Federal Register: CFPB Proposes Rule Changes On Debt Collection Practices

Structured credit plays a vital role in private credit markets by pooling loans, receivables, and cash-flowing assets to create tailored investment opportunities across various risk-return profiles.

When determining affiliate relationships under Regulation W, the Federal Reserve provides a critical bright-line rule: if a company consolidates another on its U.S. GAAP financial statements, it is presumed to have controlling influence. This presumption offers compliance officers a practical starting point for identifying control relationships, though other factors beyond GAAP consolidation can also establish regulatory control.

Three major space and defense technology companies secured significant funding rounds in August, with investments totaling over $1.5 billion. The funding activity spans hypersonic defense systems, satellite manufacturing, and orbital computing infrastructure, attracting participation from major financial institutions and venture capital firms.

Derivatives have evolved into essential financial instruments whose value derives from underlying assets like stocks, bonds, commodities, and currencies. This comprehensive guide examines the global derivatives landscape, exploring various instrument types from futures and options to swaps and CFDs, while analyzing how regulatory frameworks across major financial centers shape modern trading practices.

The SEC has proposed rescinding Rule 206(4)-5 under the Investment Advisers Act, which currently prohibits certain political contributions and restricts the use of placement agents for soliciting government investors. The proposal addresses concerns about the rule's strict-liability standard, overbroad definitions, and disproportionate penalties for inadvertent violations, while raising questions about whether existing safeguards and state laws provide sufficient protection against pay-to-play practices.

Arizona's new State Affordability Infrastructure District framework becomes operational on September 14, creating unprecedented opportunities for developers to finance public infrastructure through a statewide vehicle. As the first formation petitions are prepared, critical decisions about district boundaries, financing structures, and bond capacity will determine the success of projects across the state.

The SEC has proposed a comprehensive modernization of federal transfer agent rules that would expressly permit the use of blockchain technology as a master securityholder file. The proposal introduces technology-neutral language alongside new reporting requirements for distributed ledger technology usage and tokenized securities activity.

FINRA member firms are rapidly deploying AI tools for employee use, creating new opportunities for misuse and compliance challenges. Drawing on decades of internal review experience, this analysis identifies key risk areas that broker-dealer firms should evaluate as AI adoption accelerates across their organizations.

Federal regulators have issued new guidance confirming that properly authenticated digital credentials, including mobile driver's licenses and verifiable digital credentials, may satisfy Customer Identification Program verification requirements under anti-money laundering rules.

The SEC has proposed rescinding its controversial pay-to-play rule for investment advisers, a regulation that has imposed strict penalties on firms for even minor political contribution violations since 2010. While the rule was designed to prevent corruption in the selection of advisers for government pension funds, critics argue it has created unintended consequences including suppression of political speech, hiring difficulties, and disproportionate penalties for inadvertent mistakes.

The Eleventh Circuit's reversal in U.S. ex rel. Zafirov v. Florida Medical Associates addresses one of the most anticipated False Claims Act decisions in years, ruling that qui tam provisions do not violate the Appointments Clause. While this decision aligns with other circuit courts, it leaves critical constitutional questions unresolved, including Take Care and Vesting Clause challenges that could reshape FCA litigation.

President Trump's Executive Order 14421 declares a national emergency targeting foreign-produced equipment in the U.S. bulk-power system, granting the Secretary of Energy sweeping authority to review, restrict, and potentially require replacement of equipment linked to countries under U.S. arms embargoes. While no immediate restrictions take effect, the Order's broad scope encompasses battery storage systems, utility-scale inverters, industrial control systems, and related software, with implementation regu

The OCC and FDIC have jointly finalized a rule that fundamentally redefines what constitutes an "unsafe or unsound practice" in banking supervision, establishing new binding standards for when examiners may issue matters requiring attention. This regulatory shift aims to concentrate supervisory attention on material financial risks rather than procedural deficiencies, while providing banks with stronger grounds to challenge supervisory findings that lack connection to substantive financial harm.

California's Air Resources Board has released comprehensive guidance for entities preparing their first greenhouse gas emissions reports under SB 253, introducing a voluntary reporting platform and clarifying expectations for the November 2026 deadline. The guidance addresses critical questions about data collection requirements, assurance standards, and enforcement discretion for companies that weren't tracking emissions as of December 2024. Understanding these reporting parameters and submission options w

The U.S. Securities and Exchange Commission's new EDGAR Next platform requires all filers, including public companies and Section 16 insiders, to complete annual confirmations to maintain filing access. What are the key deadlines, procedures, and consequences of failing to meet this ongoing compliance requirement that could result in loss of EDGAR access and potential filing delinquencies?

The Delaware Court of Chancery dismissed a class action challenging Vista Equity Partners' take-private acquisition of KnowBe4, Inc., finding that plaintiffs failed to adequately allege a control group among institutional investors and the CEO. The decision examines stringent pleading standards for control groups and demonstrates how a fully informed stockholder vote can cleanse transactions involving director-level conflicts, even when entire fairness review would otherwise apply.

This September 2026 edition of Quorum examines critical developments in corporate governance, M&A transactions, and securities regulation, including Delaware Court decisions on strategic investor rights and control group standards, new SEC guidance on beneficial ownership reporting, and Supreme Court rulings on disgorgement remedies. The newsletter also analyzes FTC perspectives on vertical mergers in defense sectors and provides comprehensive updates on the SEC's 2026 regulatory agenda under Chairman Atkin

The U.S. Supreme Court has unanimously ruled that the SEC may obtain disgorgement without proving investors suffered financial losses, resolving a circuit split in favor of the Commission. While the majority opinion preserves disgorgement as a powerful enforcement tool, Justice Thomas's concurrence raises fundamental questions about whether disgorgement has become a legal remedy triggering Seventh Amendment jury trial rights.

The Federal Trade Commission closed its investigation of IonQ's acquisition of SkyWater Technology after the Commission's two sitting members divided over whether the transaction warranted a negotiated behavioral consent order. These detailed statements reveal how each Commissioner analyzes vertical transactions and their claimed benefits, offering critical insights for parties planning vertical transactions in defense and national-security sectors.

A Delaware Court of Chancery opinion examines the boundaries of strategic investor rights in a case involving alleged misuse of contractual governance and veto powers. The decision explores when an investor's board designee crosses the line from legitimate oversight into disloyal conduct, and whether contractual rights shield investors from liability when they allegedly deploy those rights to harm a company for competitive advantage.