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
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Nasdaq Eliminates Sub-$4 Initial Listing Path on the Nasdaq Capital Market
On October 7, 2026, the Securities and Exchange Commission (the “SEC”) posted notice of Nasdaq’s proposed rule change (File No. SR-NASDAQ-2026-082) to amend Nasdaq Listing Rule 5505 to require a minimum $4 price in all instances for initial listings on…
The SEC as a Commission of One…
Effective on October 2, 2026, the Securities and Exchange Commission (the “Commission”) modified its quorum requirement, as set forth in SEC Organizational Rule 41 (“Rule 41”). The rule remains unchanged in that it continues to provide that three commissioners constitute…
SEC Gives the Greenlight to Retail Investor Voting Programs
The Office of Mergers and Acquisitions in Securities and Exchange Commission’s (the “Commission”) Division of Corporation Finance recently published two no-action letters agreeing not to recommend enforcement action related to certain Exchange Act rules as applied to retail investor voting…
SEC Proposes Amendments Addressing Retailization; Modernizing Regulated Funds and Performance-Based Compensation
On September 30, 2026, the Securities and Exchange Commission (the “SEC”) issued two proposing releases containing amendments that would materially affect how business development companies (“BDCs”) that have elected to be regulated under the Investment Company Act of 1940, interval…
The SPV Series: Practical and Structuring Considerations for Multi-Layer SPVs
Given the continued and growing interest in special purpose vehicles (“SPVs”) as a means of accessing private market investments, we are publishing a series of posts that examine different aspects of these structures. This is our third post in the…
SEC Staff Issues No-Action Relief for “Zero Cash Balance” Brokerage Account Models
On September 17, 2026, the Staff of the Division of Trading and Markets (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued two no-action letters addressing the net capital and customer protection implications of “zero cash balance” brokerage…
California Enacts its Fair Lending Examination Act
California Governor Newsom signed a slate of legislation on September 30, 2026, including Assembly Bill 801, the California Fair Lending Examination Act. The Act (or AB 801) establishes a new state fair lending examination regime for California-chartered banks and…
Proposed Expansions to the Accredited Investor Definition for Natural Persons
Earlier this week, the Securities and Exchange Commission continued to implement its capital-formation agenda by publishing a number of notices aimed at modernizing the definition of “accredited investor,” including introducing the possibility of a long-discussed accredited investor exam.
Continue reading…
SEC Proposes Expansion of Accredited Investor Definition
On September 30, the Securities and Exchange Commission (the “Commission” or the “SEC”) published a number of notices aimed at modernizing the definition of “accredited investor,” including the possibility of a long-discussed accredited investor exam.
In their proposals, the Commission…