On September 26, the Securities and Exchange Commission’s Division of Corporation Finance continued its ongoing efforts to update and revise the Staff guidance in the form of Corporation Finance Interpretations, or CFIs. The updates address various topics, ranging from Securities
Free Writings + Perspectives
News and Views on Securities Regulation and Capital Formation
Free Writings + Perspectives, published by Mayer Brown, offers a collection of articles and insights covering a broad spectrum of legal topics relevant to corporate and financial sectors. The blog addresses regulatory developments, securities law, market structure changes, compliance issues, and emerging trends such as artificial intelligence and cybersecurity. It also discusses matters related to capital markets, broker-dealer regulations, trading hours, and listing standards. The content is aimed at legal professionals, corporate clients, and financial institutions seeking updates and analysis on complex transactional and regulatory challenges.
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SEC Exam Staff Issues Risk Alert on Investment Adviser Annual Compliance Reviews
On September 14, 2026, the staff of the US Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Examinations (the “Division”) issued a Risk Alert (the “Risk Alert”) setting out their examination observations of SEC-registered investment advisers’ (“RIAs”) annual compliance…
CFTC Issues Staff Advisory Flagging Manipulation Concerns in “Mention Markets”
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…
SEC to Hold Open Meeting on September 30 Addressing Retailization Issues
The Securities and Exchange Commission (“SEC”) announced an open meeting to be held on September 30, 2026. The SEC will consider several matters relating to investment advisers, closed-end funds and business development companies and accredited investors.
The SEC will first…
Section 871(m) Phase-In Extended Two More Years
On September 21, the Treasury Department and the IRS issued Notice 2026-61, further delaying the full implementation of the withholding rules on dividend equivalent payments. The Notice extends the phase-in of regulations under Section 871(m) of the Code and related…
SEC Innovation Exemption
On September 17, 2026, the Securities and Exchange Commission (the “SEC”) issued an order (Release No. 34-106402; File No. 4-927) granting five-year, temporary exemptive relief allowing (1) qualifying tokenized securities venues that provide innovative automated market makers (“AMMs”) and liquidity…
Structured ETFs: a regulatory backdrop
Masterclass | September 22, 2026Learn more here.
Defined outcome products include a range of products designed to provide investors with some level of certainty (a “predictable” outcome if held for the specified period) usually based on a buffer, while…
SEC Issues “Innovation Exemption” to Facilitate Trading of Tokenized NMS Stock
On September 17, 2026, the Securities and Exchange Commission (the “Commission” or the “SEC”) issued an exemptive order to be known as the “Innovation Exemption.” This Innovation Exemption grants temporary, conditional exemptive relief under Section 36(a)(1) of the Securities Exchange…
SEC Expands Accommodations for Issuers of Asset-Backed Securities Submitting Draft Registration Statements
On September 8, 2026, the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) announced that the SEC is expanding its nonpublic draft registration statement review accommodations to issuers of asset-backed securities…
SEC Proposes Rescission of Investment Adviser “Pay-to-Play” Rule
On September 3, 2026, the US Securities and Exchange Commission (“SEC” or the “Commission”) proposed the rescission of Rule 206(4)-5 under the Investment Advisers Act of 1940 (the “Advisers Act”), widely known as the “pay-to-play” rule. The SEC will solicit…