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Observations on the SEC’s 2026 Examination Priorities
The SEC’s Division of Examinations (the “Division”) recently announced its examination priorities (“Exam Priorities”) for fiscal year 2026. In this eUpdate, we share some key observations on the Exam Priorities that impact SEC-registered investment advisers (“advisers”). ...By: Dorsey & Whitney LLP
Artificial Intelligence in Investment Management: Regulatory Challenges and Fiduciary Implications
Artificial intelligence (AI) has rapidly transitioned from a niche analytical tool to a core component of modern investment management. Asset managers are increasingly using machine learning and data-driven systems to analyze markets, optimize portfolios, and identify investment opportunities....By: Venable LLP
FPI Directors and Officers To Be Subject to Section 16(a)
On December 18, 2025, President Trump signed the National Defense Authorization Act (“NDAA”) into law. Among its many provisions, Section 8103—titled the “Holding Foreign Insiders Accountable Act”—introduces a significant development for foreign private issuers (“FPIs”)....By: Goodwin
Structuring credit agreement flexibility for venture backed borrower "secondaries"
Secured lenders are seeing increased demand from borrowers to execute secondary transactions in the venture lending space. While these transactions can raise concerns regarding control over leverage, investor support, and protecting collateral value, they can be compatible with prudent credit risk management if the credit agreement architecture anticipates them....By: DLA Piper
Bye-Bye 280E: New Executive Order Concerning Cannabis Rescheduling
In a historic development, on December 18, 2025, President Donald Trump signed an Executive Order entitled “Increasing Medical Marijuana And Cannabidiol Research,” directing Attorney General Pam Bondi to “take all necessary steps to complete the rulemaking process related to rescheduling marijuana to Schedule III of the CSA.”...By: Goodwin
HM Treasury Proposes to Significantly Reduce Scope of UK BMR
Under the proposals, only designated benchmarks or benchmark administrators would be regulated....By: Latham & Watkins LLP
IVASS publishes first update to national TIBER-IT cybersecurity framework
On 11 December 2025 the Italian Insurance Regulatory Authority (IVASS) published an update about the National TIBER-IT Guide for Advanced Cybersecurity Testing for the Italian Financial Sector (TIBER-IT Guide) made by Italy’s Central Bank, CONSOB and IVASS....By: DLA Piper
Highlights from the NAIC Fall 2025 National Meeting
The National Association of Insurance Commissioners (NAIC) held its 2025 Fall National Meeting from December 7-11 in Hollywood, Florida. As has become the norm, a number of relevant NAIC working groups and task forces met virtually in the weeks prior to (or just after) the National Meeting. Consequently, in this report, we highlight notable developments from the Fall National Meeting and other recent meetings of NAIC working groups and task forces....By: Eversheds Sutherland (US) LLP
401(k) Auto-Features Aren’t Set-It-and-Forget
Auto-enrollment and auto-escalation have become the comfort food of the retirement plan industry— warm, reassuring, and often over-relied upon. Plan sponsors love them because they create a sense that the plan is quietly doing the work for you. Participants are defaulted into saving. Deferral rates rise. And on paper, it looks like progress. But anyone who has ever actually managed a retirement plan knows that the moment you start treating auto-features as a self-driving car, you’re on your way...By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Congratulations, CFTC Chairman Selig
Warm congratulations to the Honorable Michael Selig, who was confirmed by the Senate on December 18 as the 15th Chair of the Commodity Futures Trading Commission (CFTC or Commission). This key appointment builds on the foundational work of Acting Chairman Caroline D. Pham to modernize the Commission and sets the stage for a clearer, innovation-forward regulatory posture in US derivatives and digital asset markets....By: Katten Muchin Rosenman LLP
Lenders Should Approach the Recent CFPB–MoneyLion Military Lending Act Settlement With Caution
On November 24, 2025, the court in CFPB v. MoneyLion Technologies, No. 1:22-cv-08308 (SDNY) entered a stipulated final judgment and order that settled the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) enforcement action against MoneyLion Technologies, Inc. and its lending subsidiaries (collectively, “MoneyLion”)....By: Hinshaw & Culbertson - Consumer Crossroads
[Video] Block & Order | Building on Layer 1 with Jennie Levin: Algorand, Policy Shifts & Tokenization’s Future
In this episode, Kyle and Moish talk with Jennie Levin, the Chief Legal and Operating Officer of the Algorand Foundation, about the evolving regulatory climate that is reshaping tokenization, stablecoins, and institutional adoption. Jennie explains how Algorand’s architecture supports real-world assets and global payments, why the foundation is re-embracing the U.S. market, and how builders can navigate uncertainty. She also shares how her former life as a federal prosecutor informs her approach...By: Falcon Rappaport & Berkman LLP
OCC Releases Its Semiannual Risk Perspective for Fall 2025
On December 16, the OCC reported on several key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2025. The OCC found that the strength of the federal banking system remained sound, with satisfactory balance sheets and high capital and liquidity ratios well-positioned to absorb potential stress....By: Orrick, Herrington & Sutcliffe LLP
FDIC Approves Interim Final Rule on Collection of Special Assessment Following Bank Closures
On December 16, the FDIC approved an interim final rule providing for the collection of a special assessment to recover losses to the deposit insurance fund arising from the systemic risk determination announced on March 12, 2023, following the closures of two major banks....By: Orrick, Herrington & Sutcliffe LLP
When a Sponsor Says “Our Employees Just Don’t Care”—How You Help Them Care
Plan providers hear it all the time: “Our employees don’t care about the 401(k).” That’s usually employer-speak for “We haven’t communicated anything in three years and HR is tired.” Employees aren’t apathetic—they’re overwhelmed, confused, and suspicious of anything that sounds like homework....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Unlocking global data center opportunities
The accelerated rise of AI is driving demand for high-density data centers. These data centers require massive amounts of power, and the grid is ill-equipped to handle such power. In addition to traditional data center development opportunities, there is an investment opportunity around onsite electricity generation that requires significant capital for growth....By: McDermott Will & Schulte
Market analysis: 10 trends affecting global private markets for 2026
Welcome to the fifth edition of the Private Markets Update, a report in which our cross-border, multidisciplinary team of private capital advisers shares insights on the latest trends emerging across global private markets....By: McDermott Will & Schulte
Fed and CFPB Set 2026 Exemption Thresholds for Consumer Credit and Lease Transactions
On December 15, the Fed and CFPB announced two final rules published in the Federal Register: one amending Regulation M, which implements the Consumer Leasing Act; and the second amending Regulation Z, which implements TILA, as required by the Dodd-Frank Act. Both rules set the exemption threshold for consumer credit and lease transactions at $73,400 or less for 2026, based on a 2.1 percent annual inflation increase....By: Orrick, Herrington & Sutcliffe LLP
OCC Proposes and Seeks Public Input on Streamlined CRA Process for Community Banks
On December 17, the OCC announced its proposed guidance introducing a “simplified strategic plan process” for community banks to comply with the CRA. The OCC stated that the new process aims to reduce regulatory burden and clarify requirements for community banks, allowing them to tailor their OCC CRA examinations according to their capacity...By: Orrick, Herrington & Sutcliffe LLP
FDIC Adopts Final Rule Updating Branch and Office Establishment and Relocation Procedures
On December 16, the FDIC’s Board of Directors announced it approved a final rule streamlining the establishment and relocation processes for domestic bank branches and main offices following its July proposal (covered by InfoBytes here). The final rule largely adopted the measures outlined in the proposed rule — including expedited processing, the elimination of the FDIC’s discretion to remove filings from expedited review, reduced filing content, the removal of public notice and comment...By: Orrick, Herrington & Sutcliffe LLP
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