News from the economy, politics and the financial markets
In this section of our news section we provide you with editorial content from leading publishers.
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The Impact of Index Funds and Industry Super on Public M&A in Australia
Index funds and industry superannuation funds are reshaping Australia’s stock market — and with it, the rules of engagement for public M&A. Their rise is changing how deals are done, who holds the power, and what bidders and targets must consider before launching a transaction....By: Herbert Smith Freehills Kramer
Insurance Companies in Fund Finance
Insurance companies (life, property and casualty, medical and reinsurance) have long been a mainstay among many credit managers’ investor bases. In recent years, we’ve seen a stream of announcements of more formal partnerships between insurers and credit managers. Credit managers are investing in, or even forming, insurance companies. Insurance companies are awarding credit sponsors with expansive advisory mandates that far exceed even an anchor fund commitment. As insurance companies seek...By: Haynes Boone
ESMA Publishes Q&A's under MiCAR
The European Securities Markets Authority (ESMA) has published two Q&A's relating to the Markets in Crypto-Assets Regulation (MiCAR): (i) ESMA_QA_2653 provides guidance on how crypto-asset service providers (CASPs) should distinguish between different types of execution services; and (ii) ESMA_QA_2654 clarifies the respective responsibilities of offerors, persons seeking admission to trading, trading platform operators and other CASPs referenced in Article 66(3) of MiCAR, relating to white...By: A&O Shearman
The NJEDA NJ LEAF Loan Program: A Vital Resource for New Jersey’s Cannabis Businesses
On September 15, 2025, the New Jersey Economic Development Authority (NJEDA) announced the launch of a $15 million pilot loan program to support the state’s expanding recreational cannabis industry. The New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program is designed to provide capital to licensed cannabis cultivators, manufacturers, and testing laboratories operating in the state. Because cannabis remains a Schedule I substance under federal law, cannabis businesses are...By: Mandelbaum Barrett PC
Striking Russian Oil and The Ripple Effects
As Russian Energy Week concluded last week, Western governments strike to the heart of Russia’s energy sector with sanctions packages to cut of revenue that funds Russia’s continued war against Ukraine. Three significant packages were announced in October 2025: the U.S.’s sanctions targeting the Russian energy sector, the UK’s latest sanctions against the Russian oil industry, and the EU’s 19ᵗʰ package of sanctions....By: Sheppard Mullin Richter & Hampton LLP
FCA Consultation on UK Short Selling Regulation – What Do UK and Non-UK clients Need to Know?
On 28 October 2025, the FCA announced a consultation on proposed new rules and guidance on short selling. Short selling is the practice of selling a security that is borrowed or not owned by the seller, with the intention to repurchase this security later, at a lower price. Market participants engage in this activity both for speculative and risk management purposes, enabling sellers to hedge the risk of, or profit from, a decline in the price of a financial instrument (in particular, shares)....By: Mayer Brown
UK FCA Findings on Detecting and Responding to Romance Fraud From PSPs
The UK Financial Conduct Authority (FCA) has published its findings from a multi-firm review assessing how UK payment service providers (PSPs) (including banks and other businesses offering payment accounts) detect and respond to romance fraud, a growing financial crime where victims are deceived into sending money to fraudsters who engineer false romantic relationships or friendships....By: A&O Shearman
NYDFS Issues Guidance on Third Party Risk Assessment + Mitigation
The New York Division of Financial Services (NYDFS) recently issued new cybersecurity guidance to assist covered entities in understanding and responding to the heightened risks posed by third party service providers (TPSP). NYDFS emphasized that covered entities must acknowledge and account for these risks and offer assistance in addressing them....By: Robinson+Cole Data Privacy + Security Insider
NYDFS Issues Cybersecurity Guidance on Third-Party Service Provider Risk
On October 21, the NYDFS issued new cybersecurity guidance addressing the growing risks associated with regulated entities’ reliance on third-party service providers (TPSPs). The guidance clarifies compliance obligations under the New York Cybersecurity Regulation and outlines best practices for managing cybersecurity risk across the third-party relationship lifecycle....By: Sheppard Mullin Richter & Hampton LLP
DFPI Orders Lender to Pay $1 Million for Alleged Violations of the Fair Access to Credit Act
On October 17, 2025, the California Department of Financial Protection and Innovation (DFPI) entered a consent order with a licensed consumer lender, alleging violations of the Fair Access to Credit Act, which amended the California Financing Law to cap interest rates and fees on consumer loans between $2,500 and $10,000. The DFPI alleged that the lender charged rates and administrative fees above those limits and continued the practice as recently as January 2023....By: Sheppard Mullin Richter & Hampton LLP
UK Launches New Concierge Service for Global Financial Services Firms
HM Treasury (HMT) has announced the launch of the "Office for Investment: Financial Services" a new free one-stop support service designed to make the UK more attractive to global financial services investors. The service operates through a partnership between HMT, UK financial regulators including the UK Financial Conduct Authority and the UK Prudential Regulation Authority, and the City of London Corporation....By: A&O Shearman
UK FCA Primary Market Bulletin No.58 – POATRs Regime
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 58, setting out updates to its guidance in the Knowledge Base, in preparation for the new Public Offers and Admissions to Trading Regulations (POATRs) regime, which will take effect on 19 January 2026. Specifically, the FCA: (i) confirms that from 1 December, issuers will be able to submit draft prospectuses, registration documents, and other relevant materials for review, with a view to seeking formal approval on or...By: A&O Shearman
Beneficial Ownership Reporting for Unlisted Entities: An Update
The Federal Government has recently announced it has abandoned its initial proposal to require unlisted entities to maintain a public register of their beneficial owners and will instead move directly to develop a centralised Commonwealth-operated register managed in alignment with the Australian Securities and Investments Commission....By: Herbert Smith Freehills Kramer
CFPB Withdraws Repeat Offender and Form Contract Registry Proposals
On October 29, the CFPB rescinded two related rulemakings that would have created public registries for nonbank financial companies. The Bureau withdrew both the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders and the Registry of Supervised Nonbanks That Use Form Contracts To Waive or Limit Consumer Legal Protections rules, citing significant compliance costs, duplication with existing systems, and a lack of quantifiable consumer benefit....By: Sheppard Mullin Richter & Hampton LLP
SRB Consults on New Communication Guidance for Banks in Resolution Scenarios
The Single Resolution Board (SRB) has launched a consultation on new operational guidance for banks' communication in resolution scenarios, along with a communication testing supplement to its existing operational guidance on resolvability testing for banks. The consultation aims to enhance the timeliness, accuracy and consistency of communication from banks when they are failing or likely to fail....By: A&O Shearman
Federal Reserve Governor Barr Highlights Gaps Regulators Must Bridge Under GENIUS Act
On October 16, Federal Reserve Governor Michael Barr delivered remarks highlighting the significant implementation gaps regulators must bridge under the GENIUS Act, the newly enacted federal framework for payment stablecoins. Barr’s comments centered on areas where the statute leaves critical details to regulators, including reserve composition, supervisory authority, and consumer safeguards, which will determine whether the framework effectively mitigates systemic and operational risks....By: Sheppard Mullin Richter & Hampton LLP
CFPB Issues Interpretive Rule Asserting Federal Preemption Over State Medical Debt Credit Reporting Laws
On October 28, the CFPB issued an interpretive rule under the Fair Credit Reporting Act (FCRA) declaring that federal law generally preempts state laws governing the content of consumer credit reports. The Bureau’s action, led by Acting Director Russell Vought, replaces and withdraws a July 2022 interpretive rule issued under the prior administration, which had concluded that the FCRA’s preemption provisions were limited in scope....By: Sheppard Mullin Richter & Hampton LLP
Whose Deal is It Anyway? ASX Consults on Shareholder Approvals for Offering Bidder Scrip in M&A
In brief - On 20 October 2025, ASX released its consultation paper titled “Shareholder approval of dilutive acquisitions and changes in admission status” (Consultation Paper) (link to the Consultation Paper here)....By: Herbert Smith Freehills Kramer
Amending Regulation on the Reporting of Supervisory Financial Information Under SSM
Regulation (EU) 2025/1958 of the European Central Bank (ECB), amending Regulation (EU) 2015/534 on the reporting of supervisory financial information (the Financial Reporting Regulation) under the Single Supervisory Mechanism (SSM), has been published in the Official Journal of the European Union....By: A&O Shearman
Ohio Introduces Two New Housing Development Tools
Ohio’s rollout of two new housing initiatives as part of Ohio House Bill 96 comes at a critical time, as Ohio’s major industrial legacy cities face declining population projections, a challenge that, while reflective of national trends, is compounded by the housing crisis and difficulties in attracting and retaining prime working-age talent. Addressing housing market dynamics is a key piece of the puzzle to sustain Ohio’s competitive position and ensure its long-term attractiveness for talent,...By: Kohrman Jackson & Krantz LLP
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