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U.S. persons owning 10% or more of non-U.S. business enterprises will be required to file the Benchmark Survey of U.S. Direct Investments Abroad (BE-10) in the coming weeks unless they qualify for an exemption.

In 2025, the U.S. federal government continues to prioritize healthcare fraud enforcement, with the False Claims Act (FCA), Anti-Kickback Statute (AKS)...

This briefing note outlines the key provisions of the Employment Rights Bill (the Bill), which will introduce far-reaching reforms of employment law in the UK trailed in the Labour Party election manifesto.

A long-awaited Third Circuit decision held that securitization trusts holding student loans are "covered persons" subject to the CFPB's enforcement and investigative powers because they "engage"...

Oregon's SB 951 creates the nation's most comprehensive barriers to private equity healthcare investment, fundamentally disrupting the traditional "friendly" PC-MSO model through arms-length requirements and operational restrictions.

Collateralized Fund Obligations (CFOs) have evolved from a niche structured finance product into a rapidly growing capital markets instrument, with annual issuance projected to reach $30 billion in 2026. This comprehensive analysis examines the structural mechanics, regulatory framework, and emerging trends driving CFO adoption among asset managers and institutional investors seeking rated exposure to diversified private fund portfolios.

The SEC has issued a groundbreaking "innovation exemption" allowing tokenized securities to trade through automated market makers and liquidity pools on permissioned venues without traditional exchange registration. This temporary five-year relief creates a novel regulatory framework that substitutes disclosure requirements for certain exchange rules, while imposing strict conditions on trading volume, transparency, and issuer consent.

RICO targets criminal enterprises by creating criminal penalties and allowing civil actions for racketeering violations. On the civil side, the statute permits "[a]ny person injured...

Cette newsletter présente cinq décisions de justice notables rendues au cours des derniers mois

After over 25 years, the European Commission (the "Commission") has revised the guidance on market definition in antitrust and merger control investigations. The new guidance, most notably, reflects...

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio

Meta defeated the FTC's monopolization suit seeking to unwind its acquisitions of Instagram and WhatsApp. A U.S. District Court found that the FTC had failed to prove that Meta currently holds monopoly power in a relevant market.

The SEC has proposed Regulation E-Delivery, a comprehensive framework that would permit issuers, broker-dealers, investment companies, and investment advisers to deliver required disclosures electronically by default without first obtaining investor consent. This proposed rule would replace decades of interpretive guidance and establish new conditions for electronic delivery, including safeguards for personal financial information and mandatory opt-out rights for investors who prefer paper copies.

Dechert has continued to follow recent developments in English law that have attracted mass tort and multi-claimant litigation.1 Since 2022, multi-claimant litigation in England has surged, particularly in proceedings...

Collateralized fund obligations (CFOs) have emerged as a sophisticated securitization tool for institutional investors seeking to monetize their private fund portfolios while retaining upside exposure. This analysis examines the unique structural, tax, and regulatory challenges that distinguish LP-led CFO transactions from their GP-led counterparts, revealing why these deals require more extensive preparation and specialized expertise to execute successfully.

The Supreme Court's landmark decision in Monsanto Co. v. Durnell establishes that federal pesticide labeling requirements preempt state failure-to-warn claims, resolving a nationwide circuit split in Roundup litigation.

The Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) reveals a sustained decline in U.S. and EU merger enforcement activity through Q1 2026, with only four significant U.S. investigations concluded and a record-low single EU case. How are the Trump administration's policy shifts—including the revival of settlements and reinstatement of early terminations—reshaping the merger review landscape, and what do these trends signal for deal timelines and enforcement strategies?