This week’s theme? Regulators are looking at the big picture. From implied investor “groups” to AML red flags that add up, firms are expected to connect the dots before regulators do. Here are five top stories to know, with more where these came from:

• SEC warns on Section 13(d) “groups”: A Section 21(a) Report tied to the 2021 ExxonMobil proxy contest makes clear that coordinated engagement can form a group, even without a written agreement. That could put Schedule 13G eligibility at risk.
• FINRA: patterns matter in AML: An $800,000 penalty and an independent consultant followed missed warning signs in foreign-based small-cap IPO activity.
• SEC targets cherry-picking: A new case reinforces advisers’ duty to allocate trades fairly and document it.
• New FINRA Rule 3290 on OBAs: Approved by the SEC on September 15, 2026, the rule replaces Rules 3270 and 3280 with a more risk-based framework.
• CFTC moves on crypto: An Advanced Notice of Proposed Rulemaking seeks input on a national framework for retail crypto transactions and new “crypto asset markets.” Comments are due 60 days after Federal Register publication.

The bottom line: from investor coordination and AML monitoring to trade allocation, outside business activities, and crypto, regulators expect firms to spot risks early, not after the fact. And there’s more in this week’s roundup, including ESMA’s push to update MiCA, the FCA’s proposed 90-day notice for illiquid funds, new research on investor literacy, and why Zoom calls are the latest in-flight nuisance.

Read the full update from FiSolve here.