News from the economy, politics and the financial markets
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Syndicated Loan Market Trends: Key Insights From the NYC Commercial Finance Meeting
Financial services professionals recently gathered at the NYC Commercial Finance Meeting 2025 to discuss evolving trends in the United States corporate loan market. Organized by the American Bar Association, the event primarily focused on intercreditor agreement negotiations and the latest developments in loan documentation. DLA Piper’s US Finance team provides key takeaways below....By: DLA Piper
Happy Halloween From Scooby Boo!! October 2025 - The Power of a Simple Notice
New York Real Property Law § 291-f provides that where a recorded mortgage, or an instrument relating to such mortgage, contains an agreement referring to § 291-f and restricting the mortgagor’s right, without the mortgagee’s consent, to cancel, abridge or otherwise modify tenancies, subtenancies, leases or subleases in existence at the time of the agreement, or to accept prepayments of rent due thereunder, such restrictions become binding on tenants and subtenants only after they have been...By: Cadwalader, Wickersham & Taft LLP
ESMA Publishes Second Consolidated Report on Sanctions for 2024
The European Securities and Markets Authority (ESMA) has published its second consolidated report on sanctions and measures imposed by national competent authorities in Member States in 2024. The report reveals that over 970 administrative sanctions and measures were issued in financial sectors under ESMA's remit, with the total aggregated value of administrative fines exceeding EUR100 million, an increase compared to 2023....By: A&O Shearman
FINRA Announces New Probe Targeting Small Capitalization Issuers with Ties to China
On Thursday October 23, 2025, the Financial Industry Regulatory Authority (FINRA) announced a targeted sweep aimed at small-capitalized (“small-cap”) exchange-listed issuers1 with ties to business operations in foreign jurisdictions, such as China. Specifically, FINRA intends to review firms involved with multiple small-cap offerings as either an underwriter, bookrunner, syndicate member, selling group member or placement agent......By: Seward & Kissel LLP
DFSA seeks views on changes to the cryptoassets regulatory regime
On 1 October 2025, the Dubai Financial Services Authority (“DFSA”) – the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (“DIFC”) – published a consultation paper (CP 168) on proposed amendments to the regulatory regime for providing financial services in respect of Crypto Tokens. The changes will remodel the existing centralised regime of Recognised Crypto Tokens and will instead place responsibility on individual firms to monitor the...By: King & Spalding
FINRA Enforcement’s Alive and Well — and AML Focused
On October 9, 2025, FINRA’s Department of Enforcement finalized a letter of acceptance, waiver, and consent (AWC) to settle with a Miami-based broker-dealer for violations of FINRA Rules 3310(a) and 2010 regarding said firm’s anti-money laundering (AML) program being deficient with respect to its review of transactions and wire activity by certain foreign individuals or entities and with respect to its review of certain wire activity by firm customers custodied with the firm’s Swiss bank...By: Foley & Lardner LLP
ESAs Publish 2026 Work Programme
The Joint Committee of the European Supervisory Authorities (comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority) (ESAs) have published their 2026 work programme, setting out key priorities for cross-sectoral collaboration for 2026....By: A&O Shearman
ESMA Publishes Final Report on Replacement of RTS on the European Electronic Access Point
The European Securities and Markets Authority (ESMA) has published its final report proposing the replacement of Commission Delegated Regulation (EU) 2016/1437, which sets out the regulatory technical standards (RTS) for the European Electronic Access Point (EEAP). The publication of the European Single Access Point (ESAP) Regulation and of the two Joint Committee implementing technical standards (ITS) on the ESAP make certain aspects of Commission Delegated Regulation (EU) 2016/1437 (the RTS on...By: A&O Shearman
Regulatory Compliance: When Statistical Significance Fails
In October 2021, the then Attorney General, Merrick Garland, announced the Combating Redlining Initiative (“CRI”) Shortly thereafter, federal banking regulators began a record-breaking number of referrals to the Department of Justice for alleged “redlining.” A key factor in all those referrals, was the use of “statistical significance” to identify situations in which a lender’s mortgage lending activity in majority-minority census tracts (“MMCTs”), expressed as a percentage of its mortgage...By: GeoDataVision
Small Business Administration releases state-level analysis of government shutdown impact on small business lending
On October 21, the U.S. Small Business Administration (SBA) released a state-by-state analysis of the impact of the ongoing federal government shutdown on small business lending. The SBA reported that its core 7(a) and 504 loan programs were frozen due to the ongoing shutdown, preventing the agency from delivering an estimated $170 million in SBA-backed loans to approximately 320 small businesses each business day....By: Orrick, Herrington & Sutcliffe LLP
Congressional letter urges Trump administration to preserve Community Development Financial Institutions Fund
On October 23, more than 100 Republican members of Congress penned a bicameral letter to the Treasury secretary and the director of the Office of Management and Budget (OMB), reaffirming support for the Community Development Financial Institutions (CDFI) Fund....By: Orrick, Herrington & Sutcliffe LLP
CFPB withdraws FCRA interpretive rule and clarifies state preemption
On October 28, the CFPB published an interpretive rule in the Federal Register, replacing a previously withdrawn 2022 FCRA interpretive rule and clarifying that the FCRA “generally preempts State laws that touch on broad areas of credit reporting.”...By: Orrick, Herrington & Sutcliffe LLP
CFPB rescinds its nonbank registry rule in full
On October 29, the CFPB issued a final rule in the Federal Register rescinding its previous rule requiring certain nonbanks to report to the Bureau any government final orders related to consumer financial products or services....By: Orrick, Herrington & Sutcliffe LLP
Commercial Bankruptcy Filings Surge in July 2025
Newly released data shows a significant rise in bankruptcy filings across the U.S., with commercial businesses seeing some of the steepest increases....By: Falcon Rappaport & Berkman LLP
CFPB says FCRA prohibits states from regulating content of credit reports
The CFPB has issued an interpretive rule that says the federal Fair Credit Reporting Act (FCRA) preempts states from regulating broad areas of credit reporting. ...By: Ballard Spahr LLP
Coordinated & Far-Reaching New Sanctions on Russia Represent Strongest Yet as UK, US, & EU Push to End the War in Ukraine
In August, Bracewell discussed the evolving impact of UK and EU sanctions on corporations in the energy and infrastructure sectors. In a significant escalation, in October, the UK, US and EU changed the landscape again by imposing a new set of more expansive Russia-related sanctions. These sanctions packages represent the strongest measures taken to date by each of the authorities aimed at increasing pressure on Russia to end the war in Ukraine......By: Bracewell LLP
CFPB Announces New Interpretive Rule Clarifying Scope of FCRA Preemption
The Consumer Financial Protection Bureau (CFPB) announced an interpretive rule yesterday that clarifies the scope of the Fair Credit Reporting Act’s (FCRA) preemption of state laws that touch on the area of credit reporting. In implementing this rule, the CFPB confirmed its May 2025 withdrawal of its July 2022 interpretive rule, which sought to limit the scope of federal preemption under the FCRA. The new rule reasserts the CFPB’s view that the FCRA’s primary preemption clause — 15 U.S.C....By: Foley & Lardner LLP
ESMA publishes final report and draft RTS on open ended loan originating AIFs
In a welcome development, ESMA published its proposed Level 2 measures on the conditions for the operation of open-ended loan-originating alternative investment funds (OE LOFs) pursuant to the AIFMD II mandate. The RTS set out a harmonised principles-based framework that AIFMs should address when seeking a derogation to offer OE LOFs....By: Walkers
U.S. Sanctions Colombia's President Under Global Illicit Drug Trade Program
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 24, 2025, designated the Republic of Colombia's sitting president, Gustavo Francisco Petro Urrego (Petro), pursuant to Executive Order (EO) 14059, which targets foreign persons involved in the global illicit drug trade....By: Holland & Knight LLP
[Video] Regulatory Ramblings: Episode 81 - The Compliance Implications of Chinese Wealth Flooding Singapore // Spotlight on: HK Regulators Moving Digital Assets Forward with Donald Day and Philippa Allen
Our initial spotlight segment begins with reference to a recent LinkedIn Post authored by Don, entitled Hong Kong Raises the Bar in Digital Finance. He praised the SFC and HKMA’s recent circular update on the territory’s framework for intermediaries engaged in virtual asset activities. Key changes include permitting licensed firms to offer staking services, as well as “use off-platform execution channels, and facilitate subscriptions/redemptions in virtual assets, giving institutions and...By: Thomas Fox - Compliance Evangelist
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