The Basel Committee on Banking Supervision has published a comprehensive report analysing the rise of synthetic risk transfer ("SRT") markets, finding that synthetic risk transfer transactions have become a significant source...more
3/6/2026
/ Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Disclosure Requirements ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Investment Funds ,
Nonbank Firms ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management
Both the Financial Industry Regulatory Authority ("FINRA") and the National Futures Association ("NFA") have implemented rules prohibiting the practice of "frontrunning." Criminal prosecutors and financial regulators have...more
On January 28, 2026, the Securities and Exchange Commission's ("SEC") Divisions of Corporation Finance, Investment Management, and Trading and Markets (collectively, the "Staff") issued a statement (the "Statement") providing...more
2/6/2026
/ Blockchain ,
Cryptoassets ,
Digital Assets ,
Digital Securities ,
Distributed Ledger Technology (DLT) ,
Emerging Technologies ,
FinTech ,
New Guidance ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tokenization
The Situation: Demand for standardized documentation to support trading in EU guarantees of origin has grown alongside the desire in the public and private sectors to reduce carbon emissions and transition to cleaner energy. ...more
12/19/2025
/ Carbon Emissions ,
Clean Energy ,
Climate Change ,
Contract Terms ,
Energy Policy ,
Energy Projects ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Greenhouse Gas Emissions ,
ISDA ,
Power Purchase Agreements ,
Renewable Energy ,
Sustainability
New standardized documentation will allow market participants to rely on up-to-date and robust documentation for repurchase transactions, in line with international standards....more
9/26/2025
/ Banks ,
Capital Markets ,
Contract Terms ,
EU ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
France ,
Regulatory Reform ,
Repurchases ,
Securities Regulation
On September 5, 2025, the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") released a joint statement (the "Statement") outlining a renewed commitment to regulatory cooperation...more
9/10/2025
/ Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Derivatives ,
Digital Assets ,
Financial Markets ,
Financial Regulatory Reform ,
FinTech ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
To promote regulatory clarity, on August 28, 2025, the Commodity Futures Trading Commission ("CFTC")'s Division of Market Oversight issued an advisory to reaffirm its longstanding foreign board of trade ("FBOT") registration...more
9/5/2025
/ CFTC ,
Cross-Border Transactions ,
Crypto Exchanges ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
Financial Markets ,
Financial Services Industry ,
Foreign Boards of Trade (FBOT) ,
Investment ,
New Guidance ,
Registration Requirement ,
Regulatory Oversight ,
Regulatory Requirements
Renewable power purchase agreements that do not require the physical delivery of energy between parties ("Financial Power Purchase Agreements" or "FPPAs") have been on the rise across the globe, leading many market...more
Pre-hedging has been the subject of significant debate within the financial industry in recent years, with concerns often raised over potential conduct and market integrity issues. The regulatory landscape remains fragmented,...more
On April 3, 2024, the Department of Labor (the "DOL") published its final amendment (the "Amendment") to Prohibited Transaction Class Exemption 84-14 (the "QPAM Exemption"), which permits certain otherwise-prohibited...more
For the first time ever, a court in France has examined the compatibility of the statutory netting safe harbor with the French Constitution. The French High Court of Justice (Cour de cassation) addressed the preliminary...more
The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more
2/28/2024
/ Dealers ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
New Rules ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Securities Traders ,
Securities Transactions
In Short -
The Situation: In a December 13, 2023, Open Meeting, the Commodity Futures Trading Commission proposed amendments to the Commission's regulations concerning clearing member funds held by a derivatives clearing...more
The Commodity Futures Trading Commission ("CFTC") has proposed swap reporting and recordkeeping amendments that would: designate a unique product identifier ("UPI") and product classification system ("PCS") for the "other...more
In Short -
The Background: On October 10, 2023, the U.S. Securities and Exchange Commission (the "SEC") adopted amendments to the rules that govern beneficial ownership reporting for investors, marking the first update to...more
10/18/2023
/ Beneficial Owner ,
Business Ownership ,
Financial Markets ,
Internal Reporting ,
Investment Adviser ,
Investors ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Shareholders
In Short -
The Situation: The civil action of the Commodity Futures Trading Commission ("CFTC") against Archegos Capital Management LP and its CFO is but one of many civil and criminal matters arising out of Archegos's...more
9/28/2023
/ CFTC ,
Consumer Protection Act ,
Dodd-Frank ,
Enforcement Actions ,
ETFs ,
Exchange-Traded Products ,
Financial Markets ,
Fraud ,
Jurisdiction ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Security-Based Swaps
The Situation: The Securities and Exchange Commission ("SEC") has reopened the comment period for its proposed rule requiring public disclosure of security-based swap ("SBS") positions that exceed certain thresholds....more
8/23/2023
/ Administrative Procedure Act ,
Comment Period ,
Disclosure Requirements ,
Legal Entity Identifiers ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Security-Based Swaps ,
Swaps ,
Third-Party
The SEC's loss highlights a bigger problem with legislation that calls for sharing jurisdiction with the CFTC over financial products....more
In Short -
The Situation: The federal banking agencies approved a proposal that would implement a "gold-plated" U.S. version of the "Basel III endgame."...more
The Securities and Exchange Commission ("SEC") has adopted new rules that expand antifraud and anti-manipulation measures for security-based swaps ("SBS")....more
On May 3, 2023, the Securities and Exchange Commission adopted final rules regarding public company issuers' share repurchases and Rule 10b5-1 trading plans. Although the final rules are not as burdensome as the proposed...more
In Short -
The Situation: Decentralized finance ("DeFi") is a rapidly growing sector that, by definition, eschews centralized financial institutions altogether. Misconduct that has accompanied that growth has drawn the...more
In Short -
The Situation: On December 14, 2022, the Securities and Exchange Commission ("SEC") adopted final rules that significantly alter the ways in which directors and officers adopt and utilize Rule 10b5-1 plans and...more
In Short -
The Situation: In a federal district court complaint against Archegos Capital Management, LP ("Archegos"), the Commodity Futures Trading Commission ("CFTC") has asserted jurisdiction over what many view as...more
The SEC's Proposal -
On March 28, 2022, the SEC released a rulemaking proposal (the "Proposal") for new rules to clarify the meaning of certain terms in the statutory definitions of "dealer" and "government securities...more
4/5/2022
/ Proposed Rules ,
Registration Statement ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Standards ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Securities Regulation ,
Securities Traders