Securities Regulation Daily Wrap Up, WORTH NOTING—Other litigation, regulatory activity and industry news, (Jul 24, 2026)

By WK Editorial Staff

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

PUBLIC COMPANY REPORTING AND DISCLOSURE—NASAA is urging the SEC to withdraw its proposal to expand emerging growth company accommodations and overhaul the public-company filer framework, arguing that the changes would decrease the amount, quality, and timeliness of information available to investors through public disclosures. NASAA argues further that the Commission did not convincingly make its case that the proposal was tailored to meet the goal of increasing the number of public companies and IPOs and that it failed to adequately consider the impact to investor protections. The SEC's proposal would streamline and enhance reporting for public companies by simplifying the public reporting company filer status framework into two categories and would also change disclosure requirements to align with a company's size and seasoning.

SEC NEWS AND SPEECHES—The SEC said it will host a roundtable on Sept. 17 to discuss 24-hour trading in the U.S. equity markets, including preparations to support overnight trading, operations and resiliency in a 24-hour market, and opportunities and challenges for expansion. “We are moving towards a new day–and night–in the U.S. equity markets,” said SEC Chairman Paul Atkins. “With the expansion to overnight trading, I’m excited at the prospect of U.S. equity markets aligning with those markets that already trade continuously.” The roundtable will be open to the public and held at the SEC’s headquarters in Washington, D.C. It also will be streamed live on SEC.gov.

SEC NEWS AND SPEECHES—The SEC has announced that Sam Waldon, principal deputy director of the Division of Enforcement, will depart from the agency on July 31, 2026, after more than 14 years at the SEC. He will be succeeded as principal deputy director by Osman Nawaz, who previously served with the SEC from 2010-2024 before rejoining the agency last month. Waldon served as acting deputy director from October 2024 to January 2025 before becoming acting director of enforcement on two occasions in 2025 and 2026. He began his SEC career as a staff attorney and later became assistant chief counsel and eventually chief counsel in the Division of Enforcement from 2022 through 2024. Nawaz previously held various roles in the Division of Enforcement including staff attorney, assistant regional director, and chief of the Complex Financial Instruments unit.

FINRA NEWS AND SPEECHES—FINRA sanctioned and fined tastytrade $850,000 for failing to conduct reasonable regular and rigorous reviews of its customers’ equities orders from January 2020 to January 2023, as required by FINRA Rule 5310.09. In its filing, FINRA alleged the firm relied upon the reviews of its best execution committee as its supervisory system for compliance with its best execution obligations. However, those reviews failed to consider whether the firm could have obtained better execution quality from competing markets and failed to reasonably consider all relevant aspects of the execution quality provided by the firm’s existing routing arrangements. In addition, tastytrade’s written supervisory procedures (WSPs) lacked steps for comparing the execution quality available at competing markets and reviewing orders on a type-of-order basis. The firm improved its supervisory systems, including its WSPs, in January 2023.

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