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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Reap What You Sow – UK’s Unallowable Purpose Rule Considered Again
In Syngenta Holding Limited v HMRC [2024] UKFTT 998 (TC) (“Syngenta”), the UK’s First-tier Tribunal (“FTT”) denied a deduction for interest on an intra-group loan on the basis that the loan had an unallowable purpose for the purposes of section 411 of the Corporation Tax Act 2009 (“CTA 2009”)....By: Cadwalader, Wickersham & Taft LLP
Final Crypto Reporting Regulations for DeFi
On December 27, 2024, the Treasury and the IRS released final regulations (the “Final Regulations”) on reporting requirements for decentralized finance (“DeFi”) participants, accompanied by a press release, and Notice 2025-3, which provides transitional relief....By: Cadwalader, Wickersham & Taft LLP
[Podcast] R&G Dugout: Show Me the Money—Fund Formation & Management
On this episode of the R&G Dugout podcast, Ropes & Gray asset management partners Amanda Persaud, Lindsey Goldstein, and Jon Rash explore the upsurge of private funds raising capital for investment in sports teams and businesses. They discuss the various structures of sports funds, the challenges of valuing sports assets, and the unique considerations for investing in U.S. sports leagues and teams. Tune in to understand how private capital is navigating this dynamic industry and the innovative...By: Ropes & Gray LLP
CFPB’s Recent Rule Eliminates Medical Debt from Credit Reports
On January 7, 2025, the Consumer Financial Protection Bureau (“CFPB”) published a final Rule (the “Rule”) that prohibits consumer reporting agencies from including individuals’ medical debt on consumer credit reports....By: Epstein Becker & Green
Maryland Guidance Applies Licensing Requirements to Assignees of Residential Mortgage Loans
On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of residential mortgage loans in Maryland—must become licensed in Maryland prior to April 10, 2025, unless the assignee is expressly exempt under Maryland law....By: Mayer Brown
Late Fees on a Balloon Payment Due at Maturity
In 2025, an estimated $600 billion in commercial real estate loans are scheduled to mature. While the interest rate environment has stabilized somewhat over the past year, rates have not fallen as far as borrowers had hoped, and expenses, particularly insurance, continue to increase exponentially. Given the foregoing, it is likely that a nonnegligible percentage of borrowers may not be able to refinance commercial real estate loans on or before their maturity dates....By: Baker Donelson
Updating Form 10-K for Fiscal Year 2024 and Other Reporting Reminders
With calendar year 2024 completed, US public companies with a December 31 fiscal year-end will be working to prepare their annual reports on Form 10-K for filing with the US Securities and Exchange Commission (SEC). Companies are encouraged to stay informed of the disclosure requirements and expectations for Form 10-K and other annual reporting obligations....By: DLA Piper
DOL Finalizes VFC Program Self-Correction Component for Late Deposits and Loan Failures
On January 14, 2025, the US Department of Labor (“DOL”) released a final regulation revising its Voluntary Fiduciary Correction (“VFC”) Program and related prohibited transaction exemption (“PTE”) 2002-51 to add a Self-Correction Component (“SCC”). Effective March 17, 2025, this rule modifies and finalizes changes that were originally proposed in 2022. The 2022 proposed regulation is discussed in our prior blog post. The final regulation also updates the VFC Program to offer a self-correction...By: Kilpatrick
A Sharper Focus: Exploring VC Side Letters
A side letter in the venture capital sector is an agreement between an investor and the company it is investing in that entitles the investor to certain contractual rights, which supplement and are in addition to other rights specifically provided to the investor as a holder of equity securities under the company’s governance documents – the documents negotiated and executed by the larger syndicate of investors as part of a venture capital financing transaction....By: Troutman Pepper Locke
CFPB Bites of the Month - 2024 Annual Review - Nondiscrimination and Military Protection Law
In this article, we share a timeline of our monthly "bites" for 2024 applicable to consumers protected by nondiscrimination and military protection laws. 2025 will likely bring more of the same, particularly in the area of enforcement of military protection laws, as protection of servicemembers is generally a matter of bipartisan concern....By: Hudson Cook, LLP
Two Appellate Courts Weigh “Uptier” Transactions Under New York Law
On December 31, 2024, the United States Court of Appeals for the Fifth Circuit and the New York Appellate Division, First Department, both issued decisions evaluating the validity of so-called “uptier” transactions under New York law. In re Serta Simmons Bedding, LLC, Excluded Lenders, No. 23-20181 (5th Cir. Dec. 31, 2024) (“Serta”); Ocean Trails CLO VII, et al. v. MLN TopCo Ltd., et al., No. 2024-00169 (N.Y. App. Div. 1st Dep’t Dec. 31, 2024) (“Mitel”)......By: A&O Shearman
SEC approves FINRA rule 6500 series requiring securities lending reporting
On January 2, 2025, the Securities and Exchange Commission (the SEC) published an order approving a proposed rule change filed by the Financial Industry Regulatory Authority, Inc. (FINRA) to adopt the new FINRA Rule 6500 Series (Securities Lending and Transparency Engine (SLATE) (the Rule) to (1) require reporting by covered persons of securities loans, and (2) provide for the public dissemination of certain reported loan information....By: Eversheds Sutherland (US) LLP
Regulatory Reversals: Political Transitions and the Congressional Review Act
A Republican Congress and the incoming Trump administration may employ the CRA to quickly overturn recent rules that faced heavy criticism from the financial services industry....By: Latham & Watkins LLP
Equitable Fairness: Court Denies Lender’s Routine Motion for Summary Judgment In Commercial Foreclosure Action Finding Issues of Fact In Favor of Borrower
In a recent decision, the Supreme Court in Queens County denied lender’s motion for summary judgment and appointment of a referee to compute in a foreclosure action, finding triable issues of fact, underscoring the importance of equitable relief. This outcome serves as a reminder that even seemingly straightforward motions require careful judicial consideration and reinforces the protections afforded to borrowers....By: Falcon Rappaport & Berkman LLP
[Event] February Bridge Series - February 6th, Cincinnati, OH
The future is bright for our region, with economic development paving the way for thriving communities and innovative growth. Join us at the February Bridge Series for an energizing discussion with the people leading the charge. Hear the good news about how investments, collaborations, and innovation are driving economic success in our communities. Join us to learn how you can get involved....By: Bricker Graydon LLP
SEC Enters Into Off-Channel Settlements With Twelve Additional Firms Prior To Leadership Turnover
On January 13, 2025, one week before Chair Gary Gensler is expected to step down as Chair, the Securities and Exchange Commission (“SEC”) announced settlements with twelve additional regulated entities for alleged recordkeeping failures related to off-channel communications. These settlements resulted in aggregate penalties of $63.1 million and broadly followed the SEC’s well-established precedents in this area, but in what may be a reflection of both how these firms had already implemented...By: A&O Shearman
ESG Investing Takes A Blow In Texas Federal Court
On January 10, 2025, Judge Reed O’Connor of the United States District Court for the Northern District of Texas ruled, following a four-day bench trial, that an airline breached ERISA fiduciary duties when investing employees’ 401(k) plan retirement assets utilizing investment managers and funds with environmental, social, and governance (“ESG”) objectives. Spence v. American Airlines Inc., et al., No. 23-cv-00552, 2025 WL 225127 (N.D. Tex. Jan. 10, 2025)......By: A&O Shearman
Regulatory & Risk Advisory Outlook 2025: Cayman Islands
2024 was once again an active year for the Cayman Islands regulatory industry. In this edition of our Regulatory & Risk Advisory Outlook, our team has summarised the key changes and news during 2024 and taken a look at the upcoming changes for 2025, including fee changes, the removal of the Cayman Islands from the EU AML List, updates from the FATF and CIMA, as well as key legislative updates....By: Conyers
FDIC Acting Chairman Hill Outlines Near-Term Policy Direction
On January 20, Travis Hill became the Acting Chairman of the Federal Deposit Insurance Corporation (FDIC). Following his remarks on FDIC policy issues on January 10 at the American Bankers Association, in his first statement as Acting Chairman, Hill highlighted various priorities and mentioned new initiatives, emphasizing a commitment to regulatory reform, innovation, and a focus on core financial risks....By: Troutman Pepper Locke
The (Bay) State of the Model Money Transmission Modernization Act
Massachusetts has joined the growing list of states that have at least partially adopted the Model Money Transmission Modernization Act. Our Financial Services Group examines the model act, how the Bay State has adopted it, and the implications for money transmitters....By: Alston & Bird
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