The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2026 examination priorities (Exam Priorities) on Nov. 17, 2025.
SEC Division of Examinations 2026 Priorities
Latest from Financial Services Observer - Page 5
Non-Bank Lending in the Spotlight – Does the System of Calculating Regulatory Capital Require Revisiting?
In October’s GT Alert on non-bank lending, we focussed on whether there was a justification in banks being subject to regulatory capital requirements when non-bank financial institutions (NBFIs) were not. Professor Simon Gleeson’s evidence – that banks are permitted to
Path Cleared for Registered Representative-Owned PSEs To Receive Transaction-Based Compensation
On Nov. 17, 2025, the U.S. Securities and Exchange Commission (SEC) issued a No-Action Letter confirming that it will not recommend enforcement action if a registered representative-owned personal services entity (PSE) receives transaction-based compensation (TBC) without first registering as a
NYDFS Final Cybersecurity Rules – MFA, Asset Inventory, and Third-Party Risk
The last remaining provisions of the amendments to the New York Department of Financial Services’ (DFS) cybersecurity regulation called Part 500 came into effect Nov. 1, 2025.
CFPB Withdraws ‘Fine Print’ Rule
On Oct. 29, 2025, the Consumer Financial Protection Bureau (CFPB) withdrew its proposed rule that would have required certain nonbank financial companies subject to its supervisory jurisdiction to submit annual reports about their use of terms and conditions that attempt
Non-Bank Lending in the Spotlight: Regulatory Capital and Its Impact
In the GT Alert we produced in September, we commented on the inquiry the Financial Services Regulation Committee (the Committee) of the House of Lords commenced on non-bank financial institutions (NBFIs).
Amended New York Transparency Act Broadens Entity Reporting Obligations Beyond Federal Standards
In the last week of the New York State legislative session, the Senate and Assembly passed S8432/A8662-A. As of Oct. 22, 2025, this legislation has not been sent to the governor for her signature.
Florida Office of Financial Regulation Seeks to Amend and Expand Scope of De-Banking Rules
On Sept. 30, 2025, the OFR requested approval from the Florida Financial Services Commission to publish a Notice of Proposed Rule to amend Rules 69U-100.323 and 69U-100.3231 and for final adoption of the proposed amendments, subject to any request for
Deadline Quickly Approaching for Newly Covered MSBs To Comply with FinCEN’s Southwest Border GTO
On Sep. 8, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced it issued a new Geographic Targeting Order (September GTO) that renewed and modified FinCEN’s GTO announced on March 11, 2025 (March GTO).
CFPB Proposes to Narrow Risk-Based Supervision
Earlier this year, the CFPB announced a significant shift in its supervisory and enforcement priorities, returning its focus to depository institutions, targeting clear consumer fraud, and prioritizing mortgages, data furnishing, and debt collection. As a result, the agency has reduced