Americas Reg Desk
Tuesday, 2026-10-20 · covering the last 24h
United States
SEC approves FINRA rule letting firms show projected performance and targeted returns. The SEC approved FINRA's SR-FINRA-2026-004, as modified by Partial Amendment No. 1, permitting member firms to include projected performance or targeted returns for securities, portfolios and investment strategies in communications with the public, subject to Rule 2210's general content standards (the amendment dropped the initial filing's express "reasonable basis" language for the underlying assumptions). Published in the Federal Register 20 October; reopens a marketing channel broker-dealers have largely avoided under FINRA's long-standing projection restrictions. Federal Register notice
24X National Exchange widens its overnight-trading incentive program. The all-hours equity exchange filed for immediate effectiveness an amendment to its Warrant Performance Incentive Program (published 19 October): secondary reporting describes a lower $250,000 entry threshold (from $500,000) for members seeking only the newly added equity tranche and removal of the market-share vesting threshold for either tranche, effective 1 October. A membership-economics tweak to the incentive structure 24X uses to build liquidity for 24-hour trading, not a trading-rule change. Federal Register notice
Also filed, routine: immediately-effective options fee-schedule amendments from Nasdaq PHLX, The Nasdaq Stock Market and BOX Exchange (narrow pricing changes, not structural). BOX notice
Checked and otherwise unchanged since the 19 October edition via the Federal Register API, SEC and FINRA newsrooms: CFTC's event-contract/swap-definition rulemaking, the SEC's Rule 17a-7 cross-trading proposal, SR-FICC-2026-007's Treasury-clearing proceeding, the Fed's Regulation O overhaul and GENIUS Act consultation, Cboe's KPI-linked binaries, and the NYSE/CME clearing-rule amendments. No new Federal Reserve System rulemaking and no rulemaking-relevant SEC press releases found (the three dated 19–20 Oct cover an SEC-AMF supervisory MOU, an SEC-FSA dialogue and a data-roundtable, none of them rulemaking).
Canada
No material developments in the window. Checked: CSA/OSC releases and newswire.ca (nothing new; the CSA's NI 26-101 IT-system-integrity proposal for exchanges/ATSs/clearing agencies, published 1 Oct, predates this window); CIRO (its account-transfer and compensation-disclosure proposals are unchanged); TMX/TSX trading notices (latest Equities Notices are from August and April, nothing new); and the Bank of Canada's FMI oversight pages (no new designation or rule change).
Latin America
No material developments confirmed in the window. Checked: B3's circular channels (most recent located Ofício Circular is from June; nothing from October surfaced); CVM's Portuguese newsroom (the only item dated in-window is a 19 October suspension of a CRI offering by B.SEC Companhia de Securitização for documentation irregularities — issuer-disclosure enforcement, not a market-structure rule, so left out; CVM's Resolução 249 DLT pilot programme is dated 14 Oct, predating the window); the BCB (no new Resolução BCB on non-resident investment or settlement rules); Banxico (the securities-lending circular flagged as unlocated in the 19 Oct edition still could not be found in primary form); CNV Argentina (latest Resolución General is RG 1162/2026 from 20 August); and CMF Chile (latest NCG remains 574 from 24 August) — all predate this window.
Informational only — summaries of public regulatory and central bank sources; not advice.