The Office of the Commissioner of Financial Institutions of Puerto Rico ordered Banex International Bank to cease operations immediately, revoked its license and appointed a receiver to liquidate it. The regulator found Banex insolvent, citing insufficient capital and liquidity, more than USD 24 million in unverified funds and over USD 18 million in related party receivables. It also proposed fines totaling USD 534,000, subject to administrative proceedings.

The FECI Commission, chaired by the Superintendency of Banks of Panama, updated three interpretive criteria and approved internal rules governing its operations and decision-making. The superintendency will formalize and publish approved criteria for entities subject to the regime and also presented the fund’s financial results as of June 30, 2026.

U.S. House Financial Services Committee Chairman French Hill and Senator Tom Cotton have introduced legislation providing small broker-dealers in good standing with relief from certain audit requirements. The bill is intended to reduce compliance costs for affected firms.

Commodity Futures Trading Commission Chairman Michael S. Selig directed staff to prepare rulebook changes permitting futures commission merchants to conduct cleared repo transactions involving customer funds before the June 2027 Treasury repo clearing deadline. He also called for more integrated oversight of Treasury cash and derivatives markets and continued work on cross-margining and capital treatment. Future policy will address tokenized collateral, stablecoins and product-specific safeguards for any expansion of 24/7 trading.

The U.S. Securities and Exchange Commission censured OTC Link LLC and imposed a USD 575,000 penalty for Regulation SCI policy and remediation failures that persisted from August 2016 through March 2025. The broker-dealer repeatedly failed to resolve deficiencies involving system security, access controls and vulnerability management despite multiple SEC examinations.

The Securities Commission of The Bahamas reported that financial regulators will hold a joint industry session before the country’s upcoming CFATF on-site assessment. The group also reviewed planned Crypto-Asset Reporting Framework legislation and coordinated work on sanctions reporting, financial literacy, cyber risk and artificial intelligence.

The Saudi Arabia Insurance Authority has barred United Cooperative Insurance Company from issuing or renewing policies across all insurance products, expanding earlier restrictions on compulsory and motor coverage. The company remains responsible for existing policies and related claims and must protect policyholders and beneficiaries.

The Argentina Securities Commission has finalized new rules for primary securities placements, strengthening transparency, conflict controls, investor identification and standardized reporting. The regime covers domestic placements and local tranches of international offerings, while excluding international placing agents that do not operate in Argentina.

The Financial Industry Regulatory Authority ordered American Portfolios to pay USD 1.23 million plus interest to 295 investors and fined the firm USD 400,000. Its inadequate supervision failed to detect repeated recommendations to sell unit investment trusts before maturity and buy new UITs, resulting in unnecessary sales charges and fees.

The Office of the Commissioner of Financial Institutions of Puerto Rico restricted Banex chairman and sole shareholder Luis A. Gasparini Sr. from controlling bank funds or disposing of assets allegedly financed with depositor money. The complaint seeks at least USD 13.78 million in restitution, USD 800,000 in fines and his removal and disqualification. The proposed sanctions remain subject to an administrative hearing on Oct. 6, 2026.