Christopher Nickas

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On October 9, 2026, the Commodity Futures Trading Commission (“CFTC”) took two coordinated actions addressing the scope of its jurisdiction over event contracts.  First, it issued an interim final rule (the “Interim Final Rule”) codifying its longstanding position that gambling products, including wagers placed on sportsbook and casino games, are excluded from the “swap” definition.

On September 22, 2026, the Commodity Futures Trading Commission (“CFTC”), through its Division of Market Oversight (“DMO”), issued a staff advisory (the “Staff Advisory”) addressing the listing and trading of event contracts that settle based on whether an individual will say or “mention” certain words, attend or appear at an event, or otherwise interact with…

On July 24, 2026, the Securities and Exchange Commission (the “SEC”) approved the Financial Industry Regulatory Authority, Inc.’s (“FINRA”) proposed amendments to FINRA Rules 5110 and 5123, which were filed with the SEC in January 2026 as part of FINRA’s Forward initiative to modernize the capital formation process.

As discussed in our prior post from…

On May 20, 2026, the Investor Advisory Committee (“IAC”) of the Securities and Exchange Commission (the “Commission”) released a draft recommendation (the “Recommendation”) addressing the Commission’s proposed rule that would replace quarterly periodic reporting required under Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with an option…

On May 1, 2026, the Private Investor Coalition, Inc. (“PIC”) submitted a rulemaking petition to the Securities and Exchange Commission (the “SEC”) requesting amendments to the definitions of “qualified purchaser” (as defined in Section 2(a)(51) of the Investment Company Act of 1940 (the “Investment Company Act”)) and “qualified institutional buyer” (“QIB”) (as defined in Rule…

On April 2, 2026, the Financial Industry Regulatory Authority (“FINRA”) Investor Education Foundation (the “Foundation”) published a brief (the “Brief”) examining the demographic characteristics, investment knowledge and fraud vulnerabilities of retail investors who reported using social media to inform their investing decisions or making investing decisions based on the recommendation of social media personalities dispensing…

Earlier this month, the Commodity Futures Trading Commission (“CFTC”) and Major League Baseball (“MLB”) entered into a Memorandum of Understanding (“MOU”) establishing a formal framework for cooperation, information sharing, and coordination on matters affecting the integrity of the prediction markets related to professional baseball.  The MOU does not create any legally binding obligations or enforceable…

The Securities and Exchange Commission (the “SEC”) announced it will host its 45th Annual Small Business Forum (the “Forum”) on March 9, 2026 from 1:00 p.m. to 5:00 p.m. ET at the SEC’s headquarters in Washington, D.C.

The Forum, organized by the SEC’s Office of the Advocate for Small Business Capital Formation, brings together members…

The Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) will hold a joint public event on Thursday, January 29, 2026 (rescheduled from Tuesday, January 27), at the CFTC Headquarters in Washington, D.C., to discuss harmonization of the regulatory approach taken by the agencies and U.S. leadership in the crypto era. The…