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Court of Justice Delivers Landmark Rulings on Freezing of Voting Rights and Ownership & Control Under EU Sanctions
Two recent judgments of the Court of Justice of the European Union (“CJEU”) provide clarification on key aspects of the EU asset freeze sanctions regime, particularly the treatment of voting rights of EU designated persons (“DPs”) and the presumption and rebuttal of ownership and control....By: Akin Gump Strauss Hauer & Feld LLP
District court rules CFPB must continue requesting funding from the Fed
On March 13, the U.S. District Court for the Northern District of California granted summary judgment to nonprofit organizations challenging the CFPB’s refusal to request operating funds from the Fed, resolving a lawsuit....By: Orrick, Herrington & Sutcliffe LLP
SEC Unveils Landmark Interpretive Guidance, Clarifying The Application Of Federal Securities Laws To Crypto Assets
On March 17, 2026, the Securities and Exchange Commission (the “SEC” or the “Commission”) and the Commodity Futures Trading Commission (the “CFTC”) issued a landmark joint interpretation of the definition of “security” (the “Interpretation”) clarifying how the U.S. federal securities laws apply to crypto assets and transactions involving crypto assets and signaling an end to more than a decade of regulation by enforcement....By: A&O Shearman
Tenth Circuit declines en banc review of Fed’s power to deny master accounts
On March 13, the U.S. Court of Appeals for the 10th Circuit denied a petition for rehearing en banc in a case challenging the court’s earlier decision upholding the Fed’s authority to deny master account applications to eligible state-chartered banks....By: Orrick, Herrington & Sutcliffe LLP
Indiana governor signs law prohibiting operation of virtual currency kiosks
On March 9, the governor of Indiana signed into law House Enrolled Act 1116, prohibiting the operation of virtual currency kiosks in the state. The law creates a new chapter under Indiana’s trade regulation code and amends the state’s Deceptive Consumer Sales Act to classify kiosk operations as an enumerated deceptive act....By: Orrick, Herrington & Sutcliffe LLP
Connecticut imposes $200K civil penalty and restitution order for alleged unlawful debt collection practices
On February 25, the Connecticut Department of Banking issued a final order directing a respondent to cease and desist from alleged unlawful debt collection practices and imposing a $200,000 civil penalty. According to the order, the department’s investigation found that the respondent: (i) operated as a consumer collection agency in Connecticut without a license; (ii) falsely represented that communications to a consumer were from or on behalf of an attorney; (iii) misrepresented the nature and...By: Orrick, Herrington & Sutcliffe LLP
OCC Issues Proposed Rules To Implement The GENIUS Act
On February 25, 2026, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act related to the issuance of payment stablecoins and certain related activities by entities subject to the OCC’s jurisdiction (the Proposal)....By: A&O Shearman
Rulemaking on Prediction Markets: Key Takeaways from CFTC ANPR
On March 12, the Commodity Futures Trading Commission (CFTC) issued an Advanced Notice of Proposed Rulemaking (ANPR) relating to event contracts traded on prediction markets....By: Patomak Global Partners
Understanding FinCEN’s Residential Real Estate Reporting Rule
Starting on March 1, 2026, entities that buy residential real estate without a loan from a mainstream commercial lender are required to disclose the identity of their owners and other information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The “Residential Real Estate Rule,” published by FinCEN, imposes a nationwide requirement to file identifying information via a “Real Estate Report” following covered closings. The rule, which is intended to help law...By: Stoel Rives LLP
The Challenges of Maintaining Regulatory Compliance
Maintaining regulatory compliance has never been easy. Today, it is becoming even harder. Financial institutions and other regulated businesses are facing a steady wave of new laws, guidance, enforcement priorities, and supervisory expectations....By: The Volkov Law Group
South Dakota enacts virtual currency kiosk fraud prevention law
On March 11, the South Dakota governor signed into law Senate Bill 98, which aims to prevent virtual currency kiosk fraud. The law requires all virtual currency kiosk operators in the state to hold a money transmission license and imposes operational requirements and restrictions, including a daily transaction limit of $1,000 and a 30-day limit of $10,000 per user....By: Orrick, Herrington & Sutcliffe LLP
When the Email Looks Real but the Offer Isn’t: Recognizing Cryptocurrency Scams
It arrived in a customer’s inbox looking like any other promotional email from a major retailer. The branding was polished, the formatting familiar, and the sender appeared to be Nordstrom. The message offered a limited-time opportunity (2 hours): deposit funds into one of three designated cryptocurrency wallets, and Nordstrom would double the deposit as part of a new customer rewards program. The catch, of course, was that Nordstrom had nothing to do with it....By: StoneTurn
Florida fines software company $155K for alleged unlicensed money transmission
On March 13, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with a Delaware-based software company over allegations of unlicensed money transmission activities in the state....By: Orrick, Herrington & Sutcliffe LLP
New DIFS Bulletin Regard Use of AI by Financial Service Providers
Introduction The State of Michigan’s Department of Insurance and Financial Services (“DIFS”) has issued Bulletin 2026-03-BT/CF/CU, titled Use of Artificial Intelligence Systems by Financial Service Providers (the “Bulletin”)....By: Foster Swift Collins & Smith
Color Me Badd and Tight Fit
Multi-Color Venue ‘Loophole’ Allowed by Congress, Judge Says | Bloomberg Law - Sixteen days before filing for Chapter 11, the Atlanta-based label maker used the bankruptcy code’s “deliberately broad” venue statue as an opportunity to deposit $1 million into New Jersey bank accounts....By: Seward & Kissel LLP
What’s Old is New Again: The DOL’s 1975 Investment Advice Fiduciary Rule Five-Part Test is Officially Back and Here to Stay (For Now)
On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), by way of providing “investment advice” with respect to the “plan assets” of an...By: Proskauer - Employee Benefits & Executive
FinCEN Eases Beneficial Ownership Verification for Financial Institutions
In a significant regulatory update, the Financial Crimes Enforcement Network (FinCEN) has announced a new order granting relief to financial institutions from the stringent requirements of verifying beneficial owners every time a legal entity opens a new account. This directive, effective Feb. 13, 2026, marks a shift toward streamlining compliance processes while maintaining robust anti-money laundering (AML) and countering the financing of terrorism (CFT) safeguards....By: Ankura
SEC Proposes to Limit Rule 15c2-11 to Equity Securities
On March 16, 2026, in Release 34-105004 (Release), the Securities and Exchange Commission (SEC) proposed to amend Rule 15c2-11 under the Securities Exchange Act of 1934 (Rule 15c2-11) to limit its application to equity securities only. The proposed rule would resolve the uncertainty and ambiguity concerning the Rule's application to broker-dealer quotations for fixed income securities that resulted from the SEC's statements and actions since the Rule was adopted in 1971......By: Davis Wright Tremaine LLP
Food Venture Financing News – Weekly Issue No. 276
Food Venture Financing Trends - General Mills has entered into a definitive agreement to sell its business in Brazil, its portfolio of local brands and supply chain facilities, to 3corações for approximately $153 million....By: Davis Wright Tremaine LLP
The Appellate Division, First Department, Holds That FAPA’s Retroactive Application Does Not Invalidate Stipul
On March 17, 2026, the Appellate Division, First Department, decided HSBC Bank USA, N.A. v. Nicholas, a mortgage foreclosure action that addresses many of the issues raised in our prior BLOG articles. HSBC involves the Foreclosure Abuse Prevention Act (“FAPA”), and the statute of limitations in foreclosure actions......By: Freiberger Haber LLP
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