FINRA's National Adjudicatory Council issued a decision in the long-running Cantone Research enforcement case originating from 2013, the NCUA opened a comment period on deregulation project proposals with a March 16 deadline, the SEC published guidance updates to four proxy and tender offer rules, CFTC Chairman Selig announced sponsorship of the Agricultural Advisory Committee, and 15 advisor moves drove the busiest recruiting day of January across 92 total events.

FINRA's NAC Rules on Cantone Research

FINRA's National Adjudicatory Council — the appellate body that reviews disciplinary decisions — issued a decision in the Cantone Research, Inc. enforcement matter involving Anthony Cantone and Christine Cantone in Tinton Falls, New Jersey. The case originated from complaint number 2013035130101, making it one of the longest-running FINRA enforcement matters at over 12 years from initiation to NAC review. NAC decisions are among the most consequential enforcement outcomes FINRA produces, as they establish precedent and often involve the most complex factual and legal issues in the self-regulatory organization's docket.

FINRA also barred Hugo Hernandez from the industry for refusing to appear for on-the-record testimony under Rule 8210 — the fourth industry bar of January 2026.

NCUA Opens Deregulation Comment Period

The NCUA announced that comments on its deregulation project proposals are due by March 16 — a significant initiative for the credit union industry. The deregulation project invites public input on which NCUA rules and regulations could be eliminated, streamlined, or modernized to reduce compliance burden on federally insured credit unions. The initiative aligns with broader government-wide deregulatory efforts and gives credit unions an opportunity to shape the regulatory landscape that governs their operations.

SEC Updates Four Proxy and Tender Offer Rules

The SEC published compliance and disclosure interpretation updates to four rules: Rule 14a-6 (revised Question 126.06), Rule 14a-13 (new Question 133.02), Rule 14c-2 (new Question 182.01), and Rule 14e-5 (new Question 166.02). The updates cover proxy solicitation, information distribution to beneficial owners, information statements, and tender offer restrictions — core provisions of the federal proxy and M&A regulatory framework. The four-rule update batch signals an active SEC staff guidance cycle.

CFTC Chairman Selig Sponsors Agricultural Advisory Committee

CFTC Chairman Selig announced sponsorship of the CFTC's Agricultural Advisory Committee — the second advisory committee launched under his chairmanship following the Innovation Advisory Committee on January 12. The Agricultural Advisory Committee focuses on commodity markets that directly impact American farmers and ranchers, including crop futures, livestock markets, and agricultural derivatives.

15 Advisor Moves Set January Record

Fifteen advisor moves were recorded — the highest single-day count of January. Three BG Investment Services advisors — Maree Sgro, Melanie Mendiola, and Justin Johnson — moved from BG Investment Services, Inc. to BG Investment Services, LLC in what appears to be an internal entity restructuring. Raymond James recruited two advisors from Independent Advisor Alliance: William Miller and Nicholas Nielsen. Wells Fargo continued its FiNet migration with Nicholas Sondgeroth and Brian Trefz moving from Clearing Services to Financial Network. LPL recruited Bruce Mazo from Silver Oak Securities.

15 Disclosures, Six FOCUS Reports

Fifteen RIA disclosures were recorded — the second consecutive day of elevated disclosure activity. Six FOCUS reports were filed. Two RIA firms graduated from SEC registration while two failed the 120-day process, maintaining the roughly 50-50 success rate observed earlier in January.

Across the Wire

Thirteen new advisory firms registered while four closed. Eighteen SEC announcements were published. Two OCC branch closings and one establishment were recorded. Two vendor additions were processed. Two name changes were filed. The day's 92 events made it the second-busiest day of January behind the 100-event session on January 22.

All data sourced from FINRA BrokerCheck, SEC EDGAR, NCUA, CFTC, OCC, and the Finleet Terminal as of January 23, 2026. Entity profiles are available at terminal.finleet.com.