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Securities Law

@securitieslaw.bsky.social

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For inhouse counsel, CFOs, CCOs, and financial professionals: daily news and analysis covering securities law, regulation, and related legal matters. A JD Supra law feed www.jdsupra.com/law-news/securities…

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Securities Law @securitieslaw.bsky.social · 3h

Nasdaq Eliminates $2 and $3 Initial Listing Alternatives: What the New $4 Minimum Means for Issuers

Nasdaq Eliminates $2 and $3 Initial Listing Alternatives: What the New $4 Minimum Means for Issuers

Nasdaq has adopted a rule change eliminating the $2 and $3 reduced-price alternatives currently available to certain companies seeking an initial...

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Securities Law @securitieslaw.bsky.social · 4h

SEC Proposes New Crypto Asset Custody Rules and Overhaul of Adviser, Registered Fund, and BDC Custody Rules

SEC Proposes New Crypto Asset Custody Rules and Overhaul of Adviser, Registered Fund, and BDC Custody Rules

On October 1, 2026, the SEC published a release (the “Release”) containing proposals that, if adopted, would (i) permit investment advisers and...

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Securities Law @securitieslaw.bsky.social · 4h

SEC Proposes Expansion of Permitted Fund Cross Trading Under Rule 17a-7

SEC Proposes Expansion of Permitted Fund Cross Trading Under Rule 17a-7

On October 9, 2026, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Rule 17a-7 under the Investment Company Act of 1940...

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Securities Law @securitieslaw.bsky.social · 4h

Corp Fin Issues CFIs Granting Relief for Compensatory Awards Granted Pre-IPO or Pre-Merger

Corp Fin Issues CFIs Granting Relief for Compensatory Awards Granted Pre-IPO or Pre-Merger

Yesterday, in the wake of engagement between the ABA’s JCEB (of which Cooley is a participant) and the Staff, Corp Fin issued three new CFIs...

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Securities Law @securitieslaw.bsky.social · 4h

British Virgin Islands digital assets - October 2026 update

British Virgin Islands digital assets - October 2026 update

Our British Virgin Islands update highlights key developments in the BVI's evolving digital assets framework, including the implementation of CRS...

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Securities Law @securitieslaw.bsky.social · 4h

Should a Continuation Vehicle Cost a Venture Capital Adviser Its Exemption?

Should a Continuation Vehicle Cost a Venture Capital Adviser Its Exemption?

Over the past few years, I’ve received an increasing number of calls from venture capital fund managers about continuation vehicles. More...

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Securities Law @securitieslaw.bsky.social · 4h

MoFo's Financial Markets & Innovation #35

MoFo's Financial Markets & Innovation #35

On October 8, 34 state financial regulatory agencies reached a settlement with a cryptocurrency money transmitter and kiosk operator over...

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Securities Law @securitieslaw.bsky.social · 5h

No “Participation Trophies” in the Fourth Circuit

No “Participation Trophies” in the Fourth Circuit

The Fourth Circuit recently sent a strong statement reinforcing the “rigorous analysis” required by Rule 23 in damages class actions. The message...

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Securities Law @securitieslaw.bsky.social · 5h

OCC says national banks may offer personal guarantee insurance

OCC says national banks may offer personal guarantee insurance

Recently, the OCC issued Interpretive Letter 1194, dated September 3, concluding that a national bank may provide personal guarantee insurance...

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Securities Law @securitieslaw.bsky.social · 5h

Digital Assets + Blockchain Newsletter – October 2026 #2

Digital Assets + Blockchain Newsletter – October 2026 #2

Welcome to the Digital Assets + Blockchain Newsletter. In this newsletter, we’ll track the regulatory, legislative, and enforcement developments...

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Securities Law @securitieslaw.bsky.social · 5h

California Expands the California Financing Law to Include Small Business Commercial Financing

California Expands the California Financing Law to Include Small Business Commercial Financing

On September 30, 2026, California Governor Gavin Newsom signed Assembly Bill 2116 (Chapter 823, Statutes of 2026) (the “Amendments”), expanding...

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Securities Law @securitieslaw.bsky.social · 6h

New York attorney general secures permanent industry ban, up to $35M from former crypto lending CEO

New York attorney general secures permanent industry ban, up to $35M from former crypto lending CEO

On October 9, the New York attorney general announced a settlement resolving the state’s 2023 lawsuit against the former CEO of a cryptocurrency...

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Securities Law @securitieslaw.bsky.social · 6h

Quoted Company Newsletter Q3 2026

Quoted Company Newsletter Q3 2026

Welcome to the most recent edition of our UK quoted company newsletter, the aim of which is to collate and highlight relevant legal, regulatory,...

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Securities Law @securitieslaw.bsky.social · 6h

Federal Regulators Announce New Initiative to Investigate Debanking Practices

Federal Regulators Announce New Initiative to Investigate Debanking Practices

On October 14, the CFPB announced a new initiative to investigate potential unlawful debanking practices by the nation’s largest banks.

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Securities Law @securitieslaw.bsky.social · 6h

FINRA fines broker-dealer $800K over AML and supervisory failures tied to small-cap IPOs

FINRA fines broker-dealer $800K over AML and supervisory failures tied to small-cap IPOs

On October 6, FINRA announced that it had censured and fined a New York-based broker-dealer $800,000 for alleged AML and supervisory violations...

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Securities Law @securitieslaw.bsky.social · 6h

SEC Division Of Examinations Publishes Exam Handbook: What Investment Advisers, Broker-Dealers, And Other Registrants Should Know

SEC Division Of Examinations Publishes Exam Handbook: What Investment Advisers, Broker-Dealers, And Other Registrants Should Know

The US Securities and Exchange Commission (SEC), through its Division of Examinations (EXAMS), published The SEC Exam Handbook: A Practical Guide...

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Securities Law @securitieslaw.bsky.social · 7h

State regulators reach $2.5M BSA/AML settlement with crypto kiosk operator

State regulators reach $2.5M BSA/AML settlement with crypto kiosk operator

On October 8, CSBS announced that 34 state financial regulators reached a $2.5 million settlement with a cryptocurrency money transmitter and...

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Securities Law @securitieslaw.bsky.social · 7h

The IFR's State of the Game: From financial fragility to active supervision

The IFR's State of the Game: From financial fragility to active supervision

The Independent Football Regulator's first draft State of the Game report documents financial fragility across English football and signals more...

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Securities Law @securitieslaw.bsky.social · 8h

SEC Proposes Custody Rule Updates and Crypto Custody Framework

SEC Proposes Custody Rule Updates and Crypto Custody Framework

On October 1, 2026, the SEC proposed significant amendments (the “Proposed Rules”) to the custody framework under the Investment Advisers Act of...

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Securities Law @securitieslaw.bsky.social · 9h

Federal Reserve Proposes Framework for Bank-Issued Payment Stablecoins Under the GENIUS Act

Federal Reserve Proposes Framework for Bank-Issued Payment Stablecoins Under the GENIUS Act

On September 24, 2026, the Federal Reserve Board requested public comment on two proposed rules implementing the Fed’s responsibilities under the...

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Securities Law @securitieslaw.bsky.social · 9h

SEC Approval Opens the Door to Event-Based Trading in the Securities Markets

SEC Approval Opens the Door to Event-Based Trading in the Securities Markets

Prediction-market-style trading is entering the securities markets. On October 13, the Securities and Exchange Commission (SEC) approved Cboe...

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Securities Law @securitieslaw.bsky.social · 21h

NAIC Credit Rating Provider (E) Working Group Moves Toward Adoption of Due Diligence Framework

NAIC Credit Rating Provider (E) Working Group Moves Toward Adoption of Due Diligence Framework

The Credit Rating Provider (E) Working Group (“CRP WG”) of the US National Association of Insurance Commissioners (“NAIC”) met on August 12 and...

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Securities Law @securitieslaw.bsky.social · 22h

Dallas Securities Fraud Defense: What Targeted Investment Advisors and Insiders Need to Know

Dallas Securities Fraud Defense: What Targeted Investment Advisors and Insiders Need to Know

Federal and state securities fraud investigations can pose substantial risks for investment advisors and insiders in Texas. Investigations...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Considers New Paths to Accredited Investor Status

SEC Considers New Paths to Accredited Investor Status

On September 30, 2026, the Securities and Exchange Commission requested public comment on additional ways for individuals to qualify as...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Choosing a Corporate Home: What We Learned From the 2026 Proxy Season

Choosing a Corporate Home: What We Learned From the 2026 Proxy Season

This is the second post in our series on choosing where to incorporate. Part 1 looked at the trade-offs among Delaware, Nevada and Texas for...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

How the SEC Determines “Profit” in Insider Trading Cases When No Gain is Realized: An Analysis of the MacDonald Case

How the SEC Determines “Profit” in Insider Trading Cases When No Gain is Realized: An Analysis of the MacDonald Case

In the high-stakes arena of insider trading enforcement, a common misconception exists among defendants: “If I didn’t sell the shares or exercise...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

New CIMA AML Rule and Sanctions Rule: what regulated funds need to consider

New CIMA AML Rule and Sanctions Rule: what regulated funds need to consider

This briefing outlines the key implications of CIMA’s new AML and Sanctions Rules for regulated investment funds, with a focus on the practical...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Issues Section 21(a) Report on Investor Coalitions, “Group” Formation, and Schedule 13G Eligibility

SEC Issues Section 21(a) Report on Investor Coalitions, “Group” Formation, and Schedule 13G Eligibility

On October 7, 2026, the U.S. Securities and Exchange Commission (SEC) issued a report of investigation (the “Report”) under Section 21(a) of the...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Simpler Sustainability Disclosures for Private Fund Managers: UK Rules Finalised, EU Reform Heads Into Trilogue

Simpler Sustainability Disclosures for Private Fund Managers: UK Rules Finalised, EU Reform Heads Into Trilogue

In the UK, the Financial Conduct Authority (FCA) environmental, social, and governance (ESG) sourcebook governs sustainability disclosure for...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Insider Trading in Prediction Markets: CFTC and DOJ Put Event Contracts Squarely in the Crosshairs

Insider Trading in Prediction Markets: CFTC and DOJ Put Event Contracts Squarely in the Crosshairs

The Commodity Futures Trading Commission (“CFTC”) has made clear that insider trading in prediction markets is an enforcement priority. Speaking...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

EMEA Digital Assets Market Quarterly

EMEA Digital Assets Market Quarterly

Across EMEA, the regulatory question is no longer whether digital assets will be supervised, but how quickly institutions can operationalise...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Long Awaited SEC Proposal Would Restore Fixed-Income Cross Trading for Registered Funds

Long Awaited SEC Proposal Would Restore Fixed-Income Cross Trading for Registered Funds

On October 9, 2026, the Securities and Exchange Commission (“SEC” or “Commission”) at long last proposed amendments to Rule 17a-7 under the...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Transfer Agent Overhaul: A Bright-line Legend Removal Standard Arrives With A Heavier Price Tag

SEC Transfer Agent Overhaul: A Bright-line Legend Removal Standard Arrives With A Heavier Price Tag

On September 1, 2026, the Securities and Exchange Commission (“SEC”) announced1 a proposed overhaul to modernize the rules applicable to...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Proposes Crypto Custody Rules And A Broad Overhaul Of The Adviser And Fund Custody Framework

SEC Proposes Crypto Custody Rules And A Broad Overhaul Of The Adviser And Fund Custody Framework

The US Securities and Exchange Commission (SEC or Commission) has proposed new crypto custody rules and a comprehensive overhaul of the custody...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

EU Expands Russia Sanctions Blacklist in Record Designations

EU Expands Russia Sanctions Blacklist in Record Designations

The European Union has expanded its Russia sanctions list to include companies operating beyond the defence industry, potentially affecting...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Treasury Department Issues First Civil Penalty under the Outbound Investment Security Program

Treasury Department Issues First Civil Penalty under the Outbound Investment Security Program

On October 7, 2026, the U.S. Department of Treasury announced its first civil enforcement penalty imposed under the Outbound Investment Security...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

The UK's New Cryptoasset Regulatory Regime: What Firms Should Be Doing Now

The UK's New Cryptoasset Regulatory Regime: What Firms Should Be Doing Now

Digital Assets Perspectives is a series of strategic commentaries examining developments in digital assets, payments and financial regulation....

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Tax-Efficient Investment Products Continue to Attract Capital and Regulatory Attention

Tax-Efficient Investment Products Continue to Attract Capital and Regulatory Attention

A recent Bloomberg article highlights both the continued growth of tax-oriented investment products and the scrutiny that often follows when...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

September Securities Litigation Brief: A Bright-Line Rule Falls, Shareholder Proposals Face Repeal

September Securities Litigation Brief: A Bright-Line Rule Falls, Shareholder Proposals Face Repeal

Developments in securities litigation move fast, and not all of them matter equally. Each month, Alto Litigation curates and summarizes the...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Proposes Expanded Fund Cross Trading Under Rule 17a-7

SEC Proposes Expanded Fund Cross Trading Under Rule 17a-7

On October 9, 2026, the Securities and Exchange Commission (the “SEC”) proposed amendments to Rule 17a-7 under the Investment Company Act of 1940...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Proposes Expanding Securities Eligible for Cross Trading by Registered Funds

SEC Proposes Expanding Securities Eligible for Cross Trading by Registered Funds

Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; Investment Advisers; Compliance Officers...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

SEC Proposes Overhaul of Cross-Trading Rule for Registered Funds

SEC Proposes Overhaul of Cross-Trading Rule for Registered Funds

The Securities and Exchange Commission has proposed changes to Rule 17a-7 that would expand cross trading, revise pricing, and shift key...

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Securities Law @securitieslaw.bsky.social · 15/10/2026

Third Circuit Rejects Bright-Line Materiality Rule in Securities Cases

Third Circuit Rejects Bright-Line Materiality Rule in Securities Cases

The Third Circuit has rejected a nearly 30-year-old rule treating a muted stock-price response or rapid recovery after a corrective disclosure as...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

SEC and CFTC Revisit the Boundary Between Swaps and Security-Based Swaps

SEC and CFTC Revisit the Boundary Between Swaps and Security-Based Swaps

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) recently requested comment on potential rule...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

The Custody Rule Is Back (Part II): Crypto Finally Gets Its Own Lane

The Custody Rule Is Back (Part II): Crypto Finally Gets Its Own Lane

In July, we wrote that the Custody Rule (or, perhaps, the Safeguarding Rule) is back and promised to see you in October. And here we are. On...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

NYSE Arca and Nasdaq to Launch Extended Trading: What Companies Should Consider

NYSE Arca and Nasdaq to Launch Extended Trading: What Companies Should Consider

On April 10, 2026, the U.S. Securities and Exchange Commission (SEC) approved a proposal by the Nasdaq Stock Market (Nasdaq) to extend trading...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

Governance & Sustainability Roundup – October 14, 2026

Governance & Sustainability Roundup – October 14, 2026

Welcome to our Governance & Sustainability Roundup — Our regular briefing that gives a quick overview of what has recently happened in the world...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

UK’s FCA Finalises Cryptoasset Perimeter Guidance Ahead of Authorisation Application Window

UK’s FCA Finalises Cryptoasset Perimeter Guidance Ahead of Authorisation Application Window

On 16 September 2026, the Financial Conduct Authority (FCA) published Policy Statement PS26/18 (the Policy Statement), which sets out final...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

EU: ESMA and EBA Work Programmes for 2027

EU: ESMA and EBA Work Programmes for 2027

The European Securities and Markets Authority (ESMA) published its annual Work Programme for 2027 on 28 September 2026, marking a shift from...

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Securities Law @securitieslaw.bsky.social · 14/10/2026

Securities Enforcement Roundup – September 2026

Securities Enforcement Roundup – September 2026

In September 2026, SEC Commissioner Hester Peirce announced she is leaving the Commission, while SEC Director of Enforcement David Woodcock...

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