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2025 State AG Year in Review
State attorneys general (AGs) are among the most active and influential regulators in the U.S., using broad statutory authority, political visibility, and growing technical knowledge to shape policy and enforcement across sectors. In 2025, they asserted their authority to shape the legal and regulatory environment across the U.S. through aggressive and coordinated action. Despite changing regulatory and political priorities, AGs continued to respond quickly to constituent concerns, tested new...By: Troutman Pepper Locke
UK House of Lords Committee Report On Growth Of UK Private Markets And Impact On Financial Stability
The House of Lords Financial Services Regulation Committee has published a report titled "Private markets: Unknown unknowns". The report highlights the rapid global expansion of private markets and raises concerns about the implications of this growth for the UK's financial stability. The Committee's inquiry focused on identifying the drivers of the expansion of private markets and assessing its potential consequences....By: A&O Shearman
UK FCA Update On Advice Guidance Boundary Review – Targeted Support Policy Sprint
The UK Financial Conduct Authority (FCA) has published an update on its advice guidance boundary review – targeted support policy sprint. The six-week sprint, launched in February 2025, brought together 12 firms, including retail banks, investment platforms and wealth managers, to test the FCA's targeted support proposals. As a reminder, the new regulated activity of targeted support aims to allow authorised firms to provide recommendations for pre-defined consumer segments with common needs or...By: A&O Shearman
CSSF Circular 25/901: A simplified and modernized framework for Part II UCIs, SIFs and SICARs with proportionate protections per investor-type
The CSSF’s Circular 25/901 (Circular) consolidates and modernizes the supervisory framework for Luxembourg SIFs, SICARs and Part II UCIs. It replaces several longstanding circulars and codifies CSSF expectations across investment limits, risk-spreading, borrowing, efficient portfolio management, disclosures and operational mechanics, with a risk-calibrated approach tied to investor sophistication....By: A&O Shearman
CRD VI Lands In Italy: A Snapshot Of The Main Changes And Transitional Pathways
On January 8, 2026, Legislative Decree no. 208 of December 31, 2025, was published in the Italian Official Gazette and, save for certain provisions, came into force on January 9, 2026 (hereinafter, the Decree). The Decree transposes into Italy Directive (EU) 2024/1619 (CRD VI) and aligns the domestic framework with Regulation (EU) 2024/1624 (i.e., CRR III), amending the Italian Consolidated Banking Act (ICBA) and the Italian Consolidated Financial Act (ICFA)....By: A&O Shearman
FDIC Unveils Application Process for Stablecoin Issuers Under the GENIUS Act
Banks interested in issuing stablecoins or otherwise operating in a manner which may require licensure (as described below) should now consider the requirements to satisfy their obligations under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act....By: FBT Gibbons LLP
FinCEN Issues Final Rule to Postpone Effective Date of Investment Adviser Rule to 2028
Welcome to Goodwin’s Financial Services News Roundup. Our newsletter highlights important legal, regulatory, and business developments related to financial services and banking....By: Goodwin
IPI Partners, LLC Pays $11.5 Million Penalty for Apparent Violations of Ukraine-/Russia-Related Sanctions Involving Russian Oligarch
On December 2, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with IPI Partners, LLC (“IPI”), a Chicago-based private equity firm specializing in data centers, for apparent violations of the Ukraine-/Russia-Related Sanctions Regulations....By: Stankie Law
NYDFS Regulated Entities Face Stronger Cybersecurity Regulations
The New York Department of Financial Services (“NYDFS”) implemented the final phases of amendments to its NYDFS Cybersecurity Regulation (23 NYCRR Part 500) in May and November....By: Ropes & Gray LLP
The new sheriff is in town – AMLA officially received supervisory powers from EBA
As of 1 January 2026, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has taken over the AML/CFT-related powers and mandates from the European Banking Authority (EBA)....By: McDermott Will & Schulte
Structural Innovation: Master Trusts in Aircraft ABS Transactions
The aviation asset-backed securitization (ABS) market continues to strengthen. Aviation ABS activity in 2025 exceeded US$10.3 billion in public issuances across 16 deals, and several first-time issuers entered the market....By: Vinson & Elkins LLP
Alternative Asset Investment Rule Nears Release
This morning, the White House Office of Management and Budget announced that it has received the proposed rule, “Fiduciary Duties in Selecting Investment Alternative[s]” (the “Proposal”). The Proposal responds to President Trump’s Executive Order, “Democratizing Access to Alternative Assets for 401(k) Investors” (August 7, 2025) (the “Executive Order”)....By: Groom Law Group, Chartered
Supreme Court to Clarify SEC Disgorgement Standards Amid Circuit Split
Seeking to resolve a long-running circuit split regarding the proof of investor harm by the Securities and Exchange Commission (SEC) for purposes of a disgorgement order, the Supreme Court has agreed to hear the appeal of SEC v. Sripetch, recently decided by the Ninth Circuit....By: Parker Poe Adams & Bernstein LLP
Asset Freezes In Germany: What International Companies Need To Know
German authorities are increasingly using asset freezes as a powerful tool in anti-corruption enforcement, with ripple effects that can impact a company’s operations worldwide. German subsidiaries or business operations could face sudden account freezes that threaten liquidity, disrupt operations, and damage reputations, all before a final judgment is rendered....By: DLA Piper
EU and Luxembourg Update on the European Harmonised Rules on Artificial Intelligence—Recent Developments
The European Union (EU) is ushering in a new era of artificial intelligence (AI) regulation with the introduction of the AI act dated 13 June 2024 (AI Act), a comprehensive framework designed to govern the development, deployment, and use of AI systems across the EU....By: K&L Gates LLP
UK Financial Insights from Katten | Issue 29
UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....By: Katten Muchin Rosenman LLP
[Video] 31 Days to a More Effective Compliance Program: Day 20 - Third Party Risk Management Process
Welcome to 31 Days to a More Effective Compliance Program. Over this 31-day series in January 2026, Tom Fox will post a key component of a best-practice compliance program each day. By the end of January, you will have enough information to create, design, or enhance a compliance program. Each podcast will be short, at 6-8 minutes, with three key takeaways that you can implement at little or no cost to help update your compliance program. I hope you will join each day in January for this...By: Thomas Fox - Compliance Evangelist
Australia’s Critical Minerals Reserve: AUD1 Billion Boost For Supply Chain Security
On 12 January 2026, the Australian Federal Government announced new details in relation to its proposed Critical Minerals Strategic Reserve (the Reserve) which will secure the supply of key minerals vital for Australia’s economy, national security and support the Future Made in Australia ambitions....By: DLA Piper
Balancing Retail Private Market Access and Investor Protection: SEC Committee Weighs Regulatory Remix
On September 18, 2025, the SEC’s Investor Advisory Committee (IAC) published a major report outlining its recommendations for facilitating increased participation by retail investors in private investment markets. In recent months, significant pressure for increased access has come from numerous sources, making it important and timely to consider what protections for retail investors can and should accompany any increase....By: Carlton Fields
Investment and M&A
China’s consumer sector entered a period of transition in 2025, marked by shifting consumption patterns, evolving regulatory expectations, and ongoing portfolio realignments across the industry. Against this backdrop, market participants have been exploring new growth areas and adapting their M&A strategies to navigate changing market conditions. While overall liquidity remained tight and some investors were cautious, the sector has continued to offer selective opportunities, particularly in...By: Herbert Smith Freehills Kramer
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