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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United Kingdom: The Shifting Landscape of DB Pension Scheme Endgames
For many years, the story was straightforward: most DB pension schemes were in deficit, weighing heavily on employer balance sheets. The natural goal was buy-out; i.e., securing members' benefits through annuity purchase and winding up the scheme....By: Mayer Brown
Data Privacy and Cybersecurity - March 2026
Welcome to the fifth chapter of our annual report, Consumer Financial Services: 2025 Year in Review. In 2026, both federal and state enforcement agencies will likely maintain aggressive stances and continue to impose significant penalties for cybersecurity lapses....By: Goodwin
Second Circuit Curtails Securities Act Claims, Holding That Reverse Split Was Not a “Sale” and Post-Split Notes Could Not Be Traced
In Knapp v. Barclays PLC, No. 25-1631, 2026 WL 806009 (2d Cir. Mar. 24, 2026), the United States Court of Appeals for the Second Circuit handed down an important win for issuers, underwriters and other participants in the structured-products market. In a precedential opinion addressing issues the Court described as matters of first impression, the three-judge panel held that Barclays PLC’s (“Barclays”) mandatory 4:1 reverse split of certain exchange-traded notes (“ETNs”) did not constitute a...By: Sheppard, Mullin, Richter & Hampton LLP
Just How Stable are Stable Value Funds?
The Employee Retirement Income Security Act (ERISA) imposes significant responsibilities on fiduciaries in managing retirement plans. Historically, stable value funds may have been seen as an uncontroversial option for defined contribution retirement plans to include in their investment menus, but recently there has been an uptick in litigation questioning the selection of particular stable value funds....By: BCLP
Revisions to JMLSG Guidance
Following Board approval in January 2026, the Joint Money Laundering Steering Group (JMLSG) revised Part I of its guidance on anti-money laundering (AML) and counter-terrorist financing (CTF)....By: Ropes & Gray LLP
AI in Financial Services Litigation: What’s Now and What’s Next
Leading financial news publisher SmartBrief sat down with IMS Trial Consultant Michelle Cooper, JD, to discuss how AI is changing financial services litigation. Read the Q&A for insights on reducing AI-related exposure. Originally Published by SmartBrief....By: IMS Legal Strategies
Regulators Address Innovation and Technology at SIFMA Conference
At the 2026 Securities Industry and Financial Markets Association (SIFMA) Compliance & Legal Annual Seminar, held March 22–25 in Orlando, compliance experts, in-house and outside counsel and industry leaders joined representatives from multiple regulators, including SEC, CFTC and FINRA, to discuss key legal and compliance issues impacting the financial services industry today....By: Fried Frank
A Tale of Two Issues (of Disclosure): Cash-Sweep and Investment Practices
Last week, the SEC settled an enforcement action against an investment adviser (the "Investment Adviser") for breaches of fiduciary duty related to its robo-advisor accounts that were titled “Cash-Enhanced Accounts.”...By: Bressler, Amery & Ross, P.C.
[Video] The PFBCon Podcast: Podcasting as a Law Firm Growth Engine: How Hughes Hubbard & Reed Uses Branded Audio
Mike DeBernardis, Partner at Hughes Hubbard & Reed LLP, and Jess Weliwitigoda, Director of Marketing and Business Development at Hughes Hubbard & Reed LLP, discuss how the firm leverages its branded podcast, All Things Investigations, as a marketing and business development tool. They describe how the podcast originated from Mike’s appearances on Tom’s FCPA Compliance Report and evolved into a platform to showcase firm expertise, introduce new lawyers to clients and prospects, spotlight niche...By: Thomas Fox - Compliance Evangelist
México presenta ley para fomentar la inversión en infraestructura estratégica para el bienestar
La presidenta de México, Claudia Sheinbaum, presentó la iniciativa por la que se expide la Ley para el Fomento de la Inversión en Infraestructura Estratégica para el Desarrollo con Bienestar, así como reformas y adiciones a la Ley Federal de Presupuesto y Responsabilidad Hacendaria. La propuesta plantea la creación de un nuevo andamiaje jurídico e institucional orientado a detonar inversión en infraestructura estratégica bajo un enfoque de desarrollo con bienestar, articulando la participación...By: Holland & Knight LLP
AIFMD II – Practical Impact for Credit Funds
The implementation date for the revised Alternative Investment Fund Managers Directive (“AIFMD II”) on 16 April 2026 is fast approaching. The new rules introduce a harmonised framework for loan origination by alternative investment funds (“AIFs”) and will materially affect EU managers managing credit funds....By: Ropes & Gray LLP
UK Financial Conduct Authority continues to focus on private market funds
On 16 March 2026, the UK Financial Conduct Authority (FCA) published its Regulatory Priorities Report for the Wholesale Buy Side sector (the Report)....By: McDermott Will & Schulte
FCA priorities report - Key takeaways for asset managers
On 19 March 2026, the FCA published both the Wholesale Buy Side and Wholesales Markets reports, forming part of the nine annual reports intended to replace the FCA’s prior portfolio letter approach for Board and CEOs....By: Ropes & Gray LLP
U.S. Department of Labor Issues Long-Awaited Proposed Rule on Alternative Assets in 401(k) Plans
The U.S. Department of Labor has issued its long-awaited proposed rule describing how ERISA fiduciaries should approach the selection and ongoing oversight of investment options offered in 401(k) plans....By: Fried Frank
The Growing Trend to Limit Automatic Renewals of Letters of Credit
A recent decision from the U.S. District Court for the Southern District of New York (SDNY) should prompt immediate attention from borrowers, lenders, administrative agents and collateral agents with existing credit facilities. In its decision, the court held that a commonly used automatic extension clause in a letter of credit (LC) did not create an "evergreen" or perpetual instrument – meaning the LC expired after a single one-year extension, even though no notice of non-renewal was ever sent....By: Holland & Knight LLP
Foreign Subsidies Regulation Quarterly (FSRQ) Q1 2026
The White & Case Foreign Subsidies Regulation Quarterly (FSRQ) is an information and discussion resource regarding the EU Foreign Subsidies Regulation. FSRQ provides updates on recent enforcement activity and trends. Below is a selection of recent developments in Q1 2026 and the key FSR statistics for M&A deals....By: White & Case LLP
Virginia Supreme Court Sets High Bar for Vacating Arbitration Awards for “Evident Partiality”
In a decision of first impression, the Supreme Court of Virginia in Garofalo v. Di Vincenzo, defined what “evident partiality” means under the Virginia Uniform Arbitration Act (VUAA). The court held that a party seeking to vacate an arbitration award must show that a reasonable person, knowing all relevant facts, would conclude the arbitrator’s conduct signifies obvious bias against that party. Applying this standard, the court affirmed confirmation of a FINRA arbitration award and declined to...By: Troutman Pepper Locke
CFTC Launches Innovation Task Force, Crypto Czar Role Transitions, Congress Holds Tokenization Hearing, NYSE and Nasdaq Progress Tokenization Initiatives
On Capitol Hill, lawmakers shared draft compromise language on stablecoin yield for the market structure legislation with crypto and banking industry representatives, resulting in mixed industry reactions. The term of the White House’s AI and crypto czar has concluded, and David Sacks will transition to serve as co-chair of the President’s Council of Advisors on Science and Technology....By: Paul Hastings LLP
The Renters' Rights Act 2025: Key Implications for Living-Sector Lenders
The Renters’ Rights Act 2025 (the Act), which received Royal Assent in October 2025, introduces a phased but fundamental restructuring of the private rented sector (PRS) in England, with core tenancy reforms coming into force from 1 May 2026. The changes aim to strengthen tenant protections, reshape rent-setting practices and modernise regulatory oversight....By: K&L Gates LLP
Investment Management Client Alert March 2026
On 19 February 2026, the European Securities and Markets Authority (ESMA) published a consultation proposing amendments to the guidelines on delays in the disclosure of inside information under the Market Abuse Regulation (MAR). Issuers are generally required to disclose to the public without delay inside information directly concerning them (Art. 17 MAR). However, the disclosure of inside information may be deferred at the issuer’s discretion under certain conditions. The deferral must not,...By: K&L Gates LLP
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