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The Payments Newsletter including Digital Assets & Blockchain, September 2025
Key developments of interest over the last month include: the UK government’s consultation on consolidating the Payment Systems Regulator into the FCA to streamline oversight of payment systems; the South African Reserve Bank’s proposal to allow non-bank entities direct access to the National Payment System; the UK FCA publishing a consultation on the application of its Handbook for cryptoasset activities; and the U.S. SEC and CFTC issuing joint guidance permitting spot crypto trading....By: Hogan Lovells
Heads I Lose; Tails You Lose
Doesn’t all the happy talk about the state of the commercial real estate economy seems a bit overdone? Transactional volume is rebounding, asset prices coming back, cap rates stabilizing, interest rates coming down, spreads coming in, etc., etc…sunlit uplands as far as the eye can see. There is a smaller rump of pessimists out there, wringing their hands about inflation and growth, albeit they seem rather lonely....By: Crunched Credit
“Fair Banking” Executive Order Directs Federal Regulators to Address Debanking - Update
On September 8, 2025, the Office of the Comptroller of the Currency (OCC) issued guidance on how it will consider “politicized or unlawful debanking” consistent with the executive order....By: Woods Rogers
[Video] Great Women in Compliance - Compliance as a Product Differentiator with Susan Cooper
In today’s episode, Lisa Fine speaks with Susan Cooper, Vice President of Regulatory Compliance Programs and Global Data Protection Officer at Meta, discussing her approach to compliance in the technology sector. Susan discusses the path that led her to her current role, which is unique as her team is embedded within Meta’s product organization. Being part of the product development team allows compliance to work hand-in-hand with product development through their risk review process, which...By: Thomas Fox - Compliance Evangelist
DOL Advisory Opinion Confirms Post-Employment Vesting Provisions in RSUs Should Not Create an ERISA Pension Plan
On September 9, 2025, the Department of Labor (DOL) issued Advisory Opinion 2025-03A addressing the following question: Are awards of restricted stock units (RSUs) that permit post-employment vesting considered a “pension plan” subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)? For the reasons discussed below, the DOL answered, no, the RSUs are not subject to ERISA....By: Troutman Pepper Locke
Mega Bankruptcies Surge in First Half of 2025 with Inflation, Interest Rates, and Public Policy Uncertainty Cited as Key Drivers
Large corporate bankruptcy filings increase for third consecutive year as out-of-court restructurings through liability management transactions reach record highs. The elevated pace of large corporate bankruptcy filings that began in early 2023 continued through the latter half of 2024 and into the first half of 2025, according to a new report from Cornerstone Research....By: Cornerstone Research
New York Issues Guidance on Blockchain Analytics for Banking Institutions
On September 17, the New York State Department of Financial Services (DFS) issued new guidance on the use of blockchain analytics tools. This new guidance builds upon the blockchain guidance issued by DFS in 2022, and applies to all New York banking organizations and branches and agencies of foreign banking organizations that are licensed by the DFS (covered institutions)....By: Troutman Pepper Locke
Second Circuit Clarifies Scope of Insider Trading Liability
Earlier this month, the U.S. Court of Appeals for the Second Circuit, arguably the most influential court in the country for federal securities law matters, issued an important decision regarding the scope of insider trading liability. The decision addresses a number of issues relevant to both corporate management and large investors, including (i) the circumstances in which a shareholder can, for purposes of the prohibitions on insider trading, be deemed a corporate “insider” potentially...By: Baker Botts L.L.P.
Asian Secondaries Market Poised for Growth Amid Evolving Investor Dynamics
The global secondaries market has experienced remarkable expansion in recent years. However, Asia has seen comparatively subdued deal activity, as investors have navigated the lingering effects of the Covid-19 pandemic, ongoing economic challenges, and the uncertain impact of tariffs....By: Ropes & Gray LLP
OFAC Penalizes ShapeShift AG $750,000 for Apparent Sanctions Violations
On September 22, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the resolution of an enforcement action against ShapeShift AG (“ShapeShift”), a now defunct digital asset exchange incorporated in Switzerland but headquartered and operated from Denver, Colorado. ShapeShift agreed to remit $750,000 to settle its potential civil liability for apparent violations of multiple U.S. sanctions programs, including those directed against Cuba, Iran, Sudan,...By: The Volkov Law Group
Wisconsin Court of Appeals Affirms Primacy of UCC Safe-Harbor Pre- and Post-Sale Notices After Repossession
The Wisconsin Court of Appeals issued a significant decision in Birge v. Simplicity Credit Union, rejecting a consumer’s challenge to the use of the Uniform Commercial Code (UCC) safe-harbor pre-sale and post-sale notice forms under Wisconsin Statutes Chapter 409. The consumer argued that the UCC notices violated Wisconsin law due to a Wisconsin Consumer Act (WCA) provision requiring that deficiency judgments in connection with credit sales and a narrow category of loans be calculated based on...By: Husch Blackwell LLP
[Video] Compliance into the Weeds: Navigating H-1B Visa Reforms & Corporate Compliance Challenges
The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of Compliance into the Weeds, Tom Fox and Matt Kelly discuss the Trump administration’s recent H-1B visa reforms and their implications for corporate compliance officers. Highlighting the...By: Thomas Fox - Compliance Evangelist
[Video] Daily Compliance News: September 24, 2025, The Double Fantasy Edition
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, including compliance, ethics, risk management, leadership, or general interest, relevant to the compliance professional. Top stories include: • Do you fantasize about...By: Thomas Fox - Compliance Evangelist
[Event] 4th Forum on Digital Assets: Compliance, Enforcement & Regulatory Oversight - November 18th - 19th, New York, NY
The digital assets sector is evolving rapidly, offering tremendous opportunity — but also increased regulatory scrutiny. Attend ACI's 4th Forum on Digital Assets: Compliance, Enforcement & Regulatory Oversight to gain the critical insights you need to navigate this high-growth, high-stakes space. This is your chance to hear directly from senior government officials and leading compliance professionals on enforcement trends, upcoming regulations, and risk mitigation strategies....By: American Conference Institute (ACI)
[Event] Biotech Summit 2025 - October 22nd - 23rd, Boston, MA
Wilson Sonsini’s 2nd Annual Biotech Summit will address topics of critical importance to biotech and biopharmaceutical companies, including early and late-stage venture financing, partnering strategies, current and future AI trends in healthcare, and developments in M&A. This unique event will bring together leaders from across the biotech industry, including esteemed researchers, policymakers, prominent investors, and CEOs....By: Wilson Sonsini Goodrich & Rosati
Defining the Future of Stablecoin Regulation: U.S. Treasury Requests Comment on GENIUS Act Implementation
The U.S. Department of the Treasury’s (Treasury’s) recently issued advance notice of proposed rulemaking (ANPRM) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act presents a critical opportunity for industry stakeholders—especially stablecoin issuers and digital asset service providers—to help define the regulatory playing field before the rules are written....By: Wilson Sonsini Goodrich & Rosati
Leveraged Finance: A Market Warming Up
As we approach the end of the financial year, activity in the leveraged market is gaining pace. Are we headed for a positive end to Q4?...By: White & Case LLP
Improving the Effectiveness of the UK Money Laundering Regulations – What Do the Proposed Amendments Mean for Fintech Firms?
On 17 July 2025, HM Treasury published its response to its 2024 consultation on the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs)....By: A&O Shearman
Second Circuit Affirms Dismissal of Putative Class Actions Premised on Alleged Insider Trading Activity Surrounding Hedge Fund’s Collapse
On September 16, 2025, the United States Court of Appeals for the Second Circuit affirmed the dismissal of seven coordinated putative class actions asserting insider trading claims under the Securities Exchange Act of 1934 against certain hedge fund counterparties in connection with trading activity surrounding the hedge fund’s collapse. In re Archegos 20A Litig.,—F.4th—, 2025 WL 2652262 (2d Cir. 2025). Defendants provided financing for the hedge fund’s beneficial acquisition of substantial...By: A&O Shearman
U.S. Securities And Exchange Commission Adopts New Policy Statement on Mandatory Issuer-Investor Arbitration Provisions
On September 17, 2025, the U.S. Securities and Exchange Commission issued a policy statement announcing that, when considering a request by a company to accelerate the effectiveness of its registration statement, the Commission’s decision will not be affected by whether the company has a provision in its governing documents requiring arbitration of investor claims under the federal securities laws. SEC Policy Statement....By: A&O Shearman
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