Finance Law and Banking Law

As the fund finance market evolves beyond traditional single-tranche credit facilities, understanding the critical distinctions between lien subordination and payment subordination becomes essential for structuring complex financings.

Private credit has found itself under sustained scrutiny in the first half of 2026. The industry, which grew rapidly after the global financial crisis as an alternative to traditional bank lending...

Project financing for data centers is experiencing unprecedented growth driven by massive AI demand, with global infrastructure investment estimates running into trillions of dollars.

Judge Glenn recently became the first U.S. bankruptcy judge to recognize a Luxembourg judicial reorganization by collective procedure (the Luxembourg Proceeding or JRP) as a “foreign main proceeding” under Chapter...

On June 1, 2026, the U.S. Department of the Treasury (the Treasury) and the Internal Revenue Service (the IRS) published proposed regulations (the 2026 Proposed Regulations) addressing the applicability dates of proposed regulations published last year (the 2025 Proposed Regulations) regarding the Section 892 tax exemption for foreign governments.

The U.S. Treasury Department and IRS have issued new proposed regulations addressing transition relief and grandfathering provisions for foreign government investors under Section 892.

On June 18, 2026, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC; together with the SEC, the Commissions) issued a joint request for comment...

The Chicago Mercantile Exchange has filed a lawsuit against the CFTC challenging its approval of Kalshi's bitcoin perpetual futures contract, arguing that perpetual contracts should be classified as swaps rather...

The CFTC has proposed sweeping amendments to Regulation 40.11 that would fundamentally reshape how event contracts are evaluated for listing on designated contract markets. The new framework introduces a three-step inquiry process to determine whether contracts involving activities like gaming, terrorism, or war should be prohibited, with particular focus on sports-related event contracts and their settlement mechanisms.

The NAIC Risk-Based Capital Investment Risk and Evaluation Working Group has adopted new capital requirement factors for life insurers' investments in collateralized loan obligations, marking a significant milestone in a four-year regulatory project.

The Court of Justice of the European Union has ruled that loan servicing by an original lender after transferring loans to a purchaser does not qualify for VAT exemption, potentially creating significant tax costs for securitisation structures. This decision fundamentally challenges how credit management services are treated when the legal relationship between lender and borrower is severed, raising critical questions about VAT recovery in special purpose vehicle arrangements.

As the fund finance market evolves beyond traditional single-tranche credit facilities, understanding the critical distinctions between lien subordination and payment subordination becomes essential for structuring complex financings.