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.
Latest news
Foreign sovereign investors alert – Review investment portfolios in light of newly issued section 892 regulations
On December 15, 2025, the Treasury and IRS published final and temporary regulations (TD 10042) and proposed regulations (REG-101952-24) under section 892 of the Internal Revenue Code (Code) that will affect how foreign governments structure their investments in US debt and evaluate control of a commercial entity. The proposed regulations (Proposed Regulations) create a rebuttable presumption that all debt acquisitions are to be treated as commercial activities and address when a foreign...By: Eversheds Sutherland (US) LLP
Coming Soon: Section 16 Reporting Obligations for Directors and Officers of Foreign Private Issuers
On December 18, 2025, President Trump signed the annual defense bill, aptly named the National Defense Authorization Act for Fiscal Year 2026 (the NDAA), into law. Buried in the NDAA, beginning on page 2718, congressional lawmakers included the "Holding Foreign Insiders Accountable Act" (the HFIAA). The HFIAA for the first time imposes the reporting obligations under Section 16 of the U.S. Securities Exchange Act of 1934 (the Exchange Act) on directors and officers of Foreign Private Issuers...By: Katten Muchin Rosenman LLP
Colorado “Opt-Out” Litigation – Petition for Rehearing En Banc And Amicus Briefs in Support
As we previously reported, on November 10, 2025 the Tenth Circuit rendered its 2-1 decision in National Association of Industrial Bankers v. Weiser. It held that a loan is “made” for purposes of the opt-out provision in Section 525 of DIDMCA in both the state where the bank is located and the borrower’s state, meaning that Colorado’s usury limits will apply to interstate loans made to Colorado residents by out-of-state state-chartered depository institutions....By: Ballard Spahr LLP
CFPB Finalizes 2026 Increase to Fair Credit Reporting Act Disclosure Fee Cap
On December 15, the CFPB issued a final rule amending Regulation V under the Fair Credit Reporting Act to update the maximum amount a consumer reporting agency may charge a consumer for certain file disclosures. The amendment implements FCRA’s annual inflation adjustment requirement and sets the ceiling for calendar year 2026....By: Sheppard Mullin Richter & Hampton LLP
UK FCA Discussion Paper On Expanding Consumer Access To Investments
The UK Financial Conduct Authority (FCA) has published discussion paper DP25/3 as part of a set of publications forming a "landmark package to boost UK investment culture." The FCA is seeking views on how its regulatory framework can better support informed risk-taking and consumer confidence in retail investments. This work forms part of its wider five-year strategy to help consumers navigate their financial lives....By: A&O Shearman
NCUA Launches Deregulation Project and Proposes Four Rules to Streamline Credit Union Regulations
On December 10, 2025, the National Credit Union Administration announced a new Deregulation Project and issued the first package of proposed rules aimed at streamlining its regulatory framework for federally insured credit unions under the Federal Credit Union Act....By: Sheppard Mullin Richter & Hampton LLP
UK FCA Consultation On Client Categorisation And Conflicts Of Interest
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/36 as part of a set of publications forming a "landmark package to boost UK investment culture." The consultation sets out proposals to enhance client classification, creating a clearer boundary between retail and professional investors, and ensuring firms operating in wholesale markets are regulated proportionately and can operate with confidence when they are dealing with professional clients. Key proposals in...By: A&O Shearman
CFTC Rolls Out Digital Asset Collateral Pilot, Issues Tokenized Collateral Guidance, and Withdraws Prior Virtual Currency Advisory
On December 8, the CFTC announced a series of staff actions addressing the use of digital assets and tokenized assets as collateral in regulated derivatives markets. The actions include issuance of staff guidance on tokenized collateral, a staff no-action letter applicable to futures commission merchants, and withdrawal of a prior staff advisory related to virtual currencies held in segregation....By: Sheppard Mullin Richter & Hampton LLP
[Video] Compliance Tip of the Day – Investigative Challenges
Welcome to “Compliance Tip of the Day,” the podcast that brings you daily insights and practical advice for navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned compliance professional or just starting your journey, we aim to provide you with bite-sized, actionable tips to help you stay on top of your compliance game. Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your...By: Thomas Fox - Compliance Evangelist
CFPB and Federal Reserve Finalize 2026 Inflation Adjustments to Consumer Leasing and Truth in Lending Coverage Thresholds
On December 15, the Board of Governors of the Federal Reserve System and the CFPB issued joint final rules amending the official interpretations to their regulations implementing the Consumer Leasing Act and the Truth in Lending Act. The amendments reflect the annual inflation adjustment required by statute and increase the exemption thresholds effective January 1, 2026....By: Sheppard Mullin Richter & Hampton LLP
UK FCA Statement On Firms Working Together To Manufacture Products Or Services
The UK Financial Conduct Authority (FCA) has published a statement on firms working together to manufacture products or services. The statement is targeted at firms seeking clarity on how to apply the consumer duty to co-manufacturing or other collaborative arrangements when manufacturing a product or services....By: A&O Shearman
[Video] AI Today in 5: December 19, 2025, The Project Vend Edition
Welcome to AI Today in 5, the newest edition to the Compliance Podcast Network. Each day, Tom Fox will bring you 5 stories about AI to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the AI Today In 5. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest related to AI. Top AI stories include: • Does the Trump EO on AI represent a framework or simply...By: Thomas Fox - Compliance Evangelist
[Video] Daily Compliance News: December 19, 2025, The Industrial Scale Pardon Machine 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: • Ex Hawks exec pleads guilty....By: Thomas Fox - Compliance Evangelist
FINRA Publishes 2026 Annual Regulatory Oversight Report
The Financial Industry Regulatory Authority, Inc. (“FINRA”) published its 2026 FINRA Annual Regulatory Oversight Report (the “Report”), which builds on the structure and content of FINRA’s prior reports for 2021-2025. This year, the Report was published earlier than in prior years—aligning more closely with the Securities and Exchange Commission’s release of its 2026 examination priorities. The Report adds a new section on continuing and emerging trends in generative artificial intelligence. It...By: Mayer Brown
Key Takeaways From FCA Consultation Paper 25/40 on Regulating Cryptoasset Activities
On 16 December 2025, the Financial Conduct Authority (“FCA”) published Consultation Paper 25/40 on Regulating Cryptoasset Activity (the “Consultation Paper”). This paper is one of three consultation papers released by the FCA as part of the UK's cryptoasset regulatory framework and follows an earlier Discussion Paper (“DP 25/1”), as part of the FCA's efforts to obtain industry views on key matters before publishing a more complete set of rules to consult on. Below the Hogan Lovells Digital...By: Hogan Lovells
Counting Down to 2026: Capital Markets and Securities Year in Review
2025 has been an eventful year for Canadian public markets, highlighted by the Canadian Securities Administrators’ (“CSA”) focus on the competitiveness and resiliency of Canadian capital markets, important legislative developments, a highly anticipated (albeit, ultimately, anticlimactic) Supreme Court of Canada (“SCC”) decision, a shifting corporate governance landscape and many high-profile public M&A transactions....By: Stikeman Elliott LLP
Supreme Court Decision in Hotel La Tour
The Supreme Court has found for HMRC and clarified the law on recovery on input tax recovery relating to share sale costs. Hotel La Tour sold its Birmingham hotel subsidiary in order to raise funds for a new hotel in Milton Keynes. Hotel La Tour claimed input VAT on professional service fees incurred on the share sale on the basis that these costs were associated with its hotel operating business, whereas HMRC disallowed the VAT deduction as the fees related to an exempt share sale. The...By: Hogan Lovells
Nasdaq Proposes 23-Hour Weekday Trading
On December 15, 2025, Nasdaq submitted a proposed rule change to the Securities and Exchange Commission (the “SEC”) seeking approval to expand significantly its equity trading hours. If approved, the change would allow trading in Nasdaq-listed equity securities and exchange-traded products for 23 hours per weekday, representing a notable shift in U.S. equity market structure....By: Mayer Brown Free Writings + Perspectives
Establishment of a Business in the United Kingdom by a Foreign Corporation
This note describes in outline the laws and taxes which currently apply to a foreign corporation establishing a business operation in the United Kingdom and the administrative requirements which need to be observed once the business is established. It reflects the law as at 9 December 2025....By: Hogan Lovells
Hogan Lovells and TheCityUK Progress Report: Implementing the Recommendations of Our ‘Digitalisation of UK Capital Markets’ Report
In early 2025, in partnership with Hogan Lovells, we published a landmark report on the digitalisation of UK capital markets. Embracing digitalisation, particularly through distributed ledger technology (DLT), is key to unlocking unprecedented growth and efficiencies, as well as enhancing transparency and security across our markets. The opportunities presented by tokenised bonds and digitalised financial market infrastructure are immense, offering the UK a chance to future proof its...By: Hogan Lovells
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