United States: Finance and Banking

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. 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. 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 31, the American College of Investment Counsel (ACIC) released comprehensive updates to all four Model Form Note Purchase Agreements used in domestic and cross-border private placement transactions.

In Episode 2 of our Debt Sales 101 mini-series, we move from the “why” behind debt sales to the “what.” Specifically, we discuss what types of debt can be sold...

On March 31, the Office of the Comptroller of the Currency (OCC) announced that it is amending Appendix E of 12 CFR 30 by rescinding "OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches" effective May 1. In addition, the OCC immediately rescinded Bulletins 2025-35, 2024-31, 2024-16, and 2018-47 relating to recovery planning.

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.

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.

The National Association of Insurance Commissioners (“NAIC”) held its 2026 Spring meetings in San Diego. The NAIC received updates from various working groups, including the RBC Investment Risk and Evaluation Working Group, Life RBC Working Group and the American Academy of Actuaries (“Academy”) on the proposals relating to capital charges (factors) for CLOs, Collateral Loans and other assets in order to refine and advance the regulatory framework governing capital treatment of such

Private fund strategies are migrating from institutional investors to retail vehicles like BDCs, interval funds, and tender offer funds, raising critical questions about liquidity mechanics, valuation governance, and regulatory oversight.

Event contracts, commonly known as prediction markets, have rapidly expanded to forecast elections, economic indicators, and other outcomes. As these markets grow, understanding the regulatory framework governing participation becomes critical. This overview examines the CFTC registration categories—from intermediaries and market infrastructure to market participants—that entities must navigate when engaging in event contract activities.

The U.S. Department of Labor has issued a proposed regulation addressing ERISA fiduciary duties when selecting investment alternatives for 401(k) plans, with particular focus on facilitating the inclusion of alternative assets like crypto, private equity, and real estate. The proposal establishes a process-based safe harbor framework that identifies six key factors for fiduciary consideration, reinforcing ERISA's emphasis on prudent process over investment outcomes. What implications will this guidance have