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UK Equity Capital Markets Insights — December 2025
On 13 November, the UK Financial Reporting Council (FRC) published its Annual Review of Corporate Governance Reporting (the Review), setting out key findings from an analysis of a sample of 100 randomly selected companies across the FTSE 100, FTSE 250 and small cap that reported in 2025 against the UK Corporate Governance Code 2018 (2018 Code)....By: Paul Hastings LLP
No Note? No Problem: Rhode Island Supreme Court Decides that Mortgagees Can Foreclose Without One
The Rhode Island Supreme Court has strengthened the hand of foreclosing mortgage lenders who do not possess the original promissory note. Before the Court’s recent decision in Porch Swing Holdings, LLC v. Wayne A. Mallory, mortgage lenders lacking possession of the original note and instead relying on a lost note affidavit executed by a prior holder were largely out of luck in Rhode Island. This is because the state’s legislature has not adopted the 2003 revision of the Uniform Commercial Code...By: Hinshaw & Culbertson - Consumer Crossroads
Changes to CFTC Enforcement Process Will Expand Targets’ Rights
On December 1, 2025, the Commodity Futures Trading Commission (CFTC) announced revisions to its Rules of Practice and Rules Relating to Investigations to promote transparency and ensure due process in the commission’s enforcement actions....By: Skadden, Arps, Slate, Meagher & Flom LLP
Alt-Retail Partnerships – What Are They and Why Are They Popular?
Alt-retail partnerships, which see alternative asset managers and retail asset managers coming together to offer retail investors exposure to alternative strategies, are increasingly in demand....By: Ropes & Gray LLP
House Financial Services Committee reviews priorities and reforms of prudential regulators
On December 2, the House Financial Services Committee conducted an oversight hearing with testimony from leaders from the FDIC, OCC, Fed and NCUA. Lawmakers and regulators discussed recent efforts to tailor regulatory requirements, modernize supervision, address capital standards, and advance digital asset and stablecoin regulations....By: Orrick, Herrington & Sutcliffe LLP
CFPB publishes annual report on FDCPA findings from 2024
On November 21, the CFPB released its annual report detailing its activities to administer the FDCPA, and summarizing trends in consumer complaints the Bureau received in 2024. The report also detailed actions by the FTC during the same period....By: Orrick, Herrington & Sutcliffe LLP
Fed vice chair highlights AI’s economic potential and financial stability risks
On November 21, Fed Vice Chair Philip Jefferson addressed the Cleveland Fed’s Financial Stability Conference, focusing on the rapid adoption of AI and its implications for the economy, financial stability, and regulatory oversight. Jefferson described AI as a transformative technology, but cautioned that its full effects on employment, inflation, and growth remain uncertain. Citing the Fed’s latest Financial Stability Report, Jefferson noted that a significant share of market participants now...By: Orrick, Herrington & Sutcliffe LLP
An Introduction to Reinsurance Financing
In this first of a series of pieces on reinsurance financing we break down the key components involved in financing transactions for Cayman Islands reinsurance companies....By: Conyers
SEC Settles with Broker-Dealer for Policy and Procedure Violations But Walks Away From Fraud Claims
On December 2, 2025, the U.S. District Court for the Southern District of New York approved a settlement between the U.S. Securities and Exchange Commission (SEC) and a broker-dealer for policy and procedure violations and a $2.5 million penalty....By: Bradley Arant Boult Cummings LLP
Latest Developments on the EU Taxonomy Regulation
Simplification of the EU Taxonomy Rules - Since 2020, European Regulation 2020/852 on the establishment of a framework to facilitate sustainable investment (the EU "Taxonomy Regulation") established a classification of certain activities based on sustainable criteria. As part of the broader "Omnibus" package for the simplification and revision of recent EU ESG rules, the European Commission (the "Commission") has also moved to simplify the EU Taxonomy framework....By: Jones Day
London Stock Exchange Sets Out Reforms to AIM Rules
On 21 November 2025, the LSE published Feedback Statement: Shaping the Future of AIM, which summarises the feedback received on its April 2025 Discussion Paper proposing reforms to the AIM Rules....By: Skadden, Arps, Slate, Meagher & Flom LLP
SEC Division of Examinations Announces 2026 Priorities
On November 17, 2025, the Securities and Exchange Commission (“SEC”)’s Division of Examinations (the “Division”) released its 2026 examination priorities that highlight examination topics that the Division plans to focus on over the upcoming year....By: Patterson Belknap Webb & Tyler LLP
NFA Reminder: Annual Affirmation Required for Key Exemptions Under CFTC Rules 4.13 and 4.14
Managers relying on exemptions under Commodity Futures Trading Commission (CFTC) Rules 4.13, 4.14, and 4.5 must complete their required annual affirmation within 60 days of year-end. Our Investment Funds Team highlights key considerations for the 2025 cycle, including steps for completing affirmation in the National Futures Association (NFA) Exemptions Filing System....By: Alston & Bird
UK Pensions: What’s new this week? December 2025 # 2
Welcome to your weekly update from the A&O Shearman Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions....By: A&O Shearman
Business Restructuring Review Vol. 24 No. 6 | November–December 2025
New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only Minimal U.S. Assets - Court disagree over whether, to be eligible for relief under chapter 15 of the Bankruptcy Code, a foreign debtor must satisfy the requirement in the Bankruptcy Code applicable to cases under other chapters that the debtor must reside, or have a place of business or property, in the United States....By: Jones Day
FDIC publishes October 2025 enforcement actions and reports no scheduled hearings for December
On November 28, the FDIC released its list of administrative enforcement actions issued in October. The agency reported eight orders, including: (i) four prohibition orders; (ii) two orders terminating consent orders; (iii) one combined order imposing a prohibition, assessment of civil money penalty, and restitution; and (iv) one order terminating a Section 19 order....By: Orrick, Herrington & Sutcliffe LLP
UK Carried Interest Tax Regime - Finance Bill 2026
In late October of 2024 the UK Government announced its plans to bring carried interest within the income tax regime from April 2026, to be taxed as deemed trading income, subject to an effective tax rate of 34.1%....By: Goodwin
OCC releases CRA evaluations for November 2025
On December 1, the OCC released its CRA performance evaluations for 32 national banks and federal savings associations on how well they meet the credit needs in their communities, including low- and moderate-income neighborhoods....By: Orrick, Herrington & Sutcliffe LLP
FHFA announces 2026 increases to conforming loan limits
On November 25, the FHFA announced that the baseline conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2026 will rise to $832,750, up from $806,500 in 2025....By: Orrick, Herrington & Sutcliffe LLP
Prudential regulators propose changes to community bank leverage ratio framework
On November 25, the Fed, OCC and FDIC issued a joint NPRM in the Federal Register to revise the community bank leverage ratio (CBLR) framework. The proposal would lower the CBLR requirement from 9 percent to 8 percent and extend the grace period for banks that fall out of compliance from two quarters to four quarters....By: Orrick, Herrington & Sutcliffe LLP
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