News from the economy, politics and the financial markets
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Treasury Initiates Action Under GENIUS Act, Issues RFC on Detecting Illicit Finance
On August 18, the U.S. Department of the Treasury issued a Request for Comment (RFC) in a direct step toward implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and in support of the Administration’s policy on digital assets outlined in Executive Order (E.O.) 14178. The RFC fulfills a specific requirement of the GENIUS Act that directs the Secretary of the Treasury to seek public comment on "innovative or novel methods, techniques, or strategies...By: Orrick, Herrington & Sutcliffe LLP
Federal Reserve Ends Novel Activities Program and Industry Groups Press on GENIUS Act
Congress is on recess, leaving regulatory agencies and industry groups to drive this week’s developments in digital asset policy. The Federal Reserve announced a sunset of its Novel Activities Supervision Program, folding oversight of banks’ crypto and fintech activities back into the standard supervisory process. Meanwhile, industry voices weighed in on data access and stablecoin issues....By: Paul Hastings LLP
IRS Issues Guidance on Beginning of Construction for Wind and Solar Facilities Under the OBBBA
On August 15, 2025, the IRS and the Treasury Department released Notice 2025-42 (the Notice), providing critical guidance on the beginning of construction requirements for wind and solar facilities in light of the One Big Beautiful Bill Act (the OBBBA) and Executive Order 14315 (the Executive Order). This Notice provides guidance regarding when construction of a wind facility or solar facility has begun for purposes of determining whether such facility is subject to the credit termination...By: Orrick, Herrington & Sutcliffe LLP
CFPB Continues Trend of Shrinking Its Own Authority By Raising Larger Participant Thresholds
Earlier this month, the CFPB issued four separate advance notices of proposed rulemaking with respect to rules that give the CFPB authority over nonbank companies in the auto finance, international money transfer, debt collection, and consumer credit reporting spaces....By: Goodwin
Cayman Islands Restructuring: Observations Following Petrofac
This article follows our previous commentary on the English High Court’s decision in May 2023 to sanction the Adler Group’s restructuring plan and the Court of Appeal’s reversal of that decision in February 2024. The recent Court of Appeal ruling in Saipem & Ors v Petrofac represents a further development in the evolving jurisprudence regarding the application of Part 26A of the UK Companies Act 2006....By: Conyers
Where's My MOIC: Jumpstart Your Finance AI Journey ... Now
Chief financial officers (CFOs) focused on building tomorrow's finance function today will need to incorporate artificial intelligence (AI) into their organization in the near future, and they will need the right talent and processes to do so. By considering some crucial elements ahead of time, the AI journey can be a highly successful and effective transformation of the organization, and it can start today....By: Ankura
Banking and Digital Assets: Key Takeaways from the President’s Working Group Report
On July 30, 2025, the President’s Working Group on Digital Asset Markets (PWG) released “Strengthening American Leadership in Digital Financial Technology,” a comprehensive digital asset report (Report) mandated by President Trump shortly after he took office for his second term. The Report addresses market structure, stablecoins, money laundering, sanctions, and taxation, as well as banking and digital assets. The chapter on banking signals how banks may elect to expand into digital asset...By: Foley & Lardner LLP
Second Department Affirms Denial of Summary Judgment in Mortgage Foreclosure Action For Failure to Demonstrate Compliance with RPAPL 1304
This BLOG has written extensively on a wide variety of issues in the area of mortgage foreclosure. While we have not written about RPAPL 1304 in a while, it has been the subject of numerous articles in the past. By way of brief background, and as has been previously discussed, the Second Department has stated that an “RPAPL 1304 notice is a notice pursuant to the Home Equity Theft Prevention Act (Real Property Law § 265-a), the underlying purpose of which is to afford greater protections to...By: Freiberger Haber LLP
Opening the Door to Alternatives: What Fiduciaries Should Know About the New 401(k) Executive Order
On August 7, 2025, President Trump signed an Executive Order titled Democratizing Access to Alternative Assets for 401(k) Investors. The directive marks a significant policy shift by encouraging regulators to make it easier for defined contribution plans, such as 401(k)s, to include asset classes historically reserved for institutional investors......By: Snell & Wilmer
New Rules for Qualified Small Business Stock in 2025
The One Big Beautiful Bill Act (the “OBBBA”), which was signed into law on July 4, 2025, contained a big, beautiful surprise for qualified small business stock (“QSBS”) investors. Individual investors, private equity funds and venture capital funds alike frequently apply the QSBS rules as a popular tax-advantaged investment strategy. This Memorandum discusses how the OBBBA expands QSBS tax incentives and how investors and funds can take advantage of the new rules....By: Seward & Kissel LLP
[Audio] Episode 383 -- FCPA Update: Declination and Indictment
Is the DOJ really changing its playbook on FCPA enforcement, or is it business as usual under a new administration? In this episode, Michael digs into two headline developments that say a lot about where things are headed - the first FCPA declination under the Trump Administration and the first indictment. Both shed light on how DOJ is applying its policies in practice, what companies should expect, and why individuals are squarely in the crosshairs. Taken together, these cases remind listeners...By: The Volkov Law Group
[Video] 10 For 10: Top Compliance Stories For the Week Ending August 23, 2025
Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional,...By: Thomas Fox - Compliance Evangelist
[Video] Data Driven Compliance: The Failure to Prevent Fraud Offense: Insights for US General Counsels with Mike DeBernardis
Welcome to Season 2 of the award-winning Data Driven Compliance. In this new season, we will look at the new Failure to Prevent Fraud offense. Join host Tom Fox as we explore this new law and how to comply with it through the lens of data-driven compliance. konaAI sponsors this podcast. In this episode of Season 2, Tom Fox is joined by Mike DeBernardis, Partner at Hughes Hubbard & Reed. In this episode, Tom and Mike look at the specific offenses listed in the Failure to Prevent Fraud Offense...By: Thomas Fox - Compliance Evangelist
[Video] AI Today in 5: August 22, 2025, The Angst Episode
Welcome to AI Today in 5, the newest addition to the Compliance Podcast Network. Each day, Tom Fox will bring you 5 stories about AI to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the AI Today In 5. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest about AI. Top AI stories include: • Responsible AI in action. (PeopleMatters) • State AI...By: Thomas Fox - Compliance Evangelist
New SEC Data Page Reveals 18-percent Decline in the Number of Reporting Companies Over the Last Two Decades and Other Key Capital Market Trends
On August 13, 2025, the US Securities and Exchange Commission (SEC) announced the creation of a Statistics & Data Visualizations page on its website. The page provides statistics on capital formation, market participants, market activity, and investors, aided by interactive charts, tables, and graphs that reveal key US capital markets trends....By: DLA Piper
Private Eyes: US Public-to-Private PE Deals Flourish
US take-private transactions have provided a reliable channel for PE capital deployment in a volatile buyout market where early momentum in 2025 cooled in the second quarter....By: White & Case LLP
Entering the Digital (Asset) Age: White House Report Recommends Changes to the Taxation of Digital Assets
The President’s Working Group on Digital Asset Markets recently issued a detailed report, titled “Strengthening American Leadership in Digital Financial Technology,” recommending regulatory and legislative proposals to advance the policies established in Executive Order 14178 (Jan. 23, 2025). The report identifies gaps in and recommends changes to current laws and regulations with respect to digital assets....By: Eversheds Sutherland (US) LLP
In Our Back to School Era, August 2025 - Examining a Fund Finance Lawyer’s Role as a Teacher
While the weather is still very much feeling like it is the dog days of summer, many students went back to school this past week. A new school year is an exciting time for students, parents and teachers alike. As we personally prepared for the new school year, gathering teachers' wish list supplies, and of course, things like a polo that I adored but that my four-year-old will almost certainly refuse to wear on picture day, I started to reflect on how influential some of my own teachers were...By: Cadwalader, Wickersham & Taft LLP
EBA Clarifies Conditional Sale Agreements Cannot Confer Originator Status Under EUSR
Overview On Aug. 8, 2025, the European Banking Authority (“EBA”) published a response to a 2021 query concerning whether an entity that manages or establishes a securitisation could qualify as an “originator” (and thereby be an eligible “risk retainer”) under the EU Securitisation Regulation (Regulation (EU) 2017/2402, as amended; the “EUSR”) by entering into a conditional sale agreement with a CLO issuer under which the “originator” agrees for a seasoning period to purchase up to a certain...By: Haynes Boone
Highlights from the NAIC Summer 2025 National Meeting
The National Association of Insurance Commissioners (NAIC) held its 2025 Summer National Meeting from August 10 – 14 in Minneapolis, Minnesota, where “Minnesota Nice” was on full display, even by the protestors who demonstrated during the Opening Session....By: Eversheds Sutherland (US) LLP
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