The U.S. Court of Appeals for the Eleventh Circuit in National Small Business United vs. U.S. Department of the Treasury reversed the decision of the U.S. District Court for the
Continue Reading CTA UPDATE: Eleventh Circuit Declares CTA Constitutional; Beneficial Ownership Reporting Requirements Remain Unchanged
On Dec. 18, 2025, President Donald Trump signed the National Defense Authorization Act for Fiscal Year 2026 (NDAA) into law. The NDAA includes Section 8103, the Holding Foreign Insiders Accountable Act (HFIAA), which abolishes certain of the current exemptions for securities of foreign private issuers (FPIs) from compliance with certain provisions of the Securities Exchange Act of 1934 (Exchange Act).
Continue Reading Congress Abolishes Certain Exemptions for Foreign Private Issuers; Will Now Require Compliance with Section 16(a) Beneficial Ownership Reporting For Directors and Officers
This is the fourth in our series of GT Alerts reporting on the House of Lords Financial Services Regulatory Committee (the Committee) inquiry into the non-bank financial institutions (NBFI) sector.
Continue Reading Do Non-Bank Financial Institutions Pose a Systemic Risk?
The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2026 examination priorities (Exam Priorities) on Nov. 17, 2025.
Continue Reading SEC Division of Examinations 2026 Priorities
In October’s GT Alert on non-bank lending, we focussed on whether there was a justification in banks being subject to regulatory capital requirements when non-bank financial institutions (NBFIs) were not.
Continue Reading Non-Bank Lending in the Spotlight – Does the System of Calculating Regulatory Capital Require Revisiting?
On Nov. 17, 2025, the U.S. Securities and Exchange Commission (SEC) issued a No-Action Letter confirming that it will not recommend enforcement action if a registered representative-owned personal services entity
Continue Reading Path Cleared for Registered Representative-Owned PSEs To Receive Transaction-Based Compensation
The last remaining provisions of the amendments to the New York Department of Financial Services’ (DFS) cybersecurity regulation called Part 500 came into effect Nov. 1, 2025.
Continue Reading NYDFS Final Cybersecurity Rules – MFA, Asset Inventory, and Third-Party Risk
On Oct. 29, 2025, the Consumer Financial Protection Bureau (CFPB) withdrew its proposed rule that would have required certain nonbank financial companies subject to its supervisory jurisdiction to submit annual reports about their use of terms and conditions that attempt to waive or limit consumer rights and protections.
Continue Reading CFPB Withdraws ‘Fine Print’ Rule
In the GT Alert we produced in September, we commented on the inquiry the Financial Services Regulation Committee (the Committee) of the House of Lords commenced on non-bank financial institutions (NBFIs).
Continue Reading Non-Bank Lending in the Spotlight: Regulatory Capital and Its Impact