SEC release 34-106458 fines OTC Link $575,000 over Reg SCI gaps
OTC Link LLC pays $575,000 in SEC release 34-106458 after Regulation SCI access-control and vulnerability policies sat in draft from 2016 to 2025.
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Regulation
Enforcement, licensing and rule-making from the SEC, FCA, CySEC, ASIC and the rest.
167 stories since 2018
September 2026
CFTC Letter 26-27 makes mention markets presumptively manipulable
CFTC Letter 26-27 presumes mention markets are manipulable under Core Principle 3. What DCMs must show, and how Ontario, the UK and EU compare.
SEC innovation exemption caps tokenised stocks at 75 and 250 symbols
SEC order 34-106402 lets real tokenised NMS stock trade on permissioned AMM venues until 2031, capped at 75 and 250 symbols. Synthetic tokens are excluded.
MAS draft would let it delist a foreign systemic stablecoin
MAS's draft Payment Services Act amendments would let it designate offshore stablecoins as systemic and order Singapore exchanges to delist non-compliant coins.
FCA PS26/18 leaves crypto front-ends waiting on Article 9Z2A
FCA PS26/18 says apps letting users place crypto orders likely need authorisation, while the Article 9Z2A carve-out waits on a Treasury SI the guidance omits.
FINRA Rule 3290 retires the 1994 notice that made brokers supervise outside RIA work
SEC Release 34-106381 approves FINRA Rule 3290, reclassifying unaffiliated RIA work as an outside activity and retiring NASD supervision guidance from 1994.
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.
Annex 1 registration is now an FCA gate, not a formality
The FCA is scrutinising Annex 1 registrations under the Money Laundering Regulations 2017: refusal, cancellation, and how the UK, Ireland, EU and US compare.
SEC pay-to-play rescission would end rule 206(4)-5 timeout
The SEC's September 3 proposal (IA-6994, File S7-2026-31) would rescind rule 206(4)-5, ending the two-year compensation timeout on adviser contributions.
Rule 611 bound the venues, best execution binds only brokers
FINRA Notice 26-15 asks how best execution survives the repeal of Rule 611, but Rule 611 binds trading centers and Rule 5310 binds only FINRA members.
Dolfin’s £25.2m visa scheme drew £446,800 in FCA fines
The FCA fined two former Dolfin executives £446,800 and banned them over a £25.2m visa scheme. A third co-founder contests his ban at the Upper Tribunal.
