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Category: Regulation

CFTC Letter 26-25 makes passivity the price of software relief

CFTC Staff Letter 26-25 lets passive software providers skip introducing broker registration — but its 10 conditions exclude copy trading and signal tools.

Acting as principal becomes an FCA permission, not an entitlement

HM Treasury's February 2026 consultation would make acting as a principal a separate FCA permission and let the Financial Ombudsman reach ARs directly.

CFTC’s 4.13(a)(4) revival exempts SEC advisers, not ERAs

CFTC proposal revives Regulation 4.13(a)(4) for SEC-registered advisers only and doubles the small pool cap to $800,000; comments close October 5, 2026.

Odey ruling: sacking your own ExCo is itself the integrity breach

The Upper Tribunal upheld the FCA's ban on Crispin Odey, holding that removing his own executive committee was itself an integrity breach under ICR1.

SEC order 34-106339 drops Inline XBRL from broker-dealer audits

SEC order 34-106339 exempts broker-dealer annual reports, Form 17-H and swap-dealer compliance reports from Inline XBRL while EU and UK returns stay structured.

FINRA’s 145-day Rule 2165 hold leans on 2020 data from 31 firms

FINRA's SR-FINRA-2026-018 would stretch Rule 2165 holds to 145 business days and add a 10-day Rule 2166 fraud delay. SEC comments close September 30, 2026.

14 of the last 16 EU crypto licences went to German co-op banks

ESMA's register shows 14 of the last 16 EEA crypto authorisations went to German co-operative banks, each with one service and no cross-border passport.

ASIC’s digital asset licence window closes on 45 applications

ASIC's no-action relief for digital asset firms ends September 30 with over 45 licence applications lodged. What the letter requires and the real penalty.

SEC proposal would let a distributed ledger be the share register

The SEC's first substantial transfer agent rewrite in 40 years would let a blockchain hold the master securityholder file, but not make it the legal record.

SEC subpoena on ISS tests proxy adviser oversight limits

The SEC asked a Philadelphia federal court to force ISS, its own registered investment adviser, to produce ProxyExchange voting data. ISS invokes the First Amendment.

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