Current Month (March 2026)
Judge Meg Ryan Resigns as Enforcement Division Director; Sam Waldon Named as Acting Enforcement Division Director
By Noah B. Levin, WilmerHale
Judge Margaret “Meg” A. Ryan resigned as the Director of the Securities and Exchange Commission’s Division of Enforcement on March 16, six months after assuming the role. Sam Waldon was named as the Acting Director of the Enforcement Division.
By Noah B. Levin, WilmerHale
Two shareholder proponents have sued the SEC, challenging the Division of Corporation Finance’s November 17, 2025, decision that it would no longer issue no-action responses to Rule 14a-8 exclusion requests except for those relying on Rule 14a-8(i)(1). Under the new policy, companies are able to receive a “No Objection” statement from the staff of the Division of Corporation Finance provided that a company provide an unqualified statement that it has a reasonable basis to exclude a proposal. The case challenges the process by which the decision was made and announced. See Interfaith Center on Corporate Responsibility et al. v. SEC et al., No. 1:26-cv-00957 (D.D.C. filed Mar. 19, 2026).
SEC and CFTC Sign Historic MOU on Regulatory Harmonization
By Karen Liu, Reid & Wise LLC
On March 11, 2026, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) entered into a Memorandum of Understanding regarding harmonization in areas of common regulatory interest (“MOU”).
The MOU highlighted the following guiding principles of coordination and collaboration between the SEC and the CFTC in areas of common jurisdiction: (i) respecting for each other’s statutory authority or jurisdiction; (ii) seeking to address matters in a timely, coordinated and effective manner; (iii) engaging in constructive collaboration; (iv) promoting regulatory clarity and consistency; and (v) focusing on functional and risk-based regulation and developing complementary analytical capabilities.
The MOU reflects both agencies’ commitment to alternative compliance frameworks featuring a “minimum effective dose” regulatory strategy and tailored and regulated “super-apps.” Specifically, the following are some focused areas of coordination between the two agencies, as described in the MOU:
- Clarifying product definitions through joint interpretations and rulemakings.
- Modernizing clearing, margin, and collateral frameworks.
- Reducing frictions for dually registered exchanges, trading venues, and intermediaries.
- Providing a fit-for-purpose regulatory framework for crypto assets and other emerging technologies.
- Streamlining regulatory reporting for trade data, funds, and intermediaries.
- Coordinating cross-market examinations, economic analyses, risk monitoring, surveillance, and enforcement.
Procedure-wise, both agencies plan to coordinate through regular cross-agency meetings, data sharing, advance notifications of each other of issues that may impact the regulatory interests of the other agency and/or affect entities, products, or markets under common jurisdiction, and cross-training each other’s staff to enhance understanding of each other’s mission and jurisdiction.
The MOU enumerates the following firms as “Covered Firms” that are of common regulatory interests to both the SEC and the CFTC:
- firms registered both as investment advisers and commodity pool operators and/or commodity trading advisors;
- firms registered both as broker-dealers and futures commission merchants or introducing brokers;
- firms registered both as clearing agencies and derivatives clearing organizations;
- firms registered as both swap execution facilities and security-based swap execution facilities;
- firms registered as both swap data repositories and security-based swap data repositories; and
- firms registered both as swap dealers and security-based swap dealers.
In particular, the MOU sets forth detailed procedures for coordination between the SEC and the CFTC in examinations, enforcement, economic analysis, risk monitoring, and surveillance, and clarifies permissive uses and confidentiality of non-public information shared between both agencies.
As mentioned by SEC Chairman Paul S. Atkins in a press release, the MOU “will serve as a roadmap for a new era of harmonization between the agencies—one that is critical to support U.S. leadership in this next chapter of financial innovation.”
SEC to Host Roundtable and Seeks Comments on Options Market Structure Reform
By Noah B. Levin, WilmerHale
On March 5, the SEC announced that it will host a roundtable on April 16 to discuss the structure of the listed options market and potential avenues to reform and facilitate the growth of the market. Simultaneously, the SEC is seeking public comment on the listed options market structure.
CFTC Issues Prediction Markets Advisory, Seeks Advanced Notice of Proposed Rulemaking
By Noah B. Levin, WilmerHale
The staff of the CFTC’s Division of Market Oversight (“Staff”) issued an advisory addressing the listing and trading of event contracts. The advisory reminds designated contract markets (“DCMs”) that they must comply with twenty-three statutory Core Principles in the Commodity Exchange Act (“CEA”), specifically calling out requirements to only list nonmanipulable derivatives, prevent manipulation and distortion, and enforce fair trading rules. The advisory encourages DCMs to engage with the Staff when designing event contracts that create a heightened risk of manipulation or price distortion, specifically noting sports-related event contracts that may settle based off the actions of one individual or a small group of individuals. In connection with self‑certified product submissions, DCMs are reminded to include an explanation and analysis of the contract’s compliance with applicable CEA provisions and rules and to include multiple analyses where when multiple permutations of a contract are to be listed. In such instances, proactive engagement with the Staff at the design stage is encouraged. The Staff also encourages DCMs to engage with relevant sports leagues and their governing bodies when developing sports-related event contracts.
The CFTC also issued an Advanced Notice of Proposed Rulemaking (“ANPRM”) seeking public comment on whether existing regulations should be amended or new regulations adopted with respect to event contracts traded on prediction markets. Input is sought on questions concerning (i) the application and effectiveness of DCM Core Principles in regulating event contracts; (ii) how the CFTC should conduct the CEA public‑interest determination for prediction markets; (iii) which factors should be most relevant to that determination; (iv) procedural aspects of the public‑interest analysis; (v) the treatment of insider information; and (vi) miscellaneous considerations, including contract classification, antitrust issues, and the participation of small entities. For more information regarding the advisory or the ANPRM, please refer to WilmerHale’s client alert.
PCAOB Requests Public Comment on Strategic Priorities in First Open Meeting Under Chairman Logothetis
By Noah B. Levin and Alan J. Wilson, WilmerHale
At its first open meeting under newly appointed Chairman Demetrios (Jim) Logothetis, the Public Company Accounting Oversight Board (“PCAOB” or “Board”) announced that it is seeking public comment regarding its strategic priorities as the Board begins developing its 2026–2030 strategic plan. The Board indicated that feedback received through this process will also help inform its future standard‑setting initiatives. Areas for comment include priorities in regard to inspections, registration, and enforcement, as well as standard-setting goals, alignment with international standards, and transparency for stakeholders, among others.
The Board has requested comments be submitted by May 15, 2026.
