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Financial Markets

Troutman Pepper Locke

Investment Management Update - Q1 2025

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Explore the latest legal developments and regulatory updates impacting funds, advisers, and industry participants, including SEC rule amendments, compliance extensions, and guidance on accredited investor verification....more

White & Case LLP

Stop right there – intercreditor standstills that grind to a halt

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Standstill periods in private credit intercreditor agreements don't get much attention – they exist to allow senior lenders time to take enforcement action before super senior lenders can step in. But if you're not careful,...more

White & Case LLP

Economic volatility tempers high yield issuance

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Against a remarkably volatile macroeconomic backdrop, US and European high yield bond markets recorded conspicuous year-on-year declines in issuance during the first quarter of 2025....more

Fenwick & West LLP

The State of Space and Defense Funding in 2025

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With New York Tech Week off and running and the second Fenwick Space Summit about to take flight, partner Michael Brown's observations about investor excitement at the intersection of space, defense, and deeptech are echoing...more

Levenfeld Pearlstein, LLC

Independent Sponsor Series – Capital Provider Spotlight: A Conversation with Paul Moffatt of Encore One (Part Two)

To help businesses, investors, and deal professionals better understand the evolving independent sponsor landscape, Robert Connolly – a partner in LP’s Corporate Practice Group and leader of LP’s Independent Sponsor team –...more

DLA Piper

Institutional Investor Newsletter: Q2 2025

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If enacted, the House Committee on Ways and Means’ tax bill, entitled “The One, Big, Beautiful Bill,” could affect certain institutional investors. Among other measures, the proposed legislation would impose elevated US tax...more

Herbert Smith Freehills Kramer

Decoding Tokenisation: An introduction

In the rapidly expanding and evolving digital economy, tokenisation is primed to transform how we interact with assets. By creating digital representations of real-world assets on a distributed ledger, tokenisation promises...more

McDermott Will & Emery

Turbo-Zertifikate im Visier – BaFin plant neue Produktintervention

The Federal Financial Supervisory Authority has announced that it intends to restrict trading in so-called "turbo certificates", i.e. MiFID bonds that leverage the performance of an underlying asset and expire immediately...more

Jones Day

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

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A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

Katten Muchin Rosenman LLP

CFTC Staff Reminds Registered Exchanges and Clearinghouses to Evaluate and Calibrate Their Volatility Control Mechanisms

The Commodity Futures Training Commission’s (“CFTC”) Division of Market Oversight and Division of Clearing and Risk issued an advisory (the “Staff Advisory”) reminding designated contract markets (“DCMs”) and derivatives...more

McDermott Will & Emery

Key Takeaways | How I Learned To Stop Worrying and Love Choppy Waters

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During this session, panelists that focus on special situations and distressed debt in various sectors provided their insights on the current state of the financial market, recent restructuring trends, and tools to implement...more

A&O Shearman

Delegated regulation on identifying reference data for OTC derivatives published in OJ

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Commission Delegated Regulation (EU) 2025/1003 has been published in the Official Journal of the European Union (OJ), supplementing the EU Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter...more

Morrison & Foerster LLP

CFTC Staff Issue Interpretive Guidance on Cross-Border Definitions

The CFTC staff have issued interpretative guidance regarding the application of cross-border definitions under the CFTC’s regulatory regimes covering swaps, foreign futures and foreign options transactions, and foreign boards...more

A&O Shearman

EC Omnibus IV proposal to reduce burdens for small mid-cap companies

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The European Commission has published its Omnibus IV legislative proposal, together with a press release, for a Directive amending the Markets in Financial Instruments Directive II (MiFID II) and the Critical Entities...more

A&O Shearman

CFTC Releases Guidance On Registered Non-U.S. Swap Entities Using Substituted Compliance

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On May 20, 2025, two divisions within the Commodity Futures Trading Commission (“CFTC”) — the Market Participants Division (“MPD”) and the Enforcement Division (“DOE”) — released procedures providing guidance on how the...more

A&O Shearman

Benchmarks Regulation published in the Official Journal of EU

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Regulation (EU) 2025/914 amending the EU Benchmarks Regulation has been published in the Official Journal of the EU. The amending Regulation amends the scope of the rules for benchmarks...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Issues Guidance on ‘US Persons’ Determinations

On May 21, 2025, the Commodity Futures Trading Commission’s (CFTC’s) Market Participants Division (MPD) and Division of Market Oversight (DMO) jointly issued a staff interpretive letter regarding cross-border definitions and...more

Farella Braun + Martel LLP

Investing Charity and Foundation Assets in Turbulent Times With Jennifer Nelson

Welcome to EO Radio Show – Your Nonprofit Legal Resource. I'm Cynthia Rowland, and this is episode 123 of EO Radio Show. In today's episode, I welcome back Jennifer Nelson, a Senior Wealth Manager with BNY Mellon. Jennifer...more

Katten Muchin Rosenman LLP

Unpacking CFTC Letters 25-09 and 25-10

Derivatives market participants continue to process the implications of two significant interpretive letters issued by the Commodity Futures Trading Commission (CFTC) staff earlier this year. Letter 25-09 effectively...more

A&O Shearman

Navigating private credit in the Middle East

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The continued growth and diversification of the regional economies, coupled with significant advancements in the legal frameworks, have made the United Arab Emirates and the Kingdom of Saudi Arabia increasingly attractive...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 22

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

A&O Shearman

Regulations establishing PISCES sandbox published

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The UK Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 were published, alongside an explanatory memorandum. The Regulations largely reflect the...more

Cooley LLP

Q1 2025 Venture Financing Report – Interview With Jeff Crowe

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Key insights from Jeff Crowe​​​​​​​ - On what differentiates an outstanding venture capital investor: “They have a nose for where technology is going, build deep expertise in their areas of focus, grow their personal...more

A&O Shearman

Ninth Commencement Regulations under Financial Services and Markets Act 2023 published

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The Ninth Commencement Regulations–the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025–under the Financial Services and Markets Act 2023 (FSMA 2023) were made and have been published. The Ninth...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 38

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

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