Finance Law and Banking Law

Qualified Family Partnerships offer bank holding companies significant structural flexibility, but strict eligibility requirements under the Bank Holding Company Act demand careful attention. Even seemingly minor transfers of economic interests to non-qualifying parties can result in complete loss of QFP status, regardless of whether voting rights are retained.

The Securities and Exchange Commission has submitted a proposed rule to the Office of Information and Regulatory Affairs concerning amendments to Rule 206(4)-5, the investment adviser pay-to-play rule. While the specific substance of the proposal remains undisclosed, the SEC has indicated it will address longstanding concerns from across the political spectrum regarding this rule. The proposal could range from targeted amendments to full repeal of the existing pay-to-play restrictions.

The CFTC has released its 2026 regulatory priorities agenda under new Chairman Michael Selig, outlining significant proposed changes to commodity pool operator exemptions, large trader reporting requirements, and foreign exchange product classifications. Asset managers participating in commodities and derivatives markets will need to understand how these regulatory modifications may affect their registration obligations, reporting burdens, and treatment of various financial instruments.