Joshea Mark

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On March 5, 2026, the Market Structure Subcommittee of the U.S.  Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“IAC”) released a recommendation regarding the tokenization of equity securities.  The recommendation will be discussed and voted on at the IAC’s March 12, 2026 meeting.  As discussed below, the IAC cautions against adoption of a…

Amendments increase the annual gift limit to $300, provide exemptive relief authority, codify existing guidance and clarify that the rule does not apply to gifts to individual retail customers

On February 12, 2026, the U.S. Securities and Exchange Commission approved the Financial Industry Regulatory Authority, Inc.’s (“FINRA”) amendments (the “Amendments”) to FINRA Rule 3220 (Influencing…

The Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 26-03 (the “Notice”) consolidating guidance on the use of negative consent letters for bulk transfers or assignments of customer accounts between FINRA members. Moreover, the Notice eliminates the current practice of submitting draft negative consent letters to FINRA staff for review; this change will become…

On January 28, 2026, the Divisions of Corporation Finance, Investment Management, and Trading and Markets (collectively, the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”) issued another in a series of statements providing guidance on the application of the federal securities laws to various types and aspects of cryptocurrency, in particular, certain taxonomies…

On December 17, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (“SEC”) released an update to its May 2025 FAQs relating to crypto asset activities and distributed ledger technology.  The additional FAQs focus on trading and settlement issues, including how alternative trading systems (“ATSs”) and…

On December 17, 2025, the Staff of the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a statement explaining its views on the application of paragraph (b)(1) of SEC Rule 15c3-3 to broker-dealers seeking to establish custody of crypto asset securities.  The statement focuses on broker-dealers’ “physical…

The Report highlights FINRA’s continued focus on generative artificial intelligence, cybersecurity, small-cap securities fraud, and third-party risk

The Financial Industry Regulatory Authority, Inc. (“FINRA”) published its 2026 FINRA Annual Regulatory Oversight Report (the “Report”), which builds on the structure and content of FINRA’s prior reports for 2021-2025. This year, the Report was published earlier than…

On November 17, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued no-action relief permitting a registered representative-owned personal services entity (“PSE”) to receive transaction-based compensation (“TBC”) without registering as a broker-dealer (“BD”) pursuant to Section 15(b) of the Securities Exchange Act of…

Under new SEC leadership, the Division’s 2026 Examination Priorities reflect a modified approach, following a reevaluation of the Division’s risk-based priorities, and a renewed focus on several traditional risk areas (including Regulation Best Interest, adherence to fiduciary standards of conduct, complex products and the Broker-Dealer Financial Responsibility Rules) as well as continued attention to emerging …

At the recent 2025 U.S. Treasury Market Conference, Securities and Exchange Commission (“SEC”) Commissioner Mark T. Uyeda provided an update on the implementation of the Treasury Clearing Rules. In his remarks, Commissioner Uyeda said the SEC is focused on resolving regulatory ambiguities and addressing unforeseen issues associated with the implementation of the rules. He noted …