News from the economy, politics and the financial markets
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DeFi Off the Hook for Crypto Tax Reporting
Congress and President Trump have provided legislative relief to decentralized crypto exchanges (and DeFi protocols) from the tax reporting obligations applicable more generally to crypto ‘brokers.’ On April 10, President Trump signed Public Law 119‑5, overturning the Internal Revenue Service’s (“IRS”) recent extension of the tax reporting obligations applicable to crypto brokers to include DeFi exchanges, as previously discussed....By: Cadwalader, Wickersham & Taft LLP
GO DIGITAL OR GO HOME! Trump’s Executive Order to Eliminate Paper Checks To/From Federal Agencies
On March 25, 2025, President Donald Trump signed a landmark executive order that will fundamentally change how the United States Treasury Department handles payments. Effective September 30, 2025, the Treasury will cease issuing paper checks for all federal disbursements and will require that payments to the federal government, including taxes, be made electronically, with limited exceptions. This sweeping modernization effort is designed to increase efficiency, reduce costs, and combat fraud,...By: Mandelbaum Barrett PC
Have You Considered London
London always has and continues to be a popular destination for overseas companies. Listing in London provides access to the largest capital market in Europe with a deep pool of liquidity and international investors, providing the ability to raise a company’s corporate profile internationally....By: Dickinson Wright
Précisions sur les conditions de requalification d’une convention de management fees en acte anormal de gestion
La Cour administrative d’appel de Marseille, statuant sur renvoi du Conseil d’État, a estimé que la société ne démontrait ni l’existence de prestations effectives distinctes de celles de son gérant, ni une volonté claire de ses organes sociaux de rémunérer indirectement ce dernier via une société tierce. Le simple rapport de gestion mentionnant la convention de prestations ne suffisait pas à caractériser une décision de gestion opposable (CAA de Marseille, 3 avril 2025, n° 23MA02484)....By: Mayer Brown
Firmly Fixated With Allonges - REF News & Views
In a recent decision by the Supreme Court of the State of New York in Kings County (the Court), HSBC Bank USA, N.A. (the Plaintiff) initiated a mortgage foreclosure action against Jack and Sabah Srugo (collectively, the Defendant). The Plaintiff moved for summary judgment, and the Defendant cross-moved to dismiss, arguing that the action was barred by the statute of limitations....By: Cadwalader, Wickersham & Taft LLP
Frequently Asked Questions About Private Placement Bonds
Just as with private placements of equity, issuing bonds privately requires careful attention to federal law. Bonds are usually classified as "securities," triggering various regulatory requirements. Companies pursuing this route must comply with these regulations, most often by meeting the conditions outlined in Rule 504 or Rule 506 of Regulation D....By: Oberheiden P.C.
SEC Charges Founder & Associates With Fraud For Allegedly Running A Nearly $200M Ponzi-like Crypto Investment Scheme
On April 22, 2025, the Securities and Exchange Commission filed a civil enforcement action in the United States District Court for the Eastern District of Virginia against an individual and several related parties, alleging a large-scale international securities fraud scheme involving crypto and Forex trading. The SEC’s complaint details a multi-faceted operation that allegedly misappropriated over $57 million from investors through the offer and sale of unregistered securities, while operating...By: A&O Shearman
EC adopts Delegated Regulation on RTS on extraordinary circumstances under CRR
The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Regulation (No 575/2013) (CRR), containing regulatory technical standards (RTS) of the conditions and indicators that the European Banking Authority (EBA) is to use when determining extraordinary circumstances under Articles 325az(5) and 325bf(6) of the CRR have occurred. In accordance with Articles 325bf(6) and 325az(5) of the CRR, as amended by CRR 3 (Regulation EU) 2024/1623), competent...By: A&O Shearman
EC adopts Delegated Regulation on RTS for supervisory colleges
The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Directive IV (CRD IV), containing regulatory technical standards (RTS) specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98. Article 116 of CRD IV sets out provisions requiring consolidating supervisors to establish colleges of supervisors to facilitate certain supervisory tasks and to ensure appropriate...By: A&O Shearman
Navigating the 2025 Tariff Landscape: A Practical Guide for Small and Midsize Business Owners
The U.S. has entered a new era of trade protection with significant tariffs now in place......By: Bradley Arant Boult Cummings LLP
PRA consults on restating MiFID Organisational Regulation
The UK Prudential Regulation Authority (PRA) has published its consultation paper (CP9/25) on the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg). The PRA proposes to restate the current firm-facing requirements from the MiFID Org Reg into the PRA Rulebook before HM Treasury (HMT) begins the revocation of the MiFID Org Reg under the Financial Services and Markets Act 2023 (FSMA 2023), to prevent gaps from arising in the PRA's ability to enforce key components...By: A&O Shearman
SEC’s Division of Corporation Finance Issues Views on Disclosure for Securities in Crypto Asset Markets
On April 10, 2025, the SEC’s Division of Corporation Finance (Corp Fin) issued a statement expressing its views about the application of certain disclosure requirements under the federal securities laws to offerings and registrations of securities in the crypto asset markets.1 This statement is a welcome development for market participants seeking to offer and sell crypto securities or engaged in crypto asset businesses, as it provides some insight into the staff’s views on applicable...By: Wilson Sonsini Goodrich & Rosati
FCA summary of AI Sprint
The UK Financial Conduct Authority (FCA) has published a summary of its AI Sprint, a two-day event that was hosted in January which discussed the opportunities and challenges of AI in financial services. 115 participants took part, discussing how AI may develop in financial services over the next five years, and the FCA's role enabling firms to embrace the benefits of AI while also managing the risks. Four common themes came from participants' discussions and suggestions:...By: A&O Shearman
Exclusivity Provisions: Fintechs Need an Active Backup Bank
Virtually every bank’s form lending program agreement we’ve negotiated for our fintech clients has come with an exclusivity provision. The bank’s policy behind them is simple: We’ve put in the time, effort, expertise and expense to build the program’s launching pad, and we should reap the whole bank benefit when the program takes off and soars....By: Goodwin
Documentation is Key When Claiming QSBS Benefits
In recent years, the utilization of qualified small business stock (“QSBS”) under Section 1202 has grown considerably. Many businesses are formed as corporations at conception, private equity investors calculate the tax benefits from Section 1202 into their ROI calculations, and many businesses taxed as partnerships incorporate to utilize Section 1202 for future appreciation. While the utilization of Section 1202 has grown considerably (and this code provision has been in effect since 1993),...By: Keating Muething & Klekamp PLL
SEC Crypto Task Force Holds Roundtable on Crypto Custody
On March 25, 2025, the Securities and Exchange Commission (“SEC”) held a Crypto Task Force roundtable to explore regulatory considerations surrounding custody of crypto assets through broker-dealers and other financial institutions, such as state chartered limited purpose trust companies....By: Mayer Brown Free Writings + Perspectives
[Video] Compliance Tip of the Day – AI and Behavioral Analytics
Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned compliance professional or just starting your journey, we aim to provide bite-sized, actionable tips to help you stay on top of your compliance game. Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your...By: Thomas Fox - Compliance Evangelist
[Video] Daily Compliance News: April 30, 2025, The 4 AM Wake-Up Call Edition
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy morning coffee, and listen to the Daily Compliance News. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional. Top stories include: • China will support ‘normal’ business relations with US...By: Thomas Fox - Compliance Evangelist
FINRA Adds On to Its Annual Oversight Report - Building in RILA Sales Guidance for First Time
In a section titled “Annuities Securities Products,” FINRA’s 2025 Annual Regulatory Oversight Report, issued on January 28, 2025, addresses regulatory obligations related to the sales of variable annuities (VAs) and registered index-linked annuities (RILAs)....By: Carlton Fields
[Video] Regulatory Ramblings: Episode 68 - Why Geopolitical Risk Matters to Compliance and Legal Staff with Mark Nuttal and Chad Olsen
The hasty U.S. withdrawal from Afghanistan in August 2021 under the Biden administration—and the fallout that followed—along with the Russian invasion of Ukraine in February 2022 and the ongoing war, have created inflationary pressures in international oil, gas, and food prices, roiled global markets, and deeply hurt the economies of Western Europe, deprived of cheap Russian fuel. One thing is certain—it has spurred a deep interest in concepts such as geostrategy, also known as geopolitics....By: Thomas Fox - Compliance Evangelist
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