by David Schwartz J.D. CPA | Sep 20, 2026 | All, Change Overview and Rationale
While the financial sector races toward fully autonomous workflows, every practical description of a governed AI system eventually points to a box labeled “human in the loop.” In practice, this box sits between the machine and the customer, and critics...
by Ed Blount, David Schwartz J.D. CPA | Aug 8, 2026 | All, Commentary
Center for the Study of Financial Market Evolution (CSFME) 1. The Evolution of the Lockup Expiration The mechanics of the initial public offering are evolving. The traditional 180-day lockup period, which historically resulted in a single, predictable flood of...
by David Schwartz J.D. CPA | Sep 10, 2025 | All
SEC Chairman Paul S. Atkins announced on September 5, 2025, that he has tasked agency staff with reviewing the SEC’s landmark transparency rules following a recent decision by the U.S. Court of Appeals for the Fifth Circuit. While the Court upheld the substance...
by David Schwartz J.D. CPA | Aug 26, 2025 | All
In a significant ruling, the U.S. Court of Appeals for the Fifth Circuit has sent the Securities and Exchange Commission’s (SEC) landmark Securities Lending Rule (Rule 10c-1a) and Short Sale Rule (Rule 13f-2) back to the agency, finding a critical flaw in the...
by David Schwartz J.D. CPA | Aug 15, 2025 | All
The Landscape of FPL Programs Navigating the regulatory landscape of fully-paid securities lending (FPL) programs requires broker-dealers to adhere to a framework of rules centered on customer protection and transparency. These programs offer retail investors a way to...
