2026- No. 2026-01

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HEARD THROUGH THE GRAPEVINE: ARTICLES, COMMENT LETTERS, SPEECHES & ITEMS OF INTEREST

(ed: A compilation of recent items that may be of interest to securities experts and attorneys relating to the securities industry, dispute resolution, regulatory actions.)

SECURITIES and EXCHANGE COMMISSION (SEC):

• SEC Clarifies the Application of Federal Securities Laws to Crypto Assets On March 17, the SEC and the Commodity Futures Trading Commission (CTFC) issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. SEC Press Release, CTFC Press Release, Federal Register
• SEC Proposes Amendments to Exchange Act Rule 15c2-11 which sets out certain information gathering and review requirements for broker-dealers that publish quotations for, or maintain a continuous quoted market in, securities in the over-the-counter (OTC) market. SEC Press Release, Sidley, DavidWrightTremaine

DEPARTMENT OF LABOR (DOL):

• DOL Proposes Rule for ALTs in 401(k)s The DOL has issued a proposed rule outlining how ERISA fiduciaries can prudently evaluate alternative investments in DC plans, backed by a new six‑factor safe harbor. The proposal aims to reduce litigation risk and place traditional and alternative assets on equal footing. The proposal has been sent to the Office of the Federal Register and will undergo a 60‑day public comment period. DOL Press Release, Citywire, Financial Advisor
• Order and Final Judgement Vacating DOL 2024 Fiduciary Rule in March officially removing the regulation from the Code of Federal Regulations. DOL, SIFMA & FSI statement, National Law Review

FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA):

• FINRA Member Firm Fee Rebate In response to receiving higher than anticipated fees in 2025, FINRA’s Board of Governors approved a rebate of 2025 regulatory fees that were distributed at the end of March. FINRA News Blog, PIABA response
• FINRA Requests Comment on Modernizing FINRA Arbitration Rules, Guidance and Processes Regulatory Notice 26-06 was announced March 2nd with a Comment Period ending Mary 1st. FINRA Notices
• "The Neutral Corner" (Vol 1, 2026) Visit FINRA's website to access the latest issue with stats on Case Filings and Trends, Rule Approvals, Mediation stats, and other news including an article on new FINRA Rules 12808 and 13808 that accelerate case processing for qualifying parties.

AI-GENERATED MATERIALS AND WORK PRODUCT PROTECTION:

• Michigan Federal Court Protects AI-Assisted Litigation Work Product, JDSUPRA, Proskauer
• Paul Weiss Discusses Court Decisions on Whether AI-Generated Materials Warrant Work Product Protection CLS Blue Sky Blog, Paul Weiss

MEMBER ACHIEVEMENTS - BRINGING CREDIT TO THE PROFESSION (ed: Whether it’s writing an article, hosting an event, joining a professional committee, or just pursuing a smart practice, we report on member's efforts here. Look to the “Newsroom” section of the SER Website for more frequent, timely reports on our members.)

Gontran de Quillacq has been actively publishing articles on his blog. "Zero-Day Options, Retail Trading, and the New Risk and Litigation Frontier" explains how the speed, volatility, and complexity, combined with increased participation from retail brokers, have heightened risk and made losses more frequent. READ MORE “Two Tweets, $2.6 Billion Damages" looks at the recent securities verdict arising from Elon Musk’s 2022 tweets about his pending acquisition of Twitter. READ MORE

Catherine Mustico co-authored an article titled "Banks Pay the Price When They Miss the Signs of Fraud" in Fraud Magazine. The article examines how increasingly sophisticated impersonation scams collide with banks' inconsistent fraud-response practices, often leaving victims wrongly blamed for losses. READ MORE

Andrew Auslander authored a recent article, "Credit Spreads Are Tight, Liquidity Is Not," examining why corporate credit spreads remain historically tight in early 2026 even as underlying liquidity risks continue to build. READ MORE

Alan Besnoff and Rob Jones were recently invited to speak with students at Northwestern University's Pritzker School of Law as part of the curriculum on securities law, covering expert witness roles and analyzing investment account performance and damages in litigation. READ MORE

MEET OUR NEWEST MEMBERS! (Read their full profile on SER's website, where you can also access their contact info and website. Better yet, reach out and connect with them!)

Alan (Willie) Borst Jr., JD, CPCU, ARe is an attorney and career insurance professional specializing in Director & Officer and other professional lines, with a focus on public company D&O exposure to securities law claims. READ MORE

Braden Perry, JD, CAMS, QRD is a securities and commodities attorney, consultant, and expert witness. A former Chief Compliance Officer and Senior Trial Attorney with the U.S. CFTC, his experience spans futures, derivatives, digital assets, and regulatory compliance. READ MORE

Antonio Rega,  CFE, EnCE, CCE, CCA, TRM-CI is digital forensics, information security/privacy, emerging technology, and discovery expert with over 20 years of experience advising corporations and law firms. READ MORE

If you have a potential member to nominate, please contact SER's Membership Chair David Hinman (davidconradhinman@outlook.com) or visit our Become a Member page.

SER ACTIVITIES-WHAT'S CIRCLING AT THE ROUNDTABLE?

(ed: SER’s Committees are composed of two Board Members, and most have one or more members at large. See our Committees .)

2026 Annual Member Meeting & Expert Conference

2026 Annual Member Meeting & Expert Conference will return to Washington D.C. on August 6-7th. Following last year's member feedback, President-Elect and Conference Chair Jerry DeNigris will once again populate sessions with industry attorneys on timely topics for experts. Registration will open later this month! 


Attorneys interested in meeting SER member experts,

RVSP to be our guest at Thursday's reception and/or dinner!

PRACTICE MANAGEMENT TIPS!
Contributors: Practice Management Committee members/Veteran SER Members (ed: Helpful tips from seasoned experts relating to operating a successful expert practice.)

Practice Management Committee (PMC) Webcasts

Previous PMC Webcasts in the 2026 Series

Attorneys can Search for, Contact & Engage Experts Directly

1. View all Member Experts
2. Search for Specific Qualifications with Key Words
3. Cast a wide net by sending a message to Executive Director Patricia Koetting (controller@securitiesexpert.org) with your request to be distributed to All Member Experts.

SER is a resource for attorneys seeking consulting and testifying experts.

Members provide services individually and not under SER's umbrella.

SER does not participate in fee arrangements or engagements.

Membership in Securities Experts Roundtable


Membership in SER offers a unique opportunity for professional development, peer collaboration, and industry insights—different and complementary to expert referral groups, which many of our members are also connected. Since 1993, SER has provided continuing professional education and promoted ethics and integrity among its members while remaining dispute neutral as an organization.

If you’re serious about your expert witness journey, SER is where it all comes together. For more information, visit our website!

EVENTS, STATISTICS & RESOURCES

Contributor: Patti Koetting (pkoetting@gmail.com) (ed: Events, products and services that may be useful to members in their professional activities. Unless specifically stated, SER does not endorse or sponsor any of the products and services mentioned herein.)

You are receiving this newsletter because of your professional interest in securities litigation, arbitration, and financial dispute resolution. We send updates no more than quarterly to share thought leadership, expert witness insights, and opportunities to connect with our network.

We never share or sell your information. You may unsubscribe at any time using the link below. This newsletter is provided for informational purposes only and does not constitute legal advice. 

Note: The Contributors are members of the SER Public Relations Committee. They have designed this newsletter for the membership and worked to gather material for this issue. Members can help by sending Contributors information and suggestions for content in future issues. Members should also visit SER's "Newsroom" section of the Website periodically, as many of the items that appear here will be first posted in the Newsroom.

Copyright 2026 Securities Experts Roundtable - publication appears four times a year and is available as a membership benefit to experts of the Securities Experts Roundtable. Comments - suggestions welcome. Email Newsroom@securitiesexperts.org with comments.

Mission Statement: SER provides continuing professional education and promotes ethics and integrity among its members while remaining dispute neutral as an organization.

Disclaimer: This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. The publisher is not engaged in rendering legal, accounting or other professional service or advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. The views expressed are those of the individual presenters in their individual capacities only and are not necessarily the views of their respective employers or SER. All content is provided “as is” and may not constitute the most up-to-date information and may not be free from errors. SER expressly disclaims any and all liability with respect to actions taken or not taken based on the content of these programs. SER, its officers and directors offer no opinion about the views expressed in these works and assume no responsibility for the accuracy of any representations or factual assertions contained in the works.