Worldwide: Finance and Banking

Business development companies have evolved sophisticated financing structures spanning subscription facilities, asset-based lending, CLO issuances, and structured credit products.

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio

Payment-in-kind (PIK) interest allows fund borrowers to defer cash interest payments by converting them into additional principal obligations, offering a powerful liquidity management tool for private equity and real estate investment funds. This analysis examines the strategic considerations, tax implications, and regulatory guardrails that both borrowers and lenders must evaluate when implementing PIK interest provisions in subscription and NAV facilities. From leverage covenant compliance to interest rat

Private credit markets in the U.S. and Europe have evolved through distinct regulatory pathways, with the U.S. developing scalable fund structures earlier while Europe advanced through harmonization. The implementation of AIFMD 2.0 in April 2026 marks Europe's transition toward a unified, prescriptive framework for loan-originating funds, introducing leverage caps, concentration limits, and enhanced investor protections.

On July 7, the SEC released its Spring 2026 Regulatory Flexibility (“Reg Flex”) agenda detailing an ambitious list of thirty-eight potential rulemakings for the upcoming year.

The Institutional Limited Partners Association has launched and updated four principal reporting templates following the Fifth Circuit's vacation of the SEC's Private Fund Adviser Rules, reimposing transparency and comparability objectives through contractual frameworks. These templates standardize fund economics, performance metrics, capital activity and portfolio company reporting, creating new compliance considerations for fund sponsors navigating investor reporting obligations.

The SEC's recent interpretive guidance confirms that certain data center securitizations fall outside the definition of "asset-backed security" under the Securities Exchange Act, removing several ABS-specific regulatory requirements. This analysis explores the practical implications for risk retention, investor protections, existing master trust platforms, and the future structuring of data center financings in light of this regulatory shift.

Business development companies have evolved sophisticated financing structures spanning subscription facilities, asset-based lending, CLO issuances, and structured credit products.

The US Treasury repo market faces a fundamental transformation as SEC rules mandate central clearing for most Treasury repurchase transactions by June 2027. This regulatory shift is accelerating buy-side adoption of "sponsored repo" arrangements, requiring firms to navigate new operational frameworks, documentation requirements, and clearing relationships. Understanding the mechanics of sponsored membership and preparing for compliance will be critical for buy-side participants seeking to maintain efficient

The U.S. Treasury has proposed new regulations to implement the GENIUS Act governing payment stablecoin issuance and operations, while FinCEN permanently ends beneficial ownership reporting requirements for U.S. companies under the Corporate Transparency Act. Additionally, the FTC announces it will no longer pursue disparate-impact discrimination claims, and the FDIC introduces a streamlined two-phase process for reviewing deposit insurance applications.

The Securities and Exchange Commission has announced a significant reduction in filing fee rates for fiscal year 2027, marking the second consecutive year of decreases. The new rate of $87.00 per million dollars represents a substantial drop from the current $138.10 rate and will affect securities registration, repurchases, and proxy solicitations beginning October 1, 2026.

Private credit markets in the U.S. and Europe have evolved through distinct regulatory pathways, with the U.S. developing scalable fund structures earlier while Europe advanced through harmonization. The implementation of AIFMD 2.0 in April 2026 marks Europe's transition toward a unified, prescriptive framework for loan-originating funds, introducing leverage caps, concentration limits, and enhanced investor protections.