, investment theft, Ponzi schemes, and pyramid schemes. The agency encourages consumers and professionals to report suspected fraud through their online or paper complaint forms.

Montana Securities Act Overview

The Montana Securities Division provides an overview of the Montana Securities Act, emphasizing its role in investor protection, capital formation, and promoting uniformity among states. The page highlights key statistics for broker-dealer firms, capital approved, and issuer filings in Montana.

Montana Securities Division Enforcement Actions

The Montana Securities Division filed 16 enforcement actions in FY 2025, resulting in $59,000 in restitution ordered and $145,500 in fines and fees. The division investigates and prosecutes violations of Montana's insurance and securities laws.

Pankaj Dayo Motwani Settles Securities Violations with Oregon DFR

The Oregon Division of Financial Regulation has issued a Consent Order against Pankaj Dayo Motwani for alleged securities violations. The order includes findings of fact, conclusions of law, and assesses civil penalties, denies use of exemptions, and bars Motwani from financial services business activities.