Finance Law and Banking Law

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.

In bankruptcies, a debtor or trustee may claw back legitimate payments the debtor made to its creditors within 90 days prior to filing of bankruptcy. In general terms, a preference claim is a transfer made (a) to or for the benefit of a creditor; (b) for or on account of antecedent debt owed by the debtor; (c) while the debtor was insolvent (liabilities exceed assets); (d) within 90 days before the bankruptcy petition was filed or one year if made to an insider; (e) such that it allows the creditor to receive more than it would have received if the debtor had not made the payment and the claim was paid through the bankruptcy process.

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.

The NAIC has proposed significant revisions to statutory accounting principles that would restrict bond treatment for multi-collateral structured credit investments deemed to carry "significant embedded asset-liability management risk." This analysis examines the regulatory concerns driving the proposal, evaluates whether the proposed framework appropriately addresses those concerns, and identifies potential unintended consequences for insurance company investors and the broader structured credit markets.

The NAIC Statutory Accounting Principles Working Group has exposed three significant proposals that could reshape how insurers classify and report certain investments. These initiatives address asset-backed securities with embedded asset-liability management risk, residential mortgage loan definitions and reporting requirements, and the treatment of Insurance Company Owned Life Insurance policies, with potential implications for risk-based capital charges and regulatory transparency.

Partner Kalish Mullen discusses the current LBO financing market landscape, highlighting how strong market liquidity is creating opportunities for quality borrowers to negotiate better terms. He provides strategic guidance on key considerations for management teams navigating financing agreements in an environment of elevated borrowing costs and economic uncertainty.

How do U.S. leveraged finance and project finance transactions differ in their treatment of hedging counterparties within senior secured credit structures? This analysis examines the documentation architecture, eligibility frameworks, governance mechanics, waterfall priorities, and enforcement coordination that distinguish these two markets' approaches to integrating hedges into collateral packages.

Sponsors and corporates face an increasingly complex legal and regulatory landscape when implementing hedging strategies in debt financings. This comprehensive guide examines the critical coordination required between treasury, legal teams, financial advisors and hedge providers to navigate ISDA documentation, regulatory compliance under EMIR and Dodd-Frank, and deal-contingent structures.

Trump v. California: On August 24, 2026, the U.S. Supreme Court paused an injunction issued by the U.S. District Court for the District of Massachusetts and allowed the Trump administration to move forward with implementation of a March 2026 executive order affecting mail voting in 23 states and the District of Columbia.

A federal court decision clarifies critical enforcement rights under UCC Article 9 for lenders in partner and investor loan programs, addressing the 10-day notice safe harbor, commercial reasonableness standards, and timing requirements for collateral disposition notices. The ruling provides essential guidance on foreclosure procedures when limited partnership interests serve as loan collateral.

The Department of War's Office of Strategic Capital has launched a groundbreaking $500 million to $1 billion fund finance program targeting critical minerals vital to U.S. national security. How will this federal-private capital partnership reshape financing for companies addressing supply chain vulnerabilities in strategic materials?