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SEC Commissioner Peirce Issues Remarks at the 13th Annual Conference on Financial Markets Regulation
WASHINGTON, May 9 -- The Securities and Exchange Commission issued the following remarks on May 8, 2026, by Commissioner Hester M. Peirce at the 13th Annual Conference on Financial Markets Regulation:
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Dad Jokes: Remarks at the 13th Annual Conference on Financial Markets Regulation
I am delighted to be part of the 13th Annual Conference on Financial Markets Regulation and Josh White's first as director of the SEC's Division of Economic and Risk Analysis ("DERA"). Thank you to DERA and the conference's other hosts: Lehigh University's Center for Financial Services and the University of Virginia's
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WASHINGTON, May 9 -- The Securities and Exchange Commission issued the following remarks on May 8, 2026, by Commissioner Hester M. Peirce at the 13th Annual Conference on Financial Markets Regulation:
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Dad Jokes: Remarks at the 13th Annual Conference on Financial Markets Regulation
I am delighted to be part of the 13th Annual Conference on Financial Markets Regulation and Josh White's first as director of the SEC's Division of Economic and Risk Analysis ("DERA"). Thank you to DERA and the conference's other hosts: Lehigh University's Center for Financial Services and the University of Virginia'sDarden School of Business. As you know, my comments are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.
That disclaimer is especially applicable to jokes, which is how I prefer to begin speeches to economists--a habit for which my father undoubtedly is to blame. My Dad is an old-school economist; he combines a deep interest in everything--history, political economy, law, theology, engineering, sociology, natural sciences, poetry, and more--with an encyclopedic knowledge of economic theory and the history of economic thought, a profound understanding of how economic principles operate in the real world, and an erudite sense of humor. My joke is not erudite or even particularly funny, but it may be timely. What do economists, regulators, and prediction markets traders have in common and not have in common? They are all unduly confident that they can forecast truth, but only the first two get compensated for their bad forecasts.
Speaking of prediction markets, if someone had asked me in 2018 at the start of my tenure as a Commissioner to predict which market would be dominating the headlines in 2026, the prediction market would not have been it. By 2018, the Iowa Electronic Markets, a nonprofit predictions market run out of the University of Iowa, had existed for three decades,[1] but I did not see commercial prediction markets on the horizon.
In 2022, when the Commission proposed extensive climate reporting rules, I predicted that were such a regime adopted, "the demand for widespread access to prediction markets in the United States [would] likely . . . rise."[2] I thought that the disclosure requirements under that rule would force firms to make guesses about future climate policy, and that they might find prediction markets helpful in making better guesses. Oh, how things have changed! Commercial prediction markets have taken off (albeit not the ones I anticipated) and show no sign of slowing down. And the SEC is proposing to rescind the climate rules--a fact that showed up several days ago on the Office of Information and Regulatory Affairs ("OIRA") dashboard, the website that Washington lobbyists visit as often as college fraternity brothers hit up sports prediction markets.[3]
The fascination with trading is not limited to prediction markets. The options market, a favorite of many retail investors, has expanded dramatically in recent years. As the number of options proliferates, message volumes jumped from 9 billion a day in 2017 to 247 billion a day in 2025.[4] Trading in options on expiration day ("Zero-Day-to-Expiration" or "0DTE"), the topic of one of yesterday's papers,[5] has increased from approximately 20 percent in 2022 to 28 percent of volume today, and largely driven by retail traders.[6] A paper being discussed this afternoon concludes that retail investors also enthusiastically trade in active exchange-traded funds ("ETFs"), to "chas[e] extreme performance, in either direction, over short-term horizons."[7] And, of course, retail investor participation in equity markets remains high well after the end of the COVID lockdowns and relief payments that first inspired many retail traders to download trading apps.[8] Retail investors like trading all of these asset classes and more, including crypto, gold, silver, and perpetual futures. Many of these assets are not securities, but they are finding their way into ETFs as well. Well-designed user interfaces make trading fun and easy. And AI bots are awake and eager to trade for us when we sleep. Old products and new fads combine in a dizzying melee intermediated by new technologies, and an enthusiastic class of retail traders with access to sophisticated trading tools rubs elbows with institutional investors scouring social media for clues of where the market is heading.
All that trading, all those new products, all those types of traders, and all that innovation in infrastructure create endless opportunities for people like you who study markets for a living. The trading generates lots of market data, which I know you all love. You can compare products and look at changes over time. You can study whether entertainment trading markets serve as a gateway for retail investors into more traditional investing markets. You can observe interactions among different groups of market participants. The co-existence of similar products in different regulatory wrappers cries out to you for academic inquiry. You can study how integrating new technologies into traditional markets will influence market dynamics. With zero commissions, you can even afford to engage in large-scale trading of your own as part of your research. Modern markets offer a cornucopia for the academic crowd to feast upon.
But what is a regulator to make of these markets with their staggering trading volumes, complicated technologies accessible through simple-to-use interfaces, and ever-growing list of products--many of which look like they belong in the sports, entertainment, politics, or bizarre-story-of-the-day sections of the newspaper rather than in the dry financial pages?
Before drawing any conclusions or taking any actions, regulators need to understand what is happening in today's markets. To this end, the many conversations I and my colleagues have with market participants are essential. Conferences like this one and last month's options roundtable[9] also give us important insights. I appreciate that this conference is addressing timely issues, such as after-hours trading, fund voting, where money is flowing and why, and investor-driven conflicts in ratings. I urge all of you to continue researching, and providing us your insights about, what is happening in the markets and why.
We also need to draw on expertise from outside the agency to determine whether a regulatory response is needed and, if so, what that response should be. Here too, interactions with the public and conferences like this one are helpful. I appreciate that during this conference you are considering issues such as SEC enforcement, crypto regulation, and the conflict between the goals of banking and securities regulation. These discussions are helpful to regulators like me as we think about whether and how to use our regulatory tools.
Bound as we appropriately are by statutory limits on our jurisdiction, the SEC may not be able to solve the problems you identify or adopt the solutions you recommend. The jurisdictional lines Congress set out in governing statutes determine whether and how regulators can react to new products or new technologies. No matter how egregious the facts, for example, the SEC cannot pursue fraud of any type without a cause of action grounded in the securities law. As another example, if a new ETF's sponsor adheres to the rules, gets its disclosures right, and finds an exchange to list it, the SEC cannot block the ETF from going to market.
Even when we have authority to act in response to new market developments, we should be careful because regulations often impose heavy and persistent costs. Complying with regulatory mandates eats up hours and dollars that could be devoted to other purposes, and even well-crafted regulations are frustratingly inflexible in the face of changing circumstances. Less often measured but even more important, regulations deprive people of choice. Regulations uniquely constrain human action by subjecting a person who does not comply to civil and potentially criminal consequences. Moreover, market participants, who face the consequences of their bad decisions, generally are better informed about the facts on the ground than a regulator, even a regulator who has consulted smart academics and powerful datasets.
The proper regulatory response, therefore, to the phenomena we are seeing in today's markets may be quite muted. Don't expect to see a flurry of prescriptive rulemakings. However, regulatory restraint grounded in the law coupled with a healthy dose of deference to the market is not a regulatory seal of approval of any particular product or activity. To the contrary, the fact that we do not screen products for merit means that people should read absolutely nothing about what the SEC or anyone who works here thinks about a product's usefulness or longevity from the fact that it has gone live on SEC-regulated markets. Likewise, the fact that we do not dictate what, whether, or how often retail investors can trade (except in private securities markets which are subject to the paternalistic accredited investor rules) does not mean the SEC blesses any particular trading or investment strategy.
Re-upping my disclaimer that I am not speaking for the rest of the Commission, I do not celebrate everything that is going on in the markets now. Financial products that fan a momentary hope of great riches in the same way lottery tickets do are dull and uninteresting to me. I expect that some of these novelties will fade away as investors lose interest, and their legal, technological, and market infrastructure will be repurposed for more durable investment and risk management products.
The financial markets innovations that give me an adrenaline rush are those that help capital markets fulfill their core objective of serving investors, entrepreneurs, growing companies, the economy, and society at large. I love seeing new products and services that enable people to build resilient investment portfolios to provide security for them and their families. Another favorite is innovative products and services that make it easy and fun for retail investors to understand their investments and the associated expenses. I welcome market developments that facilitate the matching of people with great ideas and promising companies with investors--including people who come from different backgrounds, geographies, and social circles than the entrepreneurs. I champion innovations that enable investors to buy or sell when they want to with low transaction costs. These aspects of the capital markets drew me to this job and remain the ones that inspire me still to be here eight years later.
I suspect that a similar belief in the magnificent power of the capital markets to transform people's lives for the better motivates your academic work. I encourage you, in addition to studying particular facets of the market, to think bigger. Studying trading in a particular asset class or the effect of an existing regulation on a certain market practice is useful. But we all can get distracted by the latest shiny objects driving trading volumes. Sometimes, it helps to step back and rekindle our appreciation for the markets. The heavily quantitative analyses of modern economics are impressive, but old school economists like my father also asked the conceptual questions: how can we make sure the economy is empowering as many people as possible to make the greatest use of their talents in service of society and rewarding them for doing so? These questions go to the heart of the matter, and I invite you to join me in that inquiry.
Let me close with one more joke: How many financial economists does it take to screw in a lightbulb? None, because their work sheds a brilliant light of its own. May your lights shine brightly in today's coming discussions.
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[1]See Iowa Electronic Markets, What is the IEM, https://iemweb.biz.uiowa.edu/about-iem/what-is-the-iem/ (last visited May 8, 2026).
[2] Commissioner Hester M. Peirce, We are Not the Securities and Environment Commission - At Least Not Yet (March 21, 2022), https://www.sec.gov/newsroom/speeches-statements/peirce-climate-disclosure-20220321, at note 37.
[3] Office of Information and Regulatory Affairs, Regulatory Actions Currently Under Review by Agency, https://www.reginfo.gov/public/jsp/EO/eoDashboard.myjsp (last visited May 8, 2026).
[4]See Roundtable on Options Market Structure Supporting Data, https://www.sec.gov/files/roundtable-options-market-structure.pdf at 3 ("Supporting Data").
[5]See Jonathan Brogaard, Jaehee Han & Peter Y. Won, Does 0DTE Options Trading Increase Volatility? (Apr. 26, 2023), https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=4426358.
[6] Supporting Data at 22-23.
[7]See Da Huang, Vasudha Nair, & Christopher Schwarz, Active ETFs as Attention Assets: Retail Trading Meets Managed Funds (Sep. 10, 2025), FEB-RN Research Paper No. 134/2025, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5426275 at 1.
[8] See, e.g., J.P. Morgan: Making Sense Podcast, How are Retail Investor Dynamics Shaping Equity Markets? (Apr. 29, 2026), https://www.jpmorgan.com/insights/podcast-hub/making-sense/retail-investor-dynamics-shaping-equity-markets ("[O]ne constant throughout this year, and in fact, throughout the last five or six years, has been the presence of the retail investor still making up around 20% of volumes in U.S. markets and even greater shares of volumes in much of Asia.").
[9] Options Market Structure Roundtable, https://www.sec.gov/newsroom/meetings-events/options-market-structure-roundtable (last visited May 8, 2026).
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Original text here: https://www.sec.gov/newsroom/speeches-statements/peirce-statement-dera-cfmr-2026-remarks-05-08-2026-dad-jokes-remarks-13th-annual-conference-financial-markets-regulation
FCC Media Bureau Announces Filing of Petition For Declaratory Ruling By Connoisseur Media Holdco
WASHINGTON, May 9 -- The Federal Communications Commission's Media Bureau issued the following public notice (MB Docket No. 26-109) on May 8, 2026:
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Connoisseur Media Holdco, Inc. (CM Holdco or Petitioner) has filed a petition for declaratory ruling (Amended Petition)/1 requesting that the Federal Communications Commission (Commission) find, pursuant to section 310(b)(4) of the Communications Act of 1934, as amended, (Act)/2 and section 1.5000(a)(1) of the Commission's rules (Rules),/3 that it would serve the public interest to allow CM Holdco to exceed the 25% benchmarks set forth in section
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WASHINGTON, May 9 -- The Federal Communications Commission's Media Bureau issued the following public notice (MB Docket No. 26-109) on May 8, 2026:
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Connoisseur Media Holdco, Inc. (CM Holdco or Petitioner) has filed a petition for declaratory ruling (Amended Petition)/1 requesting that the Federal Communications Commission (Commission) find, pursuant to section 310(b)(4) of the Communications Act of 1934, as amended, (Act)/2 and section 1.5000(a)(1) of the Commission's rules (Rules),/3 that it would serve the public interest to allow CM Holdco to exceed the 25% benchmarks set forth in section310(b)(4) of the Act./4 Specifically, CM Holdco seeks a Commission ruling to (1) permit up to 100% aggregate indirect foreign ownership (equity and voting) of CM Holdco, and (2) specifically approve the involvement of three parties--two entities organized under the laws of the Cayman Islands and one citizen of the United Kingdom--in the ownership of CM Holdco and the broadcast radio licenses that it controls./5 CM Holdco filed the Amended Petition on behalf of itself and its wholly owned subsidiaries that hold Commission broadcast licenses./6
Background and Reason for Amended Petition. The current aggregate indirect foreign ownership of CM Holdco is 20.37% of its equity and 0% of the voting interest in CM Holdco./7 Although its foreign ownership is currently below the benchmarks set by section 310(b)(4), CM Holdco anticipates transactions that would increase the company's aggregate indirect foreign ownership interests to above the 25% benchmarks. Accordingly, CM Holdco seeks this declaratory ruling to facilitate such future transactions./8
As detailed in the Amended Petition, an increase in the aggregate indirect foreign ownership in CM Holdco would come from two potential sources, each involving an existing interest holder (or group of existing interest holders) increasing its respective equity interest in parent companies above CM Holdco./9
The first potential transaction involves Falcon CM Holdings, LLC (Falcon CM), a Delaware limited liability corporation that currently holds a 29% equity interest in Connoisseur Cos, LLC (Connoisseur Cos), a parent company of CM Holdco./10 Falcon CM holds no voting interest in Connoisseur Cos./11 Both because only a portion of Falcon CM's equity interest is held by foreign entities and because the calculation of Falcon CM's ultimate ownership interest in CM Holdco is diluted by the ownership interests of other stakeholders, the foreign ownership arising from Falcon CM's present interest is less than 25%. The sole member of Falcon CM--Falcon Strategic Partners V, LP, a Delaware limited partnership--holds convertible notes (Falcon Notes) that would allow it to convert an existing debt interest in Connoisseur Cos to equity (such exchange of notes for equity is hereinafter referred to as the Falcon Notes Conversion)./12 Specifically, the Falcon Notes Conversion would allow Falcon CM to increase its existing equity interest in Connoisseur Cos from 29% to 47.5%./13 Because two of Falcon CM's members are organized outside the United States, an increase in Falcon CM's equity interest in Connoisseur Cos would result in an increase of indirect foreign equity interests in the Petitioner.
The second transaction involves warrants issued as part of Connoisseur's recent acquisition of Alpha Media Holdings, Inc. (Alpha Media)./14 As part of that acquisition, certain former executives, shareholders, or investors of Alpha Media (referred to collectively herein as Former Alpha Participants) were issued warrants (Alpha Tranche Warrants) that allow them to obtain additional equity in Connoisseur Media Parent, LLC (CM Parent), a holding company that indirectly holds 100% of the equity and voting of CM Holdco./15 The right to obtain such additional equity depends on whether Connoisseur Media reaches certain valuations./16 In order to ensure that Connoisseur Media complies with section 310(b) if the Alpha Tranche Warrants are exercised, Petitioner seeks approval for this structure. At present, the Former Alpha Participants, some of which are non-U.S. entities, collectively hold 8.75% of the equity of CM Parent./17 As a result of the exercise of the Alpha Tranche Warrants, the equity interests held by non-U.S. Former Alpha Participants in CM Parent could rise from the current level of 4.49% to 8.57%./18
Request for Aggregate Foreign Ownership. According to the Amended Petition, the Falcon Notes Conversion, either alone or in combination with the exercise of the Alpha Tranche Warrants, would raise the aggregate indirect foreign ownership of CM Holdco to more than 25% of the company's equity. The Amended Petition indicates that, depending on the number and sequence of transactions, the indirect aggregate foreign ownership interests in CM Holdco could rise from the present level of 20.37% of equity and 0% voting to between 30.50% and 34.38% of equity and 0% voting./19 Accordingly, as the resulting foreign ownership levels would be above the 25% foreign ownership benchmarks set by section 310(b)(4) of the Act, CM Holdco seeks Commission approval for up to 100% aggregate indirect foreign ownership (equity and voting).
Specific and Advance Approval Requests. Further, pursuant to section 1.5001(i) of the Rules,/20 the Petitioner requests/21 that the Commission grant specific approval for the following foreign-organized entities or foreign individuals to indirectly hold more than 5% of the equity and/or deemed voting interests in CM Holdco:/22
1. Falcon Strategic Partners V (Cayman), LP (6.26 - 6.94% equity, 6.26 - 6.94% deemed voting) (Cayman Islands);/23
2. Falcon Strategic Partners V (Cayman 2), LP (5.48 - 6.07% equity, 5.48 - 6.07% deemed voting) (Cayman Islands);/24 and
3. Oliver G. Price (0% equity, 100% deemed voting) (United Kingdom).
The Amended Petition seeks approval for Oliver G. Price to hold a deemed 100% indirect, non-controlling voting interest in CM Parent by virtue of his position as an uninsulated member of CM Broadcast Management, LLC (CM Broadcast Management), the U.S. organized entity that ultimately controls CM Parent and CM Holdco./25 Additionally, according to the Amended Petition, "[f]ollowing receipt of the FCC's approval to become an uninsulated, non-controlling member of CM Broadcast Management, Mr. Price will also hold a less than 5 percent profits interest in CM Broadcast Management."/26 The Amended Petition states that it seeks approval to the extent necessary to allow "Mr. Price to hold up to a 5 percent equity interest (in the form of a profits interest) in CM Broadcast Management."/27
In addition, the Petitioner requests advance approval pursuant to section 1.5001(k) of the Rules/28 for Falcon Strategic Partners V (Cayman), LP and Falcon Strategic Partners V (Cayman 2), LP to each increase their indirect interests in CM Holdco up to a non-controlling 20.0% equity interest and a 20.0% deemed voting interest./29
Public Interest Benefits. CM Holdco states that grant of the Amended Petition will afford it greater access to capital and, thus, enable it to better compete in the media marketplace./30 The Petitioner asserts that greater investment will provide it with additional resources to invest in local content and new digital capabilities./31 It states further that favorable action on the Amended Petition would "incentivize foreign investment in broadcasting, and promote U.S. trade policy by encouraging reciprocal investment opportunities for U.S. companies in foreign markets."/32 CM Holdco highlights that the proposed foreign interest holders for whom specific approval is sought are "organized under the laws of the Cayman Islands or is a citizen of the United Kingdom, both of which are allies of the United States and investors in its economy, and with which the U.S. is engaged in robust reciprocal trade."/33 CM Holdco also notes that the Commission previously granted a petition for declaratory ruling permitting up to 100% aggregate foreign investment (equity and voting) in the Alpha Media broadcast stations that are now owned by CM Holdco, and that such prior investment similarly involved companies organized under the laws of the United Kingdom and the Cayman Islands./34 Finally, the Amended Petition emphasizes that the potential increase in indirect foreign equity holders does not change control of the company, as Jeffrey D. Warshaw, a U.S. citizen, will continue to hold de facto and de jure control of CM Holdco and the FCC broadcast licenses it controls./35
Coordination with Executive Branch Agencies. Consistent with the Rules, CM Holdco submitted responses to the standard questions to the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (Committee) contemporaneous with its filing of the Petition at the Commission./36 On April 16, 2026, the Department of Justice (DOJ) on behalf of the Committee submitted a letter to the Commission in which it advised the Commission that it does not believe that a referral of the Amended Petition to the Committee for review is necessary./37 Accordingly, we find that it would not be an efficient use of resources for either the Executive Branch agencies or the Commission to refer the Amended Petition in these circumstances, and we will exercise our discretion to forgo formally referring the Amended Petition to the Executive Branch agencies./38 Although we are not formally referring the Amended Petition, per our standard practice, we will provide a courtesy copy of this public notice to the Executive Branch agencies. We also retain authority to pursue enforcement action by the Commission for non-compliance with the Act or the Rules.
EX PARTE STATUS OF THIS PROCEEDING
Pursuant to section 1.1200(a) of the Commission's Rules,/39 the Commission may adopt modified or more stringent ex parte procedures in particular proceedings if the public interest so requires. We announce that this proceeding will be governed by permit-but-disclose ex parte procedures that are applicable to non-restricted proceedings under section 1.1206 of the Rules./40
Parties making oral ex parte presentations are directed to the Commission's ex parte rules. Parties are reminded that memoranda summarizing the presentation must contain the presentation's substance and not merely list the subjects discussed./41 More than a one- or two-sentence description of the views and arguments presented is generally required./42 Other rules pertaining to oral and written presentations are set forth in section 1.1206(b) as well./43
GENERAL INFORMATION
The Petition for Declaratory Ruling referred to in this Public Notice has been accepted for filing upon initial review. The Commission may require CM Holdco to submit any additional documents or statements of fact that in its judgment may be necessary. The Commission also reserves the right to return any filing if, upon further examination, it is determined to be defective and not in conformance with the Commission's rules or policies.
Interested persons must file comments no later than June 8, 2026. Replies must be filed no later than June 23, 2026.
To allow the Commission to fully consider all substantive issues regarding the Petition in as timely and efficient a manner as possible, commenters should raise all issues in their initial filings. A party or interested person seeking to raise a new issue after the pleading cycle has closed must show good cause why it was not possible for it to have raised the issue previously./44 Submissions after the pleading cycle has closed that seek to raise new issues based on new facts or newly discovered facts should be filed within 15 days after such facts are discovered. Absent such a showing of good cause, any issues not timely raised may be disregarded by the Commission.
All filings concerning matters referenced in this Public Notice should refer to MB Docket No. 26109.
Submissions in this matter may be filed electronically (i.e., through the Commission's Electronic Filing Comment System (ECFS)) or by filing paper copies as follows:
* Electronic Filers: Documents may be filed electronically using the Internet by accessing the ECFS: http://www.fcc.gov/ecfs/.
* Paper Filers: Parties who choose to file by paper must file an original and one copy of each filing. Filings can be sent by commercial overnight courier or by first-class or overnight U.S. Postal Service mail. All filings must be addressed to the Commission's Secretary, Office of the Secretary, Federal Communications Commission. Commercial overnight courier deliveries (any deliveries not by the U.S. Postal Service) must be sent to 9050 Junction Drive, Annapolis Junction, MD 20701. U.S. Postal Service First-Class, Express, and Priority mail must be addressed to 45 L Street, NE, Washington, DC 20554.
One copy of each pleading must be delivered electronically, by e-mail, or if delivered as paper copy, by commercial overnight courier, or by first-class or overnight U.S. Postal Service mail (according to the procedures set forth above for paper filings), to: (1) Albert Shuldiner, Audio Division, Media Bureau, at albert.shuldiner@fcc.gov; (2) Christopher Clark, Audio Division, Media Bureau, at christopher.clark@fcc.gov; and (3) Brendan Holland, Audio Division, Media Bureau, at brendan.holland@fcc.gov. Any submission that is e-mailed to Albert Shuldiner, Christopher Clark, and Brendan Holland should include in the subject line of the e-mail: (1) MB Docket No. 26-109; (2) the name of the submitting party; and (3) a brief description or title identifying the type of document being submitted (e.g., MB Docket No. 26- 109, [name of submitting party], Comments).
Copies of the Petition and any subsequently filed documents in this matter are available electronically through the Commission's Electronic Filing Comment System (ECFS), which may be accessed on the Commission's Internet website.
To request materials in accessible formats for people with disabilities (Braille, large print, electronic files, audio format), send an email to fcc504@fcc.gov or call the Consumer and Governmental Affairs Bureau at (202) 418-0530 (voice).
By: Chief, Audio Division, Media Bureau
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Original text plus footnotes here: https://docs.fcc.gov/public/attachments/DA-26-452A1.pdf
FCC Wireline Competition Bureau Issues Public Notice: Effective Date for Pole Attachment Rules
WASHINGTON, May 8 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket No. 17-84):
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On July 24, 2025, the Commission adopted the Accelerating Wireline Broadband Deployment by Removing Barriers to Infrastructure Investment Fifth Report and Order, Fourth Further Notice of Proposed Rulemaking, and Orders on Reconsideration./1
In the Fifth Report and Order, the Commission adopted rules (1) ensuring greater collaboration and cooperation between utilities and attachers, (2) establishing a timeline for large pole attachment requests,
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WASHINGTON, May 8 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket No. 17-84):
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On July 24, 2025, the Commission adopted the Accelerating Wireline Broadband Deployment by Removing Barriers to Infrastructure Investment Fifth Report and Order, Fourth Further Notice of Proposed Rulemaking, and Orders on Reconsideration./1
In the Fifth Report and Order, the Commission adopted rules (1) ensuring greater collaboration and cooperation between utilities and attachers, (2) establishing a timeline for large pole attachment requests,(3) improving the pole attachment timeline, and (4) speeding up the contractor approval process./2
The Commission stated that these rule changes may contain new or modified information collection requirements and would not become effective until the Office of Management and Budget (OMB) completed its review of any information collection requirements that the Wireline Competition Bureau (Bureau) determined is required under the Paperwork Reduction Act./3 The Commission also directed the Bureau to announce the effective date for the rules by subsequent Public Notice./4
On April 17, 2026, OMB approved the information collection requirements related to the pole attachment rules contained in the Fifth Report and Order. Pursuant to the announcement of effective date subsequently published in the Federal Register, the effective date for the amendments to sections 1.1403(b), 1.1411(c)-(k), and 1.1412(a)-(b), (e) of the Commission's rules is May 7, 2026./5
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Footnotes:
1/ Accelerating Wireline Broadband Deployment by Removing Barriers to Infrastructure Investment, WC Docket No. 17-84, Fifth Report and Order, Fourth Further Notice of Proposed Rulemaking, and Orders on Reconsideration, 40 FCC Rcd 5395 (2025) (Fifth Report and Order).
2/ Id. at 5395, para. 2.
3/ Id. at 5482, para. 153 (stating that "the Fifth Report and Order shall become effective 30 days after publication in the Federal Register, except that the amendments to sections 1.1403(b), 1.1411(c)-(k), and 1.1412(a)-(b), (e) which may contain new or modified information collection requirements, will not become effective until the Office of Management and Budget completes review of any information collection requirements that the Wireline Competition Bureau determines is required under the Paperwork Reduction Act. The Commission directs the Wireline Competition Bureau to announce the effective date for sections 1.1403(b), 1.1411(c)-(k), and 1.1412(a)(b), (e) by subsequent Public Notice."). The Fifth Report and Order was published in the Federal Register on August 26, 2025. 90 Fed. Reg. 41726 (Aug. 26, 2025).
4/ Fifth Report and Order, 40 FCC Rcd at 5482, para. 153.
5/ 91 Fed. Reg. 24731 (May 7, 2026).
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-446A1.pdf
FCC Public Safety & Homeland Security Bureau Issues Public Notice Deactivating Disaster Reporting for Typhoon Sinlaku
WASHINGTON, May 8 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (Docket No. DA 26-442):
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On April 13, 2026, the Public Safety and Homeland Security Bureau (PSHSB) of the Federal Communications Commission (Commission), in coordination with the Federal Emergency Management Agency (FEMA), activated the Disaster Information Reporting System (DIRS) and the Mandatory Disaster Response Initiative (MDRI) in the Commonwealth of the Northern Mariana Islands (CNMI) in response to Super Typhoon Sinlaku./1 On April 15, 2026, PSHSB
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WASHINGTON, May 8 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (Docket No. DA 26-442):
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On April 13, 2026, the Public Safety and Homeland Security Bureau (PSHSB) of the Federal Communications Commission (Commission), in coordination with the Federal Emergency Management Agency (FEMA), activated the Disaster Information Reporting System (DIRS) and the Mandatory Disaster Response Initiative (MDRI) in the Commonwealth of the Northern Mariana Islands (CNMI) in response to Super Typhoon Sinlaku./1 On April 15, 2026, PSHSBexpanded the activation to include the U.S. Territory of Guam in its entirety (Guam)./2 On April 23, 2026, PSHB deactivated disaster reporting in Guam for Super Typhoon Sinlaku and required MDRI after-action reports from providers./3
DEACTIVATION OF DIRS AND THE MDRI IN CNMI
By this Public Notice, in coordination with FEMA and the CNMI, PSHSB deactivates DIRS and the MDRI for the CNMI in the following areas:
CNMI: Rota, Saipan, and Tinian
Cable communications providers, wireless service providers, wireline communications providers, and interconnected Voice over Internet Protocol (VoIP) providers that provide service in the abovereferenced areas are no longer required to report their infrastructure status daily in DIRS for this event./4 These providers must provide a single, final report to the Commission within 24 hours of release of this Public Notice detailing the state of their infrastructure at the time of DIRS deactivation and an estimated date of resolution of any remaining outages./5 PSHSB encourages other communications providers that voluntarily reported in DIRS to also submit a final DIRS report.
As of the release of this Public Notice, cable communications providers, wireless service providers, wireline communications providers, and interconnected VoIP providers that provide service in the above-referenced areas must resume making submissions in the Network Outage Reporting System (NORS) concerning any incidents that are reportable under those rules./6
MDRI AFTER-ACTION REPORTS FOR CNMI
The Commission hereby requires facilities-based mobile wireless providers operating in the following areas of CNMI to submit a report to the Commission detailing the timing, duration, and effectiveness of their implementation of the MDRI's provisions within 60 days of the issuance of this Public Notice (i.e., by July 6, 2026):/7
CNMI: Rota, Saipan, and Tinian
Reports must be submitted via email to MDRI@fcc.gov.
For further information on this DIRS deactivation, please contact:
FCC 24/7 Operations Center, (202) 418-1122, FCCOPS@fcc.gov
For further information concerning this MDRI deactivation, please contact:
FCC 24/7 Operations Center, (202) 418-1122, FCCOPS@fcc.gov
PSHSB published its final daily communications status report for Super Typhoon Sinlaku on May 7, 2026.
For more information on the Commission's response to Super Typhoon Sinlaku, please visit https://www.fcc.gov/Sinlaku.
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Footnotes:
1/ The Federal Communications Commission Activates the Disaster Information Reporting System (DIRS) and the Mandatory Disaster Response Initiative (MDRI) in Response to Super Typhoon Sinlaku, Public Notice, DA 26-359 (PSHSB Apr. 13, 2026).
2/ The Federal Communications Commission Announces the Expansion of the Disaster Information Reporting System and the Mandatory Disaster Response Initiative in Response to Super Typhoon Sinlaku, Public Notice, DA 26-371 (PSHSB Apr. 15, 2026).
3/ The Federal Communications Commission Announces the Deactivation of the Disaster Information Reporting System and the Mandatory Disaster Response Initiative for Guam in Response to Super Typhoon Sinlaku and Announces Deadline for Submission of MDRI After Action Reports for Guam, Public Notice, DA 26-400 (PSHSB Apr. 23, 2026).
4/ See 47 CFR Sec. 4.18(a)(1).
5/ 47 CFR Sec. 4.18(a)(2).
6/ See 47 CFR Sec. 4.18(b).
7/ See 47 CFR Sec. 4.17(c).
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-442A1.pdf
CPSC Issues Recall Alert Involving Youth Sweatshirts With Drawstrings
WASHINGTON, May 8 -- The Consumer Product Safety Commission issued the following recall alert:
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Name of Product: Youth Sweatshirts with Drawstrings
Hazard: The drawstrings in the recalled clothing can get caught on objects and cause death or serious injury to children from strangulation. The sweatshirts are in violation of the federal regulations for children's upper outerwear and present a substantial product hazard.
Remedy: Refund
Recall Date: May 07, 2026
Units: About 120
Consumer Contact: Allura Imports toll free at 800-808-5789 from 9 a.m. to 5 p.m. ET Monday through Friday, email
... Show Full Article
WASHINGTON, May 8 -- The Consumer Product Safety Commission issued the following recall alert:
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Name of Product: Youth Sweatshirts with Drawstrings
Hazard: The drawstrings in the recalled clothing can get caught on objects and cause death or serious injury to children from strangulation. The sweatshirts are in violation of the federal regulations for children's upper outerwear and present a substantial product hazard.
Remedy: Refund
Recall Date: May 07, 2026
Units: About 120
Consumer Contact: Allura Imports toll free at 800-808-5789 from 9 a.m. to 5 p.m. ET Monday through Friday, emailat cs@alluraimports.com or online at www.alluraimports.com/recall-information or www.alluraimports.com and click on "Recall Information" at the bottom of the homepage for more information.
Recall Details
Description: This recall involves youth sweatshirts with drawstrings. The sweatshirts are gray and have the Bobcat name and logo printed in black on the chest of the sweatshirt. The sweatshirts were sold in youth sizes 8/10 and 12/14. The size of the sweatshirt and "RN#36753" is printed on the neck label in black.
Remedy: Consumers should take the recalled clothing away from children immediately, remove the drawstrings to eliminate the hazard and contact Allura Imports for a full refund. Consumers should contact cs@alluraimports.com, with subject 'RECALL', along with their name and the date, to receive a shipping label to return the garment. Upon receipt, affected consumers will be issued a refund.
Incidents/Injuries: None reported
Sold At: Gabe's stores from October 2025 through November 2025 for about $15.
Importer(s): Allura Imports Inc., of New York, New York
Manufactured In: Egypt
Recall number: 26-477
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Original text here: https://www.cpsc.gov/Recalls/2026/Allura-Imports-Recalls-Youth-Sweatshirts-with-Bobcat-Logo-and-Drawstrings-Due-to-Risk-of-Serious-Injury-or-Death-from-Strangulation-Hazard-Violates-Federal-Regulations-for-Childrens-Upper-Outerwear
CPSC Issues Recall Alert Involving Favoto Bike Helmets
WASHINGTON, May 8 -- The Consumer Product Safety Commission issued the following recall alert:
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Name of Product: Favoto Bike Helmets
Hazard: The recalled helmets violate the mandatory safety standard for bicycle helmets because they do not comply with the positional stability, labeling and certification requirements. The helmets can fail to protect the user in the event of a crash, posing a serious risk of injury or death due to head injury.
Remedy: Refund
Recall Date: May 07, 2026
Units: About 2,200
Consumer Contact: Email at safety@favoto.com or online at www.favoto.com/pages/recall
... Show Full Article
WASHINGTON, May 8 -- The Consumer Product Safety Commission issued the following recall alert:
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Name of Product: Favoto Bike Helmets
Hazard: The recalled helmets violate the mandatory safety standard for bicycle helmets because they do not comply with the positional stability, labeling and certification requirements. The helmets can fail to protect the user in the event of a crash, posing a serious risk of injury or death due to head injury.
Remedy: Refund
Recall Date: May 07, 2026
Units: About 2,200
Consumer Contact: Email at safety@favoto.com or online at www.favoto.com/pages/recalland click "Recall" at the top of the page for more information.
Recall Details
Description: This recall involves Favoto Model H-1 bike helmets. The helmet body is black with red stripes, black padding, black straps with a silver reflective pattern in the center and a black and red buckle with a black chin strap. The recalled helmets were sold in youth size large (L). The helmets have a black plastic knob at the back of the helmet for adjusting the fitting. "FAVOTO" can be found in white letters on the side of the helmet.
Remedy: Consumers should stop using the helmets immediately and contact Favoto for a full refund. Consumers will be asked to destroy the recalled helmet by cutting the straps and write "Recalled" and email a photo of the destroyed helmet to safety@favoto.com.
Incidents/Injuries: None reported
Sold Online At: Amazon.com from April 2022 through January 2026 for between $20 and $27.
Importer(s): Shenzhen Favoto Co., Ltd., doing business as Favoto, of China
Manufactured In: China
Recall number: 26-467
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Original text here: https://www.cpsc.gov/Recalls/2026/Favoto-Bicycle-Helmets-Recalled-Due-to-Risk-of-Serious-Head-Injury-Violate-Mandatory-Standard-for-Bicycle-Helmets-Sold-on-Amazon-by-Favoto
CFTC Issues Proposed Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps
WASHINGTON, May 8 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Issues Proposed Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps
The Commodity Futures Trading Commission today issued a proposal to modify the CFTC's swap clearing requirement. The proposal would update the swaps required to be submitted for clearing to a derivatives clearing organization or an exempt DCO under part 50 of the CFTC's regulations. Specifically, the regulations would be amended to remove the requirement to clear interest
... Show Full Article
WASHINGTON, May 8 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Issues Proposed Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps
The Commodity Futures Trading Commission today issued a proposal to modify the CFTC's swap clearing requirement. The proposal would update the swaps required to be submitted for clearing to a derivatives clearing organization or an exempt DCO under part 50 of the CFTC's regulations. Specifically, the regulations would be amended to remove the requirement to clear interestrate swaps referencing the Canadian Dollar Offered Rate and the Interbank Equilibrium Interest Rate, also known as TIIE, and replace it with a requirement to clear Canadian dollar (CAD)- and Mexican peso (MXN)-denominated interest rate swaps referencing overnight, nearly risk-free rates.
The proposal would amend CFTC Regulation 50.4(a) as follows:
* Change the stated termination date range for swaps denominated in CAD that reference the Canadian Overnight Repo Rate Average as a floating rate index in the overnight index swap (OIS) class to be seven days to 30 years.
* Add to the OIS class swaps denominated in MXN that reference the Overnight TIIE Funding Rate as a floating rate index with a stated termination date range of 28 days to 21 years.
* Remove swaps denominated in CAD that reference CDOR as a floating rate index from the fixed-to-floating swap class.
* Remove swaps denominated in MXN that reference TIIE as a floating rate index from the fixed-to-floating swap class.
The proposal would update CFTC Regulation 50.25(b) to update compliance dates to reflect the new set of swaps required to be cleared.
The comment period will be open for 30 days after publication in the Federal Register.
Comments may be submitted electronically through Regulations.gov. All comments received will be posted on Regulations.gov.
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Original text here: https://www.cftc.gov/PressRoom/PressReleases/9228-26
