Securities Regulation Daily Wrap Up, WORTH NOTING—Other litigation, regulatory activity, and industry news, (May 8, 2026)

By WK Editorial Staff

A weekly roundup of other items of interest to the securities, commodities, and corporate governance communities.

SEC NEWS AND SPEECHES—In remarks before the SEC’s Annual Conference on Financial Market Regulation, Commissioner Mark Uyeda was skeptical of “random acts of regulatory enforcement dressed up as broken windows enforcement.” Uyeda specifically called out off-channel communications as technically violative but not the type of behavior that people considered unambiguously impermissible. “Abusing our discretionary authority undermines the regulatory predictability that efficient markets require or chills market activity that may be socially valuable,” he cautioned. Uyeda stressed the benefits of empirical research in this area and in the emerging market of active exchange-traded funds.

ENFORCEMENT—The SEC instituted, and settled, charges against Maryland-based MCB Acquisitions Manager LLC for failing to file a timely Schedule 13D. The company failed to make the filing until 17 business days after it acquired 5 percent of a REIT it planned to take private, buying almost 1.5 million more shares in the meantime. MCB agreed to a cease-and-desist order imposing a $75,000 penalty (In the Matter of MCB Acquisitions Manager LLC, Exchange Act Release No. 105364 (May 4, 2026)).

ENFORCEMENT—An attorney settled charges of trading on inside knowledge of an upcoming acquisition. The attorney represented Bridge Investment Group Holdings, Inc., which agreed to be acquired by Apollo Global Management, Inc. in a $1.5-billion all-stock transaction. Based on that nonpublic information, the respondent traded in Bridge securities, profiting by $35,000. He agreed to pay disgorgement and civil penalties totaling $72,000 (In the Matter of Douglas P. Farr, Exchange Act Release No. 105415 (May 7, 2026)).

MUNICIPAL SECURITIES NEWS—The MSRB released its strategic plan for the next five years. The plan for fiscal years 2026 to 2030 outlines three objectives: regulatory modernization, market transparency via a modernized EMMA website, and public accountability. The modernization effort will include retrospective reviews of dealer regulation, the municipal advisor regulatory framework, and other requirements.

CLEARANCE AND SETTLEMENT—CPMI-IOSCO is seeking input on amendments to CCP-related resilience guidance and public quantitative disclosures requirements. The proposed amendments incorporate relevant proposals from the BCBS-CPMI-IOSCO final report Transparency and responsiveness of initial margin in centrally cleared markets, published in January 2025. Comments are due June 30.

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