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The Global Push to Open Private Markets to Mainstream Investors
Rules are changing in the UK and EU, but the biggest test is the US 401(k) system — home to more than $9 trillion and the world’s tightest fiduciary constraints....By: Goodwin
The Silence of the Minutes
If you ever want to know how strong your fiduciary process really is, don’t look at the investment lineup—look at your meeting minutes....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Joining a Multi-Strategy Hedge Fund? Don't Overlook the Immediate Estate Planning Opportunity
Landing a portfolio manager role at a top multi-strategy hedge fund can be a career-defining moment. It can also catapult your personal net worth into the stratosphere overnight. Rapid wealth creation comes with a new set of estate tax, and asset-protection concerns that are best addressed as early as possible. Below are key areas to focus on once your compensation and investment opportunities start to hyperscale....By: Tarter Krinsky & Drogin LLP
UK FCA Findings On Effectiveness And Governance Of Rating Committees At CRAs
The UK Financial Conduct Authority (FCA) has published findings from a multi-firm review assessing the effectiveness and governance of rating committees at UK-registered credit rating agencies (CRAs). The review focused on four areas: purpose, people, processes, and internal controls, highlighting both good practices and areas for improvement....By: A&O Shearman
CFTC Announces Launch of First Leveraged Spot Cryptocurrency Listed on a CFTC-Regulated Exchange
On December 4, 2025, the Commodity Futures Trading Commission (CFTC) announced the upcoming launch of the first leveraged spot cryptocurrency product to be listed on a CFTC-regulated exchange, Bitnomial Exchange, LLC (“Bitnomial”). Bitnomial is a CFTC-regulated designated contract market (DCM) that operates with an associated CFTC-registered derivatives clearing organization. This announcement also comes as the National Futures Association (NFA) announced updates to its own digital asset rules....By: Morrison & Foerster LLP
Leveraged Loan Markets Set For Strong Finish To 2025
Green shoots in the M&A market have provided a timely boost for leveraged loan issuance, putting the market on track to end the year strong - US leveraged loan issuance is energizing the global debt capital markets, with record volumes of issuance in Q3 2025 positioning the market for a strong finish to the year....By: White & Case LLP
[Video] Compliance into the Weeds: Live from the Floor of ACI
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 it 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 their initial reflections on the first day of the recently concluded ACI-FCPA and Global Anti-Corruption Conference. Key points include...By: Thomas Fox - Compliance Evangelist
UK Regulators Finalise Changes To UK EMIR Margin Requirements For Non-Centrally Cleared Derivatives
The UK Prudential Regulatory Authority (PRA) and the UK Financial Conduct Authority (FCA) have published a policy statement finalising amendments to the Binding Technical Standards (BTS 2016/2251) on margin requirements for non-centrally cleared derivatives under UK EMIR. Following feedback on its March consultation, the regulators confirm the rules are largely as proposed, including: (i) an indefinite exemption from the bilateral margining requirements for single-stock equity options and index...By: A&O Shearman
AIFMD II Implementation: The Final Countdown
Directive (EU) 2024/927 ("AIFMD II") introduces EU-wide rules for alternative investment fund managers ("AIFMs") regarding loan origination, liquidity management tools for open-ended alternative investment funds ("AIFs") and delegation and substance requirements. With less than six months to go until the implementation deadline, this Alert provides an update on AIFMD II's implementation....By: Jones Day
New York Enacts 2022 UCC Amendments, Including Article 12 and Related Article 9 Revisions
Governor Hochul of New York signed Assembly Bill 3307-A/Senate Bill 1840-A into law, enacting 2022 Uniform Commercial Code amendments, including a new Article 12 governing controllable electronic records and related revisions to Article 9. The legislation was signed on December 8th, bringing New York into alignment with the modern UCC framework for secured transactions involving digital assets....By: Lowenstein Sandler LLP
Capital Markets Crystal Ball: Predictions for 2026
With New Year’s Day approaching, now is an exciting time to imagine what lies ahead for the capital markets. Q1 is typically quiet, but if you’re considering an initial public offering in 2026, keep an eye out for these key signs of a healthy market, drawn from a lively and informative discussion at the 2025 Berkeley Fall Forum on Corporate Governance...By: Cooley LLP
[Video] Investing in Resilience: How Extreme Weather is Reshaping Infrastructure Investment and Risk
The funds that lead the next decade will not just invest in climate solutions. They will invest in systems built to thrive under pressure. Partner Jon Solorzano explains what that shift means for capital today. Across sectors and jurisdictions, the data point to a world facing more frequent and intense physical disruptions. Extreme heat, heavy rainfall, rising sea levels, and prolonged droughts are no longer regional anomalies; they are macroeconomic factors shaping markets, policy, and...By: Vinson & Elkins LLP
[Video] Great Women in Compliance - Global Corruption Prevention: A View from France
In this episode of Great Women in Compliance, Lisa sits down with Valentina Lana, a Paris-based attorney and ethics & compliance leader who bridges industry and academia. Valentina shares how an early-career opportunity sparked her passion for anti-corruption work and led her to where she is today. She has helped build major compliance programs and teaches at Sciences Po. She worked with Michael Sapin on the Sapin II law and breaks down its core elements for the GWIC audience. She discusses...By: Thomas Fox - Compliance Evangelist
UK FCA Regulation Round-Up
The UK Financial Conduct Authority (FCA) has published its latest Regulation Round-up, a monthly newsletter to firms covering hot topics, events and sector news. Areas for firms to note include: (i) the launch of the InvestSmart Hype Type Revealer, a behavioural tool designed to help retail investors recognise how hype can influence their investment decisions; (ii) plans to standardise financial data collection at the authorisation gateway, introducing sector-specific templates to accelerate...By: A&O Shearman
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – December 2025 # 2
On December 5, the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) jointly rescinded the 2013 Interagency Guidance on Leveraged Lending and the 2014 FAQs, citing that the issuances were overly restrictive, unintentionally captured some investment‑grade credits, and shifted market activity to nonbanks. The agencies noted Government Accountability Office’s determination that the 2013 guidance was a “rule” under the Congressional Review Act that was...By: Troutman Pepper Locke
NY Department of Financial Services Signals Increased Scrutiny of Third-Party Technology Risk Management
On October 21, 2025, the New York Department of Financial Services ("NYDFS") sent a letter to the executives and information security personnel at covered entities with new guidance for managing technology and data risks related to third-party service providers ("TPSPs")....By: Jones Day
EFRAG Issues Technical Advice on Simplified ESRS: Key Takeaways for CSRD Reporting
The European Financial Reporting Advisory Group (EFRAG) on December 3, 2025 submitted its long-anticipated technical advice to the European Commission on a proposed set of simplified European Sustainability Reporting Standards (ESRS). This development marks a major step in the Commission’s broader Omnibus initiative to ease administrative burden under the Corporate Sustainability Reporting Directive (CSRD)....By: Morrison & Foerster LLP
NAIC Body Would Expunge “Investment Subsidiary” From Statement Blanks, RBC Instructions
References to “investment subsidiaries” — subsidiaries of insurers existing only to hold permitted investments and conducting no other activities — would no longer appear in annual statement blanks or life insurer risk-based capital (RBC) instructions under a proposal adopted by a key regulatory body on December 9, 2025....By: Herbert Smith Freehills Kramer
Security That Travels: Cross-Border Perfection in Aviation Finance
Cross-border aviation finance presents a unique set of legal and practical challenges. As explored in our previous article, the mobility of aircraft, engines, and related assets means that financiers and lessors must navigate a complex web of international treaties and local laws to protect their interests....By: DarrowEverett LLP
World Bank Group Updates International Integrity Compliance Guidelines
For the first time in 15 years, the World Bank Group (WBG) has updated their Integrity Compliance Guidelines....By: ArentFox Schiff
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