Finance Law and Banking Law

Horizontal strip rated note feeder structures present a unique challenge when implementing Day-1 Equity commitments, as the standard approach can disrupt negotiated tranche waterfalls and subordinate senior investors. A preferred equity alternative preserves investor priority while maintaining ratings neutrality and providing lenders with enforceable, borrowing base-eligible commitments.

On September 11, 2026, the FDIC, Federal Reserve, OCC, and NCUA (together, the “Agencies”) issued proposed third-party risk management guidance (the “TPRM Guidance”) outlining a principles-based approach designed to assist banks and credit unions (together, “institutions”) in tailoring their third-party risk management practices to the risks of individual relationships.

The FDIC Board's September 17 meeting introduced two significant proposed rules that would reshape bank merger review timelines and extend interstate parity protections to state banks operating without physical branches in host states. The proposals establish new processing categories for merger applications with defined decision timeframes, while addressing how state banks can achieve regulatory parity with national banks when serving customers across state lines without maintaining branch locations.

The federal banking agencies have proposed new third-party risk management guidance that is more prescriptive than its emphasis on a “risk-based” approach might suggest. In addition to calling for risk-based oversight, the proposal identifies specific elements that banks should address in board-approved policies and throughout the life cycle of third-party relationships, including due diligence, contracting, ongoing monitoring, documentation, remediation, and termination.

In the world of banking regulation, corporate structure matters. One of the most significant structural designations a banking organization can achieve is that of a financial holding company (FHC). This post explains what an FHC is, how it differs from a standard bank holding company (BHC), and how a BHC elects to become one.

Banks face significant restrictions on how they market and price products under anti-tying provisions, but the combined-balance discount exception offers a strategic pathway for relationship-based pricing. Understanding which products qualify and how to properly aggregate household balances can unlock meaningful flexibility while maintaining regulatory compliance.

The SEC has granted groundbreaking exemptive relief allowing interval and tender offer funds to simultaneously offer traditional unlisted shares, exchange-listed shares, and tokenized shares from a single vehicle. This innovative structure opens new distribution channels and provides investors with enhanced liquidity options through secondary market trading at market-determined prices. The relief also permits NAV-for-NAV exchanges between share classes, potentially expanding the investor base beyond traditi

The SEC has filed a complaint against Eric Munson and Adit Ventures Management, alleging a multi-year scheme involving misrepresentation to investors, misappropriation of fund assets, and undisclosed conflicts of interest. The case involves over 60 funds with at least 1,000 investors, where the defendants allegedly induced investments through false promises, executed unauthorized loans between funds, and engaged in undisclosed self-dealing transactions while failing to properly register as an investment adv

The Securities and Exchange Commission and Commodity Futures Trading Commission have announced another extension of the compliance date for Form PF amendments, pushing the deadline from October 2026 to July 2027. This extension comes as the agencies consider proposed amendments that would significantly roll back the 2024 reporting requirements before they take effect. Private fund advisers must continue following existing Form PF reporting frameworks while monitoring these ongoing regulatory developments.

The 2025 restructuring of the Ardagh Group S.A. (Ardagh or the company) capital structure unleashed one of the most controversial—and ultimately consequential—“Restructuring” credit event determination processes...

On Friday, California Office of Health Care Affordability (“OHCA”) published proposed final regulations that implement a 2026 law that significantly expanded OHCA’s review authority over health care transactions involving private equity (“PE”) groups, hedge funds, and management services organizations (“MSOs”). Stakeholders involved in California health care transactions should re-assess whether their ongoing or contemplated transactions are implicated by these regulations, because newly covered transactions will need to comply with the 90-day advance notice requirement established in the original OHCA regulations.

On August 20, the District of Columbia’s Medical Debt Mitigation Amendment Act of 2026 became effective after being enacted without Mayor Muriel Bowser’s signature.