On December 3, 2025, the Securities and Exchange Commission (SEC) issued an exemptive order extending the compliance dates for two rules: Rule 10c-1a (Reporting of Securities Loans) Rule 13f-2 (Short Position and Short...more
The proposed Digital Asset Market Clarity Act would establish a comprehensive, top-down regulatory framework for digital assets that reflects a growing bipartisan push in Congress for clear oversight of the digital asset...more
11/18/2025
/ Blockchain ,
CFTC ,
Commodity Exchange Act (CEA) ,
Digital Assets ,
FinTech ,
Investment ,
Popular ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Stablecoins
On October 9, 2025, the Financial Crimes Enforcement Network (FinCEN), along with the banking and credit union regulators, issued guidance in the form of frequently asked questions (FAQs) addressing the regulatory...more
10/15/2025
/ AML/CFT ,
Bank Secrecy Act ,
BSA/AML ,
Credit Unions ,
Currency Transaction Reports (CTR) ,
Filing Deadlines ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
New Guidance ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
On August 25, the United States Court of Appeals for the Fifth Circuit remanded two rules adopted by the Gensler-era SEC: the Securities Lending Reporting Rule and the Short Interest Reporting Rules (the Rules). While the...more
8/28/2025
/ Administrative Procedure Act ,
Appeals ,
Dodd-Frank ,
Financial Industry Regulatory Authority (FINRA) ,
Lending ,
Regulatory Reform ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Short Selling
On August 18, the U.S. Department of the Treasury issued a Request for Comment (RFC) in a direct step toward implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and in support...more
8/25/2025
/ AML/CFT ,
Anti-Money Laundering ,
Artificial Intelligence ,
Blockchain ,
Comment Period ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Executive Orders ,
Secretary of the Treasury ,
Stablecoins ,
The GENIUS Act ,
U.S. Treasury
On August 5, the FDIC announced that banks it supervises can comply with Bank Secrecy Act (BSA) requirements to obtain identity information from new customers by using a pre-populated form, provided that the person opening...more
The President’s Working Group on Digital Asset Markets on July 30 released Strengthening American Leadership in Digital Financial Technology. This report, issued under January's Executive Order 14178, outlines a sweeping set...more
Although digitized initial offerings of securities may not be novel, blockchain tokenization of existing securities is still evolving. In SEC Commissioner Hester Peirce’s July 9 statement, she emphasized that while...more
On July 18, 2025, the President signed the GENIUS Act into law, setting clear rules for who can issue payment stablecoins in the U.S. Only permitted issuers and registered foreign issuers are allowed, and they must follow...more
On July 21, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced that it was postponing and reevaluating the anti-money laundering (AML) rule for investment advisers (Adviser AML...more
Albert: So, to set the stage here, my name is Albert Vanderlaan. I am the head of the capital markets group here at Orrick. I'm really pleased to be joined today by Robert Leshner, the CEO and co-founder of Superstate. I...more
The Corporate Transparency Act (CTA) is back in effect − at least for now − and companies covered by the CTA are once again required to file beneficial ownership information (BOI) reports with FinCEN. On February 17, 2025, in...more
The SEC has approved FINRA's 6500 rule series, which governs the Securities Lending and Transparency Engine (SLATE). The rules require some financial institutions to report securities loans to FINRA. They also require the...more
Absent SEC or court action, institutional investment managers that meet or exceed certain thresholds face a February 14 deadline to file the first reports with the SEC on Form SHO. Form SHO, which was adopted with Rule 13f-2...more
The Securities and Exchange Commission (SEC) has granted a partial stay of the amendments to Rules 610 and 612 of Regulation NMS. The SEC’s December 12 order came in response to a motion filed by Nasdaq and Cboe, among...more
The SEC voted unanimously to adopt changes to Regulation NMS (Reg. NMS) that address minimum pricing increments for securities, the access fees that securities exchanges charge, and increased transparency order prices....more
The U.S. Supreme Court has ruled that defendants in securities fraud cases brought by the SEC are entitled by the Seventh Amendment to have the SEC’s claims for civil money penalties decided by a jury and not in an...more
8/28/2024
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article III ,
Civil Monetary Penalty ,
Enforcement Actions ,
Jury Trial ,
Public Rights Doctrine ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Seventh Amendment
The Fifth Circuit Court of Appeals has vacated a Securities and Exchange Commission rule that represented one of the most significant changes to regulating private funds and private fund advisers since 2010....more
This week, RegFi co-hosts Jerry Buckley and Sasha Leonhardt welcome Ignacio Sandoval, a partner at Orrick and former special counsel in the SEC's Office of Chief Counsel, to explore the timely and complex subject of...more
The Securities and Exchange Commission (SEC) has amended its privacy rule – Regulation S-P – to establish a federal minimum standard for covered institutions to notify affected individuals of a data breach....more