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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How Regulation W Affects Subscription Credit Facilities
EXECUTIVE SUMMARY - Section 23A of the Federal Reserve Act and its implementing regulation, Regulation W, impose restrictions on banks concerning “covered transactions” with their affiliates. With the increasing intertwining of banking institutions and private investment funds, understanding the implications of Regulation W is more critical than ever....By: Mayer Brown
Legal Update: FinCEN Seeks SCOTUS Ruling on Corporate Transparency Act Injunction
As reported in our prior alerts, the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., has taken business owners on a roller coaster ride over the past month. December 3, 2024: The U.S. District Court for the Eastern District of Texas ruled in favor of the plaintiffs and granted a nationwide injunction that halted enforcement of the Corporate Transparency Act (CTA) reporting rules for all reporting companies....By: Robinson & Cole LLP
New York Enacts Parametric Insurance Law
On Dec. 13, 2024, New York Governor Kathy Hochul signed a bill integrating parametric insurance into the state’s existing legal framework for insurance products under the New York Insurance Law (“NYIL”). Assembly Bill A10344 defines parametric insurance and establishes the disclosure and licensing requirements when selling such products. New York joins only a handful of states that have taken active steps to define and regulate parametric insurance, further expanding its availability in the U.S....By: Clark Hill PLC
New Year, New Liability for Private Equity
Private equity firms and health care companies operating in Massachusetts will now face enhanced liability risks following the recent passage and enactment of legislation regulating private equity investment in Massachusetts health care. This new law greatly expands the authority of the Massachusetts attorney general (AG) and other state health care regulators to examine the involvement of private equity funds and other “significant investors” in the state’s health care sector....By: Troutman Pepper Locke
Wall Street Notches Another Win as Fed’s Barr Clears the Way for Gentler Banking Regulator
Alex Barrage, a partner with Troutman Pepper Locke, was quoted in the January 7, 2025 CNBC article, “Wall Street Notches Another Win as Fed’s Barr Clears the Way for Gentler Banking Regulator.”...By: Troutman Pepper Locke
Top 5 Hong Kong Publications of 2024
In Hong Kong, our most popular thought leadership provided clients with vital information on Cayman Islands investment funds, accompanying questions of corporate governance, and the key advantages of Cayman companies for Asian issuers. Guidance on recent case law surrounding trust disputes and insolvency also piqued readers’ interest....By: Conyers
New Short Sale Reporting Due by February 14, 2025
The Securities and Exchange Commission (SEC) adopted new Exchange Act Rule 13f-2 and related Form SHO on October 13, 2023, which requires certain institutional investment managers (Managers) to report short-sale information to the SEC for transactions occurring after January 2, 2025. See our October 27, 2023, client alert “SEC Adopts Short Sale Disclosure Rules.” If required, the first Form SHO must be filed with the SEC by February 14, 2025....By: Skadden, Arps, Slate, Meagher & Flom LLP
Key Considerations for the 2025 Annual Reporting and Proxy Season: Your Upcoming Form 10-K
Each year in our Annual Memo, White & Case's Public Company Advisory Group provides practical insights on preparing Annual Reports on Form 10-Ks, Annual Meeting Proxy Statements and, for FPIs, the Annual Report on Form 20-F. This installment of our Annual Memo will focus on preparations for your Form 10-K, divided into two sections: Annual Report on Form 10-K Housekeeping Considerations in Part I below, and Disclosure Considerations in Part II below....By: White & Case LLP
Federal Court Allows FCRA Claim to Proceed Over Alleged Unauthorized Credit Pulls
Recently, the Eastern District of Kentucky denied a motion to dismiss under the Fair Credit Reporting Act (FCRA) after finding the plaintiffs alleged sufficient facts to support a reasonable inference that credit reports were pulled without a permissible purpose....By: Troutman Pepper Locke
Things to Keep in Mind for Your Annual Report on Form 10-K and Proxy Statement
We invite you to read our latest client alert to assist in the preparation of your 10-K and 2025 annual meeting proxy statement. This alert highlights new disclosure requirements, hot topics and regulatory enforcement actions that may impact disclosure and processes, and other matters that companies should consider for compliance and planning purposes....By: Sheppard Mullin Richter & Hampton LLP
Three Firms That Engaged in General Solicitation Settle with SEC for Failure to Timely File Forms D
On December 20, 2024, the Securities and Exchange Commission (SEC or the “Commission”) announced charges against several entities that failed to file a Form D within 15 days of a private sale of securities. These entities, two private companies and one registered investment adviser that was the sponsor of private funds, each agreed to cease and desist from violating the charged provisions and to pay a civil penalty, without admitting or denying the charges....By: Morrison & Foerster LLP
Breaking Down CFTC's Novel Theory Driving Uniswap Action
Although Congress has neither formulated a regulatory framework for the digital asset industry nor anointed a federal regulatory agency as the de facto overseer of digital asset-related activities affecting interstate commerce, the U.S. Commodity Futures Trading Commission continues to advance its position that the scope of its enforcement authority arising under the Commodity Exchange Act may be broadly applied to digital asset stakeholders. Originally Published in October 8, 2024 - Law360....By: Troutman Pepper Locke
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....By: Troutman Pepper Locke
Daily Financial Regulation Update -- Wednesday January 8, 2025
January 7, 2025 - The Consumer Financial Protection Bureau finalized a rule that will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans....By: Paul Hastings LLP
BlackRock Updates Voting Policies and Engagement Priorities
Just before the holidays got going, BlackRock updated their voting policies and engagement priorities. Here’s a laundry list of those updated documents......By: Cooley LLP
The CFTC Codifies the Letter 19-17 Compliance Processes Around Separately Margined Accounts
In 2014, the Joint Audit Committee issued a Regulatory Alert insisting that futures commission merchant (FCM) clearing members treat separate accounts of the same beneficial owner as a single account for purposes of US futures margin rules. In 2019, in response to the vigorous objections of FCMs to this interpretation, Commodity Futures Trading Commission (CFTC) staff fashioned a matrix of compliance requirements (Letter 19-17) designed to permit FCM clearing members to treat separate accounts...By: Katten Muchin Rosenman LLP
2025 Estate Tax Exemptions and Planning Considerations
Federal Exemption Amounts Increased to $13,990,000 - As of January 1, 2025, the federal gift and estate tax exemption amount, as well as the exemption from generation-skipping transfer (GST) tax, (collectively, the “federal exemption amounts”) have increased from $13,610,000 to $13,990,000, an increase of $380,000 per person. A married couple can combine their exemptions to transfer twice this amount, or a total of $27,980,000....By: Faegre Drinker Biddle & Reath LLP
The Tides Are Changing (Again) for US “Fair Access” and “Anti-Debanking” Laws
“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration. In recent years, the landscape of “fair access” banking laws, now also known as “anti-debanking” laws, has changed as quickly as the shifting political climate....By: Latham & Watkins LLP
GLI British Virgin Islands blockchain and cryptocurrency regulation 2025, seventh edition
Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal year, marked by significant legal battles and legislative efforts aimed at defining the contours of digital asset regulation....By: Carey Olsen
Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services
On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the overdraft final rule (the “Final Rule”), the largest financial institutions will have to either limit the cost of overdraft services to the amount of their costs and losses, as defined by the CFPB, or adhere to a fee cap of $5....By: Morrison & Foerster LLP
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