News from the economy, politics and the financial markets
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The Rise of Lifetime Income Options
Traditional pensions, known as defined benefit plans, have been on the decline since their heyday in the 1960s. Guaranteed lifetime income was a key feature of traditional pension plans. Benefits under a plan would be paid monthly to individuals after retirement until their death. There also was the possibility of spousal benefits being paid for the life of the participant’s spouse. Defined benefit plans insulated participants from longevity risk and market risk....By: Carlton Fields
Cross-Border Developments: A Comparison of UK and U.S. Regulatory Frameworks for Stablecoins
Stablecoins—digital tokens designed to maintain a stable value by being pegged to fiat currencies—have emerged as a critical bridge between traditional finance and the digital asset ecosystem. Both the United Kingdom and the United States are now advancing respective regulatory frameworks aimed at integrating stablecoins used in payments into their broader financial systems. While each regime aims to safeguard consumers, maintain market integrity, and foster responsible innovation, we outline...By: Morrison & Foerster LLP
SFDR 2.0: What Are the Key Proposed Changes?
The EU Commission estimates that the proposed 15% Taxonomy alignment threshold should be attainable for about half of the current investment funds disclosing under Article 9....By: Paul Hastings LLP
Calling all Independent Non-Executive Directors (INEDs) – the Cayman Islands Needs You!
The old saying that “Independent Directors are like parsley on a fish: technically they are there, but they are largely decorative” is now very much defunct in the context of the Cayman Islands (re)insurance industry....By: Conyers
California market-based sourcing rules to impact asset managers
Under a regulation recently finalized by the California Franchise Tax Board (FTB), fees received by asset managers may be subject to income tax in California based on the domicile of a fund’s underlying investors or beneficial owners....By: McDermott Will & Schulte
The PRA’s Discussion Paper on Alternative Life Capital: A New Dawn?
On 14 November 2025, the Prudential Regulation Authority (PRA) published Discussion Paper 2/25, “Alternative Life Capital: Supporting Innovation in the Life Insurance Sector,” which starts the PRA’s engagement with stakeholders in the UK life insurance sector on policy changes to enable UK life insurers to raise alternative capital by transferring defined tranches of risk to capital markets....By: Skadden, Arps, Slate, Meagher & Flom LLP
Dead 401(k) Plans Tell No Tales
I n Pirates of the Caribbean, Captain Jack Sparrow said, “Dead men tell no tales.” That’s true for pirates, but not for dead 401(k) plans. When a plan dies, it has a lot to say. It whispers through old payroll files, missing Form 5500s, and confused former participants who still think they have money left in the plan. And unlike a pirate’s ghost ship, a dead 401(k) plan can come back to haunt a plan sponsor, with interest, penalties, and a Department of Labor that never seems to lose its...By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
The Battle For AI Gets Real: How US and European Deal Markets Are Heating Up
While the figures may differ between US and European AI deals, the drivers and challenges are similar, and competition is fierce on both sides of the Atlantic - Artificial intelligence has moved from science fiction to reality in the blink of an eye. It is just three years since US technology company OpenAI launched ChatGPT publicly, but the first generative AI model to capture global attention—100 million users signed up within two months of launch—kickstarted an arms race. Every organization...By: White & Case LLP
When the Loan Defaults Come Home: A Fiduciary Wake-Up Call
When I read that Securian Financial is joining forces with Custodia Financial to bring their “Retirement Loan Protection” (RLP) program into more in-plan offerings, I immediately thought about how many times I’ve seen plan participants unintentionally derail their financial futures over a small 401(k) loan....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Federal Reserve Reports Decline in Open Supervisory Findings Across All Bank Portfolios
On December 1, 2025, the Federal Reserve released its semiannual Supervision and Regulation Report describing a broad reduction in outstanding supervisory findings across institutions of all sizes. The report indicates declines among global systemically important banks, large foreign and domestic banking organizations, and small and midsize banks, reflecting a shift in the Fed’s supervisory posture....By: Sheppard Mullin Richter & Hampton LLP
EC Adopts Delegated Regulation on Equity Transparency Under MiFIR
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2017/567 as regards regulatory technical standards (RTS) on equity transparency requirements under the Markets in Financial Instrument Regulation (MiFIR). The amendments follow the EBA's final report in December 2024 and reflect changes introduced by the MiFIR review and the amendments to the second Markets in Financial Instruments Directive (MiFID II)....By: A&O Shearman
Crypto Brief - Lowenstein Crypto Newsletter - December 4, 2025
On Dec. 2, the Acting Chairman of the Federal Deposit Insurance Company (FDIC), Travis Hill, gave a statement before the House Committee on Financial Services. On the topic of digital assets, Hill mentioned that “the FDIC has taken a more open-minded approach with respect to banks that offer products and services related to digital assets, while maintaining our expectation that such activities are conducted in a safe and sound manner.”...By: Lowenstein Sandler LLP
Sanctions in a Snap: Developments in Sanctions - November 2025
Hughes Hubbard’s “Sanctions in a Snap” provides a clear and concise summary of recent developments from the United States' Office of Foreign Assets Control (OFAC) and the European Union and its Member States. The U.S. edition is designed to help you quickly assess U.S. economic sanctions compliance risks in light of current government designation and enforcement priorities. While the EU edition covers European economic sanctions and export controls risks against the current EU regulatory...By: Hughes Hubbard & Reed LLP
EBA Factsheet on Implications of EU AI Act for Banking and Payments Sector
The European Banking Authority (EBA) has published a fact sheet summarising the findings from its 2025 mapping exercise on the interaction between the EU AI Act (Regulation EU 2024/1689) and existing banking and payments legislation. This includes the Capital Requirements Regulation (575/2013), the Consumer Credit Directive (2008/48/EC), the Mortgage Credit Directive (2014/17/EU) and the Payment Services Directive ((EU) 2015/2366)....By: A&O Shearman
CFPB Signals Major Shift in Exam Approach With New “Humility Pledge”
On November 21, the CFPB announced changes to how its Supervision Division will conduct examinations, including a new “Humility Pledge” that examiners must read to supervised entities at the start of each review. The Bureau stated that the updated approach reflects its commitment to operating within its statutory authority and aligns with the Memorandum on Supervision and Enforcement Priorities issued in April 2025 (previously discussed here)....By: Sheppard Mullin Richter & Hampton LLP
Implementing Regulation Updating ITS on Joint Decision Process for Internal Models Authorisation Under CRR Published in OJ
Commission Implementing Regulation (EU) 2025/2338 (Amending Regulation) has been published in the Official Journal of the European Union. The amendments update the implementing technical standards (ITS) under Commission Implementing Regulation (EU) 2016/100, which govern the joint decision process for competent authorities when granting permission to use internal models for credit risk, counterparty credit risk and market risk for prudential purposes for certain entities in banking groups, as...By: A&O Shearman
Blue-State AGs Tap Rohit Chopra to Lead Consumer Protection Working Group
As reported by Bloomberg, the Democratic Attorneys General Association (DAGA) has hired Rohit Chopra, former Director of the Consumer Financial Protection Bureau (CFPB or Bureau), to lead a new Consumer Protection and Affordability Working Group within DAGA’s policy arm. The move was announced as a coordinated, state-led response to rising living costs and widespread fraud, with a policy agenda that spans financial services, technology, and health care....By: Troutman Pepper Locke
Washington DFI Seeks License Revocation and Industry Ban After Alleged Uniform Money Services Act Violations
On November 25, the Washington Department of Financial Institutions (DFI) issued a Temporary Order to Cease and Desist and a Statement of Charges against a virtual-currency kiosk operator, alleging violations of the Uniform Money Services Act arising from its Washington money-transmission activities. The agency alleges that the company engaged in unsafe and unsound practices and failed to safeguard customer funds....By: Sheppard Mullin Richter & Hampton LLP
ECB Publishes TIBER-EU SSM Implementation Guide Under DORA
The European Central Bank (ECB) has published its guide on implementing the Threat Intelligence-based Ethical Red Teaming (TIBER-EU) framework for mandatory threat-led penetration testing (TLPT) of significant institutions under the Digital Operational Resilience Act (DORA). Under Articles 26 and 27 of DORA, significant institutions must conduct advanced operational resilience testing by means of TLPT at least every three years....By: A&O Shearman
[Video] From the Editor’s Desk: Compliance Week’s Insights and Reflections for November and into December 2025
In this episode of ‘The Editor’s Desk’ podcast, hosts Tom Fox and Aaron Nicodemus delve into key compliance issues featured in Compliance Week. Tom and Aaron discuss top stories from Compliance Week in November, look at stories that will appear in December, and provide a preview of upcoming content and events in January and beyond. They discuss FCPA investigations closed under the Trump administration and the implications for compliance professionals. Aaron highlights stories from Compliance...By: Thomas Fox - Compliance Evangelist
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