News from the economy, politics and the financial markets
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Payments and e-money: UK FCA publishes policy statement on changes to safeguarding regime
The FCA believes that some payments firms do not currently have sufficiently robust safeguarding practices. This poses a risk of harm to consumer and market integrity that the FCA is seeking to mitigate....By: Hogan Lovells
Removal from the OFAC SDN List: Legal Framework, Challenges, and Strategic Considerations
Introduction - The Office of Foreign Assets Control (OFAC), part of the U.S. Department of the Treasury, is the agency responsible for enforcing America’s economic sanctions. One of its most powerful tools is the Specially Designated Nationals and Blocked Persons List (SDN List). This list names individuals, companies, vessels, and even aircraft that are subject to strict sanctions....By: Friling Law
EBA Publishes Final RTS for Off-balance Conversion Factors Under CRR
The European Banking Authority (EBA) has published its final draft regulatory technical standards (RTS) concerning the allocation of off-balance sheet items and the specification of factors that may constrain institutions' ability to cancel unconditionally cancellable commitments....By: A&O Shearman
Illinois Passes New Laws Designed to Safeguard Consumers Against Cryptocurrency Fraud
Last week, Illinois Governor JB Pritzker signed two landmark pieces of legislation aimed at protecting consumers from cryptocurrency scams and fraud. The Digital Assets and Consumer Protection Act (SB1797) and the Digital Asset Kiosk Act (SB2319) establish comprehensive regulatory frameworks for digital asset businesses operating in Illinois....By: Troutman Pepper Locke
Payments: European Court of Justice (ECJ) rules on PSP liability for unauthorised transactions and late PSU notification
The ECJ has confirmed that a payment service user (PSU) is deprived of the right to reimbursement for an unauthorised transaction under PSD1 if: they fail to notify without undue delay upon becoming aware of it; or notification occurred outside the 13-month time limit after the debit date....By: Hogan Lovells
The $110 Billion Crypto Treasury Boom: Litigation Risks on the Horizon
The corporate crypto treasury trend continues to boom, and with it the litigation risks. As noted in a recent Forbes article, 152 publicly traded companies now control almost 1 million Bitcoin worth over $110 billion....By: Quinn Emanuel
The White Collar Appeal: Seventh Circuit Holds Spoofing is Fraud
“Spoofing,” or the practice of submitting buy or sell orders to trading platforms with the intent to withdraw them prior to execution, is considered fraud under the Seventh Circuit’s decision in United States v. Smith, issued Wednesday, August 20, 2025....By: Quinn Emanuel
Cautious Optimism For Capital Markets
Life sciences capital markets in 2025 have been a mixed bag—some rays of light peeking through, but still, plenty of clouds for early-stage companies hoping to tap the public markets. After a long IPO drought, 2024 brought a few green shoots, with several life sciences companies testing the waters. The modest increases in 2024, as seen in a handful of IPOs—mostly by companies with later-stage assets, strong data, or a well-known management team—signaled continued momentum into 2025....By: Ballard Spahr LLP
United States: US$12.2 Trillion Opportunity–Executive Order Paves the Way for Easier 401(k) Plan Access to Alternative Investments
On 7 August 2025, President Trump signed an executive order intended to modernize the 401(k) investment universe, directing the Secretary of Labor to clarify the US Department of Labor’s (DOL) position on fiduciary duties in connection with offering products containing exposure to alternative assets to defined contribution plans, such as 401(k) plans, potentially establishing “appropriately calibrated safe harbors” for such investments. The order also directs the Securities and Exchange...By: K&L Gates LLP
Non-Financial Misconduct in Financial Services: Nothing is ‘Plain and Simple’
Back in 2018, a senior member of the Financial Conduct Authority (FCA) stated that “non-financial misconduct is misconduct, plain and simple”. Since then, the FCA has issued multiple discussion and consultation papers, letters to industry and surveys. The recent policy statement (and further consultation) is a welcome step towards clarity, though there remain a number of open questions and issues....By: Akin Gump Strauss Hauer & Feld LLP
CFPB Proposes Legal Standard Applicable to Supervisory Designation Proceedings
The CFPB on Aug. 26, 2025, issued a proposed rule to adopt a legal standard applicable to supervisory designation proceedings. Specifically, the CFPB is proposing to adopt a standard definition of "risks to consumers with regard to the offering or provision of consumer financial products or services" that will bind the agency in proceedings to designate nonbank covered persons for agency supervision....By: Holland & Knight LLP
CFPB drops probe of Credova Financial LLC, saying it was politically motivated ‘debanking’
Contending that the Biden Administration’s investigation of Credova Financial LLC was an instance of politically motivated debanking, the CFPB is dropping its probe of the company....By: Ballard Spahr LLP
CFPB Seeks Comments and Data on Revised Open Banking Rule
The CFPB published an advanced notice of proposed rulemaking (ANPR) on Aug. 22, 2025, seeking comments and data to aid in the agency's reconsideration of its Section 1033 Open Banking Rule. This notice follows the CFPB's recent decision to withdraw its request that a federal judge vacate the Rule, electing instead to reopen the rulemaking process....By: Holland & Knight LLP
GENIUS Act Regulates Cryptocurrency and Shifts Stablecoin Infrastructure
President Trump signed The Guiding and Establishing National Innovation for U.S. Stablecoins Act (“GENIUS Act”) into law on July 18, 2025. The GENIUS Act is the federal government’s first major regulatory structure for cryptocurrency....By: Genova Burns LLC
CFPB Reconsiders Section 1033 Rule Signaling Potential Overhaul of Personal Financial Data Rights Framework
On August 22, 2025, the Consumer Financial Protection Bureau (CFPB) published an advance notice of proposed rulemaking (ANPR) seeking public comment on four substantive aspects of its Section 1033 rulemaking under the Dodd-Frank Act. The CFPB seeks input on......By: Cooley LLP
The DOL is Right to Scrap the Annuity Safe Harbor
The Insured Retirement Institute (IRI) is once again carrying water for the annuity industry, this time urging the Department of Labor to retain a regulatory safe harbor that’s already obsolete. The safe harbor in question, rooted in the Pension Protection Act of 2006, was designed to give plan fiduciaries guidance in selecting annuity providers. But the DOL is correct in its proposal to eliminate it, because Congress already provided a more streamlined fiduciary safe harbor in the SECURE Act of...By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
CFPB Files Action against Fintech Bank Partner for Alleged Unfair Practices Related to Record Keeping of Consumer Funds
On August 21, 2025, the Consumer Financial Protection Bureau filed an enforcement action in connection with Chapter 11 bankruptcy proceedings for a fintech (the "Fintech") acting primarily as a third-party service provider for other fintechs and their bank partners, by providing services including advertising, deposit account maintenance, offering debit cards and services, bill payment, funds transfers....By: Hudson Cook, LLP
The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 6: Prudential Solvency Regimes in the US
This chapter of The Encyclopaedia of Prudential Solvency discusses the prudential solvency regime in the United States. The US regulatory framework is defined by its state-based approach, whereby each state’s department of insurance holds primary oversight over insurers within its jurisdiction....By: Skadden, Arps, Slate, Meagher & Flom LLP
Healthcare & Life Sciences Private Equity Deal Tracker: Advent to Acquire PatientPoint
Advent International has announced it will acquire PatientPoint. PatientPoint, founded in 1987 and based in Cincinnati, Ohio, is a digital point-of-care network delivering educational content and diagnostic tools to patients and providers....By: McGuireWoods LLP
Two Recent SEC Enforcement Actions Against Registered Investment Advisers Underscore That Regulatory Compliance Is Still Relevant Despite Enforcement Priority and Examination Changes
In the first half of August, the U.S. Securities and Exchange Commission (SEC) announced settlements with two different registered investment advisers for violations of the Investment Advisers Act of 1940. Specifically, on August 1, the SEC found an investment adviser (Adviser 1) to be in violation of Rule 206(4)-2 (the Custody Rule), and on August 15, it found a different investment adviser (Adviser 2) to be in violation of Rule 206(2), which prohibits advisers from engaging in “any...By: Lowenstein Sandler LLP
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