Federal Regulatory Agencies
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FCC Wireless Telecommunications Bureau Issues Public Notice: Guidance to 2.5 GHz Rural Tribal Window Licensees on Demonstrating Compliance With Final Performance Requirements
WASHINGTON, April 23 -- The Federal Communications Commission's Wireless Telecommunications Bureau issued the following public notice (Docket No. DA 26-394) on April 22, 2026:
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By this Public Notice, the Wireless Telecommunications Bureau (Bureau) provides guidance to 2.5 GHz Rural Tribal Window (Tribal Window) licensees on complying with the final performance requirements/1 deadline in section 27.14(u)./2 Please read the attached Appendix carefully, as it contains important information regarding:
* Options for meeting the final performance requirement;
* The need to make a final performance
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WASHINGTON, April 23 -- The Federal Communications Commission's Wireless Telecommunications Bureau issued the following public notice (Docket No. DA 26-394) on April 22, 2026:
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By this Public Notice, the Wireless Telecommunications Bureau (Bureau) provides guidance to 2.5 GHz Rural Tribal Window (Tribal Window) licensees on complying with the final performance requirements/1 deadline in section 27.14(u)./2 Please read the attached Appendix carefully, as it contains important information regarding:
* Options for meeting the final performance requirement;
* The need to make a final performanceshowing through a construction notification application and the impact of failing to file, i.e., automatic license termination;
* Information to include in a final performance showing; including specific information about the type of service being provided;
* Filing instructions for construction notification applications; and
* How construction notification applications will be processed.
Copies of this Public Notice and Appendix will also be sent via email to Tribal Window licensees in advance of their final performance requirements deadline. Accordingly, it is imperative that the contact information provided on each license is accurate and current./3 More than 150 Tribal Window licensees hold licenses subject to final performance deadlines in October 2026;/4 final performance deadlines for later-granted licenses come due on the six or eight year anniversary of the license grant, depending on whether the licensee previously met its interim performance requirement./5 Tribal Window licensees can confirm the date of their final performance deadline by referring to their license records in the Universal Licensing System (ULS)./6
Licensees are reminded that construction obligations were in place at the time the license(s) were acquired. The Bureau does not routinely grant waivers or extensions of time to meet construction requirements./7 Licensees seeking relief from construction obligations should be aware that the Commission's rules set a high bar for waivers and extensions of time. The burden of proof that a waiver or extension is warranted rests with the licensee.
Pursuant to Commission rules, a waiver may be granted only if the licensee can demonstrate that the underlying purpose of the rule would not be served or would be frustrated by application of the rule in that particular case, and that a waiver would serve the public interest./8 Alternatively, a waiver may be granted if unique or unusual factual circumstances make application of the rule inequitable, unduly burdensome, or contrary to the public interest, and the licensee has no reasonable alternative./9
The Commission's rules do not contemplate extensions of construction deadlines for licensees because of miscalculations or erroneous predictions about such factors as costs, demand, and developments in the market./10 Licensees are expected to account for these considerations when obtaining their license(s). Specifically, Commission rules prohibit extensions of time for construction due to a failure to obtain financing, to obtain an antenna site, or to order equipment in a timely manner./11 A request for extension of time to construct must demonstrate that the reason for the extension is caused by something beyond the licensee's control./12 Given the prior grant of a lengthy extension to all Tribal Window licensees, absent unique and compelling circumstances specific to an individual Tribe, it is difficult to see justification for an additional extension.
Before, during, and after the 2.5 GHz Tribal Window, Commission staff has worked extensively with Tribes, providing information, guidance, and individualized support for the application, licensing, and implementation process./13 The Commission held numerous outreach events, at FCC headquarters and around the country, to educate interested parties about the filing window, the application process, and license requirements, including buildout obligations. Staff provided hands-on support to applicants, establishing a continuously monitored, dedicated email box (RuralTribalWindow@fcc.gov), and sending over a thousand individualized emails to Tribal Window participants to help them to perfect applications, remind them of deadlines, and provide instructions as to construction and filings. Today's Public Notice seeks to provide additional guidance and support to Tribal Window licensees approaching final performance requirement deadlines.
We note that, in addition to Tribal access to 2.5 GHz spectrum, ULS reflects that nearly 90% of federally recognized Tribes hold one or more Commission wireless spectrum licenses across 35 different services./14 Moreover, there are several unlicensed or licensed-by-rule bands that are available to Tribes (e.g., Citizens Broadband Radio Service General Authorized Access (CBRS GAA) frequencies, 470-614 MHz and 657-663 MHz white spaces, 5 GHz, 6 GHz).
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Appendix
Final Performance Requirements
There are two ways that Tribal Window licensees can show that they have met the final performance requirements applicable to their licenses:
* Licensees providing fixed point-to-point service must demonstrate operation of one link for each 25,000 persons in the geographic service area within six or eight years of initial license grant, depending on whether they met the interim performance requirements deadline,/1 or
* Licensees providing mobile or point-to-multipoint service must demonstrate reliable signal coverage of 80% of the population of the geographic service area within six or eight years of initial license grant, depending on whether they met the interim performance requirements deadline./2
Final Performance Requirement Showing
As discussed in greater detail below, if a Tribal Window licensee has met its final performance requirements, it must make its final performance requirements showing by filing a construction notification (NT) application with supporting appendices filed in ULS. This application may be filed at any point once the final buildout work is complete and service is being provided pursuant to the license. The licensee need not wait for the actual deadline to make its submission. We therefore encourage Tribal Window licensees to file construction notification applications at their earliest convenience, but no later than 15 days after the relevant final performance deadline. If a licensee fails to meet its final performance requirement, its license shall automatically terminate without specific Commission action./3
Information To Provide In Final Performance Requirement Showing
The information required in connection with an final performance requirements showing will vary depending on the nature of the service being provided and the type of showing the licensee is attempting to make. Licensees are strongly encouraged to coordinate with their internal or external technical advisors in order to ascertain what information is necessary to file and to help prepare supporting application materials. What follows is general guidance on the type of information that should be provided. If after reviewing the showing staff determines that additional information is necessary, either the licensee will be informally contacted with a request for additional information, or the application may be returned. Accordingly, it is imperative that the contact information provided on the application be accurate and current./4
All licensees should provide a narrative description of the type of service they are providing. The description must be sufficient for staff to understand how and by whom the facilities are being used and where there is signal coverage. In addition, licensees must indicate the source for the population information provided in the showing (e.g., Census Bureau, Bureau of Indian Affairs). Each showing shall also include appropriate technical information, as described below, that permits staff to confirm that the final performance benchmark is actually being met.
"Licensees providing mobile or point-to-multipoint service must demonstrate reliable signal coverage of 80% of the population of the geographic service area." If the Tribal Window licensee is providing service using one base station, the final performance requirements filing must include, at a minimum:
* Geographic coordinates of the base station;
* Total population of licensed area;
* Percentage of population within the area of reliable signal coverage;
* Received signal level at edge of coverage area; and
* Transmitter EIRP (Equivalent Isotropic Radiated Power = Pt - Lc + Ga). Pt represents the output power of the transmitter (dBm). Lc represents the cable loss (dB). Ga represents the antenna gain (dBi).
In cases where the Tribal Window licensee employs multiple base stations in its network, the final performance requirements filing must include, at a minimum:
* Geographic coordinates of all base stations;
* Total population of licensed area;
* Percentage of population within the area of reliable signal coverage;
* Received signal level at edge of coverage area;
* Map showing the composite coverage area based on all deployed base stations; and
* Link budget - ex. Received power (dB) = transmitted power (dB) + gains (dB) - losses (dB).
"Licensees providing fixed point-to-point service must demonstrate operation of one link for each 25,000 persons in the geographic service area." In cases where the Tribal Window licensee is providing fixed point-to-point service, the final performance requirements filing must include, at a minimum:
* Geographic coordinates on both end points of each link;
* Amount of bandwidth being used in point-to-point link; and
* Total population of licensed area.
A point-to-point station employs a highly directional antenna to a fixed receive location./5 Operations that use a sectorized or omnidirectional antenna or that are architecturally designed as area coverage or access systems are not point-to-point stations, and such facilities must meet the 80 percent coverage requirement, even if the station is only being used to serve a single location.
Licensees should provide a clear, complete, and technically precise description of the deployed system in the attachment included with the filing, including the service type (e.g., fixed wireless access, backhaul, or mobile), the network architecture (e.g., point-to-point or point-to-multipoint), and the operational use of the equipment (e.g., serving subscriber CPEs or providing a dedicated site-to-site backhaul link), so that the nature of the operation can be readily understood. We encourage licensees to provide specifics concerning the equipment that they are using.
Construction Notification Application Filing Instructions
Application Basics: All Tribal Window licensees that meet the final performance requirements are required to file construction notifications in the form of applications using the notification of completion of construction (NT) application purpose./6 All such applications must be filed electronically using ULS. The licensee must provide its FCC Registration Number (FRN) and password in order to submit the application./7
Deadlines for Filing: Final performance requirements showings should be filed within 15 days after the date that is six or eight years after the license was initially granted by the Commission, depending on whether the licensee met its interim deadline ("Filing Deadline")./8 Licensees may verify the date of their performance requirements deadline(s) in ULS by looking at each license under the Main tab and viewing the "2nd Buildout Deadline" date. A request for extension of time to demonstrate compliance with the final performance requirements showing must be filed by the final performance deadline./9 Applications submitted after the relevant final performance deadline must be accompanied by a request for waiver, along with a justification for a waiver./10
Filing Instructions: The following instructions apply to filing construction notifications.
* Single Call Sign: A licensee filing a notification for a single call sign should login to ULS License Manager using the licensee's FRN and password and click on the applicable call sign link displayed on the "My Licenses" page. On the "License at a Glance" screen, the licensee should select the "Notify the FCC" link in the "Work on This License" box on the right side of the screen. The system will then launch an NT (construction notification) application for the call sign from which the application was initiated. Call signs cannot be added to an application that is initiated for a single call sign.
* Multiple Call Signs: To launch an application for multiple call signs, the licensee should log in to ULS License Manager and select the "Notify the FCC" link in the left-hand navigation menu in License Manager.
* Purpose of Filing: Once an NT application is launched, the licensee will be guided through a series of steps in which the system will prompt the applicant to respond to questions and provide required information. On the first screen, the licensee must select the purpose of the filing. The system will display a list of application purposes based on the call sign selected (for a single call sign application) or the licenses linked to the licensee's FRN (for a multiple call sign application). For a final performance requirements showing, licensees should select "2 - 2nd Buildout/Coverage requirements" from the list of purposes. If the licensee is filing an application for multiple call signs, the system will display a list of pertinent call signs based on the purpose selected; the licensee should select and review the call signs to be included in the application.
* Waivers (if applicable): Following selection of the purpose of the application, the licensee will be asked to complete the questions on the "Fees and Waivers" page. Applicants should note that waivers filed on a multiple call sign application are applicable to every call sign on the application. If a waiver is required for only some of the call signs, it is recommended that applicants submit two filings; one for the call signs with a waiver and one for the call signs without a waiver.
* Adding Attachments: At this point in the process it will also be necessary to add an attachment which contains the information described above that is necessary to demonstrate that the licensee has met the final buildout showing. The attachment can be in several formats, including Word or Adobe./11 To add the attachment, the licensee should click on the "Attachments" link near the top right hand corner of the License Manager screen. From the "Add Attachment" menu the licensee should select type "Other" from the drop down box, browse to select the appropriate attachment and enter "Performance Requirements Demonstration" in the description. The licensee can then click on the "Add Attachment" button to complete this process. As noted above, licensees may be required to provide a map as part of the showing. Licensees may provide the map as an image (e.g., PDF) or they may provide a GIS map. If the licensee wants to provide the map as an image, it should follow the instructions above for filing Attachment Type "Other." If the licensee wants to include a GIS map as an attachment, it should choose Attachment Type "GIS Map Files" and then upload the GIS map. Valid GIS Map Files types are XML, KML, KMZ, Shape(zip).
* Summary Screen: After the licensee has completed the preceding steps, the "Summary" screen is displayed allowing the licensee to review and, if necessary, edit the information on the application. After ensuring that the information on the application is correct, the licensee may continue to the "Certification" screen to sign and submit the application.
Processing of Construction Notification Applications
All final performance requirements showings will be reviewed by staff of the Broadband Division. If additional information is necessary to process the application, the licensee will be informed either through informal contact or a return of the application. Depending on the circumstances, action on final performance requirements showings may be taken in ULS, or through public notice, or by order. If a licensee fails to meet its final performance requirement, its license shall automatically terminate without specific Commission action./12
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Original text plus footnotes here: https://docs.fcc.gov/public/attachments/DA-26-394A1.pdf
USITC Makes Determinations in Five-Year (Sunset) Reviews Concerning Monosodium Glutamate from China and Indonesia
WASHINGTON, April 22 -- The U.S. International Trade Commission issued the following news release:
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USITC Makes Determinations in Five-Year (Sunset) Reviews Concerning Monosodium Glutamate from China and Indonesia
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Bulletin 26-032
Inv. No(s). 731-TA-1229-1230
Contact: Jennifer Andberg, 202-205-1819
The U.S. International Trade Commission has made affirmative determinations in its expedited five-year (sunset) reviews concerning Monosodium Glutamate from China and Indonesia.
Note to Users: This bulletin will be replaced by the news release when the release is available. News releases
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WASHINGTON, April 22 -- The U.S. International Trade Commission issued the following news release:
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USITC Makes Determinations in Five-Year (Sunset) Reviews Concerning Monosodium Glutamate from China and Indonesia
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Bulletin 26-032
Inv. No(s). 731-TA-1229-1230
Contact: Jennifer Andberg, 202-205-1819
The U.S. International Trade Commission has made affirmative determinations in its expedited five-year (sunset) reviews concerning Monosodium Glutamate from China and Indonesia.
Note to Users: This bulletin will be replaced by the news release when the release is available. News releasesare generally issued approximately three hours after a Commission vote.
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Original text here: https://www.usitc.gov/press_room/news_release/2026/er0422_68473.htm
SEC Files Settled Action as to Former Investment Advisory Firm Employee Charged With Insider Trading
WASHINGTON, April 22 -- The Securities and Exchange Commission issued the following litigation release (No. 26-cv-03213; S.D.N.Y. filed April 20, 2026) involving an ex-investment advisory firm employee charged with insider trading:
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On April 20, 2026, the Securities and Exchange Commission filed a settled action as to Rakesh Ahuja, a former employee of an investment advisory firm, for allegedly insider trading based on confidential information he obtained during his employment.
According to the SEC's complaint, filed in the United States District Court for the Southern District of New York,
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WASHINGTON, April 22 -- The Securities and Exchange Commission issued the following litigation release (No. 26-cv-03213; S.D.N.Y. filed April 20, 2026) involving an ex-investment advisory firm employee charged with insider trading:
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On April 20, 2026, the Securities and Exchange Commission filed a settled action as to Rakesh Ahuja, a former employee of an investment advisory firm, for allegedly insider trading based on confidential information he obtained during his employment.
According to the SEC's complaint, filed in the United States District Court for the Southern District of New York,Ahuja worked for an investment advisory firm that provided investment advisory services to two pooled investment funds that specialized in making investments in biopharmaceutical and biotechnology companies. The SEC alleges that the advisory firm provided Anuja with material nonpublic information, including confidential clinical trial data, from these companies as part of its due diligence process. The SEC further alleges that on multiple occasions, Ahuja breached his duty to the advisory firm by causing a brokerage account in the name of one of his close relatives to trade based on material nonpublic information in advance of announcements by companies he was researching for the advisory firm. Ahuja allegedly engaged in this conduct in connection with three publicly traded companies on a total of four occasions. According to the complaint, Ahuja's unlawful trades resulted in profits of approximately $65,000.
Without admitting or denying the allegations, Ahuja consented to the entry of a final judgment, subject to court approval, in which he agreed to be permanently enjoined from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; enjoined from acting as or being associated with an investment adviser, broker, or dealer for a period of two years; and to pay disgorgement of $65,404.25, prejudgment interest of $12,289.01, and a civil penalty of $65,404.25.
The SEC's investigation was conducted by Frank Goldman, Patrick McCluskey, and Danielle R. Voorhees of the Division of Enforcement's Market Abuse Unit, under the supervision of Joseph G. Sansone, Chief of the Market Abuse Unit, with the assistance of trial counsel Sharan Lieberman under the supervision of Gregory A. Kasper of the SEC's Denver Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26533.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26533
SEC Suspends Accountant Following Fraud Judgment
WASHINGTON, April 21 -- The Securities and Exchange Commission has issued an order to suspend George John Drazenovic, a Chartered Professional Accountant, from appearing or practicing before the Commission as an accountant. This action follows the entry of a final judgment against Drazenovic in a separate civil action regarding his involvement in penny stock schemes.
Drazenovic, a resident of Burnaby, British Columbia, Canada, previously served as Chief Financial Officer for Sun Cal Energy Inc., Oramed Pharmaceuticals Inc., and Tornado Gold International Corp. According to the Order Instituting
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WASHINGTON, April 21 -- The Securities and Exchange Commission has issued an order to suspend George John Drazenovic, a Chartered Professional Accountant, from appearing or practicing before the Commission as an accountant. This action follows the entry of a final judgment against Drazenovic in a separate civil action regarding his involvement in penny stock schemes.
Drazenovic, a resident of Burnaby, British Columbia, Canada, previously served as Chief Financial Officer for Sun Cal Energy Inc., Oramed Pharmaceuticals Inc., and Tornado Gold International Corp. According to the Order InstitutingPublic Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions (3-22628), Drazenovic submitted an offer of settlement which the Commission accepted.
The Commission findings indicate that on February 24, 2026, the United States District Court for the Southern District of New York entered a final judgment against Drazenovic. This judgment permanently enjoined him from future violations of the Securities Act of 1933 and the Exchange Act. The court ordered Drazenovic to pay $331,595 in disgorgement of ill-gotten gains, $51,050 in prejudgment interest, and a $236,451 civil money penalty.
The original complaint alleged that between April 2010 and October 2019, Drazenovic participated in pump and dump schemes involving penny stocks. He acted as a finder of mineral properties that functioned as assets for various issuers used as vehicles for fraud. In exchange for these services, Drazenovic received proceeds from stock sales during misleading promotional campaigns. These payments were made on a furtive basis while the stock prices were artificially inflated. Under Rule 102(e), the Commission maintains authority to suspend any accountant who has been permanently enjoined by a court for misconduct in an action brought by the Commission. Consequently, Drazenovic is now barred from practicing before the Commission, effective immediately, to protect the public interest and maintain the integrity of financial reporting.
-- Vidhi Gianani, Targeted News Service
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Original text here: https://www.sec.gov/files/litigation/admin/2026/34-105271.pdf
SEC Commissioner Uyeda Issues Update on the SEC's Work Toward Treasury Clearing Implementation
WASHINGTON, April 21 -- The Securities and Exchange Commission issued the following statement on April 20, 2026, by Commissioner Mark T. Uyeda:
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Update on the SEC's Work Toward Treasury Clearing Implementation
The Commission has taken important steps in the ongoing work to support the orderly and successful implementation of the Treasury Clearing Rule.[1] First, the Commission published for public comment a request for exemptive relief submitted by the Securities Industry and Financial Markets Association ("SIFMA"), which requests targeted modifications to the inter affiliate exemption
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WASHINGTON, April 21 -- The Securities and Exchange Commission issued the following statement on April 20, 2026, by Commissioner Mark T. Uyeda:
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Update on the SEC's Work Toward Treasury Clearing Implementation
The Commission has taken important steps in the ongoing work to support the orderly and successful implementation of the Treasury Clearing Rule.[1] First, the Commission published for public comment a request for exemptive relief submitted by the Securities Industry and Financial Markets Association ("SIFMA"), which requests targeted modifications to the inter affiliate exemptioncontained in the Treasury Clearing Rule.[2] Second, the Commission reopened the comment period on the requested exemptive relief submitted earlier this year by the Institute of International Bankers ("IIB"), which addresses the extraterritorial application of the Trade Submission Requirement.[3]
Since being asked to oversee the Commission's efforts to implement the Treasury Clearing Rule, I have emphasized the importance of transparency, collaboration, and methodical progress. The U.S. Treasury market--at nearly $29 trillion outstanding[4]--is the deepest and most liquid government securities market in the world, and the Commission must implement the clearing mandate in a way that preserves market functioning while enhancing resilience. To that end, we have engaged extensively with market participants as well as foreign and domestic regulators, and we have sought input from market participants to preemptively address questions that affect implementation. Our engagement on these exemptive requests continues that approach.
Requested Exemptive Relief for Inter-Affiliate Transactions
SIFMA's request for exemptive relief would have the effect of expanding the set of affiliates eligible to rely on the inter affiliate exemption and introduce a tailored activity based threshold for certain non U.S. affiliate transactions. As stated in SIFMA's request, many institutions depend on inter affiliate repo activity for internal liquidity, treasury, and collateral management--especially across time zones where covered clearing agencies do not operate on a 24 hour basis. These are real world challenges that firms face as they prepare for the upcoming compliance dates. At the same time, the Treasury Clearing Rule aims to ensure that inter affiliate flows do not become a backdoor to avoid clearing transactions that would otherwise be required to be submitted.
We welcome comments on the notice and any data relevant to the potential effects of the requested relief on liquidity and competition, to help the Commission better understand the potential effects if such relief were to be granted.
Reopening the Comment Period on Requested Exemptive Relief for Extraterritorial Transactions
The Commission also reopened the comment period on the notice of IIB's request for relief, which concerns transactions executed entirely outside the United States between non U.S. institutions. Market participants and foreign regulators have raised significant questions about the extraterritorial scope of the clearing mandate. Many non U.S. financial institutions operate through a mix of U.S. and non U.S. branches and affiliates, and applying the Trade Submission Requirement to transactions occurring wholly overseas can pose operational challenges, create legal uncertainty regarding enforceability of netting arrangements, and raise practical issues given time zone differences and the absence of 24 hour clearing.
Because both SIFMA's and IIB's requests for relief may intersect in important ways--including competitive, operational, and structural considerations--it is appropriate to solicit further public input. We encourage commenters to address not only each request individually but also how the potential exemptions may, together, affect the overall environment for liquidity and competition in Treasury transactions and the core purposes of the Treasury Clearing Rule.
Work Completed to Date and Work Ahead
These actions build on meaningful progress achieved over the past year. For example, the Commission approved rule changes and conditional exemptive relief to support customer cross-margining of cash market positions in U.S. Treasury securities cleared by a registered clearing agency and futures positions in U.S. Treasury securities cleared by a registered derivatives clearing organization.[5] This important development may help reduce margin requirements for market participants and improve capital efficiency across related cash and futures Treasury positions. The Commission has also approved new clearing agencies for Treasury securities[6] and approved several proposed rule changes from the Fixed Income Clearing Corporation ("FICC") to broaden client access to clearing.[7]
At the same time, significant work remains. Commission staff continue to assess issues related to the treatment of failed trades and clearing agency outages as well as customer protection considerations--issues that market participants have repeatedly identified as critical to their preparations.
Public Feedback is Critical
The Commission remains committed to working collaboratively with all market participants to ensure the U.S. Treasury market remains the deepest, most liquid, and most resilient government securities market in the world.[8] The success of the Treasury Clearing Rule implementation depends not only on the Commission's actions but also on constructive engagement from market participants. I strongly encourage commenters to provide data driven, practical feedback on both exemptive requests. Any exemptive relief the Commission grants should work for all parties--addressing legitimate operational challenges while continuing to advance the purposes of the Treasury Clearing Rule.
Please see the SEC's dedicated Treasury Clearing implementation webpage, which will be updated regularly as we address additional issues and provide further guidance, for more information.
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[1] This rule, among other things, mandates the clearing of certain eligible secondary market transactions in U.S. Treasury securities by direct participants in covered clearing agencies. See Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule with Respect to U.S. Treasury Securities, Exchange Act Release No. 99149 (Dec. 13, 2023), 89 FR 2714 (Jan. 16, 2024) (the "Treasury Clearing Rule").
[2] Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-105262 (Apr. 17, 2026), available at https://www.sec.gov/files/rules/exorders/2026/34-105262.pdf.
[3] Reopening of Comment Period; Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, from Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment, Exchange Act Release No. 34-105261, available at https://www.sec.gov/files/rules/exorders/2026/34-105261.pdf.
[4] Federal Reserve Bank of St. Louis, Market Value of Marketable Treasury Debt as of March 2026, available at https://fred.stlouisfed.org/series/MVMTD027MNFRBDAL.
[5] See "SEC Approves Exemptive Order and Proposed Rule Change to Permit Customer Cross-Margining in the U.S. Treasury Market" (Apr. 15, 2026), available at https://www.sec.gov/newsroom/press-releases/2026-36-sec-approves-exemptive-order-proposed-rule-change-permit-customer-cross-margining-us-treasury-market.
[6] See CME Securities Clearing, Inc.; Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, Exchange Act Release No. 34-104281 (Dec. 1, 2025), available at https://www.sec.gov/files/rules/other/2025/34-104281.pdf; ICE Clear Credit LLC; Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, Exchange Act Release No. 34-104762 (Jan. 30, 2026), available at https://www.sec.gov/files/rules/other/2026/34-104762.pdf.
[7] These include development of the FICC collateral-in-lieu model and the expansion of the FICC agent clearing service to triparty repos. See Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change, as Modified by Partial Amendment No. 1, to Establish a New Collateral-in-Lieu Offering Within the Sponsored GC Service, and Expand the Sponsored GC Service to Allow a Sponsoring Member to Submit for Clearing a "Done-Away" Sponsored GC Trade, Exchange Act Release No. 34-104374 (Dec. 12, 2025), available at https://www.sec.gov/files/rules/sro/ficc/2025/34-104374.pdf. See also Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change to Modify the GSD Rulebook Relating to a New Service Offering Called the ACS Triparty Service, Exchange Act Release No. 34-104492 (Dec. 22, 2025), available at https://www.sec.gov/files/rules/sro/ficc/2025/34-104492.pdf.
[8] The Commission extended the original compliance dates for the Treasury Clearing Rule by one year to Dec. 31, 2026, for eligible cash market transactions and June 30, 2027, for eligible repo market transactions. See Extension of Compliance Dates for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities, Exchange Act Release No. 34-102487 (Feb. 25, 2025), 90 FR 11134 (Mar. 4, 2025).
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Original text here: https://www.sec.gov/newsroom/speeches-statements/uyeda-update-sec-work-toward-treasury-clearing-implementation-042026
SEC Commissioner Peirce Issues Statement on the Proposed Amendments to Form PF
WASHINGTON, April 21 -- The Securities and Exchange Commission issued the following statement on April 20, 2026, by Commissioner Hester M. Peirce:
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"PF" Stands for Please Fix: Statement on the Proposed Amendments to Form PF
Today, the Commission and the Commodity Futures Trading Commission ("CFTC") (collectively, "Commissions") proposed amendments to eliminate certain Form PF filing and reporting obligations and to streamline others. My thanks to the hardworking staff in the Division of Investment Management, Division of Economic and Risk Analysis, and Office of the General Counsel and
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WASHINGTON, April 21 -- The Securities and Exchange Commission issued the following statement on April 20, 2026, by Commissioner Hester M. Peirce:
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"PF" Stands for Please Fix: Statement on the Proposed Amendments to Form PF
Today, the Commission and the Commodity Futures Trading Commission ("CFTC") (collectively, "Commissions") proposed amendments to eliminate certain Form PF filing and reporting obligations and to streamline others. My thanks to the hardworking staff in the Division of Investment Management, Division of Economic and Risk Analysis, and Office of the General Counsel andto the CFTC for their work on this proposal. I support this proposal and hope to receive robust feedback from investors, investment advisers, private funds, and other interested parties.
I have been hearing calls to fix Form PF since I started as a commissioner. Form PF generates a lot of data at great expense that does not present a useful window into private fund activity. To date, the Commissions' response to these pleas has been to make the form more--rather than less--onerous. The granular data required by the 2024 amendments, for example, made an already problematic form worse, as commenters warned would happen.[1] The fundamental problem with Form PF is that it has wandered from its core purpose: generating information to assist FSOC in identifying and monitoring risks to the financial stability of the United States.[2]
Many of today's proposed amendments acknowledge and address the concerns we have heard. If adopted, these amendments should help to restore Form PF to its intended purpose. I urge commenters to look closely at both the proposed changes and what is not changing so that you can tell us whether additional or alternative changes would better restore the form to its intended role. I would welcome feedback on, among other questions, the following:
* The filing threshold for private fund advisers and the reporting threshold for large private fund advisers have not changed since the thresholds were adopted in 2011. Yet, as noted in the proposing release, the aggregated private fund gross asset value has more than tripled since 2013.[3] In addition, when we adopted the large private fund adviser reporting thresholds we noted that they were designed so that the group of large private fund advisers (including large hedge fund advisers) filing Form PF would be relatively small in number but represent a substantial portion of the assets of their respective industries.[4] The number of overall private fund adviser filers and the number of large private fund advisers have grown because the thresholds have not changed since they were adopted. The proposed amendments include an increase to the filing threshold for Form PF filers and the reporting threshold for large hedge fund advisers. Should we update other Form PF thresholds as well? Should we adopt amendments to require that these thresholds be updated periodically to account for inflation and industry changes?
* The Commissions are proposing to pare back some of the 2024 amendments and other information currently required by Form PF. Do these changes align Form PF with its systemic risk purpose? Are other changes necessary? Should we, for example, eliminate questions 42 and 43 rather than slimming them down?
* What information required by Form PF is useful in monitoring systemic risk and, conversely, what information is not?
* For information that is or might be useful, do the benefits to FSOC and the Commissions of having that information outweigh the costs incurred by funds and advisers in compiling and reporting that information?
Now is the time to tell the Commissions what we got right and where we have gone astray.
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[1] See, e.g., Comment Letter of the U.S. Chamber of Commerce (Oct. 11, 2022) at 4 ("The amendments under consideration represent a significant rewrite of Form PF and would require funds to provide extensive new streams of data unrelated to systemic risk."), available at https://www.sec.gov/comments/s7-22-22/s72222-20145434-310656.pdf.
[2] See Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010). Pursuant to the Dodd-Frank Act, the Investment Advisers Act of 1940 was amended to require that an adviser must maintain records and reports for each private fund it advises, that include a description of the following: (1) the amount of assets under management and use of leverage, including off-balance-sheet leverage; (2) counterparty credit risk exposure; (3) trading and investment positions; (4) valuation policies and practices of the fund; (5) types of assets held; (6) side arrangements or side letters, whereby certain investors in a fund obtain more favorable rights or entitlements than other investors; (7) trading practices. The statute also allows the Commissions to require the disclosure of other information, including for investor protection purposes, but the statute's primary objective is to inform the Financial Stability Oversight Council, which--as its name suggests--has a systemic risk monitoring and mitigation mandate.
[3] Form PF; Reporting Requirements for All Filers, Investment Advisers Act Release No. 6959 (Apr. 20, 2026) at 15, available at https://www.sec.gov/files/rules/proposed/2026/ia-6959.pdf.
[4] Id. at 22.
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Original text here: https://www.sec.gov/newsroom/speeches-statements/peirce-statement-form-pf-042026
FCC: GOMEZ APPLAUDS COURT RULING HALTING UNLAWFUL NEXSTAR-TEGNA MERGER
WASHINGTON, April 21 -- The Federal Communications Commission issued the following statement on April 20, 2026:
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GOMEZ APPLAUDS COURT RULING HALTING UNLAWFUL NEXSTAR-TEGNA MERGER
FCC Commissioner Anna M. Gomez issued the following statement today after the U.S. District Court for the Eastern District of California issued a preliminary injunction halting the unlawful Nexstar-TEGNA merger:
"I welcome the court's decision to pause this transaction and bring much-needed scrutiny to a deeply flawed approval process. What we saw here was a coordinated, multi-agency effort to avoid accountability
... Show Full Article
WASHINGTON, April 21 -- The Federal Communications Commission issued the following statement on April 20, 2026:
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GOMEZ APPLAUDS COURT RULING HALTING UNLAWFUL NEXSTAR-TEGNA MERGER
FCC Commissioner Anna M. Gomez issued the following statement today after the U.S. District Court for the Eastern District of California issued a preliminary injunction halting the unlawful Nexstar-TEGNA merger:
"I welcome the court's decision to pause this transaction and bring much-needed scrutiny to a deeply flawed approval process. What we saw here was a coordinated, multi-agency effort to avoid accountabilityand judicial review, culminating in a same-day clearance, approval, and closing designed to shield the public from the real harms of this unprecedented merger.
"The FCC and other government agencies have used what is now recognized as the Billionaire Buddy Bypass to grant expedited, closed-door approval to powerful friends of this administration. Today's ruling is an important step toward restoring accountability and ensuring that decisions of this magnitude are made with consumers in mind, not billion-dollar companies cutting backroom deals out of public view."
Background: The Nexstar-TEGNA merger is the largest local broadcast television transaction in American history, combining the country's two largest station groups into a single company that would reach more than 80 percent of U.S. television households. The combined company would far exceed the FCC's 39 percent national ownership cap, a limit written into law to protect media diversity and local competition, and one the FCC had no legal authority to waive. Critics warn the deal would accelerate harmful consolidation at a time when local journalism is already under extraordinary strain, concentrating broadcast power in fewer corporate hands and shrinking independent editorial voices in communities across the country. The merger would also dramatically increase Nexstar's leverage in retransmission consent negotiations, driving up the fees providers must pay to carry local stations, costs that are ultimately passed on to consumers through higher monthly bills.
The FCC approved the transaction through a bureau-level process that bypassed a full commission vote, a move that drew bipartisan criticism. Senate Commerce Committee Chair Ted Cruz and Ranking Member Maria Cantwell formally challenged the FCC over that approval, calling on the agency to answer for a process they said ignored questions about existing law, and lacked transparency and proper oversight.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-420884A1.pdf
