The Staff of the SEC's Division of Investment Management will not recommend enforcement action if registered investment advisers and 1940 Act-regulated funds treat state trust companies (STCs) as "banks" for purposes of providing custody of crypto assets and cash and/or cash equivalents reasonably necessary to effect transactions in crypto assets.

The Federal Trade Commission has reached a landmark settlement with data broker Kochava over allegations of selling sensitive location data without consumer consent...

In a landmark legislative effort and by a razor-thin vote, the House of Representatives passed H.R. 1, the One Big Beautiful Bill Act (the "Act") on May 22, 2025.

On July 9, 2026, the Federal Trade Commission (“FTC”), entered into a settlement with RentGrow, Inc. (“RentGrow”) after the filing of an agreed-upon consent order...

The National Futures Association has implemented significant regulatory changes affecting commodity interest market intermediaries, liberalizing requirements for both questionnaire submissions and branch office supervision. These amendments, effective in mid-2026, reshape compliance obligations for registered entities and their associated persons, potentially streamlining operational burdens while maintaining supervisory standards.

Recent headlines suggest the private credit industry is in crisis, but a closer examination of business development companies reveals a different story. Are BDCs truly at risk, or do their structural advantages, diversified portfolios, and senior secured positions make them more resilient than critics claim?

The SEC has proposed amendments that would allow business development companies to elect semiannual reporting on new Form 10-S instead of quarterly Form 10-Q filings, potentially reducing compliance costs while maintaining investor transparency. This optional framework would align BDC reporting cadences with registered investment companies and give firms flexibility to determine the interim reporting frequency that best serves their business model and investor base.

The European Commission recently published its EU Defense Industry Transformation Roadmap, marking a significant shift in European defense policy toward innovation-driven growth.

SEC Guidance on Protocol Staking: The SEC's Division of Corporation Finance stated that under specific conditions, staking crypto assets on proof-of-stake networks does not constitute...

The EU's General Court has dismissed an action for annulment of the EU-U.S. Data Privacy Framework ("DPF").

On 28 October 2025, the Central Bank of Ireland (the Central Bank) sent a communication to the Irish funds industry outlining the timeframes for receipt of...

A proposed bill of law seeks to modernize Luxembourg's securitization framework by expanding financing options beyond traditional instruments, introducing cross-compartment investment mechanisms, and extending active portfolio management capabilities to include equity positions. The reforms aim to enhance legal certainty around asset ring-fencing in insolvency scenarios while aligning the regime with contemporary market practices, particularly for Islamic finance structures and multi-compartment vehicles.

Section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA) took effect on September 1, 2025, introducing a new failure to prevent fraud offence (FTPF Offence) with extraterritorial impact.

On 7 April 2025 two papers were published that could have a significant impact on the future of asset management in the UK and herald the beginning of real regulatory divergence between UK and EU regulation of managers of alternative investment funds.

The Trump Administration's priorities for civil and criminal enforcement of national security laws are evolving, and recent guidance from enforcement authorities offers important insights.

The Investment Company Institute recently published a white paper detailing operational, governance, and disclosure considerations for industry stakeholders in implementing a structure...

The DOJ Criminal Division's Fraud Section has expanded to over 200 attorneys across four prosecuting units, marking a historic shift in federal fraud enforcement.

After more than a year of considering tens of thousands of public comments, the Federal Trade Commission ("FTC") has voted 3-to-2 to adopt a Final Rule (the "Rule") that would effectively ban almost all employee non-compete agreements in the United States.

Private credit industry leaders gathered to discuss emerging trends reshaping the market, from investment grade expansion and secondary market growth to strategic consolidation pressures. Key themes included the structural shift toward IG private credit driven by insurance capital and defense spending, the rapid evolution of secondaries and GP stakes solutions, and the nuanced opportunities emerging from software lending amid headline-driven sell-offs.

Two New California Legislations Now with Governor: The California Governor is considering two new California legislations, containing new restrictions on private equity investments and other corporate...