On May 21, 2026, the SEC and the NFA entered into a Memorandum of Understanding (MOU) aimed at enhancing information sharing and minimizing duplicative regulatory efforts. It reflects their intent to “collaborate, cooperate, and share information in areas of common regulatory interest to facilitate their oversight of financial services firms and markets.” The MOU “establishes three key coordination mechanisms: (1) formalized information sharing on examinations, market conditions and regulatory issues; (2) periodic staff meetings to coordinate exam planning, risk assessment and supervisory priorities; and (3) robust confidentiality protections for shared nonpublic information,” Katten partner Carl Kennedy told the Hedge Fund Law Report. This article parses the MOU, with additional commentary on the implications of the MOU from Kennedy and Katten partner Michael Didiuk. See “NFA Issues New Rules on Use of Third Parties to Perform Members’ Regulatory Functions” (May 27, 2021).