Worldwide: Financial Services

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Finance law and banking law thought leadership, articles, podcasts, videos and webinars from expert sources across the legal world. Explore insights covering topics such as capital adequacy, BASEL, acquisition finance, debt capital markets, fund finance, islamic finance, securitization and structured finance.
Article
Pledging Collateral For Affiliate Borrowings: A “Guarantee” In Disguise Under Reg W?
When a bank pledges its own collateral to secure an affiliate's borrowing from a third-party lender, does this arrangement constitute a guarantee under Regulation W? The Federal Reserve's interpretation treats such pledges as covered transactions, with specific measurement rules that reflect the bank's actual exposure. Understanding how to properly classify and measure these arrangements is essential for compliance with quantitative limits.
United States Finance
DM
Duane Morris LLP
Article
Merchants Take The “Junk Fee” Fight To Their Payment Processors
A proposed class action in North Carolina alleges that payment processors systematically charged small businesses undisclosed monthly "junk fees" for services like PCI compliance. This case represents a potential shift in merchant-processor disputes, as plaintiffs attempt to leverage consumer-focused pricing transparency laws and expanded unfair trade practice statutes to challenge business-to-business fee practices that have traditionally been litigated solely as contract disputes.
United States Finance
GA
Global Advertising Lawyers Alliance (GALA)
Article
Showing Your Work: How SEC Examiners Review The Annual Review
The SEC's Division of Examinations has released new guidance highlighting common deficiencies in investment advisers' annual compliance reviews, revealing critical gaps in documentation, testing procedures, and policy alignment. With examination coverage rates declining and enforcement actions targeting compliance failures, advisers face heightened scrutiny over their ability to demonstrate thorough, timely, and accurate annual reviews that catch policy-practice drift before regulators do.
United States Commercial
PR
Proskauer Rose LLP
Article
SEC Issues “Innovation Exemption” To Facilitate Trading Of Tokenized NMS Stock
The SEC has issued a groundbreaking "innovation exemption" allowing tokenized securities to trade through automated market makers and liquidity pools on permissioned venues without traditional exchange registration. This temporary five-year relief creates a novel regulatory framework that substitutes disclosure requirements for certain exchange rules, while imposing strict conditions on trading volume, transparency, and issuer consent.
United States Finance
D
Dechert
Article
SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms
On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United States Finance
PR
Proskauer Rose LLP
Article
Unanticipated Risks In Payments Fraud: When Your Customer’s Insurance Company Comes Knocking
When a commercial customer loses money to fraudulent wire transfers, insurance claims often lead to subrogation lawsuits against financial institutions. This comprehensive analysis explores how insurers pursue recovery from banks after paying fraud claims, examining the legal framework under UCC Article 4A and state subrogation law. Financial institutions can implement contract-based defenses, including subrogation waivers and additional insured status requirements, to mitigate litigation risk and protect a
United States Finance
Aa
Adams and Reese
Article
Interest On Escrow: A Deepening Split Leaves Mortgage Lenders In Uncertain Territory
A circuit split and new OCC regulations have created unprecedented uncertainty over whether federal law preempts state requirements that mortgage lenders pay interest on escrow accounts. With the Second Circuit finding preemption, the First and Ninth Circuits rejecting it, and ten states now challenging the OCC's nationwide preemption determination in court, mortgage lenders face a fragmented compliance landscape that demands jurisdiction-specific strategies and constant monitoring of rapidly evolving
United States Finance
Aa
Adams and Reese
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