This week, the Securities and Exchange Commission’s 2026 rulemaking agenda (the “Unified Agenda”) was made publicly available (see here). The Unified Agenda sets out the SEC’s rulemaking priorities for the next year, with general timeframes (but these timeframes are
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SEC Provides a Path for Private Funds to Access Treasury Clearing
On June 18, 2026, the Securities and Exchange Commission (“SEC”) granted conditional exemptive relief (the “Conditional Exemption”) from the central clearing mandate for U.S. Treasury securities for private funds to access central clearing through captive clearing subsidiaries.
SEC Rules 17ad-22(a)
SEC Issues Exemptive Order Expanding Availability of Five-Business Day Tender Offer Relief for Non-Convertible Debt Securities
On June 30, 2026, the Office of Mergers and Acquisitions of the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (“SEC”) issued an exemptive order (the “2026 Exemptive Order”) allowing certain qualifying tender or exchange offers
SEC to Host Event on Modernizing the IPO Process
The Securities and Exchange Commission’s (“SEC”) Office of the Advocate for Small Business Capital Formation, in conjunction with the Division of Corporation Finance, will host an event titled “Rethinking the Rulebook: Modernizing the IPO Process & Access to Public Capital”
Division of Corporation Finance Issues Exemptive Order for Certain Tender and Exchange Offers for Non-Convertible Debt Securities; Supersedes 2015 No-Action Letter
On June 30, 2026, the Office of Mergers and Acquisitions of the Division of Corporation Finance (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) issued an exemptive order (the “2026 Exemptive Order”) granting relief for certain tender
The Resurgence of SPACs: Key Trends, Market Data, and What’s Ahead
After the boom-and-correction cycle of 2020-2023, recent data points to a more disciplined market characterized by experienced sponsors, more consistent deal structures, and a more supportive regulatory environment—themes Anna Pinedo recently explored on Bloomberg’s Investment Committee.
As of June
Supreme Court Holds That Investment Company Act Does Not Authorize Lawsuits by Private Parties to Rescind Contracts That Allegedly Violate It
On June 11, 2026, the Supreme Court held in a 6-3 decision that Section 47(b) of the Investment Company Act of 1940, as amended (the “Act”) does not create a cause of action allowing private parties to sue for rescission
US Regulators Finalize Data Standards to Implement the Financial Data Transparency Act
Several federal financial regulators (the “Agencies”) have approved an interagency final rule to establish data standards that promote interoperability of financial regulatory data (the “Final Rule”). The Final Rule finalizes an interagency proposal that was issued in 2024. The Agencies
The Odds Are In: CFTC Proposes Framework for Event Contracts and Prediction Markets
On June 10, 2026, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) published a notice of proposed rulemaking (the “Proposal”) suggesting comprehensive amendments to CFTC Regulation 40.11 and adding a new Appendix F to Part 40 concerning event
Supreme Court Allows SEC to Obtain Disgorgement Without Showing Investors Suffered a Financial Loss
On June 4, 2026, the Supreme Court held in a unanimous decision that the Securities and Exchange Commission is not required to show that investors suffered pecuniary loss in order to obtain a disgorgement award in a civil enforcement action.