Private Credit At A Crossroads

On Wednesday, July 15, CFPB Director Richard Cordray assured the Senate Banking, Housing and Urban Affairs Committee, as well as the public, that data collected by the CFPB could not be used to personally identify any consumer.

The final rule goes into effect on November 9, 2020.

In a registration filing with the SEC, an investment firm is seeking approval of a series of double-leveraged bullish and bearish exchange-traded funds ("ETFs") that each track the performance of a single U.S.-listed equity security.

Climate disclosure regulations are among the most significant and complex challenges faced by companies and boards, with a variety of requirements emanating this year from numerous governmental authorities...

The Chicago Mercantile Exchange has filed a lawsuit against the CFTC challenging its approval of Kalshi's bitcoin perpetual futures contract, arguing that perpetual contracts should be classified as swaps rather...

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).

The OCC and FDIC have jointly issued a final rule establishing the first binding regulatory definition of "unsafe or unsound practice" for banks, introducing a three-tiered supervisory framework...

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.

The Office of the Comptroller of the Currency has released a new framework for evaluating banks' deployment of artificial intelligence and agentic AI systems in their business operations. This guidance establishes how examiners will assess AI through existing risk management disciplines rather than creating separate regulatory requirements, with review intensity scaled to each use case's potential consequences and level of human oversight.

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.

Malta's residence and citizenship landscape is undergoing significant transformation through 2026-2027, with three key reforms affecting tax residence programmes, citizenship pathways, and permanent residence options. Understanding these changes and their transitional provisions is crucial for individuals and families considering Malta as their EU base.

Japan's business manager visa requirements have undergone a dramatic transformation since October 2025, raising the bar for foreign entrepreneurs seeking to establish operations in the country. What was once a relatively straightforward process requiring JPY 5 million in capital or two employees now demands JPY 30 million in paid-in capital, specific employee qualifications, Japanese language proficiency, and professional business plan review.

Nigeria's new tax framework, effective January 1, 2026, introduces comprehensive regulations for non-resident individuals earning income from Nigerian sources. Understanding the criteria for non-resident status, tax obligations, registration requirements, and filing procedures is essential for expatriates and foreign workers operating in Nigeria's evolving tax landscape.

German tax residents must report worldwide income on their tax returns, including rental income from foreign properties and investment earnings from abroad.

The EEOC's 2025-2029 National Enforcement Plan signals a major shift in workplace discrimination enforcement, targeting DEI programs, religious accommodations, and sex-based workplace policies. Recent litigation against Coca-Cola and proposed regulatory changes to affirmative action guidance reveal how federal agencies are reshaping employment law compliance requirements.

Foreign ownership of US limited liability companies creates complex tax reporting obligations that many entrepreneurs overlook. Even LLCs with no US-source income may face annual filing requirements and penalties starting at $25,000 for non-compliance. Understanding these obligations before formation can help avoid costly administrative burdens and unexpected tax consequences.

The Netherlands is set to implement the EU Pay Transparency Directive by January 2027, introducing comprehensive requirements for employers to ensure equal pay across genders. Employers will face new obligations including salary disclosure to job applicants, gender pay-gap reporting for companies with 100+ employees, and the need to justify pay differences using objective, gender-neutral criteria.

A federal judge has ruled that documents created by a client using a commercial AI tool and shared with counsel are not protected by attorney-client privilege or work product doctrine. The landmark decision raises critical questions about confidentiality expectations when clients use consumer-grade AI platforms to prepare legal materials, potentially exposing sensitive litigation strategies to discovery.

Italy's Legislative Decree No. 96/2026 implements the EU Pay Transparency Directive, introducing a comprehensive framework that shifts equal pay from an HR objective to a rigorous legal mandate with severe consequences for non-compliance. The legislation reverses the burden of proof in discrimination cases, prohibits pay secrecy clauses, and grants government agencies unprecedented access to corporate pay structures through automated reporting systems.

China's tax landscape offers expatriates several strategic advantages through residency planning, compensation structuring, and cross-border arrangements. Understanding the six-year rule, benefits-in-kind exclusions, and salary-split mechanisms can significantly reduce effective tax burdens for foreign employees navigating international assignments in one of the world's largest business destinations.