SEC v. Tai Mo Shan Limited - Cease-and-Desist Order and $123M Penalty

The SEC has extended the deadline for the Division of Enforcement to submit a Proposed Plan of Distribution for the Fair Fund established in the cease-and-desist order against Tai Mo Shan Limited. The order requires Tai Mo Shan to pay a total of $123,095,287.00 in disgorgement, interest, and penalties for unregistered securities offerings.

SEC Reinstates Accountant Joseph Jennings, CPA After Suspension

The SEC has issued an order reinstating Joseph Jennings, CPA, to practice before the Commission as an accountant. Jennings was suspended in 2018 for insider trading violations related to the H.J. Heinz Company and Kraft Foods Group, Inc. merger.

SEC v. Madison Capital Funding LLC - Investment Adviser Sanctions

The SEC instituted administrative and cease-and-desist proceedings against Madison Capital Funding LLC, an investment adviser. The firm allegedly failed to determine fair market value for trades with pooled investment vehicles it advised during a period of market disruption.

SEC Bars Ejiro Ode Okuma for Fraud and Misappropriation

The SEC has barred Ejiro Ode Okuma from associating with any regulated entity following findings of fraud and misappropriation of over $9 million from a client. A final judgment was entered against Okuma, permanently enjoining him from future violations of securities laws.

FCA and Independent Football Regulator Sign Memorandum of Understanding

The Financial Conduct Authority (FCA) and the Independent Football Regulator (IFR) have signed a Memorandum of Understanding (MoU). This agreement outlines how the two organizations will collaborate to ensure effective regulation where football and financial services intersect.

FCA Launches New Regulatory Priorities Reports

The FCA has launched new Regulatory Priorities reports, starting with the insurance sector, to replace over 40 previous portfolio letters. These new reports aim to streamline communication and provide clearer, higher-level guidance for regulated firms.

FCA Proposes Action to Close Credit File Gaps for Borrowers

The FCA is consulting on proposals to require lenders to share credit information with all designated consumer credit reference agencies (CRAs). This aims to close gaps in consumers' credit files and ensure they more accurately reflect financial circumstances. The consultation closes on May 1, 2026.

CMA Advocates Non-Compete Clause Reform and Salary Threshold Ban

The UK's Competition and Markets Authority (CMA) has responded to a government working paper on reforming non-compete clauses in employment contracts. The CMA advocates for reforms, including a ban on non-competes below a salary threshold, to enhance labour market mobility.

FCA Stablecoin Regulatory Sandbox Testing

The FCA has selected four firms to participate in its regulatory sandbox to test stablecoin innovation. This initiative aims to gather real-world data to inform the development of future UK stablecoin regulations, with findings expected to shape final rules later in 2026.

Payments Forward Plan Published by Committee

The Payments Vision Delivery Committee, comprising HM Treasury, Bank of England, FCA, and PSR, has published the Payments Forward Plan. This plan outlines upcoming initiatives in retail and wholesale payments, including digital assets, to foster innovation and economic growth.