Risk & Resilience

The SEC has issued a temporary, conditional exemptive order under Exchange Act Section 36(a)(1). It exempts Tokenized Securities Venues (TSVs) from the "exchange" definition and Covered Firms from the "dealer" definition, enabling onchain trading of certain tokenized NMS stocks. Compliance teams at broker-dealers, trading venues, and liquidity providers should assess eligibility and conditions now, because the relief is interim and the SEC has signaled that durable rulemaking will follow.

The SEC approved a temporary, conditional exemption allowing limited trading of tokenized NMS stocks on onchain Tokenized Securities Venues (TSVs) without those venues being treated as "exchanges" under the Exchange Act. Commissioner Uyeda's statement frames the relief as a controlled experiment to inform future rulemaking and invites detailed public comment. Compliance teams at firms considering tokenized market activity should assess eligibility, conditions, and commenting opportunities now.

The SEC has granted temporary, conditional relief from the Exchange Act "exchange" definition for Tokenized Securities Venues (TSVs) trading tokenized NMS stock through permissioned AMM Liquidity Pools. It also provides a conditional "dealer" exemption for liquidity providers. The relief expires five years after publication, and the SEC is seeking public comment. Compliance teams should assess participation, conditions, and engagement opportunities now.

We have become remarkably good at documenting risk. We can identify it, categorize it, assign ownership, measure it, and report it through dashboards of considerable sophistication. We can demonstrate how thoroughly an organization has assessed its exposures and how diligently its risk committees have reviewed them. But what has the organization gained?

A sharp fall in financial asset prices could leave Australian institutions facing higher funding costs and diminished investment values. A disruption at a major technology provider could affect several institutions at once. The Australian Prudential Regulation Authority (APRA) is concerned about the possibility of such pressures occurring together.

FINRA filed SR-FINRA-2026-020 for immediate effectiveness, postponing all remaining fee increases adopted in the 2024 Fee Filing by two years. Members will pay 2026 rates from 2027 through 2028, with a median savings rate of 7.2% and approximately USD $718 Million in aggregate savings over 2027 to 2030. Compliance and finance teams should update budgets, fee pass-through disclosures, and forecasts now.

The Canadian Securities Administrators (CSA) have published proposed amendments that would codify, on a harmonized basis, exemptions from certain repurchase transaction requirements for reporting issuer investment funds. The change is designed to let eligible funds access the Bank of Canada's Contingent Term Repo Facility (CTRF) and any future repo facilities during severe market-wide liquidity stress. Compliance teams should note the November 16, 2026 comment deadline and the separate Ontario relief timeline.