News & Analysis as of

Exemptions Regulatory Requirements

Sheppard Mullin Richter & Hampton LLP

Georgia and Nebraska Update Money Transmission Statutes

Two states have recently finalized significant updates to their money transmission laws, signaling continued nationwide alignment with the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act...more

Davis Wright Tremaine LLP

Cutting Through California's Housing Crisis: Are New CEQA Exemptions Enough?

As discussed in our earlier post, California's CEQA landscape has rapidly, and potentially seismically, evolved with the passage of AB 130 and SB 131. This post focuses on the immediate creation of a new statutory exemption,...more

Miller Nash LLP

Franchise Exemptions: Tool or Strategy?

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A company considering franchising may see exemptions as an ideal way to avoid burdensome registration and disclosure requirements and streamline their path to market. Indeed, exemptions reduce time, avoid the process of...more

Katten Muchin Rosenman LLP

FINRA Aligns CAT Timestamp Requirements with SEC Relief and Extension to 2030

The Financial Industry Regulatory Authority (FINRA) is updating Rule 6860(a)(2) so that industry members who use time stamps more granular than nanoseconds must continue to truncate (rather than round) those time stamps at...more

Troutman Pepper Locke

FUNDamentals – FinCEN Delays Investment Adviser AML Rule Until 2028, Signals Revisions to Scope

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On July 21, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced its intention to delay the effective date of the final rule imposing anti-money laundering (AML) obligations on...more

Procopio, Cory, Hargreaves & Savitch LLP

When Must Private Fund Managers File as an Exempt Reporting Adviser in California?

Some private fund managers in California face potentially dire consequences if they fail to properly register with the state and the U.S. Securities and Exchange Commission (SEC). Failing to adhere to relevant securities laws...more

Skadden, Arps, Slate, Meagher & Flom LLP

New UK Prospectus Rules Published

- What is new: The FCA has published final rules for the new UK prospectus regime, introducing significant reforms such as a new 75% threshold for secondary issuances, new prospectus exemptions, permitting protected...more

Verrill

No Need to Report That Your Domestic Entity is Now Exempt from BOI Reporting Requirements

Verrill on

Through an Interim Final Rule that became effective March 26, 2025 (the “IFR”), the U.S. Treasury Department took action to exclude all U.S.-formed entities from the BOI[1] reporting regime under the Corporate Transparency...more

Troutman Pepper Locke

Federal Agencies Issue Order Granting Exemption for Financial Institutions on TIN Collection

Troutman Pepper Locke on

The Office of the Comptroller of the Currency (OCC), alongside the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) (collectively, the agencies), with concurrence from the...more

Alston & Bird

Update on New Maryland Law Clarifying Exemptions for Certain Mortgage Trusts

Alston & Bird on

What Happened? As we previously advised you, in 2024, the Maryland Appellate Court in Estate of H. Gregory Brown v. Carrie M. Ward, et al., No. 1009, (App. Ct. Sept. Term 2023), ruled that a statutory trust that held a...more

Cozen O'Connor

CSA Expands LIFE Exemption: Blanket Relief Order Increases Capital Raising Limits for Listed Issuers

Cozen O'Connor on

On May 14, 2025, the Canadian Securities Administrators (the CSA) issued Coordinated Blanket Order 45-935 (the Blanket Order), introducing targeted relief from certain limitations of the Listed Issuer Financing Exemption (the...more

Spilman Thomas & Battle, PLLC

Is Your Business Ready for The CHOICE Act?

What is the CHOICE Act?          On April 24, 2025, Florida state lawmakers passed the Contracts Honoring Opportunity, Investment, Confidentiality, and Economic Growth Act or CHOICE Act. The CHOICE Act is a law reforming...more

Blake, Cassels & Graydon LLP

A New Lease on LIFE: CSA Expands Listed Issuer Financing Exemption

On May 14, 2025, the Canadian Securities Administrators (CSA) announced Coordinated Blanket Order 45-935 – Exemption from Certain Conditions of the Listed Issuer Financing Exemption (Blanket Order) aimed at enhancing...more

Cozen O'Connor

Canadian Securities Administrators Announces Changes to the Listed Issuer Financing Exemption

Cozen O'Connor on

Effective May 15, 2025, the Canadian Securities Administrators (CSA) is increasing the limit on capital-raising under the listed issuer financing exemption. This amendment aims to improve the competitiveness of Canada’s...more

A&O Shearman

FCA Handbook Notice 129

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published Handbook Notice 129 which sets out changes to the classes of derivatives subject to the derivatives trading obligation (DTO), following policy statement PS25/2 published...more

Stoel Rives LLP

Washington Enacts Statewide Rent Control | Key Landlord Obligations Under HB 1217

Stoel Rives LLP on

On May 7, 2025, Washington Governor Bob Ferguson signed House Bill 1217 (HB 1217) into law, establishing statewide residential rent control measures, effective immediately. The legislation limits annual rent increases,...more

A&O Shearman

U.K. regulators seek to improve margin requirements for non-centrally cleared OTC derivatives

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The U.K. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) recently launched a joint consultation on proposed amendments to the margin requirements for non-centrally cleared derivatives.1...more

Eversheds Sutherland (US) LLP

FINRA proposes changes to Rules 5130 and 5131, exempting non-traded BDCs from restrictions on participating in IPOs

On March 20, 2025, the Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the US Securities and Exchange Commission (SEC) to exempt certain business development companies (BDCs) from FINRA...more

Mayer Brown

Update on Maryland Mortgage Licensing Guidance: Governor Moore Signs Law Exempting Passive Trusts

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Shortly after Mayer Brown published an update on legislation introduced to exempt passive trusts and other assignees of certain Maryland loans from licensing, Governor Wes Moore signed the legislation into law. The Maryland...more

Bennett Jones LLP

Canadian Securities Regulators Take Further Incremental Steps to Promote Access to Capital Markets

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Against the current backdrop of global market uncertainty, on April 17, 2025, the Canadian Securities Administrators (CSA) announced new incremental measures aimed at reducing regulatory burden for reporting issuers,...more

Seward & Kissel LLP

SEC Easing Conditions for Co-Investment Relief for BDCs and Closed-End Funds

Seward & Kissel LLP on

On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice of proposed exemptive relief to FS Credit Opportunities Corp. and its affiliates (Applicants), introducing more flexible co-investment...more

Bass, Berry & Sims PLC

FinCEN Interim Final Rule Signals End of Domestic Entities’ CTA Reporting Obligations

Bass, Berry & Sims PLC on

After almost 18 months of uncertainty and confusion with respect to the implementation and enforcement of the Corporate Transparency Act (CTA), on Friday, March 21, the U.S. Department of Treasury’s Financial Crimes...more

Mayer Brown Free Writings + Perspectives

Refresher: EU Capital Requirements Directive 6 (“CRD6”) – What Cross-Border Financial Institutions Need to Know

Many US and other non-EU financial institutions which lend or undertake trade finance business on a cross border basis into Europe do so in reliance upon exemptions under local law.  These exemptions typically permit these...more

Eversheds Sutherland (US) LLP

SEC provides green light to new exemptive relief

The SEC recently issued a notice with regard to a new model of co-investment relief and issued the first exemptive order for multi-class relief to a private BDC. This legal alert discusses both new developments....more

A&O Shearman

UK FCA policy statement on the DTO and PTRR services

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published its policy statement (PS25/2) with final rules on the classes of derivatives subject to the derivatives trading obligation (DTO) and the new framework for the exemptions...more

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