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How will the OECD's Crypto-Asset Reporting Framework impact your business?
Many crypto-asset service providers will soon be required to start collecting detailed information about customers and transactions and report to their national tax authorities annually. Such businesses must obtain a self-certification from each of its customers that allows it to determine their tax residence and conduct due diligence to identify customers which are reportable or have reportable controlling persons....By: Walkers
Firefly Aerospace Soars in $6.3 Billion IPO as Space Tech Investment Accelerates
Firefly Aerospace, Inc. (NASDAQ: FLY) completed one of 2025’s largest space technology initial public offerings (IPO) on August 7, 2025. Firefly priced its shares at $45 and closed its first day up more than 30% at $60.35, giving the company a valuation of approximately $8.5 billion. By August 22, 2025, Firefly’s shares were trading at $46.11, corresponding to a market capitalization of......By: Knobbe Martens
Trump Accounts: What Employers Need to Know
When Congress passes a bill with a title like the “One Beautiful Bill,” you can already guess who had their fingerprints on it. Out of this legislation comes the so-called Trump Account, a new hybrid savings vehicle that sits somewhere between a Section 529 Plan, a Roth IRA, and a cafeteria plan add-on. While many questions remain unanswered, employers should start familiarizing themselves with the basic framework....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
ASAs vs. SAFEs vs. Convertible Loan Notes: A Primer for Founders and Investors
Startups continue to have an increasingly international presence (or, at the very least, an international plan), and investors continue to scour the globe for investment opportunities....By: Pillsbury - Propel
Ohio Supreme Court Clarifies Disclosure Duties Between Creditors and Sureties
In a recent opinion, the Supreme Court of Ohio definitively held that a creditor does not have an affirmative duty to disclose facts that materially increase risk to a surety—and nor does a surety have a duty to disclose to the creditor. Background- Raymond Schneider and Harold Sosna each owned 50% of the “Keller Group”, which held a variety of companies across the nursing and real estate industries. While Schneider and Sosna each held an equal ownership share in the Keller Group, Sosna wholly...By: McGlinchey Stafford
Illinois Amends Student Loan Servicing Rights Act to Include Educational Income Share Agreements
On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share Agreements (EISAs)....By: Troutman Pepper Locke
Crypto Brief - Lowenstein Crypto Newsletter - August 28, 2025
A coalition of 115 digital asset builders, investors, and advocates submitted a letter to the Senate Committee on Banking and the Committee on Agriculture on August 27, advocating for the protections afforded to open-source software development, including preventing market participants from being forced into “unworkable regulatory categories” that are designed for traditional financial intermediaries....By: Lowenstein Sandler LLP
SBA Orders Small Business Lenders to End Debanking Practices Pursuant to President Trump’s Executive Order
On August 26, the U.S. Small Business Administration (SBA) took action to enforce President Trump’s directive by issuing a letter to its network of over 5,000 lenders. This letter mandates the cessation of alleged politicized or unlawful banking practices, requiring lenders to reinstate qualified customers who were wrongfully denied access to financial services based on political, religious, or ideological beliefs....By: Troutman Pepper Locke
CFPB files complaint against Synapse Financial Technologies
The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient records of the location of consumers’ funds, failing to ensure the records matched the records maintained by its partnering banks, and causing consumers to lose access to their funds....By: Ballard Spahr LLP
EBA Proposes Extending Outsourcing Requirements to All Third-Party Arrangements
The European Banking Authority (EBA) recently published a consultation paper (Consultation) that proposes to expand third-party risk management requirements for certain EU-regulated financial entities. The Consultation would extend the EBA’s current guidelines around outsourcing arrangements (EBA Guidelines) to all third-party services arrangements, excluding those services that are within scope of the EU Digital Operational Resilience Act (DORA), and would add further requirements to the...By: Morgan Lewis - Tech & Sourcing
CFPB Proposes Stricter Standards Limiting Supervision of Nonbanks
The Consumer Financial Protection Bureau (CFPB or Bureau) is taking a significant step to modify its supervisory approach to nonbanks by publishing a proposed rule advancing a more stringent definition of “risks to consumers” in the context of § 1024(a)(1)(C) of the Consumer Financial Protection Act (CFPA) when designating nonbanks for supervision....By: Troutman Pepper Locke
Wyoming Launches Stablecoin, SEC Chair Discusses Tokenization and Congress Eyes Market Structure Legislation
There were significant crypto developments at both the state and federal levels. In Wyoming, the Frontier Stable Token (FRNT) officially launched on mainnet, making the state the first public entity in the United States to issue a blockchain-based stable token. On Capitol Hill, momentum for digital asset market structure legislation continued to build even during the recess. Senator Cynthia Lummis (R-WY) stated that the goal remains to have a market structure bill on the President’s desk before...By: Paul Hastings LLP
New Jersey Bankruptcy Court Rules That Debtor Could Not Sell its Future Accounts Receivable Prepetition
A bankruptcy court in New Jersey recently granted a debtor’s motion to dismiss the counterclaims of two creditors who purchased a percentage of the debtor’s future receivables prepetition. The court rejected the creditors’ argument that “prior to the Petition Date, [the debtor] had the ability to sell or transfer an interest in accounts receivable that may or may not come into existence until after the Petition Date.”...By: Patterson Belknap Webb & Tyler LLP
Privacy, Data and Cybersecurity Quick Clicks | Issue 32
Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....By: Katten Muchin Rosenman LLP
Redress Roadmap: What Firms Need to Know Now
The UK Financial Conduct Authority (FCA), Financial Ombudsman Service (FOS) and HM Treasury (HMT) are seeking to reform the financial redress system to deliver greater predictability, consistency and efficiency in resolving consumer complaints. The proposed reforms mark a clear shift in approach, as part of both the UK government’s and FCA’s growth agendas, and amid increasing criticism of the current role of the FOS....By: A&O Shearman
UK FDI: Key Takeaways from the Government's 2024/25 Annual Report and Plans for Reform
The fourth Annual Report on the UK's National Security and Investment Act 2021 (the "NSIA"), covering the period from April 2024 to March 2025 has been released. The Report provides some valuable insights into the review process and how it continues to develop....By: White & Case LLP
The Paper Tiger Finally Roars: HMRC Takes Action on the Facilitation of Tax Evasion
New failure to prevent facilitation of tax evasion offences were introduced into UK law in September 2017 and cover both domestic and overseas tax evasion. The offences were brought into law to make it easier for UK prosecutors to go after corporates (such as banks, accountants, lawyers or consultants) who ultimately fail to prevent others (such as their clients) from committing tax evasion offences either in the UK or overseas. Almost eight years after they first came into force, there is yet...By: White & Case LLP
UK FCA Multi-firm Review Findings of Algorithmic Trading Controls Under MiFID
The UK Financial Conduct Authority (FCA) has published the findings from its multi-firm review of principal trading firms' compliance with the detailed organisational requirements for algorithmic trading set out under the UK Markets in Financial Instruments Directive, specifically those outlined in the associated regulatory technical standards known as RTS 6. The review reveals progress in governance, notably in the quality of self-assessments and validation processes, but also exposes...By: A&O Shearman
BoE Publishes RTGS and CHAPS 2024/25 Annual Report
The Bank of England (BoE) has published its 2024/25 annual report for the Real-Time Gross Settlement (RTGS) system and CHAPS, marking the successful completion of the RTGS Renewal Programme with the launch of RT2 in April. RT2 introduces a new core ledger and settlement engine, enhancing resilience, security, and functionality, including ISO 20022 messaging and extended automation....By: A&O Shearman
AI Use by Financial Institutions: Québec’s AMF Publishes Draft Guidelines
On July 3, 2025, Québec’s financial institutions regulator – the Autorité des marchés financiers (“AMF”) – published draft guidelines (“Draft Guidelines”) on the use of artificial intelligence systems (“AI Systems”) by financial institutions (available in French only)....By: Stikeman Elliott LLP
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