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.
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Minnesota enacts law authorizing banks and credit unions to offer ‘virtual-currency custody services’
On May 14, the Minnesota governor signed HF 3709 into law, authorizing state-chartered banking institutions and credit unions to provide virtual-currency custody services. The law defines “virtual-currency custody services” as “safekeeping, controlling, or managing virtual currency, or the cryptographic private keys used to access virtual currency, on behalf of another person.”...By: Orrick, Herrington & Sutcliffe LLP
[Video] From the Editor’s Desk: Aaron Nicodemus on the May and June in Compliance Week
In this episode of ‘From the Editor’s Desk,’ Tom Fox visits with Aaron Nicodemus to discuss highlights from Compliance Week in May, review the National Conference, which concluded in May and take a look at what is coming down the pike in June in Compliance Week. They report that federal enforcement is not receding but shifting, with heightened risk from Foreign Terrorist Organization (FTO) designations affecting companies operating in Mexico, Latin America, and Brazil; increased and novel use...By: Thomas Fox - Compliance Evangelist
FINRA launches review of higher-risk structured product recommendations and concentration practices
On May 19, FINRA announced that it will conduct a review of how certain member firms oversee and recommend higher-risk structured products, with a particular focus on non-principal protected “worst-of” structured notes. In its letter to affected firms, FINRA defined “worst-of” structured notes as “principal-at-risk structured notes that may result in a reduction or cessation in interest payments, and/or a reduced return of principal at maturity, based on the worst-performing asset in a group of...By: Orrick, Herrington & Sutcliffe LLP
FCTM Breaking News: CFTC Approves U.S. Bitcoin Perpetual Futures Contract and Issues Related Guidance
On May 29, 2026, the Commodity Futures Trading Commission (CFTC) took a series of coordinated actions to establish a domestic regulatory framework for perpetual contracts on digital commodities. On May 29th, the CFTC: (1) approved KalshiEX LLC's bitcoin perpetual futures contract (BTCPERP), (2) issued a policy statement addressing the listing of perpetual contracts by other exchanges, (3) published a staff advisory on 24/7 trading and clearing operations, and (4) released an interpretive...By: Lowenstein Sandler LLP
ESMA consultation on updated CSDR guidelines on standardised procedures and messaging protocols
The European Securities and Markets Authority (ESMA) has published a consultation paper on amendments to its guidelines on standardised procedures and messaging protocols used between investment firms and their professional clients under Article 6(2) of the Central Securities Depositories Regulation (CSDR). This forms part of ESMA's work to support market participants in preparing for the transition to a T+1 settlement cycle. ESMA is proposing to amend the guidelines in light of the proposed...By: A&O Shearman
Court enters stay in challenge to 2023 CFPB small business lending rule, parties to dismiss once revised rule takes effect
On May 22, the U.S. District Court for the Eastern District of Kentucky entered an agreed order staying an action challenging the CFPB’s 2023 Small Business Lending Rule until June 30. The order notes that on May 1, the CFPB published a reconsidered Small Business Lending rule under Section 1071 of the Dodd-Frank Act, which revises certain aspects of the Bureau’s 2023 rule, with an effective date of June 30....By: Orrick, Herrington & Sutcliffe LLP
Executive Order Signals Major Shift in Federal Expectations for AML, Customer Identification, and Credit Underwriting
President Trump’s May 19, 2026 executive order, Restoring Integrity to America’s Financial System, directs Treasury, FinCEN, the CFPB, and the federal banking agencies to reassess how financial institutions identify and manage risks associated with non-work authorized populations and related cross border financial activity. The order reflects a significant shift in federal expectations across BSA/AML compliance, customer identification, and consumer credit underwriting....By: Ballard Spahr LLP
HL UK Pensions Law Digest 29 May 2026
A bite-sized summary of recent UK pension news Welcome to our latest update, in which we cover: Virgin Media remedy: the Financial Reporting Council publishes updated guidance The Financial Reporting Council (FRC) has published updated guidance for actuaries dealing with historic amendments to pension scheme rules following the Virgin Media judgement; Pensions Ombudsman (TPO): building on solid foundations TPO’s chair reflects on progress made and challenges ahead...By: Hogan Lovells
House Financial Services subcommittee examines bank-fintech partnerships
On May 20, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a hearing titled “Partnering for Innovation: How Bank-Fintech Collaborations Enhance Financial Infrastructure.” Subcommittee Chairman Rep. Bryan Steil (R-WI) noted that bank-fintech partnerships “are a win-win,” combining the “technological expertise of software developers” with the consumer protections and compliance infrastructure of regulated banks....By: Orrick, Herrington & Sutcliffe LLP
United States: SEC’s Updated Qualified Client Standards Take Effect 29 June 2026
The United States Securities and Exchange Commission’s (SEC) inflation adjustment to the qualified client thresholds under Rule 205-3 of the Investment Advisers Act of 1940 will become effective on 29 June 2026, and will carry important implications for SEC-registered investment advisers (RIAs) that charge performance-based compensation tied to capital gains or investment appreciation....By: K&L Gates LLP
Fitting Alternative Assets with ERISA DC Plans: More Takeaways from DOL’s Proposed 401(k) DIA Selection Rule
The US Department of Labor’s proposed rule on Fiduciary Duties in Selecting Designated Investment Alternatives would establish a new process-based safe harbor for fiduciaries selecting 401(k) investment options. As covered in our April 2026 LawFlash, the DOL issued a proposed rule in March 2026 (the Proposed Rule) that addresses fiduciary decision-making in selecting ERISA-covered defined contribution (DC) plan investment options....By: Morgan Lewis
Fed Governor Barr calls for outcome-focused financial health metrics at scale
On May 20, Fed Governor Michael Barr delivered remarks on measuring and improving consumer financial health. Barr noted that while approximately 96 percent of American adults now have a bank account, only roughly 31 percent report feeling “financially healthy,” and emphasized that financial access alone does not guarantee positive outcomes....By: Orrick, Herrington & Sutcliffe LLP
Navigating AI Investment and Adoption in a Maturing Market
Zain Rizvi recently moderated a panel titled “AI Investment Decisions in Practice” at Invest Canada 26. The panel, which included Kory Jeffrey from Inovia Capital and Laura Moss from Cohere, focused on how investors (Inovia) and operators (Cohere) are evaluating AI companies in practice, particularly as the market moves from broad excitement around AI to a more disciplined focus on adoption and durability....By: Davies Ward Phillips & Vineberg LLP
MoFo's Financial Markets & Innovation #15
Please see below for this week’s Financial Markets & Innovation Weekly Update from Morrison Foerster, tracking how emerging technologies are reshaping financial markets and how U.S. and global regulators are responding. Covering developments across digital assets, prediction markets, artificial intelligence, and next-generation trading infrastructure, this update highlights key regulatory actions, enforcement activity, policy signals, and related market structure implications....By: Morrison & Foerster LLP
EC publishes report on commodity derivatives market
The European Commission (EC) has published a report on its assessment of the markets for commodity derivatives, emission allowances and derivatives of emission allowances under Article 90(5) of the MiFID II Directive, as amended by MiFID III. The report is addressed to the European Parliament and the Council of the EU. Input was provided by the European Securities and Markets Authority (ESMA) and the Agency for the Cooperation of Energy Regulators (ACER). The European Banking Authority (EBA) did...By: A&O Shearman
International central banks and financial institutions announce ‘successful’ tokenized cross-border payment prototype test
On May 27, the Bank for International Settlements and the Institute of International Finance published a report on “Project Agorá,” a public-private collaboration that, according to its participants, demonstrates how tokenization and programmable technologies can address “persistent inefficiencies” in wholesale cross-border payments, which the report notes remain slow, costly and opaque due to “sequential processing” across multiple intermediaries in the correspondent banking system....By: Orrick, Herrington & Sutcliffe LLP
[Audio] Nationwide Shifts in Background Checks: New York’s Credit Ban, Virginia's Sealed Records Law, and Federal FCRA Reform — FCRA Focus Podcast
In this episode of FCRA Focus, hosts Kim Phan and Dave Gettings are joined by colleague Tim St. George to unpack major legislative developments impacting employment background screening. They discuss New York's new statewide ban on the use of consumer credit history in most hiring and employment decisions, Virginia's upcoming requirements for background screening businesses, and emerging federal proposals that could reshape FCRA liability, reseller obligations, and the reporting of criminal and...By: Troutman Pepper Locke
DOJ and CFTC Bring Another Insider Trading Case Involving Prediction Markets
Recent enforcement actions by the U.S. Attorney's Office for the Southern District of New York (SDNY) and the Commodity Futures Trading Commission (CFTC) highlight growing scrutiny of insider trading on prediction market platforms—as previously highlighted in our Insight published earlier this month....By: Davis Wright Tremaine LLP
SEC Proposes Significant Reforms to Registered Offering Framework
On May 19, 2026, the Securities and Exchange Commission (SEC) proposed sweeping amendments to its rules and forms governing registered offerings. The proposed amendments represent a significant modernization of the registered offering framework. If adopted, these reforms could reshape which companies can access the most efficient forms of public capital raising and how quickly they can do so....By: Foley & Lardner LLP
Brazil: The Next Front in the Battle Against FTOs - Implications for U.S. and Brazilian Businesses of the Designations of Brazilian Criminal Organizations PCC and CV as Foreign Terrorist Organizations
The Trump Administration opened a new front in its battle against FTOs on May 28, 2026 when the U.S. Department of State designated Brazilian criminal groups Comando Vermelho (“CV”) and Primeiro Comando da Capital (“PCC”) as Specially Designated Global Terrorists (“SDGTs”) and announced its intention to designate both groups as Foreign Terrorist Organizations (“FTOs”), effective June 5, 2026......By: King & Spalding
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