financial regulatory and compliance

By a 3-2 party-line vote, on Aug. 23, 2023, the Securities and Exchange Commission adopted some of the most significant new rules under the Investment Advisers Act of 1940, as

Continue Reading Private Fund Adviser Rulemaking

On Aug. 2, 2023, California’s Department of Financial Protection and Innovation (DFPI) released a new rule expanding its authority to regulate unfair, deceptive, and abusive acts and practices (UDAAP). The

Continue Reading California Regulator Finalizes Rule Expanding UDAAP Authority to Commercial Financing

If enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to

Continue Reading Proposed Legislation Would Create a Tiered Exemption from Broker Registration

A holding subjecting Term Loan Bs to securities regulation would have a profound effect on the $1.4 trillion market for syndicated term loans and on financial institutions at a time of limited liquidity.
Continue Reading Are Syndicated Term Loans Securities Under Reves v. Ernst & Young? 2nd Circuit Solicits SEC Views

On April 25, 2023, four federal agencies, the Civil Rights Division of the U.S. Department of Justice (DOJ), the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and

Continue Reading CFPB and Federal Partners Take Aim at Technology Marketed as Artificial Intelligence

On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, CA (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) receiver of

Continue Reading The 2023 Banking Crisis: Updated Questions & Answers for Insured and Uninsured Depositors, Other Affected Parties

On April 18, 2023, Department of Commerce Assistant Secretary for Export Enforcement Matthew Axelrod issued a memorandum (Memorandum) that, while primarily focused on enforcement of export control restrictions, offered some

Continue Reading Expansive New Bank Secrecy Act, Sanctions Whistleblower Program: Department of Commerce Insights

On March 30, after years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1071 of the Dodd-Frank Act. Small business lenders, if they

Continue Reading Small Business Lenders: CFPB Issues Final Rule on Small Business Lending

On April 3, 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement explaining the prohibition against abusive conduct in consumer financial markets, attempting to bring clarity

Continue Reading CFPB Policy Statement Aims to Clarify Prohibition on Abusive Conduct in Consumer Financial Markets