Finance Law and Banking Law

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.

The CFTC's Division of Market Oversight has issued new guidance establishing a presumption that "Mention Markets"—event contracts settling on whether named individuals will say specific words, attend events, or interact with others—are readily susceptible to manipulation. What heightened standards must designated contract markets now meet to overcome this presumption and list these controversial prediction market contracts?

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...

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.

Structured credit plays a vital role in private credit markets by pooling loans, receivables, and cash-flowing assets to create tailored investment opportunities across various risk-return profiles.

Asset-based lending against in-transit inventory presents unique legal challenges as lenders navigate UCC Article 7 requirements, negotiable documents of title, and the emerging landscape of electronic bills of lading. This analysis examines how ABL lenders can structure security interests to protect their position when goods are moving through the supply chain, from traditional paper documentation to modern electronic platforms.

Matt Bisanz and Tom Killian discuss innovative approaches to regulatory recognition of commercial real estate risk transfer in US banking. The conversation examines how banking agencies can enable responsible growth in commercial real estate lending while maintaining appropriate risk management standards.