News from the economy, politics and the financial markets
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ESMA Q&As Clarifying Expectations Ahead Of The Launch Of The EU Consolidated Tapes
The European Securities and Markets Authority (ESMA) has published new Q&As on the onboarding of data contributors to the EU's consolidated tapes (CTs) and on the operational rules for consolidated tape providers (CTPs), as part of preparations for their launch. This follows ESMA's earlier selection of the first CTPs, including the appointment of fairCT as the CTP for bonds in July 2025 and EuroCTP as the CTP for equities....By: A&O Shearman
FTC sends debanking letters to PayPal, Stripe, Visa, Mastercard
FTC Chairman Andrew N. Ferguson has sent letters to four major financial services providers warning them that they may not engage in debanking—disqualifying potential and current customers from receiving services based on religious, or political views....By: Ballard Spahr LLP
Loi d’exécution du budget : Faits saillants pour le secteur des services financiers
Le 26 mars 2026, la Loi no 1 d’exécution du budget de 2025 (la « Loi d’exécution du budget ») a reçu la sanction royale. Cette loi introduit un nombre important de nouvelles mesures qui auront une incidence sur la réglementation des services financiers au Canada....By: Blake, Cassels & Graydon LLP
Upcoming Amendment Deadline: Is Your Company’s Retirement Plan Ready?
Since 2019, Congress has enacted three major pieces of legislation impacting retirement plans, significantly changing the retirement landscape. The legislation contained a number of amendments to the Internal Revenue Code and the Employee Retirement Income Security Act, as amended, that impact employer-sponsored retirement plans (e.g., 401(k) plans, 403(b) plans, defined benefit plans, and even Puerto Rico plans)....By: Seyfarth Shaw LLP
FPC Record of March Meeting
The Bank of England (BoE) has published the record of the Financial Policy Committee's (FPC) meeting held on 27 March to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system. The FPC assesses that the conflict in the Middle East has triggered a substantial negative supply shock, leading to significant market moves (including higher and more volatile energy prices and higher government bond yields)....By: A&O Shearman
Davies Comments on Proposed Amendments to National Instrument 81-102 Investment Funds
Davies recently submitted a comment letter in response to public consultations initiated by the Canadian Securities Administrators (CSA) regarding proposed amendments to National Instrument 81-102 Investment Funds concerning liquidity risk management, as published by the Canadian Securities Administrators on November 27, 2025, including the concepts discussed in the consultation paper....By: Davies Ward Phillips & Vineberg LLP
Resolving UK Virgin Media issues: where are we now? April 2026
The latest development in relation to issues arising from the Virgin Media case is publication by the Financial Reporting Council (FRC) on 23 January 2026 of guidance for actuaries who are asked to confirm whether a “potentially remediable alteration” would have prevented a scheme from continuing to meet the contracting-out reference scheme test. Where the actuary gives such confirmation, the amendment will be treated as having always been valid for the purposes of the contracting-out...By: Hogan Lovells
Navigating Geopolitical Uncertainty In The GCC: A Corporate Compliance And Risk Management Toolkit
Geopolitical pressures across the Middle East are generating legal and regulatory exposure that many businesses have yet to fully map. Sanctions realignments, conflict-driven capital flows and supply chain fragility are converging rapidly and the consequences of inaction are significant....By: BCLP
New York Just Changed the Game for Buy Now, Pay Later
New York became the first state to publish comprehensive regulations governing Buy Now, Pay Later (“BNPL”) financing on February 23, 2026, and the implications for retail finance are significant. The proposed rule implements New York's groundbreaking BNPL Act, which Governor Hochul signed last year. With federal oversight scaling back, New York's "nation-leading" framework is poised to become the template for other states....By: Blank Rome LLP
Australia: Card Payments Costs And Surcharging Reforms – What It Means For The Payments Industry
On 31 March 2026, the Reserve Bank of Australia (RBA) published its conclusions paper titled Merchant Card Payments Costs and Surcharging. Key Takeaways The RBA outlined a range of changes including three key reforms to card payment surcharging and costs, specifically: • Allowing card schemes to prevent surcharging on debit and credit cards, citing the absence of meaningful alternatives for many consumers;...By: K&L Gates LLP
Asset-Based Lending in England and the U.S.: A Comparative Insight for Cross-Border Transactions
Asset-based lending (ABL) is a form of lending where the amount advanced by the lender is directly linked to a percentage of the borrower’s realisable assets. That percentage (known as the borrowing base) can fluctuate over time, so the amount of credit that is available will also increase or decrease in line with the borrowing base....By: Pillsbury Winthrop Shaw Pittman LLP
CFTC Settles With KuCoin for $500,000 Despite Alleged Anti-Money Laundering Violations
On March 30, the U.S. District Court for the Southern District of New York entered a consent order against Peken Global Limited, doing business as KuCoin, imposing a civil monetary penalty of $500,000 and permanently enjoining it from permitting U.S. participants to access its cryptocurrency trading platform without registering with the Commodity Futures Trading Commission (CFTC) as a foreign board of trade (FBOT)....By: Lowenstein Sandler LLP
Jamie Moore on European Tech Deal Terms and the Return of Sustainable Dealmaking
Orrick's Jamie Moore joins Seb Johnson of Scaling Europe, a European tech podcast, to unpack the sixth edition of our European venture capital deal term review. Deal Flow 6.0 draws on over 400 transactions completed by our clients in Europe in 2025. Here are five takeaways – from market stabilization and shifting founder-investor dynamics to the rise of secondaries, the importance of early-stage housekeeping, and the outlook for 2026....By: Orrick, Herrington & Sutcliffe LLP
BoE Feedback Statement On Enhancing The Resilience Of The UK Gilt Repo Market
The Bank of England (BoE) has published a feedback statement to its September 2025 discussion paper which sought views on proposed reforms to enhancing the resilience of the gilt repo market. Respondents were supportive of the objective of strengthening market resilience and broadly agreed with the BoE's assessment of market dynamics, but raised a range of concerns about the proportionality and potential negative spillovers of market wide measures....By: A&O Shearman
ESAs Final Joint Guidelines For ESG Stress Testing Published In All Official EU Languages
The European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) published official translations of their joint final guidelines on integrating environmental, social and governance (ESG) risks into financial stress tests for banks and insurers under the Capital Requirements Directive and the Solvency II Directive....By: A&O Shearman
OFAC Issues Advisory to Highlight Sanctions Risks Arising from Sham Transactions
On March 31, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released a sanctions advisory entitled Guidance on Sham Transactions and Sanctions Evasion (the “Advisory”) to highlight sanctions risks where blocked persons attempt to evade sanctions in sham transactions. OFAC describes sham transactions as involving transfers or arrangements of blocked property that are structured to conceal, rather than genuinely extinguish, a continuing interest in such...By: Seward & Kissel LLP
KalshiEX LLC v. Flaherty: Third Circuit Signals Federal Primacy Over Sports Event Contracts
On April 6, 2026, the U.S. Court of Appeals for the Third Circuit issued a closely watched decision in KalshiEX LLC v. Flaherty, No. 25-1922, affirming a preliminary injunction against New Jersey’s attempt to enforce its gambling laws against KalshiEX LLC (“Kalshi”), a financial services company operating a federally regulated prediction market....By: Vinson & Elkins LLP
SEC enforcement action acts as valuation processes reminder for credit funds
The US Securities and Exchange Commission (SEC) recently announced a settled administrative enforcement action against a formerly registered investment adviser (the Adviser) in connection with the Adviser’s valuation practices for affiliated principal transactions involving private credit funds it advised....By: McDermott Will & Schulte
Risk #6: Valuation Under Pressure: Market Stress and the Enforcement Lens
Markets have recently been experiencing heightened volatility and credit availability has tightened, which has placed valuation practices under unusual pressure from regulators and investors. The events of the past several years, including rising interest rates, geopolitical turmoil and the impacts of artificial intelligence tools, among other issues, have amplified the inherent challenges of valuing illiquid assets and sparked greater regulatory scrutiny. This is particularly true when marks...By: Proskauer - The Capital Commitment
Accounting-Related Securities Class Action Filings Hit Record Low in 2025
Accounting-related securities class action filings fell from 57 to a historic low of 34 in 2025, although the cases tended to involve larger issuer defendants than in recent years, according to a new report from Cornerstone Research....By: Cornerstone Research
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