On December 9, 2025, the Financial Industry Regulatory Authority (FINRA) released both its:

  1. 2026 FINRA Annual Regulatory Oversight Report (the “Report”), and
  2. A companion FINRA Unscripted podcast (the “Podcast”), featuring senior FINRA leaders providing insights about the Report.

Links to the Report and Podcast are here:

2026 FINRA Annual Regulatory Oversight Report

Navigating the 2026 Regulatory Oversight Report: Key Insights from FINRA Leadership

The Podcast featured Ornella Bergeron (Acting Head of Member Supervision), Bill St. Louis (Head of Enforcement), and Feral Talib (Head of Market Oversight), with Bryan Smith (Acting Head of Strategic Intelligence) moderating the discussion.  FINRA also provided a written transcript of the Podcast for those who prefer to read the conversation. 

Click here to read the full GT alert.

Tags: FINRA, GT Insight
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Photo of Richard M. Cutshall Richard M. Cutshall

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of…

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of 1940, fund independent directors, unregistered investment companies, federally registered and state registered investment advisers, broker-dealers, and an array of public and private companies. He represents clients in all aspects of investment company practice, including organizing and forming new funds, registering investment companies with the SEC, the acquisition and merger of funds, and advising clients on the day-to-day aspects of corporate governance, board and adviser fiduciary responsibility, and SEC compliance.

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Photo of John Lukanski John Lukanski

For over 25 years, John Lukanski has worked on a nationwide basis with his broker-dealer, investment adviser, and other wealth management clients to support their business needs and handle their challenging and complex matters. These matters have included internal investigations, regulatory investigations by…

For over 25 years, John Lukanski has worked on a nationwide basis with his broker-dealer, investment adviser, and other wealth management clients to support their business needs and handle their challenging and complex matters. These matters have included internal investigations, regulatory investigations by the SEC, FINRA and state regulators, and litigation and FINRA arbitrations. He also has provided compliance and regulatory counseling to his clients, and helped his clients work through FINRA Rule 4530 and U4/U5 disclosure issues.

In addition, large financial institutions, such as deposit and commercial banks and trust companies, have sought John’s services in the courts, to defend their interests in high-stakes litigation. These matters have included defending allegations of fraud, fiduciary liability, breach of contract, and business-related torts. John also has handled many cases in both federal and state courts involving restrictive covenants.

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Photo of William Mack William Mack

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority

…

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority (FINRA) rules.

William’s practice involves all aspects of broker-dealer regulation, including Self-Regulatory Organization (SRO) membership, supervision, employment, research, soft dollar arrangements, chaperoning of foreign broker-dealers, social media, use of foreign finders, anti-money laundering rules, alternative trading systems (ATS), exchanges, and market making issues. He also provides regulatory guidance to investment banking clients in connection with securities offerings and related trading issues.

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Photo of Steven M. Malina Steven M. Malina

Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors,

…

Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors, broker-dealers, investment advisors, commercial banks, investment banks, investment management firms, and public issuers in investigations and disciplinary proceedings initiated by the SEC, CFTC, FINRA, FDIC, NYSE, CBOE, CME, and state regulators. In addition, Steve represents clients in related investor class-action, derivative, and other litigation and arbitration. He has also conducted internal investigations on behalf of publicly traded companies and represented committees and executive officers in internal investigations. Steve has represented brokerage firms and their management in customer-initiated cases, and injunction and arbitration proceedings.

Prior to entering private practice, Steve served as First Vice President and Deputy Regional Counsel for a large financial corporation and was a Senior Attorney in the Branch of Enforcement of the U.S. Securities and Exchange Commission.

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