News from the economy, politics and the financial markets
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Supreme Court Decision in Hotel La Tour
The Supreme Court has found for HMRC and clarified the law on recovery on input tax recovery relating to share sale costs. Hotel La Tour sold its Birmingham hotel subsidiary in order to raise funds for a new hotel in Milton Keynes. Hotel La Tour claimed input VAT on professional service fees incurred on the share sale on the basis that these costs were associated with its hotel operating business, whereas HMRC disallowed the VAT deduction as the fees related to an exempt share sale. The...By: Hogan Lovells
Nasdaq Proposes 23-Hour Weekday Trading
On December 15, 2025, Nasdaq submitted a proposed rule change to the Securities and Exchange Commission (the “SEC”) seeking approval to expand significantly its equity trading hours. If approved, the change would allow trading in Nasdaq-listed equity securities and exchange-traded products for 23 hours per weekday, representing a notable shift in U.S. equity market structure....By: Mayer Brown Free Writings + Perspectives
Establishment of a Business in the United Kingdom by a Foreign Corporation
This note describes in outline the laws and taxes which currently apply to a foreign corporation establishing a business operation in the United Kingdom and the administrative requirements which need to be observed once the business is established. It reflects the law as at 9 December 2025....By: Hogan Lovells
Hogan Lovells and TheCityUK Progress Report: Implementing the Recommendations of Our ‘Digitalisation of UK Capital Markets’ Report
In early 2025, in partnership with Hogan Lovells, we published a landmark report on the digitalisation of UK capital markets. Embracing digitalisation, particularly through distributed ledger technology (DLT), is key to unlocking unprecedented growth and efficiencies, as well as enhancing transparency and security across our markets. The opportunities presented by tokenised bonds and digitalised financial market infrastructure are immense, offering the UK a chance to future proof its...By: Hogan Lovells
Crypto Part III: Mining and Staking
Miners and stakers play vital roles in validating digital asset transactions to add them to the blockchain. Let’s take a look at what miners and stakers do in supporting the blockchain, consider the associated technical jargon, understand the ways in which miners and stakers generate income, and how that income is taxed at present, and could be taxed in the future....By: ASKramer Law
Cayman Islands digital assets - December 2025 update
The Cayman Islands continues to be one of the leading offshore jurisdictions for digital assets, with several market leaders and tier 1 projects being established in the Cayman Islands....By: Carey Olsen
UK Legal Framework for Crypto Takes Shape With Draft Legislation and Three New FCA Consultations
The UK’s cryptoasset regulatory framework continues to take shape following a series of coordinated legislative and regulatory developments across HM Treasury and the Financial Conduct Authority (FCA)....By: Skadden, Arps, Slate, Meagher & Flom LLP
Q3 2025 Venture Financing Report
Cooley handled 217 reported venture capital financings in Q3 2025, representing $23 billion of invested capital. Deal volume decreased slightly since last quarter. In Q3, deal volume decreased across Series Seed, A and C financings, with Series C showing a significant drop, from 22 deals in Q2 to eight in Q3....By: Cooley LLP
FCA Publishes Near-Final Rules on Targeted Support
FCA Policy Statement confirms rules and guidance for new form of support to help consumers with investment decisions....By: Latham & Watkins LLP
Key takeaways from the EBA and ECB joint 2025 report on payment fraud
On 15 December 2025, the European Banking Authority (EBA) and the European Central bank (ECB) published their joint 2025 report examining payment fraud trends across the EU/EEA from H1 2022 to H2 2024. The report reveals that total fraud reached €4.2 billion in 2024 — a 17% increase over the previous year in terms of total value— primarily driven by fraudulent credit transfers (€2.5 billion, up 24%) and card payments (€1.3 billion, up 4%)....By: A&O Shearman
Q3 2025 Contains Multitudes: Secondary Market and Convertible Financing Trends
The venture market in Q3 2025 resists simple characterization. Secondary market transaction volume remained muted, yet premium pricing rose to 38% of deals, up from 27% in Q2, marking a clear shift toward quality....By: Fenwick & West LLP
European Commission Announces Legislative Package to Advance EU Financial Market Integration
On 4 December 2025, the European Commission (EC) released a comprehensive package of measures aimed at removing barriers and enhancing the integration, efficiency, and competitiveness of European Union (EU) financial markets (the Package). This initiative is a key element of the Savings and Investments Union (SIU) strategy and is intended to establish a genuinely integrated single market for financial services....By: Katten Muchin Rosenman LLP
UK FCA Policy Statement And Final Rules On New Consumer Composite Investment Regime
The UK Financial Conduct Authority (FCA) has published policy statement PS25/20 as part of a set of publications forming a "landmark package to boost UK investment culture". The policy statement follows the FCA's consultations on the new regime for consumer composite investments (CCIs), which is a new domestic regime to replace the legacy EU regimes for packaged retail and insurance-based investment products and disclosures in respect of undertakings for collective investment in transferable...By: A&O Shearman
New SEC Cybersecurity Rules Begin to Take Effect
On May 16, 2024, the Securities and Exchange Commission (SEC) unanimously approved amendments to Regulation S-P, which imposes new rules relating to cybersecurity breaches involving investment advisers and broker-dealers. Larger entities must comply with the new rules by December 3, 2025, while smaller entities must comply by June 3, 2026. The amendments to Regulation S-P added requirements compelling covered institutions to adopt written policies and procedures that are reasonably designed to...By: Katten Muchin Rosenman LLP
Former Senator Dodd, Representative Frank and current Democratic Members of Congress ask Court to reject Trump Administration’s summary interpretation of CFPB funding mechanism
Current and former Democratic members of Congress have told a federal court that the Trump Administration’s interpretation of the CFPB’s funding mechanism is at odds with Congress’ plan to provide the bureau with a stable, independent source of funding....By: Ballard Spahr LLP
SEC Extends Relief Allowing Brokers to Rely on Advisers for AML Compliance
Earlier this year, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted rules imposing anti-money laundering obligations on advisers and proposed additional rules that would mandate further anti-money laundering obligations on advisers. The compliance date for the previously adopted rule has been recently extended, as has consideration of the proposed amendments....By: Katten Muchin Rosenman LLP
UK PRA Policy Statement On The Deletion of Banking Reporting Templates
The UK Prudential Regulation Authority (PRA) has published policy statement PS27/25 following its September consultation setting out proposals to delete certain regulatory reporting requirements for banks, building societies and designated investment firms. The consultation was part of the PRA's work to reduce the regulatory burden for those PRA-regulated firms under the regulator's future banking data review and focused on Financial Reporting (FINREP) templates....By: A&O Shearman
Investigatory Powers of the New European Anti-Money Laundering Authority
On May 31, 2024, the Council and the European Parliament agreed on the establishment of the European Authority for Anti-Money Laundering and Countering the Financing of Terrorism ("AMLA"), one of the focuses of the "AML package," which includes EU Regulation 2024/1620 establishing the AMLA....By: Jones Day
SEC No-Action Letter Permits Payment of Broker Fees to Unregistered Entities Owned by Registered Representatives - With Conditions
On November 17, 2025, the SEC (U.S. Securities and Exchange Commission) staff provided a letter to the Financial Services Institute (FSI) agreeing that it would not recommend enforcement action to the commission if a personal services entity (PSE) that is wholly owned by registered representatives (RRs) of a broker received transaction-based compensation (TBC) without registering as a broker or dealer....By: Goodwin
FCA Initiatives For Retail, Wealth And Private Banking—Retail vs. Professional Categorisation, And Conflicts
The FCA has launched a bundle of far-reaching initiatives including a consultation on professional and retail categorisation rules and the conflicts regime, and a discussion paper seeking views on what else can be done to transform UK consumers from savers to investors. This is alongside a long-awaited policy statement with final rules on “consumer composite investments” (replacing PRIIPS) and a consultation paper on “target clarifications of the FCA rules” (the rules on targeted support are...By: A&O Shearman
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