On September 2, 2025, the staff of the Division of Trading and Markets at the Securities and Exchange Commission and the staff of the Division of Market Oversight and Division of Clearing and Risk at the Commodity Futures Trading Commission issued a joint statement.

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ESMA has responded to the EU Commission's March 2024 proposed amendments to the ELTIF 2.0 RTS.

The European Union's International Procurement Instrument has issued its first implementing measure, targeting Chinese medical device suppliers with total exclusion from EU public procurement contracts valued at €5 million or more. The Lyon Administrative Court's landmark ruling establishes that contracting authorities must conduct genuine diligence into bidders' commercial substance, even when registered in the EU, to determine their true origin and eligibility to participate in tenders.

The European Commission has published a draft of its revised Merger Guidelines, representing the most significant overhaul of EU merger control in over two decades.

On 19 February 2025, the Supreme Court handed down its judgment in El-Husseiny and another v Invest Bank PSC. These proceedings were started by Invest Bank (the "Bank")...

Just when you thought it was safe to go out at night again, another reason not to deploy capital is slouching into Bethlehem.

Just when you thought it was safe to go out at night again, another reason not to deploy capital is slouching into Bethlehem.

The SEC announced the expansion of the availability of confidential submission of draft registration statements for various new registrations, including initial registration of securities on Form 10.

The Source restaurant for 250 friends and colleagues, where the excellent food and free flowing drinks lasted well beyond the official closing time.

Private credit has provided essential capital support for PE sponsors, with GPs able to turn to private credit for acquisition finance, refinancings, portfolio company liquidity needs and recapitalization requirements.

The SEC Staff has issued no-action guidance clarifying that certain data center securitizations structured with the issuing entity owning the facility directly are not "asset-backed securities" under the Exchange Act. This determination hinges on whether data centers qualify as "self-liquidating financial assets" and has broader implications for similar financing structures across multiple asset classes including real estate, whole business securitizations, and collateralized fund obligations.

Conventional private credit investments and Shari'a principles are intrinsically at odds.

At the 2025 Private Credit and BDC Forum in New York presented by Dechert, Deloitte and Lincoln International, a Lincoln International-moderated discussion featured leaders from HPS Investment Partners, Lincoln International, Neuberger Berman and Oak Hill Advisors and unpacked where private credit stands today.

On May 20, 2025, the U.S. Food and Drug Administration ("FDA") held a panel to discuss the "safety and necessity" of talc as an additive in food and drugs.

This monthly newsletter examines critical developments in tort law, bankruptcy discharge limitations, judicial recusal procedures, and consumer protection litigation. From a Louisiana bankruptcy court's ruling on unknowable product liability claims to the California Supreme Court's restrictions on judge removal, these cases reveal evolving standards that impact litigation strategy across multiple practice areas.

Texas described this as the largest state settlement with Google for data-privacy violations, far exceeding prior resolutions (including a multistate coalition that included forty states that secured $391 million).

In this commentary we have talked about a lot of challenges facing commercial real estate finance and other capital market activities over the years.

On February 20, 2025, the U.S. Department of Health and Human Services ("HHS"), Office for Civil Rights ("OCR") announced a $1.5 million civil penalty against manufacturer and online eyewear retailer Warby Parker Inc.

The staff (the "Staff") of the SEC's Division of Trading and Markets has clarified that broker-dealers can treat a "proprietary position in payment stablecoin as having a ‘ready market' under Rule 15c3-1 [under the Exchange Act]."