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CyberEyeQ Daily · Friday, May 8, 2026

Actionable Regulatory Intelligence

Today's Focus · Financial Regulation & Compliance

Today's Top Story

SEC charges 21 in decade-long M&A insider-trading sweep

On May 6, the SEC unsealed charges against 21 individuals — including Los Angeles M&A attorney Nicolo Nourafchan and his partner Robert Yadgarov — for misappropriating material non-public information from multiple global law firms covering more than a dozen pending corporate transactions between 2018 and 2024. The U.S. Attorney's Office for the District of Massachusetts filed parallel criminal charges, with investigative help from FBI, FINRA, and counterparts in Denmark, the U.K., Cyprus, Mauritius, and Switzerland.

The case is a sharp reminder that outside-counsel information barriers, deal-team monitoring, and Rule 10b5-1 plan governance are squarely in the SEC's enforcement crosshairs — even (especially) when the alleged tipper is a partner at a major firm.

What to do: Refresh outside-counsel attestations, re-test deal-watch lists against trading by partners' family members and associates, and confirm 10b5-1 plan cooling-off periods are documented for every executive.

Also Today

FSB sounds the alarm on private credit

The FSB's first dedicated report on private credit (May 6) sizes the market at $1.5–2 trillion as of end-2024, flags concentration, leverage and untested credit-quality risk, and pegs bank-extended drawn-and-undrawn credit lines to private credit funds at roughly $220 billion (commercial data suggests up to 2×). Banks and insurers should expect supervisory data requests — start mapping fund, feeder, and SRT exposures now.

Basel III "endgame" comment window closes June 18

The Fed/OCC/FDIC re-proposal (March 19) projects CET1 reductions of roughly 4.8% for GSIBs, 5.2% for large regionals, and 7.8% for smaller institutions — the opposite direction from the rescinded 2023 NPRM. With the deadline 41 days out, capital-planning, CCAR, and FFIEC 101/102 teams should already be converting impact estimates into a comment letter and a re-baselined 2027 day-1 plan.

CFTC brings first-ever insider-trading case on a prediction market

On April 23, the CFTC charged Master Sergeant Gannon Ken Van Dyke with using classified information about a U.S. operation targeting Venezuelan President Nicolás Maduro to net more than $400,000 trading "Maduro Out" event contracts on Polymarket. SDNY filed parallel criminal charges. Every event-contract platform should now treat its listing rules, surveillance, and information-barrier expectations like a broker-dealer venue's.

One Thing to Do Today: Send your M&A-deal counsel a one-page reminder of the firm's information-barrier and personal-trading attestations, and ask each partner to re-confirm in writing within 10 business days. Today's SEC sweep is a low-cost prompt to close a high-cost gap.

Coming up: Saturday — no daily briefing. We resume Monday with Cybersecurity, Data Security & Cloud Security, including CISA's CI Fortify initiative and the still-pending CIRCIA final rule.

CyberEyeQActionable Regulatory Intelligence
Questions, tips, or feedback? [email protected]

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