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
Registered Representatives Beware: FINRA Can Discipline You for More Than Your Securities Business
FINRA only brings disciplinary actions against registered representatives (RRs) for their securities business, right? Wrong! FINRA often brings cases against RRs for conduct not related to their securities business....By: Eversheds Sutherland (US) LLP
HMT and PRA Respond to House of Lords Committee' Report on Barriers to Growth and Competitiveness
HM Treasury (HMT) has published a formal response letter dated 2 September to the House of Lords Financial Services Regulation Committee's June report on the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority's (PRA) secondary international competitiveness and growth objectives. The letter welcomes the Committee's recommendations and notes their alignment with the UK government's Financial Services Growth and Competitiveness Strategy, announced in July, reaffirming its...By: A&O Shearman
It is a New Day at the SEC – That’s the Word from the New Chairman!
Under the Regulatory Flexibility Act, the SEC is required to publish twice a year an agenda identifying rules that it estimates it may consider in the next 12 months. On September 4, 2025, the SEC’s Office of Information and Regulatory Affairs released the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions. In a statement referring to the agenda, Chairman Paul S. Atkins stated: “[t]his regulatory agenda reflects that it is a new day at the [SEC]....By: Nelson Mullins Riley & Scarborough LLP
UK PSR Publishes Annual Report and Accounts for 2024/25
The UK Payment Systems Regulator (PSR) has published its annual report and accounts for 2024/25, summarising the PSR's progress across its key activities over the year. In March, the UK government announced that the PSR would consolidate into the UK Financial Conduct Authority (FCA) to streamline regulation and enhance efficiency. While legislation is pending, the report highlights the transitional work already underway to support a more streamlined approach....By: A&O Shearman
Delegated Regulations Bringing CTPs Into Scope of ESMA Rules for DRSP Fines and Fees Published in OJ
Delegated Regulation (EU) 2025/1768 and Delegated Regulation (EU) 2025/884 have been published in the Official Journal of the European Union (OJ), extending the scope of rules on fines and fees for data reporting service providers (DRSPs) to include consolidated tape providers (CTPs). Previously, these rules applied only to two types of DRSPs: approved publication arrangements and approved reporting mechanisms....By: A&O Shearman
SEC Grants No-Action Relief from Rule 17a-4 for Reliance on Central Registration Depository System to Maintain Electronically Signed Form U4 Filings
On September 5, 2025, the Staff of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (“SEC”) granted no-action relief that allows members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) to rely on the Central Registration Depository system (“CRD”) to satisfy their record retention requirements under Rule 17a-4 (“Rule 17a-4”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to Form U4 (Uniform Application for...By: Mayer Brown Free Writings + Perspectives
AVM Quality Control Rule Takes Effect October 1, 2025: Are You Ready?
Mortgage originators, servicers, and secondary market participants should take note that the October 1 implementation date for the Interagency AVM Quality Control Rule (the “Rule”) is fast approaching....By: Alston & Bird
Geofencing, Geotargeting, and Geo-blocking, in Civil Litigation, Information Governance, and Regulation
Much of the litigation over geofencing has been under the Fourth Amendment in criminal cases, and there has been a lot of it. See, e.g., Certiorari Petition to U.S. Supreme Court in 4th Circuit Geofence Decision – E-Discovery LLC (Aug. 5, 2025); Alvarez v. State, 2025 WL 2346165, at *4 (Tex. App. Aug. 13, 2025); U.S. v. Brown, 2025 WL 1674283, at *14 (N.D. Ga. June 13, 2025)(“To be clear, the Court joins in the Fifth Circuit’s alarm at the Government’s widespread use of geofence warrants to drum...By: EDRM - Electronic Discovery Reference Model
Credibly Challenged Podcast - Interview with Paul Noring, Managing Director at BRG
Matt Bisanz interviews Paul Noring, the head of BRG’s Financial Institution Advisory practice. Together, Matt and Paul take a deep dive into the challenges of continuously advancing bank fraud, cybersecurity best practices, and the newest trends in crypto, including stablecoin. Listen here to learn more about these topics and the strategic approach Paul is taking to navigate our world's current financial environment....By: Mayer Brown
Changes to US Open Banking Regulation: Tea Leaves from the CFPB’s Latest Action
The CFPB recently published an Advance Notice of Proposed Rulemaking (ANPR) to reconsider four key issues related to its “Personal Financial Data Rights” rules, which were finalized at the end of 2024 but have been mired in controversy ever since. So what exactly does this latest effort mean for the future of open banking regulations in the U.S.?...By: McGlinchey Stafford
CFTC Staff Issue Advisory for Non-U.S. Trading Platforms to Onshore Trading Activity
On August 28, 2025, the staff of the Division of Market Oversight (CFTC Staff) of the Commodity Futures Trading Commission (CFTC) issued Staff Advisory Letter No. 25–27 (Staff Advisory). The Staff Advisory reaffirms and clarifies the CFTC’s registration framework for foreign boards of trade (FBOT)[2] that provide direct market access to members or other participants located in the United States....By: Morrison & Foerster LLP
SEC and CFTC Call for Regulatory Harmonization Opportunities
On September 5, 2025, the SEC and CFTC issued a joint statement on regulatory harmonization opportunities and announced a joint SEC/CFTC roundtable to be held at the end of September. This release came on the heels of an announcement released earlier the same week regarding the trading of certain spot crypto asset products, which clarified the staff's views that SEC- and CFTC-registered exchanges are not prohibited from facilitating the trading of certain spot commodity products....By: Davis Wright Tremaine LLP
Client Alert: SBA Proposes New Rule To Increase Receipts-Based Size Standards
Do you have clients that are classified as small businesses? Small business classifications are determined by the SBA under what are called “North American Industry Classification System (NAICS) codes.” The first two numerical digits describe the overall industry, and the succeeding numbers in the code break down the business industry more specifically. The size standards represent “caps” on each industry, which cannot be exceeded if the business is to be categorized as “small.”...By: Whiteford
SEC Releases Statement on Short Sale and Securities Lending Rules Following Remand by 5th Circuit U.S. Court of Appeals
A three judge panel of the U.S. Court of Appeals for the Fifth Circuit recently remanded two rules adopted by the SEC in 2023 for further consideration – Rule 13f‑2 (the short sale rule) and Rule 10c1‑a (the securities lending rule), stating that the agency did not properly consider the cumulative economic impact of the two rules....By: Proskauer Rose LLP
Understanding Australia’s Construction Industry Collapse Crisis
Over the past few years, Australia’s construction sector has been facing unprecedented pressure, and by mid-2025, the effects have become painfully clear. Dozens of major construction companies across Queensland and nationally have gone under, leaving behind unfinished projects, unpaid contractors, and thousands of affected workers....By: IR Global
Enforcement News: Affinity Fraud and Ponzi Schemes in the News Again
Ponzi schemes and affinity fraud frequently overlap because both exploit trust and social interactions to operate effectively. A Ponzi scheme relies on a continuous stream of new investors to pay returns to earlier participants, creating the illusion of a profitable enterprise....By: Freiberger Haber LLP
Universities and the Use of P3s for Housing, Parking, and Other Infrastructure Projects
Public-private partnerships (P3s) have become an increasingly common model for universities seeking to address their housing, infrastructure, parking and other capital facility needs. Under a P3 arrangement, universities collaborate with private-sector partners to design, finance, build, operate, and sometimes maintain major projects....By: Frost Brown Todd
Call to Action: Educate to Elevate
Technical solutions to decarbonising subprime offices exist. So do many of the funding mechanisms. But without a broad, aligned understanding across stakeholders – from tenants and lenders to landlords and investors – these solutions stall....By: McGuireWoods LLP
CSA Finalizes Permanent Regime for Well-Known Seasoned Issuers
On August 28, 2025, the Canadian Securities Administrators (CSA) published final amendments to National Instrument 44-102 Shelf Distributions (NI 44-102) and certain other instruments and policies (collectively, the Amendments), to formally establish a permanent expedited shelf prospectus regime for well-known seasoned issuers (WKSIs). The Amendments come into force on November 28, 2025....By: Blake, Cassels & Graydon LLP
State Watch: Consumer Protection Enforcement Update - August 2025
The Massachusetts AG enforces the state's mortgage servicing, debt collection, and data breach notification laws, while Texas takes aim at junk fees....By: Hudson Cook, LLP
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