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SEC Staff Accounting Bulletin 120: Fair Value Guidance for Share-Based Payments

The SEC's Office of the Chief Accountant and Division of Corporation Finance have issued Staff Accounting Bulletin (SAB) 120, updating guidance on estimating the fair value of share-based payment transactions when a company possesses material non-public information. This update aligns existing interpretive guidance with current accounting standards, specifically FASB ASC Topic 718.

SEC Rescinds Staff Accounting Bulletin No. 121

The SEC has rescinded Staff Accounting Bulletin No. 121, which provided guidance on the accounting for obligations to safeguard crypto-assets held for platform users. This rescission is effective April 11, 2022, and was done in conjunction with the publication of SAB No. 122.

SEC Rescinds SAB 121, Issues SAB 122 on Crypto-Asset Custody

The SEC has rescinded Staff Accounting Bulletin (SAB) 121 and issued SAB 122, which provides new guidance on accounting for crypto-asset custody obligations. This change affects how entities recognize and measure liabilities related to safeguarding crypto-assets for platform users.

SEC Staff Accounting Bulletin 119 on Credit Loss Guidance

The SEC's Office of the Chief Accountant published Staff Accounting Bulletin 119 to update guidance on measuring credit losses on financial instruments. This update aligns SEC staff interpretations with the FASB's Accounting Standards Codification Topic 326, which introduces an expected credit loss model.

SEC Staff Accounting Bulletin 118 on Tax Cuts and Jobs Act Income Taxes

The SEC staff has published Staff Accounting Bulletin No. 118 to provide guidance on applying accounting standards for income taxes following the Tax Cuts and Jobs Act of 2017. This bulletin clarifies interpretations for registrants regarding ASC Topic 740, Income Taxes.

Madoff Claims: $253M Distributed, Total Payout Nears $15.38B

The SIPA Trustee for the Madoff liquidation announced the seventeenth pro rata interim distribution of over $253 million to eligible customers. This distribution brings the total payout to nearly $15.38 billion, representing approximately 72.848% of allowed claims.

SEC Risk Alert on Advisers Act Marketing Rule Compliance

The SEC's Division of Examinations issued a Risk Alert highlighting observations regarding investment advisers' compliance with the Marketing Rule. The alert focuses on disclosure requirements, oversight practices for testimonials and endorsements, and due diligence for third-party ratings.

SEC Division of Examinations Announces 2026 Priorities

The SEC's Division of Examinations has announced its 2026 examination priorities, focusing on areas of heightened risk to investors and compliance with new rules like amendments to Regulation S-P. The priorities aim to provide transparency and encourage firms to strengthen their compliance programs.

SEC Risk Alert on Investment Company Core Areas Review

The SEC's Division of Examinations has published a Risk Alert detailing typical document requests and examination observations for registered investment companies. The alert aims to help funds and their advisers enhance their compliance programs and practices by highlighting key review areas such as compliance programs, disclosures, and governance.

SEC Municipal Advisors Risk Alert and Examination Guidance

The SEC's Division of Examinations has published a Risk Alert to assist municipal advisors in understanding the examination process. The alert details potential areas of focus, selection criteria for examinations, and initial document requests.

SEC and CFTC Announce Inter-Agency Coordination MOU

The SEC and CFTC have signed a Memorandum of Understanding to enhance coordination and collaboration between the agencies. This agreement aims to support lawful innovation, uphold market integrity, and protect investors and customers by harmonizing regulatory definitions and coordinating oversight.

SEC Hosts Roundtable on Options Market Structure Reform

The SEC announced it will host a roundtable on April 16, 2026, to discuss listed options market structure. The event aims to foster dialogue on competition, customer experience, and growth opportunities in the options market. Public comments are being accepted.

SEC Investor Advisory Committee Meeting on Disclosure Reform and Tokenization

The SEC's Investor Advisory Committee will hold a public meeting on March 12, 2026, to discuss public company disclosure reform, fund proxy voting, and a potential recommendation on the tokenization of equity securities. The meeting will be webcast and include panel discussions on these topics.

SEC and FSA Hold Dialogue on Market Developments and Crypto

The SEC and Japan's FSA held their Spring Financial Regulatory Dialogue to discuss market developments, including crypto and digital assets. The meeting aimed to strengthen cooperation on cross-border issues and enhance investor protection in global capital markets.

SEC Adopts Final Rules for Holding Foreign Insiders Accountable Act

The SEC has adopted final rules and form amendments implementing the Holding Foreign Insiders Accountable Act (HFIA). These changes require directors and officers of foreign private issuers to electronically disclose their holdings and transactions in the issuer's equity securities, effective March 18, 2026.

SEC Enforcement Manual Updates

The SEC's Division of Enforcement has updated its Enforcement Manual to enhance fairness, transparency, and efficiency in its investigative processes. Key changes include a uniform Wells process with a four-week submission period and guidance on simultaneous settlement and waiver consideration.

SEC Proposes Form N-PORT Amendments to Reduce Reporting Burdens

The SEC has proposed amendments to Form N-PORT to reduce reporting burdens for registered investment companies. Key changes include extending the filing deadline, reducing public disclosure frequency from monthly to quarterly, and streamlining certain reporting items. The SEC also extended compliance dates for Names Rule reporting.

SEC and CFTC Joint Event on Crypto Harmonization

The SEC and CFTC will hold a joint event on January 27, 2026, to discuss harmonization efforts and U.S. financial leadership in the crypto era. The event aims to address regulatory clarity for market participants and foster innovation in the cryptocurrency space.

SEC Appoints New Chairman and Board Members to PCAOB

The SEC announced the appointment of Demetrios Logothetis as Chairman and three new members to the Public Company Accounting Oversight Board (PCAOB). These appointments are intended to usher in a new era of sensible and efficient oversight of auditors, focusing on the PCAOB's core mission of investor protection.

SEC Publishes Data on ETFs, Fund Mergers, and Advisors

The SEC's Division of Economic and Risk Analysis has published new reports on active ETFs and fund mergers, along with updated statistics for municipal advisors, transfer agents, and security-based swap dealers. These publications provide data and analysis on market trends and investor fee impacts.

Insider trading charges, final judgment against Kevin Van de Grift

Insider trading charges, final judgment against Kevin Van de Grift

Final judgment against Shannon Illingworth, GP Solutions

Final judgment against Shannon Illingworth, GP Solutions

Saeid Jaberian final judgment: $66,749 disgorgement, injunctions

Saeid Jaberian final judgment: $66,749 disgorgement, injunctions

Motil litigation release 26462, final judgment, $2.9M, $340K, $5M

Motil litigation release 26462, final judgment, $2.9M, $340K, $5M

SEC charges Sumit Rai, others; $10.6 million misappropriated

SEC charges Sumit Rai, others; $10.6 million misappropriated

SEC dismisses action against Guy Robert Elliott

SEC dismisses action against Guy Robert Elliott

Final judgment entered against Mendia-Alcaraz, Toltec Capital LLC

Final judgment entered against Mendia-Alcaraz, Toltec Capital LLC

Bradford consented to final judgment in Ponzi scheme

Bradford consented to final judgment in Ponzi scheme

Hudzik consented to final judgment, paying $70,000 disgorgement

Hudzik consented to final judgment, paying $70,000 disgorgement

Litigation release details final consent judgment amounts

Litigation release details final consent judgment amounts

Litigation release final consent judgments obtained December 12

Litigation release final consent judgments obtained December 12

SEC obtains final judgment against Mina Tadrus

SEC obtains final judgment against Mina Tadrus

Settled charges include final judgment, $373,885 disgorgement

Settled charges include final judgment, $373,885 disgorgement

SEC obtains final judgments against Rapid Therapeutic Science Laboratories

SEC obtains final judgments against Rapid Therapeutic Science Laboratories

SEC obtained final judgments against Jefferson and Early

SEC obtained final judgments against Jefferson and Early

SEC obtains final consent judgment against Oppenheimer & Co. Inc

SEC obtains final consent judgment against Oppenheimer & Co. Inc

San Miguel charged with fraud; final judgment entered

San Miguel charged with fraud; final judgment entered

Executives Collins and DiMeo ordered to pay disgorgement

Executives Collins and DiMeo ordered to pay disgorgement

SEC obtains final judgments against Allianz managers for fraud

SEC obtains final judgments against Allianz managers for fraud

SEC obtains final judgment against Virtu Americas LLC

SEC obtains final judgment against Virtu Americas LLC

Corbman charged in $4.15 million fraudulent investment scheme

Corbman charged in $4.15 million fraudulent investment scheme