News from the economy, politics and the financial markets
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Malpractice Arising from Cybertheft at Closing
Of all classes of attorneys, those who handle real estate transactions are some of the most vulnerable to a legal malpractice suit. We have previously posted about the trend highlighted by the ABA that a higher percentage of professional liability claims arise from real estate dealings than almost any other class of attorney. A recent…...By: Goldberg Segalla
UK FCA Final Policy Introducing A Motor Finance Redress Scheme
The UK Financial Conduct Authority (FCA) has published policy statement PS26/3 on the motor finance redress scheme, following the UK Supreme Court ruling on 1 August 2025. This follows the October 2025 consultation, which we cover in more detail in our blogpost titled "FCA consultation on motor finance redress scheme"....By: A&O Shearman
FinTech Five - Lowenstein's FinTech, Crypto, Trading & Markets Newsletter - April 7, 2026
On April 2, the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) filed lawsuits against Arizona, Connecticut, and Illinois, challenging each state’s enforcement actions against CFTC-registered designated contract markets that facilitate trading in event contracts. The CFTC argues that the Commodity Exchange Act grants it exclusive jurisdiction over prediction markets and that state-level enforcement creates the “fragmented patchwork” of regulation that Congress...By: Lowenstein Sandler LLP
Playing the odds – or the information?: The CFTC signals a crackdown on prediction market insider trading, and how companies should respond
Just before Nicolás Maduro was deposed, an anonymous trader purchased an event contract on a prediction market wagering that the Venezuelan leader would be out of power by the end of January. The trader made a profit of nearly half a million dollars. The following month, in the hours before the U.S. carried out a military action in Iran, scores of anonymous prediction market traders purchased event contracts totaling nearly $900,000 tied to the position that the U.S. would strike Iran by the...By: Hogan Lovells
ECB Streamlines How It Supervises Banks' Internal Models
The European Central Bank (ECB) has announced changes to streamline the supervision of banks' internal models for credit risk, aimed at making the approval process for material model changes faster and more predictable while maintaining prudential safeguards. From 1 October, banks will be permitted to implement material changes to their internal models for credit risk shortly after submitting a complete application package....By: A&O Shearman
SEC Staff Grants No-Action Relief Under Rule 15c3-3 to Permit Use of Customer Equity Collateral in Securities Lending
The SEC Division of Trading and Markets has issued a no-action letter permitting broker-dealers, under specified conditions, to: • Pledge customer margin equity securities as collateral to borrow securities used for: • Customer short sales; and - • Customer fails to deliver; and- • Take a debit under Item 11 of the Rule 15c3-3 Reserve Formula equal to the market value of the borrowed securities....By: Morrison & Foerster LLP
February Consumer Litigation Filings: TCPA Up Big
According to a recent report by WebRecon, court filings under the Telephone Consumer Protection Act (TCPA) were way up for the month. On the other hand, Fair Credit Reporting Act (FCRA) and Fair Debt Collection Practices Act (FDCPA) filings as well as complaints filed with the Consumer Financial Protection Bureau (CFPB) were all down. Nonetheless, everything is still up YTD....By: Troutman Pepper Locke
UK Regulators Launch Joint Taskforce To Crack Down On Poor Practice In Motor Finance Claims
The UK Financial Conduct Authority (FCA) has announced the launch of a joint regulatory taskforce with the UK Solicitors Regulation Authority, Information Commissioner's Office and Advertising Standards Authority to tackle poor practices in motor finance claims handling by some claims management companies and law firms....By: A&O Shearman
UK Pensions in dispute—April 2026
Welcome to our quarterly pensions litigation briefing, designed to help pensions managers identify key risks in scheme administration and trustees to update their knowledge and understanding. This briefing highlights recent Pensions Ombudsman determinations that have practical implications for schemes generally....By: A&O Shearman
Treasury Proposes GENIUS Act Principles for Acceptable State Stablecoin Regimes
The U.S. Department of the Treasury has issued a notice of proposed rulemaking (NPRM) to implement the broad-based principles set out in the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act for determining when a state-level regulatory regime for “state qualified payment stablecoin issuers” is “substantially similar” to the federal regulatory framework. That determination is the gateway for state-chartered, nonbank stablecoin issuers with up to $10 billion in...By: Troutman Pepper Locke
EBA Final Draft RTS On Changes To The Internal Ratings Based Approach Under CRR
The European Banking Authority (EBA) has published a final report with final draft regulatory technical standards (RTS) amending the framework for assessing the materiality of changes to internal ratings based models under the Capital Requirements Regulation (CRR). The aim is to streamline supervisory approvals and reduce undue delays in model implementation. The EBA notes that the high volume of model changes classified as "material" has strained supervisory resources under the current approval...By: A&O Shearman
Saudi Arabia Regulator Approves the Establishment of Simplified Investment Funds
New regulatory framework introduces flexible fund structures with reduced establishment and management costs for institutional investors....By: Latham & Watkins LLP
Q1 2026 Regulatory and Compliance Update for Broker-Dealers
Welcome to our new quarterly newsletter by the Tarter Krinsky & Drogin White Collar and Regulatory Enforcement Practice and Three Mile Advisors LLC highlighting key regulatory and compliance developments for broker-dealers for the first quarter of 2026. This edition of our newsletter focuses on updates from the SEC and FINRA, with an emphasis on emerging priorities such as data privacy, outside activities, communications standards, and oversight trends. The updates discussed signal a continued...By: Tarter Krinsky & Drogin LLP
Corporate Voluntary Self-Disclosure for the Southern District of New York
On February 24, 2026, the U.S. Attorney’s Office for the Southern District of New York (SDNY) announced a new corporate self-disclosure program (SDNY program) specific to the district that outlined a path for companies to receive conditional declinations of financial fraud prosecutions within weeks of disclosing misconduct....By: Skadden, Arps, Slate, Meagher & Flom LLP
New Federal Loan Limits for Graduate Students and the Rise of Private Lending: What They Mean for Institutions of Higher Education
Beginning July 1, 2026, the One Big Beautiful Bill Act (OBBBA) will sharply curtail federal borrowing options for graduate and professional students—pushing private lending, and the compliance obligations that come with it, to center stage for colleges and universities....By: Husch Blackwell LLP
Designing Compliance Programs for Today’s Private Fund Advisers
As private fund advisers move out of Form ADV annual amendment season, the regulatory conversation shifts in a very practical way. The focus moves from what has been disclosed to whether an adviser’s compliance program is operating as intended and is positioned to address the areas regulators are actively prioritizing....By: Vinson & Elkins LLP
Final UK Crypto Rules Are Expected in 2026 Following Extensive Consultations
Over the past year, governments and regulators globally, including in the U.S. and European Union, have taken measures to manage various aspects of cryptoasset activities. In the U.K., the government has continued its push to regulate cryptoassets, with a wave of consultations taking place at the end of 2025 and through Q1 2026....By: Skadden, Arps, Slate, Meagher & Flom LLP
Insights - April 2026
In this edition of Skadden’s quarterly thought leadership publication, we examine the use of informal settlements to resolve activist campaigns, intellectual property and tax considerations for AI companies, and tax reforms that are making domestication to the U.S. more attractive, among other topics....By: Skadden, Arps, Slate, Meagher & Flom LLP
CFTC Issues No-Action Relief to Self-Custodial Crypto-Wallet Application
On March 17, 2026, the Market Participants Division (MPD) of the US Commodity Futures Trading Commission (CFTC) issued a no-action letter to Phantom Technologies, a self-custodial crypto-wallet software company,...By: Cooley LLP
Mainstream, Not Marginal: What’s Next for Continuation Funds
Once referred to as “zombie funds,” continuation vehicles (CVs) have been firmly established as part of the toolkit for a private capital sponsor to achieve an “exit” for investors....By: Skadden, Arps, Slate, Meagher & Flom LLP
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