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[Video] 10 For 10: Top Compliance Stories For the Week Ending December 13, 2025
Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings you the compliance stories you need to know to end your busy week. Sit back, and in 10 minutes, hear about the stories every compliance professional should be aware of from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance,...By: Thomas Fox - Compliance Evangelist
Leveraged Lending Guidance Withdrawn by OCC and FDIC
On December 5, 2025, the Office of the Comptroller of the Currency (“OCC”) and Federal Deposit Insurance Corporation (“FDIC”) rescinded guidance on leveraged lending activities by banks. The rescissions should come as a welcome relief to the banking industry, allowing banks to better apply enterprise-wide risk management programs to this type of lending and potentially create additional competition in the private credit loan market....By: Mayer Brown
The UK’s New Anti-Corruption Strategy – Linking Growth to a Tougher Enforcement Agenda
There is a clear sense that the current UK Government wants to put criminal justice reform back on the agenda – and economic crime is a big part of that. Fraud and corruption plainly cost the UK economy huge sums, yet successive governments have struggled to get to grips with either. Chronic under-resourcing of key enforcement agencies such as the UK Serious Fraud Office, relative to their international counterparts, is clearly part of the problem....By: Hogan Lovells
When Privacy Rules Meet Fund Finance, December 2025 - The New Regulation S-P Amendments and What They Mean for Lenders in Fund Finance
The SEC's 2024 amendments to Regulation S-P introduce the most comprehensive update to federal privacy and data security standards for SEC-regulated institutions since the rule was adopted. While the amendments are directed at investment advisers, registered funds, broker dealers, and transfer agents – not lenders – fund finance deal teams are already seeing the effects....By: Cadwalader, Wickersham & Taft LLP
Mr. Worldwide: FINRA’S Rule 8210 Reminder to Broker-Dealers
FINRA lacks subpoena power. In lieu, Rule 8210 is the backbone of its self-regulatory framework. Failure to comply or providing incomplete or untruthful responses can lead to severe sanctions, including expulsion for firms and bars for individuals....By: Gray Reed
New York Enacts 2022 UCC Amendments Creating New Regime for Digital Assets Under State Law
New York has now joined with 32 other states and the District of Columbia in enacting the 2022 amendments to the Uniform Commercial Code (UCC) promulgated by the American Law Institute and the Uniform Law Commission. The amendments become effective in New York on June 3, 2026....By: Morgan Lewis
Cryptoassets: OFSI’s Sanctions Threat Assessment
The UK has a number of sanctions that can be engaged by crypto-related activities. Most notably, its asset freeze restrictions prohibit making funds or economic resources available to, or dealing with the funds or economic resources of, those subject to UK asset freeze measures. This means that transferring crypto-assets to, or receiving them from, designated persons can breach UK sanctions; in addition, in certain circumstances facilitating such a transfer would also breach UK sanctions....By: Hogan Lovells
HL UK Pensions Law Digest 11 December 2025
Pension Schemes Bill: Virgin Media remedy - Provisions in the Bill will enable retrospective validation of rule changes which may have otherwise been invalid, following the Court of Appeal’s decision in the Virgin Media case....By: Hogan Lovells
California Doubles Down on Diversity Data: The New Era of DEI Transparency in Venture Capital
In October 2023, California enacted Senate Bill 54 (SB 54) to promote transparency in venture capital funding by requiring firms with a California nexus to report demographic data on the founding teams of their portfolio companies. In 2024, California enacted Senate Bill 164 (SB 164), which repealed SB 54 but reintroduced most of its substantive requirements with key amendments....By: Littler
Banks and EMIs Face Detailed New Information and Account Direct Deduction Obligations as UK Public Authorities (Fraud, Error and Recovery) Act 2025 Receives Royal Assent
The Public Authorities (Fraud, Error and Recovery) Act 2025 received Royal Assent on 2 December 2025. The Act includes powers for the Minister for the Cabinet Office and the Department of Work and Pensions (DWP) to issue ‘account information notices', ‘general information notices', ‘further information notices' and ‘direct deduction orders' to banks and e-money institutions (EMIs) in relation to recovery of fraudulent or erroneous payments from accounts, as well as a DWP power to issue...By: Hogan Lovells
In The Know: Antitrust Enforcement Trends for Private Equity M&A
The antitrust environment for private equity investors has entered a new phase marked by continued active enforcement, pragmatic settlements, and international expansion of merger-control regimes. For sponsors and portfolio companies, understanding the shifting expectations of US and global regulators is critical to maintaining deal certainty and avoiding costly surprises....By: Morgan Lewis
FBI Warns of Account Takeover Fraud
On November 25, 2025, the Federal Bureau of Investigation (FBI) published a Public Service Announcement warning that cyber criminals are “impersonating financial institutions to steal money or information in Account Takeover (ATO) fraud schemes.” These schemes target individuals and businesses of all sizes across all sectors....By: Robinson+Cole Data Privacy + Security Insider
House Passes Bipartisan Capital Formation Package: The INVEST Act
Today, the US House of Representatives passed a bipartisan capital formation bill, H.R. 3383 or the Incentivizing New Ventures and Economic Strength Through Capital Formation (“INVEST”) Act of 2025, 302 to 123. Announced by the US House Committee on Financial Services (the “Financial Services Committee”) on December 2, 2025, the INVEST Act includes more than 20 bills that advanced out of the Financial Services Committee....By: Mayer Brown Free Writings + Perspectives
CFPB transfers active litigation to DOJ amid funding crisis
The Consumer Financial Protection Bureau (CFPB) has announced the transfer of all its active litigation to the United States Department of Justice (DOJ), as the agency faces imminent funding shortfalls and a potential shutdown early next year....By: DLA Piper
More than just a driving force for the German economy?
Special funds have evolved from crisis instruments into economic policy financing tools – including Germany’s Special Fund for Infrastructure and Climate Neutrality (Sondervermögen, SVIK). With a volume of EUR500 billion over twelve years, it is intended to support targeted investments in digitalisation, the energy transition and infrastructure. The German government wants to use the SVIK as an investment boost to make Germany a more future-proof business location. Politically – as set out in...By: DLA Piper
Global M&A Insights - Dealmaking Momentum Is On The Rise
Welcome to the latest edition of M&A insights, where we explore the forces shaping transactional activity and predict what will drive dealmaking in the year to come....By: A&O Shearman
AI Startups Keep Their Market Edge in Q3 2025, But Sustainability Questions Linger
Q3 2025 confirmed what many venture observers suspected: startups deploying or developing AI technologies continue to command higher valuations than their non-AI peers, with 2.5x higher revenue multiples (20x vs. 8x)....By: Fenwick & West LLP
OCC Confirms Riskless Principal Transactions in Crypto Assets by Banks Are Permissible
On December 9, 2025, the OCC issued Interpretive Letter #1188 to confirm that national banks may engage in riskless principal crypto-asset transactions, including transactions in assets that are not securities. Riskless principal transactions occur when an intermediary purchases an asset from one counterparty for immediate resale to a second counterparty. Banks are generally permitted to engage in such transactions and the OCC does not view involvement of crypto assets in the transactions as...By: Jones Day
High Court interprets apparently broad close out rights narrowly
The High Court has held that broadly framed “protection of interests” provisions did not permit a firm in special administration to close out its foreign exchange positions. Directions to close out sought - Argentex entered special administration with a book of forward and option contracts, many on a “zero margin” basis. Unhedged and exposed to market moves, the joint special administrators of Argentex sought directions from the court whether it could close out these contracts that made up its...By: A&O Shearman
How to Split the Pie: Equity, “Sweat” Ownership, and Investors in Restaurant Deals
Restaurant deals almost always involve some mix of: A chef or operator contributing sweat and expertise, One or more money partners, and Maybe a landlord, advisor, or brand partner in the background....By: Davidoff Hutcher & Citron LLP
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