US Reg Roundup: 24/4/2026
Federal Reserve (United States)
Agencies propose modernising the regulatory capital framework
19 March 2026
The Federal Reserve Board, FDIC and OCC jointly published proposals to modernise the regulatory capital framework. The first proposal implements remaining Basel III standards for large internationally active banks, enhances risk sensitivity and streamlines calculations by eliminating the existing internal model approach. The second proposal adjusts capital requirements for smaller banks, better aligning them with risk by modifying treatment of mortgages and requiring large banks to reflect unrealised gains and losses on certain securities. A third Fed-only proposal refines the method for determining global systemically important bank (G-SIB) surcharges. Overall, capital requirements would decrease modestly but remain above pre-crisis levels. Comments are due by 18 June 2026.
U.S. Securities and Exchange Commission (SEC)
SEC/CFTC interpretive guidance on crypto assets
17 March 2026
The SEC and the CFTC jointly issued interpretive guidance clarifying when crypto assets and transactions constitute securities under federal securities laws. The guidance provides a token taxonomy explaining how certain crypto assets may be investment contracts and how they can transition to non-security status. It addresses topics such as airdrops, mining, staking and wrapped tokens and aims to harmonise application of securities and commodities laws. SEC Chair Paul Atkins and CFTC Chair Michael Selig said the guidance gives market participants greater clarity and supports responsible innovation.
SEC publishes data on public and private offerings and related markets
17 March 2026
The SEC’s Division of Economic and Risk Analysis released updated statistics and interactive charts covering initial public offerings, follow-on offerings, corporate bond offerings, Regulation A and D transactions, crowdfunding activity, municipal advisors, transfer agents and securities-based swap dealers. The data show increases in IPOs and other offerings in 2025 and are intended to inform regulators, investors and issuers about capital-raising trends.
Proposed amendments to Exchange Act Rule 15c2-11
16 March 2026
The SEC proposed amendments clarifying that Exchange Act Rule 15c2-11 — which requires broker-dealers to review and maintain information about issuers before quoting OTC securities — applies only to equity securities and not to debt or other securities. The proposal aims to ensure the rule is tailored to the asset class and reduce unnecessary burdens.
U.S. Department of the Treasury
Treasury launches Artificial Intelligence Innovation Series
23 March 2026
The U.S. Treasury’s Artificial Intelligence Innovation Series, led by the Financial Stability Oversight Council and the Treasury’s AI Transformation Office, will convene regulators, financial institutions and technology companies to explore AI use cases in financial services such as fraud detection, cybersecurity, underwriting and risk management. Treasury Secretary Scott Bessent said embracing AI is essential for economic security and that the initiative will help ensure governance and regulatory frameworks evolve with technological advances.