In an address on May 12, 2025, Securities and Exchange Commission Chair Paul Atkins outlined the SEC's goal of developing a "rational regulatory framework" for crypto asset markets.1 Chair Atkins noted this new framework will establish clear guidelines around the issuance, custody and trading of crypto assets, while maintaining investor protections against fraud and manipulation.

In this OnPoint we summarise the European Commission's recent legislative interpretation of the "originator" definition under EU Securitisation Regulation and consider the potential impact on European and US CLOs.

English courts have reaffirmed that witness coaching is prohibited regardless of method, including through AI chatbots. A recent criminal case examined whether AI-generated documents that rehearsed cross-examination answers constituted impermissible coaching, ultimately finding that while such use violates established principles, procedural safeguards may prevent proceedings from being stayed. The decision raises critical questions about how AI tools intersect with longstanding rules protecting witness test

The Environmental Protection Agency's plan for regulating per- and polyfluoroalkyl substances suggests that part of the strategy will build on efforts initiated under the Biden and first Trump administrations.

U.S. CLO and asset-based loan markets demonstrated remarkable resilience through a turbulent first half of 2026, absorbing tariff shocks, credit downgrades, and geopolitical tensions while maintaining robust issuance levels. With a large pool of deals ready for refinancing, improving spreads, and favorable regulatory developments, the market is positioned for a potentially record-breaking second half as investor appetite remains strong and new financing structures continue to evolve.

The New York Department of Financial Services warns regulated entities about AI-enabled cyber threats, the FTC enforces new intimate image removal requirements and settles deceptive AI marketing claims, while the European Commission issues its first major Digital Services Act fine against an e-commerce platform for inadequate risk assessment.

The Nasdaq Stock Market LLC ("Nasdaq") recently proposed modifications to its initial and continued listing standards ("Proposed Listing Standards").

On January 15, 2026, the SEC staff published new FAQs addressing two common challenges that investment advisers face when complying with the Marketing Rule.

The SEC noted that the Proposed Amendments are intended to "reduce reporting burdens without significantly affecting the SEC's use of the data or the public's ability to assess relevant information about a [reporting] fund."

The Federal Trade Commission and state regulators have filed a complaint against Hims & Hers Health for allegedly sharing sensitive health information with advertising platforms and misrepresenting its practices. Meanwhile, HHS reached a settlement with OSF Healthcare System following a ransomware attack, and the European Commission published final guidance on the Cyber Resilience Act as AI Act amendments enter into force.

The Staff noted that Covered Stablecoins are marketed solely for use in commerce, emphasizing their stability, reliability and accessibility for making payments, transmitting money and storing value. The Staff identified five key marketing factors that indicate that Covered Stablecoins are not offered or sold as securities:

Germany's advance lump-sum taxation regime imposes annual deemed investment income on German tax-resident investors in qualifying investment funds, regardless of distributions.

On 17 February 2026 the UK's Financial Conduct Authority and Prudential Regulation Authority published consultation papers that seek comments from industry participants on proposed changes to the FCA Handbook and PRA Rulebook, respectively.

Following the 2008–2009 Global Financial Crisis, reforms such as the Dodd-Frank Act, the Volcker Rule and Basel III constrained traditional bank lending and accelerated the growth of non-bank credit.

The SEC's Investor Advisory Committee recently issued a report endorsing registered funds as the optimal way for retail investors to access private markets.

In a market where competition for fundraising is fierce, it has become essential for GPs to differentiate their propositions to LPs. Sector specialization has been a pathway to delivering this differentiation.

In case you missed it, catch up on our Cyber Bits Crystal Ball edition. See our predictions for 2026.

Specifically, the Complaint alleges violations of Section 5 of the FTC Act, the Restore Online Shoppers’ Confidence Act (“ROSCA”), California’s False Advertising and Unfair Competition Laws, and Utah’s Consumer Sales Practices Act. Among other things, the Complaint seeks a permanent injunction and civil penalties.

National security enforcement has become a core instrument of U.S. economic statecraft. For the investment community, sanctions, outbound investment restrictions, anti-money laundering regulations...

U.S. federal banking regulators issued a statement (the "Statement") on the safekeeping of "crypto-assets2" on July 14, 2025. The Statement highlights several legal, regulatory...