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Investigatory Powers of the New European Anti-Money Laundering Authority
On May 31, 2024, the Council and the European Parliament agreed on the establishment of the European Authority for Anti-Money Laundering and Countering the Financing of Terrorism ("AMLA"), one of the focuses of the "AML package," which includes EU Regulation 2024/1620 establishing the AMLA....By: Jones Day
SEC No-Action Letter Permits Payment of Broker Fees to Unregistered Entities Owned by Registered Representatives - With Conditions
On November 17, 2025, the SEC (U.S. Securities and Exchange Commission) staff provided a letter to the Financial Services Institute (FSI) agreeing that it would not recommend enforcement action to the commission if a personal services entity (PSE) that is wholly owned by registered representatives (RRs) of a broker received transaction-based compensation (TBC) without registering as a broker or dealer....By: Goodwin
FCA Initiatives For Retail, Wealth And Private Banking—Retail vs. Professional Categorisation, And Conflicts
The FCA has launched a bundle of far-reaching initiatives including a consultation on professional and retail categorisation rules and the conflicts regime, and a discussion paper seeking views on what else can be done to transform UK consumers from savers to investors. This is alongside a long-awaited policy statement with final rules on “consumer composite investments” (replacing PRIIPS) and a consultation paper on “target clarifications of the FCA rules” (the rules on targeted support are...By: A&O Shearman
Final And Proposed Treasury Regulations Published Under Section 892 Of The Code: Key Takeaways
On December 15, 2025, the United States Department of the Treasury and the Internal Revenue Service (IRS) published final and proposed regulations under Section 892 of the Internal Revenue Code. The final regulations are effective as of their publication date....By: DLA Piper
Speech by Director of Division of Investment Management Signals Key Priorities
On December 2, Brian Daly, the new Director of the Division of Investment Management for the Securities and Exchange Commission (SEC), delivered an important speech on his priorities. The speech began by noting that he is dedicated to listening to the industry, stating that he is “deeply interested in what the industry has to say, how investors feel, and how the public perceives our proposals.”...By: Katten Muchin Rosenman LLP
When AI Becomes Your Co-Fiduciary: The New Frontier of Risk for 401(k) Sponsors
In the world of retirement plans, we’re comfortable with spreadsheets, deferral limits, matching formulas, and the usual fiduciary checklists. But let me tell you: we’re entering a territory where you may not be fully in control—and that territory is powered by artificial intelligence. The article from 401(k) Specialist titled “AI Tech to Spot Fiduciary Risks in Coming Years” is a timely wake-up....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Important Guidance on Restructuring Credit Event Triggers Under ISDA Definitions
On 15 December 2025, an External Review Panel of the Determinations Committee of the International Swaps and Derivatives Association ("ISDA") delivered its determination of the first question referred to it by the committee (which had been split on the issue) in almost a decade....By: Jones Day
Consolidated Q&A on PRIIPs KID Updated (UPDATED)
The Joint Committee of the European Supervisory Authorities (ESAs) has updated its consolidated Q&A on the EU packaged retail and insurance-based investment products (PRIIPs) key information document....By: A&O Shearman
Financial Markets and Funds Quick Take | Issue 45
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....By: Katten Muchin Rosenman LLP
Key Takeaways from FINRA’s 2026 Annual Regulatory Oversight Report
The Financial Industry Regulatory Authority’s (FINRA) 2026 Annual Regulatory Oversight Report is the most current and comprehensive statement of FINRA’s priorities and expectations for member firms. It does not create new legal obligations, but it is clearly designed as an exam and enforcement roadmap. The 2026 Report weaves together FINRA’s FINRA Forward modernization program, new and evolving risks (especially cyber‑enabled fraud and generative AI (GenAI)), and detailed observations on firms’...By: Troutman Pepper Locke
EBA Follow-Up Peer Review Report On Authorisation Under PSD2
The European Banking Authority (EBA) has published a follow-up peer review report on the authorisation of payment institutions (PIs) and electronic money institutions (EMIs) under the revised Payment Services Directive (PSD2). The review assessed actions taken by 29 national competent authorities (NCAs) following the 2023 report to address recommendations on authorisation processes, implementation of the EBA guidelines on authorisation, governance, AML/CFT controls, and local substance....By: A&O Shearman
BoE Statement On The Review Of Rules For FMIs
The Bank of England (BoE) has published a statement of policy outlining its framework for reviewing rules applicable to financial market infrastructures (FMIs), including recognised central counterparties (CCPs), central securities depositories (CSDs), overseas CCPs, third country CSDs, critical third parties (CTPs) and recognised clearing houses which are not recognised CCPs....By: A&O Shearman
Analysis: How Does the Senate Agriculture Committee's Bipartisan Crypto Market Structure Discussion Draft Build on the CLARITY Act?
On November 10, 2025, Senator John Boozman (R-AR), Chairman of the Senate Committee on Agriculture, Nutrition, and Forestry, and Senator Cory Booker (D-NJ) released the bipartisan discussion draft on crypto market structure in the United States, which builds upon the Digital Asset Market Clarity Act of 2025 ("CLARITY Act") passed by the House of Representatives earlier this year. Following up on our earlier summary, this note delves deeper into the bipartisan discussion draft and explores the...By: Davis Wright Tremaine LLP
Ten FAQ About “Crypto” for Corporate Directors
What is “crypto”? The term “crypto” is shorthand for “cryptographic asset,” which is generally understood to be a digital asset whose features and ownership are coded on a blockchain and protected by cryptography. The first notable crypto asset was bitcoin, created on January 3, 2009. Other bitcoin-based crypto assets have been created since then......By: Foley & Lardner LLP
It’s a Wonderful Hypo: What if the Bailey Bros. Building & Loan Was a SEC Registered Investment Adviser?
In the 1946 film “It’s a Wonderful Life,” George Bailey is despondent after a series of mishaps — including his family member and colleague, Uncle Billy, misplacing $8,000 that Uncle Billy had intended to deposit in Mr. Potter’s bank — leads George’s firm to the brink of failure and George facing the threat of being arrested. However, with the help of a wacky angel (sans wings), a visit to an alternative timeline, and the townspeople ultimately rallying around George to save his firm and keep...By: Foley & Lardner LLP
SEC and FINRA Increase Oversight of Cross-Border Small-Cap Offerings
In late 2025, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) each announced initiatives focused on small-cap offerings involving foreign issuers, with China specifically identified as a jurisdiction of concern. In September, the SEC established a Cross-Border Task Force to address fraud risks tied to foreign-based companies and to review the role of market “gatekeepers,” such as auditors, underwriters, and broker-dealers......By: Foley & Lardner LLP
Guyana: A Primer on a Strategic U.S. Caribbean & South American Ally - 4
Welcome to the fourth of our five-part blog series about Guyana, an American ally that has emerged as one of the fastest-growing economies in the world, driven by an oil boom that has transformed the country’s economic trajectory......By: Foley & Lardner LLP
Supreme Court Hears Oral Arguments on Whether Activist Shareholders of Closed-End Funds Have Private Rights of Action under the Investment Company Act of 1940
Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; Investment Advisers; Hedge Funds Quick Take: The U.S. Supreme Court heard oral arguments on December 10, 2025, in FS Credit Opportunities Corp. v. Saba Capital Master Fund as to whether activist shareholders have a private right of action to sue closed-end funds under the Investment Company Act of 1940, as amended. A decision is expected by July 2026....By: Seward & Kissel LLP
FINRA’s 2026 Oversight Report Signals a Supervisory Reckoning for Autonomous AI
Financial Industry Regulatory Authority’s (FINRA) 2026 Annual Regulatory Oversight Report (the Report), released on December 9, 2025, lands at a moment when many member firms are shifting from experimental AI deployments to production-level automation. What distinguishes this year’s report is not its treatment of Reg BI, communications, or cybersecurity—which remains extensive—but its introduction of a regulatory framing for agentic AI systems capable of executing tasks within brokerage...By: Snell & Wilmer
CFTC Launches Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets
The Commodity Futures Trading Commission (CFTC or Commission) announced a landmark regulatory initiative that enables certain digital assets to serve as collateral in derivatives markets. Acting Chairman Caroline D. Pham unveiled the Digital Assets Pilot Program through a trio of letters released on December 8, providing new guidance on the acceptance and use of tokenized collateral and withdrawing a prior staff advisory. Industry participants are characterizing the announcement as a pivotal...By: Katten Muchin Rosenman LLP
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