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
SFDR 2.0 for fund managers – a step in the right direction?
On 22 November 2025, the European Commission published its long-awaited legislative proposal to ‘simplify’ the Sustainable Finance Disclosure Regulation (Draft SFDR 2.0), which will transform the existing disclosure regime into a more streamlined categorisation regime....By: McDermott Will & Schulte
Clarity Over Convenience: New Jersey Supreme Court Provides Lessons for Companies Seeking Personal Guarantees
Oftentimes when dealing with a small business, especially a new one with limited credit history, it is wise to obtain a personal guarantee from the company’s principal....By: Genova Burns LLC
SEC Staff Confirms Personal-Services Entities May Receive Transaction-Based Compensation Without Broker-Dealer Registration
On November 17, 2025, the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (SEC) issued a no-action letter allowing a personal-services entity (PSE) to receive transaction-based compensation (TBC) without registering as a broker-dealer pursuant to Section 15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), provided the arrangement meets certain conditions....By: Venable LLP
Q3 2025 Data Shows Series C as a Critical Filter in Startup Growth
In Q3 2025, venture capital activity revealed a telling split in the fundraising landscape. Series A and B rounds saw improvements in both capital raised valuations ranging from 1.6% to 29%, marking investor confidence in early-stage opportunities....By: Fenwick & West LLP
California DFPI Issues Consent Order against California Lender
On November 17, 2025, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into consent order with a California-based lender to resolve allegations that the lender charged excessive interest and fees to its customers....By: Goodwin
OECD Policy Brief Explores Biotechnology Investment and Regulatory Policy Landscapes in the EU and United States
On November 23, 2025, the Organisation for Economic Co-operation and Development (OECD) published a policy brief entitled “Boosting biotechnology innovation through agile regulation and finance instruments.” The policy brief explores the investment and regulatory policy landscapes in the European Union (EU) and the United States, “highlighting shared challenges and lessons that can help accelerate sustainable innovation and strengthen participation in the global bioeconomy.” The policy brief...By: Bergeson & Campbell, P.C.
FCA Publishes Final Rules on Systematic Internaliser Regime for Bonds and Derivatives and Matched Principal Trading by MTF Operators
On 28 November 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/17) finalising rules proposed in its July 2025 consultation paper (CP25/20). The reforms remove the Systematic Internaliser (SI) regime for bonds and derivatives, lift restrictions on matched principal trading by multilateral trading facility (MTF) operators, and reform the reference price waiver (RPW) for equity instruments....By: Katten Muchin Rosenman LLP
Crypto Part II: Examining the Taxation of Digital Assets
Digital assets are bought and sold globally, 24/7, can be divided into smaller and smaller ownership units, and can be transferred between buyers and sellers at low cost and with lightning speed around the world in a global market now valued in the trillions of dollars....By: ASKramer Law
New York Finalizes Uniform Hurricane Deductible Regulations
In 2024, the New York State Legislature directed the Superintendent of the Department of Financial Services (“DFS”) to issue regulations establishing uniform standards for the operation of hurricane deductibles in homeowners’ and dwelling fire personal lines policies. The DFS was also instructed to set requirements for notices insurers must provide regarding the amount and application of hurricane deductibles....By: Chartwell Law
IFRS 18 : Les ACVM proposent de modifier des obligations d’information liées aux mesures financières non conformes aux PCGR
Le 13 novembre 2025, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié, à des fins de consultation, des projets de modification visant le Règlement 52-112 sur l’information concernant les mesures financières non conformes aux PCGR et d’autres mesures financières (le « Règlement 52-112 ») ainsi que des règlements et des instructions générales connexes (collectivement, les « projets de modification »). Les projets de modification ont pour but d’aborder les répercussions...By: Blake, Cassels & Graydon LLP
Coming This January: That 401(k) Plan Provider Handbook
fter 401(k)’d, The Greatest 401(k) Book Sequel Ever, and Full Circle, I figured it was time to get back to the nuts and bolts — the real world of being a 401(k) plan provider....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Unlocking Liquidity: How Secondaries And Continuation Vehicles Are Freeing Up The US PE Exit Pipeline
Even as dealmaking shows signs of rallying, GP-led secondaries and continuation vehicle deals—which provided valuable alternative exit routes through a period of soft M&A activity—are set to remain an important strategic tool for dealmakers Selling portfolio companies at valuations necessary to deliver compelling investment returns has proven challenging for many US buyout firms during a continuing period of elevated interest rates and sluggish M&A activity....By: White & Case LLP
SEC Chairman Addresses the Future of America’s Capital Markets
On December 2, 2025, SEC Chairman Paul Atkins spoke at the New York Stock Exchange about the current state of U.S. capital markets, the challenges they face, and potential reforms to strengthen them....By: Goodwin
CFTC Approval Allows Polymarket to Reenter the U.S. Market
The Commodity Futures Trading Commission (CFTC) approved a plan submitted by commodities futures trading platform Polymarket to resume limited U.S. operations through a registered intermediary. The approval permits the platform to offer select real money event contracts within a federally supervised structure....By: Troutman Pepper Locke
Regulatory Monitoring: EU Version - November 2025
The EBA) launched a consultation on draft Guidelines on the authorisation of third-country branches (TCBs) under Article 48c(8) CRD VI. The Guidelines set out: (i) the list of information to be included in the application, concerning matters such as the business plan, capital endowment, liquidity, internal governance, booking arrangement and reporting requirements and information about head undertaking(s), in particular their compliance with prudential requirements and a reasoned, third party...By: A&O Shearman
States Tighten Oversight of Private Equity in Health Care
Private equity’s footprint in health care has expanded rapidly over the past decade, and in response states have begun to retool long‑standing doctrines and create new guardrails that target ownership, control, and transparency. The result is an emerging patchwork of laws and review processes that remake the corporate practice of medicine landscape, constrain common “friendly PC” structures, and require far more visibility into transactions involving private equity, hedge funds, real estate...By: Troutman Pepper Locke
Iowa District Court: Avoidance Claims Cannot Be Encumbered by Pre-Bankruptcy Liens
Causes of action for avoidance and recovery of preferential, fraudulent, or unauthorized transfers often are a means of generating value for the benefit of the estate and creditors in a bankruptcy case. For this reason, many courts are skeptical of efforts to encumber avoidance actions so that a single creditor or creditor group derives the benefit of such claims to the detriment of other creditors....By: Jones Day
Regulatory Monitoring- November 2025
The EBA) launched a consultation on draft Guidelines on the authorisation of third-country branches (TCBs) under Article 48c(8) CRD VI. The Guidelines set out: (i) the list of information to be included in the application, concerning matters such as the business plan, capital endowment, liquidity, internal governance, booking arrangement and reporting requirements and information about head undertaking(s), in particular their compliance with prudential requirements and a reasoned, third party...By: A&O Shearman
Liability Management After ConvergeOne: Equal Treatment, Exclusive Opportunities, and the Next Phase of "Lender-on-Lender" Warfare
For more than a decade, borrowers and their sponsors have used liability management exercises ("LMEs") to create runway, preserve liquidity, and rationalize capital structures outside of formal insolvency proceedings. In market parlance, these transactions include "uptiers," "double-dips," "drop-downs," non-pro rata exchanges, debt-for-debt tenders, and rights offerings calibrated to reward cooperation and speed....By: Jones Day
UK FCA Consults on Regulatory Fees and Levies Policy Proposals for 2026/27
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/33 outlining its proposed changes to the fees and levies framework ahead of the 2026/27 fee cycle. The consultation paper is structured as follows......By: A&O Shearman
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