ESMA Consultation: Regulatory Standards for Post-Trade Risk Reduction Services

The European Securities and Markets Authority (ESMA) has issued a consultation paper on proposed regulatory technical standards (RTS) for post-trade risk reduction services. This consultation seeks feedback on requirements for services that aim to reduce risk for the purpose of clearing obligation exemptions under EMIR.

New York v. Valve Corporation - Loot Boxes and Gambling

The New York Attorney General has sued Valve Corporation, alleging that its video game loot boxes function as illegal gambling. The complaint argues that Valve's monetization of virtual items through loot boxes violates New York's gambling laws and seeks to hold the company accountable for these practices.

DVRO Reversed; Inmate's Right to Court Access Violated

The California Court of Appeal reversed a domestic violence restraining order (DVRO) against an inmate, finding his right to court access was violated. The court failed to address the inmate's request for transportation or telephonic appearance, leading to a reversal and remand for proper proceedings.

FINRA proposes rule change for overnight transaction reporting exception

FINRA has filed a proposed rule change with the SEC to amend rules governing transaction reporting. The proposal seeks to provide a limited, temporary exception for reporting specified overnight transactions before 8:00 a.m. Eastern Time.

Executive Order Transfers Youth Services Program

Illinois Governor JB Pritzker issued Executive Order 2026-02, transferring the Comprehensive Community-Based Youth Services Program (CCBYS) from the Department of Human Services to the Department of Children and Family Services. This transfer is effective July 1, 2026, and aims to streamline services for at-risk youth.

MHRA Raids Illegal Weight Loss Medicine Facility

The MHRA has raided two facilities suspected of manufacturing and selling illegal weight loss medicines, seizing nearly 2,000 doses and manufacturing equipment. This action is part of an ongoing investigation into a criminal network and aims to protect the public from dangerous, unregulated products.

US DOL: Restaurant Violated Child Labor and Overtime Laws

The US Department of Labor's Wage and Hour Division found Mt. Fuji Hibachi Inc. violated child labor laws by allowing a minor to perform hazardous tasks and work excessive hours. The investigation also revealed the employer denied overtime pay to 19 workers, resulting in $20,213 in back wages. The company paid a $22,249 civil penalty.

US Department of Labor Recovers $409K Back Wages from Little Caesars Operator

The U.S. Department of Labor's Wage and Hour Division has recovered $409,457 in back wages from MG Fast Food Inc., an operator of a Little Caesars restaurant. The settlement resolves violations of the Fair Labor Standards Act concerning minimum wage and overtime pay for 32 workers.

SEC Obtains Consent Judgment Against Defendant in Fraud Case

The SEC announced it obtained a final consent judgment against Charles T. Lawrence, Jr. in a civil enforcement action. Lawrence was charged with a multi-million dollar offering fraud, misappropriating at least $4.89 million of investor funds. The judgment permanently enjoins him from violating securities laws and orders disgorgement.

SEC Obtains Final Judgments Against Mining Company and Executives

The SEC announced final judgments by consent against Western Sierra Resource Corporation and its executives Roger Johnson and Dennis Atkins. The company and executives were charged with issuing false and misleading statements regarding the acquisition of gold mining claims. Johnson and Atkins each agreed to pay a $150,000 civil penalty, a three-year officer-and-director bar, and a five-year penny-stock bar.