Finance Law and Banking Law

The Treasury Department has significantly shifted its approach to corporate and partnership tax regulation in 2025, withdrawing several proposed rules that faced criticism for being overly burdensome and complex. This regulatory rollback, driven by executive orders aimed at reducing compliance costs, has left taxpayers and advisors navigating uncertainty about which transaction structures remain permissible and how the IRS will enforce substantive tax rules without mandatory reporting requirements.

The US and European markets for collateralized loan obligation securities (CLOs) in 2025 carried the momentum of a robust 2024 through headwinds from tariff announcements...

The Securities and Exchange Commission has launched a comprehensive review of the Consolidated Audit Trail, questioning whether the system should continue in its current form after costs ballooned from an estimated $55.8 million to over $248 million annually. The concept release solicits public comment on fundamental aspects including governance structure, funding models, data collection scope, and whether the CAT should be eliminated entirely in favor of alternative audit trail systems.

In Episode 5 of our Debt Sales 101 mini-series, we turn to contracting and closing, where legal structure, regulatory expectations, and commercial terms come together to define the transaction.

Episode 5 of the Debt Sales 101 mini-series examines the critical intersection of legal structure, regulatory compliance, and commercial terms in debt purchase and sale agreements. The discussion explores how key contractual provisions allocate risk between buyers and sellers while addressing regulatory expectations. Listeners will learn how well-drafted agreements enable scalable debt sale programs by aligning regulatory requirements with commercial objectives.

The US and European markets for collateralized loan obligation securities (CLOs) in 2025 carried the momentum of a robust 2024 through headwinds from tariff announcements...

The CFTC escalates its defense of federal jurisdiction over prediction markets with new lawsuits against New York and an amicus brief in Massachusetts, challenging state attempts to regulate event contracts under gambling laws.

The CFTC has brought its first insider trading case in prediction markets, charging a US Army Special Forces sergeant with using classified information about a military operation to profit from trades on an overseas platform.

On 23 April 2026, the U.S. Department of Justice (DOJ) and Commodities Futures Trading Commission (CFTC) announced separate enforcement actions against an active-duty member of the U.S.

Connecticut's Department of Banking has taken enforcement action against a lead-generation company for conducting mortgage lead-generation activities without proper state licensing, marking the second time the company has faced such allegations. The case highlights ongoing regulatory scrutiny of licensing compliance in the consumer financial services sector and the consequences of operating without required state authorizations.

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks (the “Proposed Rules”). This package of proposals is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of minimum regulatory capital ratios.