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UK regulators finalize amendments to bilateral margin requirements for non-centrally cleared derivatives under UK EMIR
On November 27, 2025, the UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint policy statement finalizing amendments to the bilateral margin requirements for non-centrally cleared derivatives under UK EMIR (Policy Statement). The Policy Statement amends the UK version of the Binding Technical Standards 2016/2251 and the amendments became effective on the same day....By: Eversheds Sutherland (US) LLP
Fifth Circuit Securities Litigation Quarterly: fourth quarter 2025
Welcome to the Q4 2025 edition of A&O Shearman’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation team continues to monitor key developments and help our clients navigate the unique landscape for federal securities litigation in the Fifth Circuit. In our Q4 edition, we cover one new case filing, three district court decisions on pleading stage and class certification issues, and...By: A&O Shearman
SRB Finalises Expectations On Valuation Capabilities
The Single Resolution Board (SRB) has published its expectations on valuation capabilities (EoVCs). Crisis readiness and, in particular, valuation in crisis, is a key element of the Single Resolution Mechanism's Vision 2028 strategy. The aim of the EoVCs is to ensure that a minimum expected set of data is available to the SRB on a permanent basis to support valuations. Banks are expected to consider the expectations when implementing Principle 5.2 of the SRB's Expectations for Banks which...By: A&O Shearman
UK Prospectus Regime: What Changes for Debt Issuers on 19 January 2026?
On 19 January 2026, the new UK prospectus regime, implemented under the Public Offers and Admissions to Trading Regulations 2024 (“POATRs”) and accompanying UK Financial Conduct Authority (“FCA”) rules, will come into effect....By: Baker Botts L.L.P.
SEC Staff Issues No-Action Letter for DTC’s Tokenization Pilot
The no‑action relief opens the door to experimentation with blockchain-based market infrastructure while preserving traditional securities market safeguards....By: Latham & Watkins LLP
Key Considerations For The 2026 Annual Reporting And Proxy Season: Your Upcoming Form 10-K
Each year in our Annual Memo, White & Case’s Public Company Advisory Group provides practical insights on preparing Annual Reports on Form 10-Ks, Annual Meeting Proxy Statements and, for FPIs, the Annual Report on Form 20-F. This installment of our Annual Memo will focus on preparations for your Form 10-K, divided into two sections: Annual Report on Form 10-K Housekeeping Considerations in Part I below, and Disclosure Considerations in Part II below....By: White & Case LLP
CFS Bites of the Month - 2025 Annual Review - Auto Finance
In this article, we share a timeline of monthly "bites" for 2025 applicable to the auto finance industry....By: Hudson Cook, LLP
UK FCA Engagement Paper On Market Risk Capital Requirements For FCA Investment Firms
The UK Financial Conduct Authority (FCA) has published an engagement paper launching a review of market risk capital requirements for FCA investment firms. The IFPR sets specific prudential requirements for FCA investment firms, including rules on how much capital they must hold to cover potential losses from investments....By: A&O Shearman
UK FCA And PSR Joint Update On Delivery Of Commercial Variable Recurring Payments
The UK Financial Conduct Authority (FCA) and the UK Payments Systems Regulator (PSR) have published a joint update on the delivery of commercial variable recurring payments (cVRPs) as part of their open banking work. VRPs are an open banking technology that allow users to securely authorise trusted third parties to manage recurring transactions. The summary report highlights significant progress in 2025, with VRPs now accounting for 16% of open banking transactions, with much of the growth...By: A&O Shearman
[Video] 31 Days to Effective Compliance Program: Day 6 - The M&A Safe Harbor Policy
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
Governor’s Veto Limits NY LLC Transparency Act to Non-US LLCs Authorized to Do Business in New York
On December 19, 2025, New York Governor Kathy Hochul vetoed SB S8432, a bill to amend the New York LLC Transparency Act (NYLTA), such that the NYLTA applies only to limited liability companies (LLCs) formed under the laws of a foreign country that are authorized to do business in New York....By: Morgan Lewis
[Video] AI Today in 5: January 6, 2026, The TRAIGA Edition
Welcome to AI Today in 5, the newest addition to the Compliance Podcast Network. Each day, Tom Fox will bring you 5 stories about AI to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the AI Today In 5. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest about AI. Top AI stories include: • TRAIGA in Texas. (WRAL News):...By: Thomas Fox - Compliance Evangelist
Congress Passes Expanded Outbound Investment Controls and Broader Sanctions Authorities
U.S. sanctions and trade controls that target “countries of concern” – including Russia, Iran, North Korea, Venezuela and China (including Hong Kong and Macau) – are poised to have a more significant impact on international investment flows in 2026. Fund managers, investment advisers, joint venture partners, investors and other persons subject to US jurisdiction will need to screen investments carefully to ensure compliance with these rules and mitigate growing enforcement risks. Understanding...By: Seward & Kissel LLP
IRS Provides Initial Guidance Regarding Trump Accounts
The IRS recently issued guidance in anticipation of the rollout of Trump Accounts in 2026. Trump Accounts are investment accounts for individuals under the age of 18 that function similarly to Individual Retirement Accounts (IRAs)....By: Venable LLP
Public-Private Partnerships in Real Estate: Building Strong Foundations, Navigating Risk and Embracing Emerging Trends
Since the White House released on July 23, 2025, “Winning the AI Race: America’s AI Action Plan”—issued under Executive Order 14179, “Removing Barriers to American Leadership in Artificial Intelligence”—there has been growing activity in support of the Plan, including by Big Tech. The Plan addresses a myriad of AI-related initiatives, including several infrastructure policies. Among its potential impacts is a surge in public-private partnerships (P3s)....By: Pillsbury Winthrop Shaw Pittman LLP
Market Structure Momentum Carries Into the New Year as CFTC Leadership Transitions
In the final weeks of 2025, digital asset policy developments continued in Congress and the federal agencies. Senate Banking Committee Chairman Tim Scott (R-SC) released his 2025 Year-in-Review Report, highlighting key accomplishments from the first session of the 119th Congress, including progress on digital asset market structure legislation, with a markup planned for January. Rep. Maxine Waters (D-CA) sent a letter to House Financial Services Committee Chairman French Hill (R-AK) requesting...By: Paul Hastings LLP
Investors Prepare to Navigate FDA Crosswinds Ahead of the J.P. Morgan Healthcare Conference
It's that time of year again: JPM Week in San Francisco, California. As one of the largest health care conferences in the world, industry decision-makers will come together to pressure-test business plans, preview pipelines, and explore fresh investment opportunities across the sector....By: Troutman Pepper Locke
Navigating Venezuela’s New Reality: 10 Actions to Fortify Your Business and Investment Strategy
Venezuela has entered a phase of profound uncertainty marked by rapid political change, heightened enforcement risk, and an evolving regulatory environment shaped largely by external actors. Recent U.S. actions against the Maduro regime, including the capture and transfer of Nicolás Maduro to U.S. custody to face criminal charges, have accelerated a transition that was already underway, fundamentally altering the risk calculus for companies considering entry, re-entry, or expansion in the...By: Guidepost Solutions LLC
UK FCA And PSR Joint Response To HMT's 2024 Recommendations On Payments Regulation
The UK Financial Conduct Authority (FCA) and UK Payments Systems Regulator (PSR) have issued a joint letter to HM Treasury (HMT) (dated 11 November) providing an update on their progress against the 2024 recommendations HMT set for payments regulation and outlining focus areas through to 2026....By: A&O Shearman
ESMA Public Statement On Transitional Provisions Under BMR Review
The European Securities Markets Authority (ESMA) has issued a public statement outlining transitional provisions under the Benchmark Regulation (BMR) review. Benchmarks provided by third-country administrators that apply for recognition or endorsement by 31 December may continue to be used in the EU unless ESMA refuses the application....By: A&O Shearman
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