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The SEC has approved FINRA's consolidated Rule 3290, which will replace existing outside-activities rules for broker-dealer employees. While approval marks a regulatory milestone, firms must distinguish it from effectiveness and use the transition period strategically to rebuild disclosure forms, risk assessment frameworks, supervisory conditions, and compliance records before the rule takes effect.

A federal court in Idaho has allowed an ATDS claim to proceed to discovery despite the heightened pleading standards post-Facebook v. Duguid, finding that allegations of repetitive SMS messages and online consumer complaints were sufficient to infer automated dialing equipment usage. The decision also permits treble damages claims to advance, marking another unusual loss for BigLaw firms in TCPA litigation where defendants typically prevail at the pleadings stage.

On September 17, 2026, the CFTC's Market Participants Division issued a no-action position for providers of passive derivatives-trading software, establishing a framework under which certain front-end applications may operate without introducing-broker registration. The relief depends on ten specific conditions covering disclosures, liability undertakings, compliance procedures, and operational constraints that distinguish passive market access from solicitation. Product teams and compliance officers must u