News from the economy, politics and the financial markets
In this section of our news section we provide you with editorial content from leading publishers.
Latest news
State Attorneys General Launch New BNPL Inquiry
On December 1, Attorneys General from Connecticut, North Carolina, California, Colorado, Illinois, Minnesota, and Wisconsin sent letters to certain buy now pay later (BNPL) providers requesting information related to their loan products. The Attorneys General are seeking to understand issues related to BNPL and whether BNPL providers may be violating applicable consumer protection laws....By: Husch Blackwell LLP
SEC Advances Capital Formation and Tokenization Initiatives as Congress Passes Venture Capital Bills and Prudential Regulators Address GENIUS Act Implementation and Debanking
The House passed two capital formation bills aimed at easing securities regulations for venture capital funds, and the following day SEC Chair Paul Atkins outlined the Commission’s agenda to revive U.S. capital markets, including plans to introduce an “innovation exemption” for certain crypto-related activities. The SEC also convened a panel examining how tokenization could modernize the issuance, trading and settlement of public equities while ensuring that existing investor protections...By: Paul Hastings LLP
SBA Requires 8(a) Federal Contracting Program Participants to Produce Financial Records
On Friday, Dec. 5, the U.S. Small Business Administration (SBA) sent letters to all 4,300 8(a) Business Development Program (8(a) Program) participants requiring production of detailed financial records for the last three years. Contractors must comply with the SBA’s request by Jan. 5, 2026. Noncompliance may lead to loss of 8(a) Program certification, further investigation and remedial actions....By: Warner Norcross + Judd
Trump Accounts Get First Round of Guidance
On December 2, President Trump announced that a wealthy benefactor had committed to contribute $6.25 billion to seed certain Trump accounts, a new form of IRA for children under age 18. Trump accounts were codified under section 530A of the Internal Revenue Code by the One Big Beautiful Bill Act (OBBBA), and allow family members and others to contribute to an eligible child’s Trump account beginning July 4, 2026. Under OBBBA, the federal government will fund Trump accounts with a $1,000...By: Groom Law Group, Chartered
From “Operation Chokepoint 2.0” to Fair Banking: What the House Report Alleges and How the OCC Responded
On November 25, the House Financial Services Committee majority staff published Operation Chokepoint 2.0: Biden’s Debanking of Digital Assets, a detailed account of how, in the Committee’s view, federal prudential regulators between 2021 and early 2025 discouraged banks from serving lawful digital asset businesses through informal guidance, supervisory posture, and enforcement....By: Troutman Pepper Locke
New York’s Highest Court Says FAPA Applies Retroactively
Almost three years after New York’s “Foreclosure Abuse Prevention Act” (FAPA) changed how the six-year time clock applicable to mortgage actions starts and stops, the state’s highest court resolved a heavily litigated dispute, concluding that FAPA is, indeed, retroactive....By: Goodwin
When “Trust the Advisor” Isn’t Enough: Lessons from the Elanco TDF Case
I’ve always said, “You’re only one rigorous process away from averting a major fiduciary failure.” It’s one thing to trust your advisors — but completely another to delegate without oversight. So when I saw the article in NAPA – National Association of Plan Advisors titled “Suit Says Plan Sponsor ‘Uncritically Relied’ on Advisor TDF Choice,” I flipped back through the decades of plan-committee meetings I’ve sat in, the ones where we drilled into vendors and funds and saved clients from...By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Alberta Securities Commission Publishes 2025 Corporate Finance Disclosure Report
Each year, the Alberta Securities Commission (ASC) publishes its Corporate Finance Disclosure Report, providing important insights into the ASC’s areas of focus and offering practical guidance to reporting issuers in complying with their continuous disclosure obligations. The ASC recently released its 2025 Corporate Finance Disclosure Report (Report), which highlights key issues identified in the ASC’s continuous disclosure reviews, provides guidance on the ASC’s expectations in relation to...By: Blake, Cassels & Graydon LLP
Supercharging Defense Startups: How the SBIC & SBICCT Programs Unlock Funding Without Forfeiting Set-Asides
It’s no secret: the federal procurement system is undergoing major changes. The President’s “Revolutionary FAR Overhaul” is well underway, the Department of War (“DoW”) has recently announced that traditional program executive offices will be replaced with portfolio acquisition executives, and the Secretary of the Army, Dan Driscoll, made it clear at the most recent AUSA (Association of the United States Army) exposition that “We cannot . . . wait to innovate until Americans are dying on the...By: Maynard Nexsen
6 Key Takeaways | Update on Significant Unclaimed Property Issues
Kilpatrick’s Jordan Goodman presented an update on significant unclaimed property issues nationwide during a Council On State Taxation (COST) webinar on December 5, 2025....By: Kilpatrick
Council Of The EU And European Parliament Reach Provisional Agreement On EU Payments Package
The Council of the EU and the European Parliament have announced a provisional political agreement on the EU payments package. While the final texts of the third Payment Services Directive (PSD3) and the Payment Services Regulation (PSR) are not yet available, press releases indicate that negotiations centred on three key areas: fraud prevention, transparency and open banking....By: A&O Shearman
Key Takeaways From McGuireWoods’ 2025 Independent Sponsor Conference
McGuireWoods welcomed more than 1,600 attendees to Dallas for the 2025 Independent Sponsor Conference, the cornerstone of the firm’s independent sponsor initiative and preeminent gathering of independent sponsors and capital providers....By: McGuireWoods LLP
UK FOS Consults On Plans And Budget For 2026/27
The UK Financial Ombudsman Service (FOS) has launched a consultation on its plans and budget for 2026/27. Key proposals include increasing its case fee to GBP680 and compulsory levy to GBP86 million. The FOS has also announced that it will simplify its billing process for the next financial year by replacing the free case allowance with a monetary value of GBP2,000 for both respondent businesses and professional representatives....By: A&O Shearman
[Video] Compliance Tip of the Day - Monitoring of Internal Controls
Welcome to “Compliance Tip of the Day,” the podcast that brings you daily insights and practical advice for navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned compliance professional or just starting your journey, we aim to provide you with bite-sized, actionable tips to help you stay on top of your compliance game. Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your...By: Thomas Fox - Compliance Evangelist
Supreme Court to Decide Whether Section 47(b) Creates a Private Right of Action Under the Investment Company Act of 1940
On December 10, 2025, the United States Supreme Court will hear arguments in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. to resolve a circuit split and determine whether there is a private right of action for violations of the Investment Company Act of 1940, as amended (the “1940 Act”). The dispute concerns a shareholder of a registered investment company seeking to void bylaws adopted by the registered investment company’s board, but the Court’s ruling could have broad...By: Proskauer - Regulatory & Compliance
The Cinderella Effect: Transforming Quality Control in Financial Crime Compliance with AI
Let us say what compliance officers whisper in hallways but rarely commit to writing: Quality control (QC) in financial crime has been the organizationally orphaned stepchild for decades — not the kind that gets sympathy, but akin to Cinderella, relegated to the back office — expected to do the dirty work with only last year's budget scraps and a mandate to "just make sure we look good when the regulators show up" — but never invited to the ball....By: Ankura
HMT Issues 2025 Remit And Recommendations To FPC For 2025/26
HM Treasury (HMT) has published a letter from Rachel Reeves, Chancellor of the Exchequer, to Andrew Bailey, Bank of England Governor, setting out the remit and recommendations for the Financial Policy Committee (FPC) for 2025/26. The letter reaffirms the FPC's objectives to maintain UK financial stability and support the government's economic policy. The letter also highlights the need for regulation that balances resilience with growth, aligning with the Financial Services Growth and...By: A&O Shearman
2026 Outlook: AI, IPOs, and the New “Normal” in Venture & Private Equity
The 2026 outlook for market activity is cautiously optimistic amid ongoing challenges. Private equity firms are shifting to more hands-on, creative strategies to unlock liquidity in aging portfolios, with increased use of AI, continuation vehicles, and alternative financing as traditional exit avenues remain challenging....By: Foley & Lardner LLP
UK FCA Publishes Updated Forms And Checklists Ahead Of New UK Prospectus Regime
The UK Financial Conduct Authority (FCA) has published a new webpage with updated forms and checklists to support the UK's new Public Offers and Admission to Trading regime (POATR) which fully comes into force on 19 January 2026. The FCA's new sourcebook for admissions to trading on regulated markets, Prospectus Rules: Admission to Trading on a Regulated Market (PRM), also comes into force on 19 January 2026....By: A&O Shearman
Exercising caution in relying on the ‘Obligors’ Agent’ construct
Almost all credit agreements which are based on Loan Markets Association templates contain an ‘Obligors’ Agent’ provision, which is designed to help borrowers and finance parties to minimise the administrative burden of operating a credit agreement....By: King & Spalding
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