Podcast: CFTC Issues LIBOR Transition Relief for Swaps
LEGAL ALERT: CFPB Issues Proposed Revisions to No-Action Letter Policy
Open for Business: SEFs Navigate the New Regulatory Environment
On January 23, 2026, the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission issued a letter in which it stated it would not object if a large investment bank (the “Bank”) determines...more
On January 28, 2026, staff of the SEC Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement on tokenized securities addressing different approaches they have observed to...more
The US Securities and Exchange Commission (SEC) released a joint statement on January 28, 2026 clarifying the application of federal securities laws to tokenized securities. This statement, published through the SEC’s...more
To keep you informed of recent activities, below are several of the most significant federal events that have influenced the Consumer Financial Services industry over the past week....more
The White House Crypto Policy Council convened a meeting with executives and trade associations representing both the crypto industry and traditional financial institutions to discuss legislation on digital asset market...more
On February 3, SEC Director of the Division of Investment Management Brian Daly addressed how the division is considering the changes and opportunities AI affords investment advisers, investment companies, and investors. Daly...more
In November 2025, the U.S. Securities & Exchange Commission’s (SEC) Division of Corporation Finance announced that, for the 2025–2026 proxy season, it will no longer issue substantive “no-action” letters for Rule 14a-8...more
On January 30, 2026, the Commodity Futures Trading Commission (CFTC) issued Staff Letter 26‑03 (Staff Letter), providing clarity for swap market participants regarding the treatment of certain legacy swaps with two Morgan...more
On January 27, 2026, the Commodity Futures Trading Commission (CFTC) issued No-Action Letter No. 26-02 (No Action Letter), granting conditional relief from the compliance deadline for the CFTC’s 2024 amendments to Part 17 of...more
On December 19, 2025, the Market Participants Division (“MPD”) of the Commodities Futures Trading Commission (“CFTC”) issued No-Action Letter No. 25-50, granting interim relief for certain commodity pool operators (“CPOs”)...more
On December 19, 2025, the Market Participants Division (MPD) of the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter (Letter) providing certain private fund managers with temporary relief from the...more
Recent SEC Administration Changes - SEC Announces Departure of OIEA Director Lori J. Schock - The Securities and Exchange Commission (the “SEC”) announced that Lori J. Schock, who had served as the Director of the Office...more
The staff of the Market Participants Division (the “Staff”) of the Commodity Futures Trading Commission (CFTC) have issued two no-action letters that provide targeted relief from commodity pool operator (CPO) and commodity...more
On 15 January 2026, the SEC staff released two new FAQs addressing issues arising under Advisers Act Rule 206(4)-1 (the Marketing Rule). ...more
The year 2025 saw significant regulatory activity in the realm of digital assets. The US Congress and financial regulators took steps to create and implement a clear legal framework to facilitate financial transactions using...more
To quote Bill Murray, “Well, it's Groundhog Day... again...” In other words, it is time to revisit what happens with respect to the SEC if the threatened partial shutdown of the U.S. Government comes to pass...more
If the US Government shutdown drags on, market participants will start to ask what options are available to get pending deals across the finish line while the SEC is not able to declare registration statements effective....more
New Corp Fin Director Jim Moloney delivered remarks a few days ago at Northwestern’s annual Securities Regulation Institute that are notable – and in line with the theme of Chairman Atkins’ October speech in which he stated...more
The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter to provisionally relieve a type of private fund manager registered with the US Securities and Exchange Commission (SEC) as an investment adviser...more
Just before the October federal government shutdown, the SEC staff issued a no-action letter providing some clarity as to when a state-regulated banking or trust institution can serve as a “qualified custodian” under the...more
The new year has started with important developments in the digital asset landscape, as the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE) take action towards integrating digital assets and...more
Last month, I blogged several times about what ISS changed in its proxy voting guidelines for this proxy season. Now, ISS has updated its three sets of FAQs – consisting of Non-Compensation FAQs; Executive Compensation FAQs;...more
NYSE Developing Tokenized Securities Platform; Chainlink Expands TradFi Data - The New York Stock Exchange (NYSE) recently announced “its development of a platform for trading and onchain settlement of tokenized securities,...more
On September 15, 2025, the SEC’s Division of Corporation Finance issued a no-action letter to Exxon Mobil Corp. confirming that it will not recommend enforcement action under the proxy rules regarding the company’s proposed...more
On Jan. 21, U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman, R-Ark., released updated legislative text that builds on a previously released bipartisan discussion draft that would give the...more