On January 9, the U.S. Supreme Court granted certiorari in Ongkaruck Sripetch v. U.S. Securities and Exchange Commission (SEC). The case arises out of an SEC civil enforcement action in the Ninth Circuit and squarely presents an important remedial question that the Court left open in Liu v. SEC, i.e., what counts as a “victim” for purposes of SEC disgorgement, and does the SEC have to show that investors actually lost money before it can obtain that relief?
The Financial Industry Regulatory Authority’s (FINRA) 2026 Annual Regulatory Oversight Report is the most current and comprehensive statement of FINRA’s priorities and expectations for member firms. It does not create new legal obligations, but it is clearly designed as an exam and enforcement roadmap. The 2026 Report weaves together FINRA’s FINRA Forward modernization program, new and evolving risks (especially cyber‑enabled fraud and generative AI (GenAI)), and detailed observations on firms’ supervisory, operational, and financial controls. Firms should use it as a structured checklist for 2026 risk assessments, revisions to written supervisory procedures (WSPs), and enhancements to testing, surveillance, and training.
In today’s rapidly evolving digital landscape and expanded threat landscape, financial institutions feel at war and are under increasing pressure to balance innovation, data privacy, and regulatory demands. AI is accelerating that complexity, reshaping how organizations manage sensitive information and comply with a rapidly shifting legal environment.
On November 20, U.S. Senate Agriculture Committee Chairman John Boozman (R‑AR) and Senator Cory Booker (D‑NJ) released a new bipartisan discussion draft to create a federal spot‑market regime for “digital commodities” under the Commodity Futures Trading Commission (CFTC). The proposal, which expands upon the CLARITY Act approved by the House in July, would give the CFTC exclusive jurisdiction over cash and spot trading in covered non‑security crypto tokens, establish registration frameworks for exchanges, brokers, and dealers, impose listing and public‑information standards, require qualified custody and strict segregation of customer assets, enhance retail protections, and clarify bankruptcy treatment of customer property.
Monday, November 10, 2025
James Stevens, partner and co-leader of Troutman Pepper Locke’s Financial Services Industry Group, will present “Bank Partnerships and Banking‑as‑a‑Service: New Pressure and New Opportunities” at Practising Law Institute’s Banking Law Institute 2025 on Monday, November 10, 2025. This daylong advanced-level CLE program will cover recent developments impacting the
Troutman Pepper Locke’s Securities Investigations and Enforcement team counsels and defends clients through all stages of securities enforcement proceedings. Our attorneys have served in key government agencies and regulatory bodies, and bring their insight to bear in each representation. The team includes a former branch chief of
On September 23, Acting Chairman of the Commodity Futures Trading Commission (CFTC) Caroline Pham announced the launch of an initiative focused on the use of tokenized collateral, including stablecoins, in derivatives markets. This initiative is part of the CFTC’s broader efforts to implement recommendations from the Report authored by the President’s Working Group on Digital Asset Markets.
On September 9, 2025, the Department of Labor (DOL) issued Advisory Opinion 2025-03A addressing the following question: Are awards of restricted stock units (RSUs) that permit post-employment vesting considered a “pension plan” subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)? For the reasons discussed below, the DOL answered, no, the RSUs are not subject to ERISA.
The Report authored by the Presidential Working Group on Digital Assets Markets (PWG), titled “Strengthening American Leadership in Digital Financial Technology,” along with the accompanying fact sheet, outlines several key objectives aimed at positioning the U.S. as a leader in digital asset markets. Among its objectives are reinforcing the role of the U.S. dollar, modernizing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) rules for the digital assets ecosystem, and ensuring fairness and predictability by establishing clear regulatory oversight.
On September 5, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Cross-Border Task Force. This initiative aims to enhance the Division of Enforcement’s capabilities in identifying and combating cross-border fraud that adversely affects U.S. investors. As global markets become increasingly interconnected, the SEC’s proactive approach underscores its commitment to safeguarding the integrity of U.S. capital markets.