FiSolve Weekly News Digest: March 13, 2026

Here is what we are reading in the news this week...

SEC and CFTC Announce MOU Between Agencies

The Securities and Exchange Commission and the Commodity Futures Trading Commission announced the establishment of a Memorandum of Understanding (MOU) to guide coordination and collaboration between the two agencies.  The MOU is designed to support lawful innovation, uphold market integrity, and ensure investor and customer protection.  In its press release the SEC notes the MOU reflects both agencies’ commitment to provide fair notice to market participants, respect individual liberty, and foster lawful innovation with the minimum effective dose of regulation.  This is all with a view towards enhancing U.S. competitiveness in finance.  In conjunction with the MOU, the agencies created a Joint Harmonization Initiative to advance coordinated oversight and promote regulatory clarity in areas of common regulatory interest. Read more here.

Department of Justice Releases First-Ever Corporate Enforcement Policy for All Criminal Cases

The Department of Justice released the first-ever Department-wide corporate enforcement policy (“CEP”) for all corporate criminal cases, except antitrust matters, superseding all prior component-specific or U.S. Attorney’s Office specific policies.  The policy aims to promote uniformity, predictability, and fairness in prosecuting white-collar crime, while incentivizing companies to self-disclose misconduct, cooperate with investigations, and remediate wrongdoing.  Companies that voluntarily self-disclose misconduct, fully cooperate, and timely remediate, and have no aggravating circumstances, are now guaranteed a declination of prosecution.  The CEP also introduces a “Near Miss” category for companies that cooperate and remediate but do not meet all criteria for a declination.  These companies may receive a non-prosecution agreement (“NPA”) with reduced penalties and no monitor.  In other cases, prosecutors retain discretion to recommend resolutions, including NPAs, Deferred Prosecution Agreements (DPAs), or guilty pleas, with up to a 50% reduction in fines for cooperation and remediation.  The policy also recalibrates the use of corporate monitors, emphasizing proportionality and efficiency, and expands the DOJ’s whistleblower program.  Read more here.

Independent Talent is Reshaping the

Financial Services Industry

The 2026 Financial Services Independent Talent Report issued by Outsized reveals that financial institutions are increasingly turning to independent specialists as capability gaps in AI, regulation, and transformation intensify.  Drawing on data from 858 real engagements, the report highlights a 30% rise in demand for independent talent, an average 8.5‑month contract length signaling deeper integration into delivery teams, and a 57% extension rate that underscores firms’ reliance on flexible expertise.  It identifies three forces driving this shift (1) rapid regulatory acceleration, (2) simultaneous digital and operational transformation, and (3) an expanding AI capability gap.  The report also provides regional, sector‑specific analyses and case studies illustrating how leading organizations are leveraging independent talent to access critical skills faster and more effectively than allowed by traditional models.  Read more here.

CFTC Staff Issues Prediction Markets Advisory

The Commodity Futures Trading Commission’s Division of Market Oversight issued a prediction markets advisory regarding the listing for trading of event contracts.  Due to the rapid rise in popularity of prediction markets, the Division seeks to encourage growth and innovation in these markets while reminding designated contract markets of their regulatory obligations pursuant to the Commodity Exchange Act (“CEA”) and Commission regulations.  The advisory, among other things, underscores a Designated Contract Market (“DCM”)’s regulatory obligations with respect to CEA section 5(d) and Part 38, DCM Core Principle 3 and the Appendix C guidance, and product submission requirements.  The advisory also discusses certain nuances that may have applicability to sports-related event contract.  Read more here.

SEC Fines Broker-Dealer $20 Million for

AML Surveillance Lapses

The SEC issued an administrative order finding that a financial services firm failed to maintain an adequate anti‑money laundering surveillance program and, as a result, did not file required suspicious activity reports between February 2019 and March 2022.  According to the SEC, the firm relied on deficient exception reports that flagged thousands of potentially suspicious equity trades, many of which went unreviewed for long periods, leading to widespread reporting failures.  The order finds the firm willfully violated Section 17(a) of the Exchange Act and Rule 17a‑8, and it imposes remedial sanctions, including a cease‑and‑desist order, censure, and a $20 million civil penalty.  The SEC took into account the firm’s remedial efforts in arriving at the settlement.  Read more here.

FINRA Issues Summary of its

Board of Governors March 2026 Meeting

FINRA’s Board of Governors convened earlier this month and approved five rule proposals aligned with the FINRA Forward modernization initiative, aimed at enhancing regulatory efficiency while maintaining investor protection.  Key actions included (1) shortening exam retake waiting periods, (2) enabling electronic delivery of regulatory requests, (3) streamlining approval requirements for late allocations of bulk investment adviser orders, (4) updating reconciliation requirements for certain alternative investments to reflect recent SEC no-action relief, and (5) advancing enhancements to arbitration procedures to give parties greater input in replacing arbitrators and reviewed updates to FINRA’s enforcement program.  The Board also approved the allocation of the prior year’s fine monies to “various initiatives.”  Read more here.

SEC Sanctions Auditing Firm for Audit Failures

The SEC issued an administrative order finding that an auditing firm engaged in improper professional conduct during its audit of a mutual fund’s financial statements.  This included failures to understand internal controls, obtain sufficient audit evidence, and exercise due professional care and skepticism, all in violation of PCAOB standards.  The order imposed a cease and desist directive, a censure, and required the firm to undertake certain remedial measures.  The order did not impose any monetary fines or civil penalties. Read more here.

ESMA Looks to Simplify Retail Investing

and Enhance Accessibility

The European Securities and Markets Authority (ESMA) has published its takeaways from the 2025 Call for Evidence on the retail investor journey.  Based on input from stakeholders, ESMA outlines actions and operational improvements it will take forward to make it easier for retail investors to access suitable investment opportunities.  ESMA will focus on the following three areas.  (1) streamlining disclosure requirements and tackling information overload for investors, (2) reducing complexity in suitability and appropriateness assessments, and (3) simplifying MiFID II requirements on sustainability preferences.  Read more here.

Robust Showing for Female Founders

in the VC Ecosystem

PitchBook has issued its 2025 US All In: Female Founders in the VC Ecosystem report.  The report focuses on trends surrounding US-based, VC-backed companies founded by women.  These companies raised a record $73.6 billion in 2025, surpassing pandemic-era highs and capturing 27.7% of total US venture deal value even as overall deal count declined.  Funding was heavily concentrated in AI, with more than $30 billion from Scale AI and Anthropic alone. Outside AI, biotech and pharma showed steadier gains.  The report finds exit markets strengthened, with value more than doubling year over year and IPO activity returning.  Large exits increasingly emerged from Southern states, signaling broader geographic momentum.  Read more here.

💡FiSolve's Negotiation Tip of the Week💡

Unreasonable Vendors

When dealing with an unreasonable vendor, executives in financial services can benefit from reframing the negotiation around objective standards rather than personalities or positions.  Start by resetting the conversation using data driven benchmarks (e.g., industry pricing norms, service level expectations, regulatory requirements, or performance metrics) and make it clear that any agreement must align with these external, objective criteria.  This shifts the dynamic away from emotional or rigid demands and toward shared accountability.  At the same time, preserve leverage by articulating your BATNA (Best Alternative to a Negotiated Agreement) without threats.  Simply demonstrate that you are prepared to pivot to viable alternatives if the vendor cannot meet reasonable terms.  This combination of grounded objectivity and confident optionality often brings an unreasonable counterpart back into a more productive, business focused posture.

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