On January 27, 2026, the U.S. Department of Health and Human Services Office of Inspector General (the OIG) issued a Special Advisory Bulletin (the Bulletin) addressing the application of the federal anti-kickback statute (the AKS) to direct-to-consumer (DTC) prescription drug sales. 

The Bulletin, the OIG’s first Special Advisory Bulletin since September 2014, was issued in response to the proliferation of DTC programs. The Bulletin, which sets forth the framework under which a manufacturer’s DTC program presents a low risk of violating the AKS, is viewed by the growing DTC industry as favorable guidance. DTC programs offering modern weight-loss medications, such as GLP-1 drugs, are becoming increasingly popular, and the Bulletin provides a helpful framework to support the viability of these programs. 

The OCC, Federal Reserve, and FDIC jointly issued an FAQ that establishes how tokenized securities are treated under the existing U.S. capital framework.

Marking the first comprehensive update in eight years, the SEC’s Division of Enforcement (the Division) released a revised edition of its Enforcement Manual (the 2026 Manual). SEC Chairman Paul Atkins called the update a “long-overdue step,” and Division Director Margaret Ryan said the changes are intended to “ensure greater uniformity” and “reflect the Division’s best practices.” Although the 2026 Manual has many changes from the previous version, some will have a greater impact. In this article, we highlight the most significant revisions and discuss their practical implications.