News from the economy, politics and the financial markets
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BoE and PRA Response On AI In Financial Services
The Bank of England (BoE) has published a joint letter from the BoE and the UK Prudential Regulation Authority (PRA) to the chancellor of the exchequer and relevant secretaries of state, setting out their approach to enabling the safe and responsible adoption of AI in the UK financial sector. The letter responds to a request of 28 January to publish a plan explaining how the authorities will help enable safe AI driven innovation as well as to report annually on how their supervisory and...By: A&O Shearman
DOW’s Economic Defense Unit: Top points for defense and defensetech companies
The United States Department of War (DOW)’s newly formed Economic Defense Unit (EDU) introduces funding opportunities and a new set of legal, structural, and governance considerations for companies operating in priority defense and dual-use sectors....By: DLA Piper
UK FCA Confirms An Increase To FOS Award Limits
The UK Financial Ombudsman Service (FOS) has announced that the UK Financial Conduct Authority (FCA) has confirmed increases to FOS' award limits for the 2026/27 financial year, in line with inflation measured by the Consumer Prices Index. From 1 April, the maximum award the FOS can require a firm to pay will increase to GBP455,000 for complaints relating to acts or omissions occurring on or after 1 April 2019 (an increase of GBP10,000 on the previous year), and to GBP205,000 for complaints...By: A&O Shearman
Will 401(k) plans be “Democratized” by adding “Alts”?: DOL issues its proposed “Fiduciary Duties” regulation
On March 31, 2026, the Department of Labor (DOL) published in the Federal Register a proposed regulation entitled “Fiduciary Duties In Selecting Designated Investment Alternatives” (Proposed Rule). The DOL issued the Proposed Rule in response to White House Executive Order 14330, “Democratizing Access to Alternative Assets for 401(k) Investors” (Executive Order). Responding to concerns about litigation risk raised in the Executive Order, the DOL states that the Proposed Rule provides a “safe...By: Eversheds Sutherland (US) LLP
Consumer Finance Monitor Podcast Draws Coverage from “Inside the CFPB”: A First for Our Platform
In its April 6, 2026 issue, “Inside the CFPB,” a widely read subscription publication published by “Inside Mortgage Finance Publications” highlighted our recent podcast episode released on April 2, 2026 featuring discussion of emerging regulatory developments in the buy now, pay later (BNPL) space....By: Ballard Spahr LLP
UK PRA And FCA Consult On Changes To Loan To Income Flow Limit Rule
The UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) has published consultation papers (CP26/12 / CP6/26), proposing changes to the loan to income (LTI) flow limit rule in mortgage lending. The regulators propose to remove the firm level 15% cap on high LTI lending (mortgages with an LTI ratio of 4.5 or above), while retaining the 15% limit in aggregate across the market, giving individual lenders greater flexibility to set their own high LTI strategies....By: A&O Shearman
[Video] Pod and Port: Podcasting, Social Media and Yacht Rock - AI, Authenticity, Instagram, and Christopher Cross
In the debut episode of Pod & Port: Podcasting, Social Media and Yacht Rock, Tom Fox and Jeff Dwoskin dive into one of the biggest questions facing creators, marketers, podcasters, and business owners today: how do you use AI and social media tools effectively without losing authenticity? Tom and Jeff discuss Instagram, creator monetization, transparency, algorithmic control, and the dangers of relying on AI for generic content. Their central message is clear: AI can be a powerful tool, but it...By: Thomas Fox - Compliance Evangelist
Treasury Issues NPRM on State Oversight of Stablecoin Issuers Under the GENIUS Act
The U.S. Department of the Treasury has issued its first proposed rule under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, marking a key milestone in federal efforts to regulate payment stablecoins. The Notice of Proposed Rulemaking (NPRM) outlines the principles Treasury will use to assess whether a state’s regulatory regime is “substantially similar” to the federal framework, which determines whether certain stablecoin issuers may be supervised by states...By: Ballard Spahr LLP
Monthly Deposits – Issue #1 - MoFo’s Bank Regulatory Newsletter
Welcome to the inaugural issue of Monthly Deposits: MoFo’s Bank Regulatory Newsletter, which provides an overview of recent developments in U.S. bank regulation, including proposed rules, reforms, and other significant updates. Here we cover some of the key developments from the past month that our team is keeping an eye on....By: Morrison & Foerster LLP
McGuireWoods Quarterly Securities & Capital Markets Update - April 2026
Welcome to the McGuireWoods Quarterly Securities & Capital Markets Update, a series of updates that reviews important securities law developments from the previous quarter and alerts readers of significant considerations for the upcoming reporting period. This edition provides updates on developments during the first quarter of 2026 and considerations for calendar year-end registrants regarding their upcoming Q1 Quarterly Reports on Form 10-Q, proxy statements and annual meetings of...By: McGuireWoods LLP
Sequestration Order for Fiscal Year 2027 Pursuant to Section 251A of the Balanced Budget and Emergency Deficit Control Act, As Amended (Trump EO Tracker)
Orders automatic, across-the-board spending cuts to non-exempt direct spending programs for fiscal year 2027, as required by law, with reductions applied uniformly based on calculations issued by the Office of Management and Budget (OMB) to enforce federal budget targets under the Balanced Budget and Emergency Deficit Control Act (P.L. 99-177)....By: Akin Gump Strauss Hauer & Feld LLP
ESMA Q&As Clarifying Expectations Ahead Of The Launch Of The EU Consolidated Tapes
The European Securities and Markets Authority (ESMA) has published new Q&As on the onboarding of data contributors to the EU's consolidated tapes (CTs) and on the operational rules for consolidated tape providers (CTPs), as part of preparations for their launch. This follows ESMA's earlier selection of the first CTPs, including the appointment of fairCT as the CTP for bonds in July 2025 and EuroCTP as the CTP for equities....By: A&O Shearman
FTC sends debanking letters to PayPal, Stripe, Visa, Mastercard
FTC Chairman Andrew N. Ferguson has sent letters to four major financial services providers warning them that they may not engage in debanking—disqualifying potential and current customers from receiving services based on religious, or political views....By: Ballard Spahr LLP
Loi d’exécution du budget : Faits saillants pour le secteur des services financiers
Le 26 mars 2026, la Loi no 1 d’exécution du budget de 2025 (la « Loi d’exécution du budget ») a reçu la sanction royale. Cette loi introduit un nombre important de nouvelles mesures qui auront une incidence sur la réglementation des services financiers au Canada....By: Blake, Cassels & Graydon LLP
Upcoming Amendment Deadline: Is Your Company’s Retirement Plan Ready?
Since 2019, Congress has enacted three major pieces of legislation impacting retirement plans, significantly changing the retirement landscape. The legislation contained a number of amendments to the Internal Revenue Code and the Employee Retirement Income Security Act, as amended, that impact employer-sponsored retirement plans (e.g., 401(k) plans, 403(b) plans, defined benefit plans, and even Puerto Rico plans)....By: Seyfarth Shaw LLP
FPC Record of March Meeting
The Bank of England (BoE) has published the record of the Financial Policy Committee's (FPC) meeting held on 27 March to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system. The FPC assesses that the conflict in the Middle East has triggered a substantial negative supply shock, leading to significant market moves (including higher and more volatile energy prices and higher government bond yields)....By: A&O Shearman
Davies Comments on Proposed Amendments to National Instrument 81-102 Investment Funds
Davies recently submitted a comment letter in response to public consultations initiated by the Canadian Securities Administrators (CSA) regarding proposed amendments to National Instrument 81-102 Investment Funds concerning liquidity risk management, as published by the Canadian Securities Administrators on November 27, 2025, including the concepts discussed in the consultation paper....By: Davies Ward Phillips & Vineberg LLP
Resolving UK Virgin Media issues: where are we now? April 2026
The latest development in relation to issues arising from the Virgin Media case is publication by the Financial Reporting Council (FRC) on 23 January 2026 of guidance for actuaries who are asked to confirm whether a “potentially remediable alteration” would have prevented a scheme from continuing to meet the contracting-out reference scheme test. Where the actuary gives such confirmation, the amendment will be treated as having always been valid for the purposes of the contracting-out...By: Hogan Lovells
Navigating Geopolitical Uncertainty In The GCC: A Corporate Compliance And Risk Management Toolkit
Geopolitical pressures across the Middle East are generating legal and regulatory exposure that many businesses have yet to fully map. Sanctions realignments, conflict-driven capital flows and supply chain fragility are converging rapidly and the consequences of inaction are significant....By: BCLP
New York Just Changed the Game for Buy Now, Pay Later
New York became the first state to publish comprehensive regulations governing Buy Now, Pay Later (“BNPL”) financing on February 23, 2026, and the implications for retail finance are significant. The proposed rule implements New York's groundbreaking BNPL Act, which Governor Hochul signed last year. With federal oversight scaling back, New York's "nation-leading" framework is poised to become the template for other states....By: Blank Rome LLP
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