Finance Law and Banking Law

Representations and warranties insurance (“RWI”) for mergers and acquisitions (“M&A”) is more accessible than ever due to increasing democratization in the market.

You have found a business you want to buy. The seller has an existing SBA loan with a solid interest rate, and the idea of simply stepping into their shoes — taking over the loan along with the business — sounds...

Nordic bonds have evolved from a regional niche into a credible alternative for acquisition financings across Europe, the United States, and Asia-Pacific. This financing framework offers institutional investors...

Federal banking regulators have jointly proposed sweeping reforms to U.S. capital requirements, formally rescinding the controversial 2023 Basel III Endgame Framework in favor of a modernized approach that would reduce capital burdens...

The NAIC's Spring National Meeting addressed critical changes to risk-based capital factors for life insurers' collateral loans, with industry stakeholders debating the appropriate methodology for calculating RBC factors based on loan-to-value ratios and overcollateralization levels.

Federal banking agencies have issued revised model risk management guidance in SR 26-2, introducing a more explicitly risk-based approach to model governance, validation, and monitoring. While primarily targeting organizations with over $30 billion in assets, the principles-based framework has broader implications for regional and community banks navigating evolving regulatory expectations.

Recent regulatory developments are reshaping the landscape for prediction markets, 24/7 equity trading, and fintech banking charters. From the CFTC's new guidance on event contract certifications to state attorneys general challenging high-cost lender applications, these five updates highlight critical compliance and structural changes across financial services. How will these evolving rules impact market participants and emerging financial technologies?

Steven Hollerbach, principal of Alcazar Energy Trading LLC, provides an insider's perspective on commodity trading and the critical function traders serve in maintaining energy market equilibrium. The discussion explores both physical and financial trading mechanisms, examining the split-second decisions that determine energy pricing, transportation, and delivery across the industry.

The SEC has announced a public roundtable for September 17, 2026, to explore the infrastructure, operational challenges, and investor protections needed for potential 24-hour trading in U.S. equity markets. Chairman Paul Atkins emphasized the importance of balancing expanded trading hours with robust safeguards as the Commission solicits public input on this significant market evolution.

Collateralized Fund Obligations (CFOs) have evolved from a niche structured finance product into a rapidly growing capital markets instrument, with annual issuance projected to reach $30 billion in 2026. This comprehensive analysis examines the structural mechanics, regulatory framework, and emerging trends driving CFO adoption among asset managers and institutional investors seeking rated exposure to diversified private fund portfolios.

In a world where access to credit is a cornerstone of financial stability, the need for fair and accurate credit reporting is of paramount importance.

On June 30, 2026, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued an exemptive order granting an exemption from Rules 14e-1(a) and (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for certain qualifying tender or exchange offers for non-convertible debt securities (“Five Business Day Tender Offers”). The SEC exemptive order supersedes the Staff’s 2015 no-action letter (the “2015 Letter”)[1] relating to Five Business Day Tender Offers and is effective immediately.