News from the economy, politics and the financial markets
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AI Use by Financial Institutions: Québec’s AMF Publishes Draft Guidelines
On July 3, 2025, Québec’s financial institutions regulator – the Autorité des marchés financiers (“AMF”) – published draft guidelines (“Draft Guidelines”) on the use of artificial intelligence systems (“AI Systems”) by financial institutions (available in French only)....By: Stikeman Elliott LLP
ESMA and the European Environment Agency Sign MoU to Strengthen Cooperation in Sustainable Finance
The European Securities and Markets Authority (ESMA) and the European Environment Agency (EEA) have announced the signing of a Memorandum of Understanding (MoU) to enhance cooperation in the area of sustainable finance. The MoU seeks to reinforce the integration of environmental considerations into the EU's sustainable finance framework, including its supervisory practices....By: A&O Shearman
Transition Finance Council Consults on Entity-level Guidelines
The Transition Finance Council, co-launched by the City of London Corporation and HM Government, has issued a consultation on draft entity-level Transition Finance Guidelines. The aim of the Guidelines is to establish a consistent framework for assessing the credibility of transition finance at entity-level across asset classes and jurisdictions, particularly for high-emitting sectors, to shift toward lower-carbon, more sustainable models and transition to net zero in line with the Paris...By: A&O Shearman
Texas’s New Proxy Advisor Disclosure Law: Key Details for Shareholders and Companies Ahead of September 2025
Texas has enacted S.B. 2337, a statute set to reshape proxy advisory practices for publicly traded companies that are either organized in Texas, have their principal place of business in the state or have proposed becoming a domestic entity within Texas....By: Sheppard Mullin Richter & Hampton LLP
SEC Short Interest and Securities Lending Reporting Rules Remanded
On August 25, the United States Court of Appeals for the Fifth Circuit remanded two rules adopted by the Gensler-era SEC: the Securities Lending Reporting Rule and the Short Interest Reporting Rules (the Rules). While the court’s decision did not vacate the rules outright, it found that the SEC's rulemaking process was flawed because the agency failed to consider and quantify the cumulative economic impact of the two rules, which meant the process did not meet the requirements of the...By: Orrick, Herrington & Sutcliffe LLP
Corporate Venture Capital Survey: Q2 2025
Our second quarter 2025 corporate venture capital (CVC) survey indicators continue to show challenging market conditions. However, valuations are on the rise in surveyed transactions. In this survey, we track investment trends as the market picked up for CVC financings. We also analyze a survey of key economic terms related to the largest Q2 2025 venture capital investments in which CVC programs either led the round or participated as significant or anchor investors....By: Morgan Lewis
The Payments Newsletter including Digital Assets & Blockchain, August 2025
Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau's decision to restart the open banking rulemaking process; the UK FCA's publication of a policy statement with final rules and guidance for stage 1 ‘Supplementary Regime' reforms to the safeguarding regime for payments and e-money firms; the commencement of Hong Kong's stablecoin licensing regime; and Singapore's timetable to phase out corporate cheques, supported by new Electronic Deferred...By: Hogan Lovells
UK Founder Series: Maximising Funding Opportunities for UK Tech Startups with SEIS and EIS
Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies....By: Orrick, Herrington & Sutcliffe LLP
Lesser-Known Securities Law Theories and D&O Risk
Most federal private securities litigation is brought under Section 10(b) of the Exchange Act and Section 11 of the Securities Act. These two provisions are responsible for most of the big-ticket securities class actions that can lead to large losses for companies without adequate D&O insurance in place....By: Woodruff Sawyer
UK Supreme Court allows appeals against LIBOR and EURIBOR trader manipulation convictions
In a strident judgment that expresses “concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error”, the UK Supreme Court has unanimously allowed appeals by Tom Hayes and Carlo Palombo, quashing their criminal convictions for conspiracy to defraud in relation to historic allegations of LIBOR and EURIBOR manipulation....By: Quinn Emanuel
Payments and e-money: UK FCA publishes policy statement on changes to safeguarding regime
The FCA believes that some payments firms do not currently have sufficiently robust safeguarding practices. This poses a risk of harm to consumer and market integrity that the FCA is seeking to mitigate....By: Hogan Lovells
Removal from the OFAC SDN List: Legal Framework, Challenges, and Strategic Considerations
Introduction - The Office of Foreign Assets Control (OFAC), part of the U.S. Department of the Treasury, is the agency responsible for enforcing America’s economic sanctions. One of its most powerful tools is the Specially Designated Nationals and Blocked Persons List (SDN List). This list names individuals, companies, vessels, and even aircraft that are subject to strict sanctions....By: Friling Law
EBA Publishes Final RTS for Off-balance Conversion Factors Under CRR
The European Banking Authority (EBA) has published its final draft regulatory technical standards (RTS) concerning the allocation of off-balance sheet items and the specification of factors that may constrain institutions' ability to cancel unconditionally cancellable commitments....By: A&O Shearman
Illinois Passes New Laws Designed to Safeguard Consumers Against Cryptocurrency Fraud
Last week, Illinois Governor JB Pritzker signed two landmark pieces of legislation aimed at protecting consumers from cryptocurrency scams and fraud. The Digital Assets and Consumer Protection Act (SB1797) and the Digital Asset Kiosk Act (SB2319) establish comprehensive regulatory frameworks for digital asset businesses operating in Illinois....By: Troutman Pepper Locke
Payments: European Court of Justice (ECJ) rules on PSP liability for unauthorised transactions and late PSU notification
The ECJ has confirmed that a payment service user (PSU) is deprived of the right to reimbursement for an unauthorised transaction under PSD1 if: they fail to notify without undue delay upon becoming aware of it; or notification occurred outside the 13-month time limit after the debit date....By: Hogan Lovells
The $110 Billion Crypto Treasury Boom: Litigation Risks on the Horizon
The corporate crypto treasury trend continues to boom, and with it the litigation risks. As noted in a recent Forbes article, 152 publicly traded companies now control almost 1 million Bitcoin worth over $110 billion....By: Quinn Emanuel
The White Collar Appeal: Seventh Circuit Holds Spoofing is Fraud
“Spoofing,” or the practice of submitting buy or sell orders to trading platforms with the intent to withdraw them prior to execution, is considered fraud under the Seventh Circuit’s decision in United States v. Smith, issued Wednesday, August 20, 2025....By: Quinn Emanuel
Cautious Optimism For Capital Markets
Life sciences capital markets in 2025 have been a mixed bag—some rays of light peeking through, but still, plenty of clouds for early-stage companies hoping to tap the public markets. After a long IPO drought, 2024 brought a few green shoots, with several life sciences companies testing the waters. The modest increases in 2024, as seen in a handful of IPOs—mostly by companies with later-stage assets, strong data, or a well-known management team—signaled continued momentum into 2025....By: Ballard Spahr LLP
United States: US$12.2 Trillion Opportunity–Executive Order Paves the Way for Easier 401(k) Plan Access to Alternative Investments
On 7 August 2025, President Trump signed an executive order intended to modernize the 401(k) investment universe, directing the Secretary of Labor to clarify the US Department of Labor’s (DOL) position on fiduciary duties in connection with offering products containing exposure to alternative assets to defined contribution plans, such as 401(k) plans, potentially establishing “appropriately calibrated safe harbors” for such investments. The order also directs the Securities and Exchange...By: K&L Gates LLP
Non-Financial Misconduct in Financial Services: Nothing is ‘Plain and Simple’
Back in 2018, a senior member of the Financial Conduct Authority (FCA) stated that “non-financial misconduct is misconduct, plain and simple”. Since then, the FCA has issued multiple discussion and consultation papers, letters to industry and surveys. The recent policy statement (and further consultation) is a welcome step towards clarity, though there remain a number of open questions and issues....By: Akin Gump Strauss Hauer & Feld LLP
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