News & Analysis as of

Financial Markets Regulatory Agenda

Carlton Fields

Paint by Tokenization: SEC Launches Project Crypto

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At the beginning of July, SEC Chair Paul Atkins painted a picture: tokenization was the “next step” in the evolution of securities. Generally, tokenization entails creating a digital representation of a real-world asset —...more

Troutman Pepper Locke

SEC Launches AI Task Force

Troutman Pepper Locke on

On August 1, the Securities and Exchange Commission (SEC) announced the formation of a new task force dedicated to harnessing artificial intelligence (AI) to enhance innovation and efficiency across the agency. This...more

Morrison & Foerster LLP

Reminder: Prepare for EDGAR Next

On September 27, 2024, the U.S. Securities and Exchange Commission (the SEC) adopted amendments to Regulation S-T, resulting in major changes to the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) System for SEC...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - June 2025

June marked a pivotal moment in U.S. digital asset oversight with major developments from the SEC, Congress, and the DOJ. First, on June 9, 2025, the SEC’s Crypto Task Force held its final scheduled roundtable called “DeFi...more

Jones Day

Reform of the EU Securitisation Framework—Part 2: Proposed Definitions of "Public" and "Private" Securitisations

Jones Day on

On 17 June 2025, the European Commission (the "Commission") published its proposed measures to revive the securitisation framework in the European Union ("EU"), with a view to making it simpler and more fit for purpose. This...more

A&O Shearman

Mansion House: FSMA 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 made

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The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 have been made. The Regulations serve to implement legislative changes required in relation to the Mansion House reforms...more

Jones Day

U.S. House Passes GENIUS and CLARITY Acts, Signaling Bipartisan Support for Digital Assets

Jones Day on

The GENIUS Act's passage marks the first major crypto legislation approved by both chambers of Congress, signaling a significant step toward regulatory clarity for stablecoins, while the CLARITY Act's advancement by the House...more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - July 17, 2025

Lowenstein Sandler LLP on

On July 16, Commissioner Hester M. Peirce gave a speech at London’s Guildhall with other financial regulators and industry leaders. In her speech, Commissioner Peirce highlighted the historic ties between the U.S. and the...more

A&O Shearman

BoE and PRA publish annual reports

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The Bank of England (BoE) and Prudential Regulation Authority (PRA) have published a series of annual reports, which are set out below. - BoE Annual Report and Accounts. The BoE has set out its strategic investment...more

Troutman Pepper Locke

Senate Banking Committee Unveils Principles for Digital Asset Market Structure Legislation

Troutman Pepper Locke on

On June 24, Senate Banking Chairman Tim Scott (R-SC), Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY), Senator Thom Tillis (R-NC), and Senator Bill Hagerty (R-TN) released a set of guiding principles for the...more

Morgan Lewis

Bipartisan Majorities in Two House Committees Vote to Advance the Digital Asset Market CLARITY Act of 2025

Morgan Lewis on

On June 10, 2025, bipartisan majorities of the House Committees on Financial Services and on Agriculture (Committees) voted to advance the Digital Asset Market Clarity Act of 2025 (CLARITY Act)...more

Carlton Fields

One Fell Swoop: SEC Erases Ambitious Gensler-Era Rulemaking Agenda

Carlton Fields on

On June 12, 2025, the Securities and Exchange Commission issued a release announcing that it was withdrawing 14 notices of proposed rulemaking issued between March 2022 and November 2023 and stating that it “does not intend...more

Carlton Fields

SEC Solicits Public Comment on Definition of “Foreign Private Issuer”

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The Securities and Exchange Commission (SEC) published a concept release on June 4, 2025, seeking feedback on whether the SEC should amend the definition of “foreign private issuer” (FPI). In the release, the SEC asks whether...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

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

Jones Day

Regulating Digital Assets: New Market Structure Bill Builds on FIT21 Framework

Jones Day on

The House Committees on Financial Services and Agriculture have unveiled a discussion draft for a new comprehensive U.S. crypto market structure bill, aiming to establish clear regulatory boundaries between the U.S....more

Eversheds Sutherland (US) LLP

The CFTC issues requests for comments on 24/7 trading and perpetual derivatives contracts

On April 21, 2025, the Commodity Futures Trading Commission (CFTC) Divisions of Market Oversight, Clearing and Risk, and Market Participants issued two Requests for Comment (RFCs) on 24/7 trading and clearing of derivatives...more

A&O Shearman

PSR annual plan and budget

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The UK Payment Systems Regulator (PSR) has published its annual plan and budget for 2025/26. The foreword by Aidene Walsh, Chair of the PSR, references the government's announcement to incorporate the PSR into the FCA and...more

Ropes & Gray LLP

2025 ICI Investment Management Conference

Ropes & Gray LLP on

The 2025 ICI Investment Management Conference was noteworthy for the change in tone from the SEC officials in attendance, including Acting Chairman Mark Uyeda, as well as IM Director Natasha Greiner, who suggested that there...more

Carlton Fields

New SEC Management Boldly Charts New Course

Carlton Fields on

A shift in leadership at the Securities and Exchange Commission often brings significant changes in regulatory priorities and enforcement approaches. As anticipated in our firm’s EO Watch alert, “Immediate Practical...more

A&O Shearman

ESMA notifies EC of delay of certain deliverables

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published a letter (dated 3 March) addressed to the European Commission on the prioritisation of ESMA's 2025 deliverables. ESMA's letter sets out specific items which...more

Dorsey & Whitney LLP

Taking Forward Reforms to the Hong Kong Listing Regime

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In the recently released 2025-2026 Budget, the Hong Kong Government has mentioned that it will further strengthen the city’s role as a leading international financial centre. It extends various favorable policies and reforms...more

A&O Shearman

EC consultation on commodity derivatives market

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The European Commission has published a targeted consultation document on a review of the functioning of commodity derivatives markets (including for these purposes emissions allowances) and certain aspects relating to spot...more

WilmerHale

2024 CFTC Year in Review: An Overview of a Transitional Year

WilmerHale on

Coming off a busy 2024, we expect that 2025 will be a landmark year for the Commodity Futures Trading Commission (CFTC or Commission). Rostin Behnam’s resignation as Chairman on January 20 marked the end of the Biden...more

A&O Shearman

ESMA consultation paper on draft guidelines for supplements on new securities to a base prospectus

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The European Securities and Markets Authority (ESMA) has published a consultation paper containing draft guidelines on supplements which introduce new securities to a base prospectus. This is further to the new EU Listing Act...more

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