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A&O Shearman

EBA publishes technical advice to EC on fees to validate pro forma models under EMIR

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The European Banking Authority (EBA) has published technical advice to the European Commission, alongside a press release, on a possible Delegated Act concerning fees for the validation of pro forma models under the European...more

Morgan Lewis - Tech & Sourcing

New York Seeks to RAISE the Bar on AI Regulation

New York state lawmakers on June 12, 2025 passed the Responsible AI Safety and Education Act (the RAISE Act), which aims to safeguard against artificial intelligence (AI)-driven disaster scenarios by focusing on the largest...more

A&O Shearman

ESAs launch joint consultation on draft guidelines for ESG stress testing

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The European Supervisory Authorities (the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have launched a joint consultation on their joint...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Banking Regulators Propose Changes to the Enhanced Supplementary Leverage Ratio for US GSIBs

On June 27, 2025, the Federal Reserve approved a proposal to recalibrate a key capital requirement applicable to the largest U.S. banking organizations (known as global systemically important banks (GSIBs)). - The proposal...more

Hogan Lovells

UK Mortgage Rule Review: FCA discussion paper on future of market seeks views on ‘trade-offs and risks’ that changing its rules...

Hogan Lovells on

Following the FCA’s May 2025 ‘first steps’ consultation on proposals to simplify its mortgage framework via a Mortgage Rule Review (MRR), it has now published a discussion paper on the future of the mortgage market. The...more

BakerHostetler

HHS Issues a Request for Information on Deregulation and Innovation: Considerations for Legal and Compliance Teams

BakerHostetler on

On May 14, 2025, the U.S. Department of Health and Human Services (HHS) issued its Request for Information (RFI) “Ensuring Lawful Regulation and Unleashing Innovation To Make American Healthy Again,” which HHS describes as...more

DLA Piper

Ireland: NIS2 Revamps Ireland’s Cybersecurity Landscape: Old Regulators, New Powers

DLA Piper on

The NIS2 Directive has significantly reshaped the cybersecurity landscape across the EU. Since the implementation deadline in October 2024, EU Member States have been working to incorporate new standards into their national...more

Husch Blackwell LLP

New Exemption Order Creates More Flexibility and More Considerations with the Customer Identification Program Rule

Husch Blackwell LLP on

By an exemption order dated June 27, 2025, federal prudential regulators have given banks and credit unions some welcomed flexibility when collecting an individual’s or entity’s taxpayer identification number (TIN) during...more

A&O Shearman

FCA publishes discussion paper on the future of the UK mortgage market

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The UK Financial Conduct Authority (FCA) has published discussion paper DP25/2 (DP) accompanied by an updated webpage and press release, on the future of the UK mortgage market, as part of its ongoing mortgage rule review....more

Woodruff Sawyer

Expanding Retail Investor Access to Private Funds: A Spider-Man Problem

Woodruff Sawyer on

Private funds could be facing a Spider-Man problem. Let me explain. Because he was bitten by a radioactive spider, Spider-Man has superpowers. He can jump really high. He can shoot webs from his hands. When his...more

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Board Removes Reputational Risk from Examination Ratings

On June 23, the Federal Reserve Board announced that reputational risk will no longer be a component of its bank-examination program. The same day, the Board released a revised edition of its Guidelines for Rating Risk...more

A&O Shearman

Outcome of joint FATF-MONEYVAL plenary

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The joint FATF-MONEYVAL Plenary meeting, hosted by the Council of the European Union and chaired by FATF President Elisa de Anda Madrazo and MONEYVAL Chair Nicola Muccioli, concluded with significant progress in global...more

DLA Piper

Texas Adopts the Responsible AI Governance Act

DLA Piper on

On June 22, 2025, Governor Abbott signed HB 149, the “Texas Responsible Artificial Intelligence Governance Act” (the Act or TRAIGA), making Texas the third US state, after Colorado and Utah, to adopt a comprehensive...more

A&O Shearman

The new Italian space law: a comprehensive regulatory framework for space operations

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On June 25, 2025, Law No. 89/2025 (the “Italian Space Law”) came into force, marking a pivotal development in Italy’s approach to space activities to promote investments in the space economy. For the first time, Italy will...more

K&L Gates LLP

United States: The Great SEC Spring Clean Up–14 Proposals Wiped Away

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Spring is a time of renewal, and the US Securities and Exchange Commission (SEC)–under its new chairman, Paul Atkins–has shown that. On 12 June 2025, the SEC withdrew 14 proposed rules impacting funds and asset managers,...more

A&O Shearman

EC adopts amendments to Delegated Regulation No 876/2013 to align with EMIR 3 reforms

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The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013, which supplements EMIR (Regulation (EU) No 648/2012) in relation to the functioning and management of colleges for...more

Paul Hastings LLP

SEC Withdraws 14 Pending Rule Proposals

Paul Hastings LLP on

On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC...more

Schwabe, Williamson & Wyatt PC

FAR Council Releases Modifications to Three Sections

The FAR Council is undertaking a systematic approach to revising the FARs. On Friday, June 13, 2025, it released its revisions to FAR Part 18 – Emergency Acquisitions, FAR Part 39 – Acquisition of Information and...more

Akin Gump Strauss Hauer & Feld LLP

SEC Withdraws Several Gensler-Era Rule Proposals Impacting Investment Managers

On June 12, 2025, the Securities and Exchange Commission formally withdrew several rule proposals made while Gary Gensler was Chairman that would have applied to investment managers, including, among others, proposals...more

Troutman Pepper Locke

FOIA Litigation Unveils Important Supervisory Insights and Needed Reform

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Following the Freedom of Information Act (FOIA) litigation brought against the Federal Deposit Insurance Corporation (FDIC) in 2024, on February 5, 2025, the FDIC released hundreds of pages of documents related to its...more

A&O Shearman

Corrigendum to EMIR 3 clarified counterparty risk rules for MMFs

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A corrigendum to Regulation (EU) 2024/2987, known as EMIR 3, was published in the Official Journal of the European Union. One of the changes EMIR 3 made was to amend the Money Market Funds Regulation (MMF Regulation) by...more

Conyers

2025 Bermuda Insurance Bulletin

Conyers on

Welcome to the latest edition of the Conyers Bermuda Insurance Bulletin. It is hard to believe that the second quarter of the year is well underway! The Bermuda (re)insurance sector has had a strong start to 2025 following a...more

A&O Shearman

PRA Phase 1 of Pillar 2A review

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The UK Prudential Regulation Authority (PRA) has published a consultation paper (CP12/25) setting out Phase 1 of its Pillar 2A review. This first phase review seeks to address the consequential impact of the near-final PRA...more

Mayer Brown

PRA Consultation: Matching Adjustment Investment Accelerator (MAIA)

Mayer Brown on

INTRODUCTION - The recent “Solvency UK” reforms to Solvency II represent the UK’s tailored approach to insurance prudential regulation post-Brexit, aiming to enhance flexibility and competitiveness in the insurance...more

Frost Brown Todd

What Does the CFPB’s Withdrawal of Guidance Documents Mean for Bank Compliance

Frost Brown Todd on

On May 12, 2025, the Consumer Financial Protection Bureau (CFPB) announced the withdrawal of various guidance, interpretive rules, policy statements, and advisory opinions issued since the CFPB assumed its functions in 2011....more

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