UK PRA Modernising Liquidity Policy Framework Consultation

The UK Prudential Regulation Authority published Consultation Paper CP5/26 proposing reforms to modernise the prudential liquidity framework, addressing digital banking advances and structural changes in central bank reserve supply. The consultation focuses on Pillar 2 amendments, Internal Liquidity Adequacy Assessment (ILAA) rules, and supervisory expectations. Key changes include replacing the "marketable asset risk" concept with a broader "monetisation risk" assessment, removing sovereign bond exemptions from annual testing, and clarifying expectations for central bank facility access. Comments are due 17 June 2026.

ERISA Safe Harbor for Alternative Investments in 401(k) Plans

The DOL Employee Benefits Security Administration proposed a new process-based safe harbor for ERISA fiduciaries selecting designated investment alternatives for 401(k) and participant-directed individual account plans. The proposal establishes a six-factor framework for evaluating alternatives and provides litigation protection for fiduciaries who satisfy the requirements. The DOL estimates this rule will channel approximately $178 billion annually (across 4.5 million participants) into target date funds containing alternative investments.

SEC Enforcement Priorities Shift from Metrics to Qualitative Assessment

Foley & Lardner LLP summarized the SEC Division of Enforcement's panel at SEC Speaks 2026 (March 20, 2026), highlighting a continued shift from metrics-based enforcement to qualitative assessments focused on investor protection. Acting Director Sam Waldon emphasized core enforcement priorities including insider trading, fiduciary duty breaches, market manipulation, and accounting fraud. The updated Wells process now requires staff to share salient and probative evidence with recipients.

SEC-CFTC Harmonization MOU on Shared Market Jurisdiction

The SEC and CFTC signed a harmonization MOU on March 11, 2026, establishing coordination principles for shared market oversight. The non-binding agreement identifies six priority areas including crypto asset regulation, clearing modernization, and reduced duplicative requirements. The MOU commits the agencies to coordinated examinations and consistent enforcement approaches for dually regulated entities.

Bell 505 Helicopter Airworthiness Directive - Ballast Box Hinge Assembly

The FAA adopted a new Airworthiness Directive (AD) for Bell Model 505 helicopters, requiring operators to revise the Limitations section of the rotorcraft flight manual to prohibit use of ballast weights in the aft movable ballast box assembly. The AD addresses hinge assembly failures that could allow ballast weights to escape and strike the tail rotor assembly. The action was initially issued as Emergency AD 2026-05-51 and is now being finalized with a comment period.

Class E Airspace Establishment Jewett TX

The FAA proposes to establish Class E airspace at Jewett, TX to support new instrument flight rule operations at Hub Field. The proposed airspace would extend upward from 700 feet above the surface. Public comments are being accepted through May 18, 2026.

Boeing Response to FAA Exemption 18419C Amendment RFI

Boeing Company submitted additional information to the FAA in response to a Request for Information regarding petition to amend exemption 18419C. The submission addresses safety justification and public benefit considerations required for the exemption amendment. The FAA will review the response as part of its ongoing evaluation of the exemption amendment request.

United Airlines Requests Extension of FAA Exemption 6783

United Airlines has filed a petition with the FAA requesting extension of Exemption No. 6783, originally granted under FAA docket FAA-2002-11756. The exemption, which has been in place since 2002, permits United Airlines to operate under specified regulatory relief from Federal Aviation Regulations. The petition seeks to extend the operational flexibility beyond the current expiration period.

CARES Child Restraint Exemption Petition

Jordan Sissac filed a petition with the FAA requesting an exemption from 14 CFR § 121.311(b) to permit the use of an FAA Approved Child Restraint System (CARES) for a passenger who exceeds the manufacturer's weight limits. The petition seeks regulatory flexibility to accommodate individuals outside standard CRS weight parameters.

Shady Oak Drone LLC agricultural drone exemption petition

Shady Oak Drone Solutions LLC has petitioned the FAA for an exemption from Federal Aviation Regulations to conduct agricultural aircraft operations using drones under 14 CFR § 137.3. The petition, filed under 14 CFR Part 11 authority, seeks relief from specified FARs for agricultural spraying and related UAS operations. The FAA is seeking public comments on this individual exemption request.