Market Intelligence

The Ontario Securities Commission’s (OSC) Investment Management Division released OSC Staff Notice 81-741 on September 15, 2026 (IM Staff Notice), summarizing its fiscal 2025–2026 work. The publication draws together trends from prospectus and exemptive relief files, continuous disclosure reviews, ownership change notices under sections 11.9 and 11.10 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), and the Division’s current policy agenda.

The CFTC has issued an advance notice of proposed rulemaking outlining frameworks for regulating retail crypto asset transactions involving leverage, margin, or financing. The proposal seeks to clarify how existing commodity exchange law applies to crypto markets while creating tailored requirements for exchanges, intermediaries, and clearing organizations. This initiative arrives alongside parallel regulatory efforts by the SEC as federal agencies work to establish comprehensive oversight of digital asset

The CFTC has proposed classifying event contracts as swaps while excluding traditional casino-style gambling products, directly responding to ongoing federal-state disputes over prediction markets and sports betting jurisdiction. These regulatory actions seek to clarify the agency's authority over event contracts amid conflicting appellate court decisions and pending Supreme Court review.

The SEC Division of Examinations has released its fiscal year 2027 examination priorities, signaling continued focus on investment adviser fiduciary obligations, broker-dealer financial responsibility, and Regulation Best Interest while adapting to evolving market practices. Private credit, artificial intelligence governance, and retail investor protection emerge as prominent areas of scrutiny, with examiners expected to probe valuation practices, conflicts of interest, and technology controls across regula

Consolidation continues to reshape the banking industry. The number of FDIC-insured banks has fallen from over 18,000 in the mid-1980s to fewer than 4,300 today. Bank M&A activity remains steady, with deal volume growing in 2024 and 2025, and 2026 looking to come close to 2025 numbers.

California's Assembly Bill 2116 introduces sweeping changes to commercial financing regulation, requiring licenses for providers and brokers serving small businesses starting in 2028. The law establishes unprecedented enforceability consequences for unlicensed activity and extends licensing requirements to factoring companies for the first time, fundamentally reshaping the commercial finance landscape.