News from the economy, politics and the financial markets
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UK FCA Consults on Rule Changes for Client Categorisation and Conflicts of Interest
On 8 December 2025, the FCA published a consultation paper (CP) on client categorisation and conflicts of interest. This consultation will be of particular interest to wealth managers and investment firms, as it may enable them to change the way in which they categorise their clients. The FCA is also proposing to rationalise the conflicts of interest rules....By: Hogan Lovells
NCUA Proposes First Set of Regulatory Changes Under ‘Deregulation Project’
On December 10, the NCUA announced the first round of proposed regulatory changes as part of its new “Deregulation Project,” an initiative to review and potentially revise agency regulations to reduce burden and eliminate outdated requirements in response to Executive Order 14192 (covered by InfoBytes here)....By: Orrick, Herrington & Sutcliffe LLP
Bénéficiaire effectif et non-application d’un taux réduit de retenue à la source en présence de dividendes versés à une société luxembourgeoise et reversés à son actionnaire américain
Le Tribunal administratif de Paris valide la remise en cause par l’administration fiscale du taux réduit de retenue à la source de 5 % prévu par la convention franco-luxembourgeoise en présence de dividendes versés à une société luxembourgeoise et reversés à son actionnaire américain, au motif que la société luxembourgeoise n’était pas le bénéficiaire effectif des dividendes (TA Paris, 19 novembre 2025, n° 2400552 et 2400553)....By: Mayer Brown
Fed Requests Comment on the Future of Agency’s Check Services
On December 9, the Fed published an RFI in the Federal Register requesting public input on the future of the Fed’s check services. In its notice, the Fed will assess possible strategies for the future of checks, acknowledging that check usage in the U.S. has steadily declined over recent decades even as noncash payments increased. Strategies proposed by the Fed range from maintaining current operations without new investments, to simplifying and winding down check services to reduce costs, to...By: Orrick, Herrington & Sutcliffe LLP
CFPB Publishes Eight Notices on Reinstating OMB Requirements
On December 9 and 10, the CFPB published eight notices in the Federal Register requesting comment on reinstating OMB approvals for existing information collections. The CFPB invited comments as to whether the collection of information is necessary. It also sought input on the burden imposed by such collection....By: Orrick, Herrington & Sutcliffe LLP
When Regulatory Relief is not Regulatory Relief
There’s a lot of things in the world of bureaucratic regulations that don’t appear to make sense and can be downright funny and frustrating at times. For example, when I was in the state senate in Connecticut the Department of Information Technology was known as “DOIT”. I thought, “What a great name for the department that would help legislators understand the answers to important budgetary questions.”...By: GeoDataVision
District Court Lifts Stay in Alleged Predatory Financing Case Brought by CFPB
On December 3, the U.S. District Court for the Southern District of Texas lifted a stay in a case brought by the CFPB against several affiliated defendants, following a lapse in federal appropriations that had stayed proceedings. The notice highlighted that, following the government reopening, the court reinstated the case and extended the deadline for the parties’ joint status report on settlement negotiations to December 9....By: Orrick, Herrington & Sutcliffe LLP
SGX-Nasdaq Dual Listing Framework - Opening New Doors for East Asian Companies
On November 19, 2025, Singapore Exchange ("SGX") and Nasdaq announced a proposed "Global Listing Board" framework enabling companies to file a single prospectus acceptable to both Singapore and U.S. regulators....By: Sullivan & Worcester
How Will the Cannabis World Look When Marijuana Is Rescheduled? (UPDATED)
A few weeks ago, someone at a holiday party asked “Whitt, why doesn’t Budding Trends take on the weighty legal issues of the day and instead resort to cheap pop culture references and puns?” I thought about responding with a quote from “Run Like an Antelope” but then it hit me: Maybe we should give some thought to a more high-minded discussion about the practical implications of marijuana rescheduling....By: Bradley Arant Boult Cummings LLP
Weekly Blockchain Monitor - December 2025 #2
Payments and Digital Assets Companies Announce Stablecoin Initiatives - A leading global payments network and a stablecoin infrastructure platform recently announced a partnership focused on cross-border stablecoin-based payment settlement and digital asset treasury management....By: BakerHostetler
Meet the New Disruptor in the Music Business: The Family Office
This is a new ongoing series about the business of music with a SPIN twist. There’s a new headliner in the music business, and it’s not on stage. It’s in the wings, in a tailored suit, with a checkbook bigger than the tour budget. Originally Published by Spin on - November 19, 2025....By: Bradley Arant Boult Cummings LLP
New York Updates UCC Law to Address Emerging Technologies in Commercial Transactions
On December 5, the governor of New York signed into law an act to amend the state’s UCC, aiming to address emerging technologies and update rules for commercial transactions involving virtual currencies. The legislation updates rules regarding control of electronic documents of title, specifying that a person has control if an electronic copy or record establishes the person as the recipient. The act also clarifies that purchasers have control of electronic copies of records evidencing chattel...By: Orrick, Herrington & Sutcliffe LLP
Minnesota Appeals Court Affirms Broad Application of Debt Collection Licensing Requirements
Recently, the Minnesota Court of Appeals affirmed a cease-and-desist order against a Utah-based company for allegedly conducting unlicensed debt collection in Minnesota. The court held Minnesota’s collection agency statutes apply broadly and require licensure for any entity that seeks to collect payment on behalf of others, even if the company is out-of-state collecting on Minnesota-based claims....By: Orrick, Herrington & Sutcliffe LLP
Final Texts for PSD3 and PSR Awaited as European Parliament and Council of EU Announce Provisional Political Agreement
On 27 November 2025, the European Parliament and the Council of the EU announced that they have reached a provisional political agreement on the texts of the proposed Directive on payment services and electronic money services (PSD3) and Regulation on payment services in the EU (PSR). Subject to completion of work on the technical elements of the payments package, payment service providers (PSPs) should expect to see the final texts in the coming weeks....By: Hogan Lovells
New York Enacts Law Adding Civil Penalties for Unlicensed Acts
On December 5, the governor of New York signed into law new provisions to amend the state’s financial services laws in connection with engaging in certain activities without a license. Specifically, the amendment adds § 408-a, “Civil penalty,” which defines prohibited unlicensed acts under the banking law and its regulations and sets forth specific penalties....By: Orrick, Herrington & Sutcliffe LLP
Israel Securities Authority Regulates Online Advertising: Mutual Funds, Likes, Influencers, and Everything in Between
The Israel Securities Authority published a new staff position recently on the regulation of advertising in digital space (including on social networks), focusing on advertising relating to mutual funds. The staff position seeks to bridge the gap between the law and the dynamic reality in today’s digital age, and focuses on regulating ongoing online activities and activities with external parties....By: Barnea Jaffa Lande & Co.
OCC Confirms National Banks May Engage in ‘Riskless Principal’ Digital Assets Transactions
On December 9, the OCC issued an interpretive letter, confirming that national banks may engage in “riskless principal” transactions involving digital assets as part of the business of banking. The OCC stated these transactions involve a bank acting as principal in a digital asset transaction with one customer while simultaneously entering into an offsetting transaction with another customer, serving as an intermediary and not holding digital assets in inventory....By: Orrick, Herrington & Sutcliffe LLP
OCC Head Speaks How Banks Could Embrace Digital Assets
On December 8, the OCC published a speech made by Comptroller of the Currency Jonathan V. Gould at an industry policy summit on his commitment to chartering new banks, aligning the importance of de novo chartering with novel technologies like digital assets. From 2011 through 2024, the OCC received fewer than four charter applications annually. However, in 2025, the agency reported receiving 14 de novo charter applications, including applications from entities involved in digital or fintech...By: Orrick, Herrington & Sutcliffe LLP
FinCEN Reports Ransomware Payments Exceeded $2.1B From 2022 to 2024
On December 4, FinCEN released a financial trend analysis showing that reported ransomware payments in BSA data totaled more than $2.1 billion between January 2022 and December 2024. FinCEN received 7,395 BSA reports related to 4,194 ransomware incidents during this period. The report found ransomware incidents and payments peaked in 2023, with 1,512 incidents and $1.1 billion in payments — a 77 percent increase in total payments from the previous year. By comparison, the report noted that, from...By: Orrick, Herrington & Sutcliffe LLP
FinCEN Fines Virtual Currency Platform $3.5M for BSA Violations Tied to Illicit Activity
On December 9, FinCEN announced a consent order levying a $3.5 million civil money penalty against a peer-to-peer virtual currency trading platform for willful BSA violations. FinCEN alleged the company facilitated more than $500 million in suspicious transactions involving illicit actors and high-risk jurisdictions, including individuals from Iran, North Korea, and Venezuela....By: Orrick, Herrington & Sutcliffe LLP
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