Worldwide: Financial Services

Episode 5 of the Debt Sales 101 mini-series examines the critical intersection of legal structure, regulatory compliance, and commercial terms in debt purchase and sale agreements. The discussion explores how key contractual provisions allocate risk between buyers and sellers while addressing regulatory expectations. Listeners will learn how well-drafted agreements enable scalable debt sale programs by aligning regulatory requirements with commercial objectives.

On 27 April 2026, the staff (Staff) of the Securities and Exchange Commission (SEC) issued a no-action letter that extends to open-end funds, subject to certain conditions, exemptive relief that permits business development companies (BDCs) and registered closed-end funds to co-invest alongside affiliates in transactions otherwise prohibited under Sections 17(d) and 57(a)(4) of the Investment Company Act of 1940, as amended.

On Monday, the SEC staff issued a no-action letter that allows registered open-end funds, including mutual funds and ETFs, to co-invest under the simplified exemptive orders that it began issuing in 2025.

On April 17, 2026, the Division of Corporation Finance issued a no-action letter to Tower Semiconductor Ltd., an Israeli foreign private issuer (Tower), extending until May 29, 2026 the date through which Tower’s directors and officers may fail to file required Section 16(a) reports without leading the Division of Corporation Finance to recommend enforcement action to the SEC. The Division had previously granted no-action relief for failures to file until April 20, 2026.

On April 8, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) issued a notice of proposed rulemaking to implement the anti-money laundering/countering the financing of terrorism (AML/CFT) and U.S. economic sanctions provisions of the GENIUS Act (the Proposed Rule).

A high-stakes procedural battle is unfolding in the en banc U.S. Court of Appeals for the District of Columbia Circuit that could determine the near-term fate of the Consumer Financial Protection Bureau (“CFPB”).

As agricultural borrowers face tighter margins and reduced cash flow in 2026, Farm Credit lenders are increasingly turning to "bulge financing" - temporary credit extensions designed to bridge short-term liquidity gaps. This analysis explores how these 60-120 day facilities differ from traditional accordion structures and examines their strategic deployment through a real-world case study of discounted crop input financing.

A California Superior Court's tentative ruling in Opportunity Financial v. Hewlett has granted summary judgment to OppFi, rejecting the state regulator's "true lender" theory in a bank-fintech partnership dispute. This landmark decision addresses whether a fintech company or its partner bank should be considered the actual lender when loans are originated by a bank but predominantly funded and serviced by the fintech...

On 20 April 2026, the SEC and CFTC jointly proposed yet another round of amendments to Form PF to eliminate filing obligations for many private fund advisers...