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K&L Gates LLP

Australia: Crypto in the Courts – ASIC v Finder Update

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The Federal Court of Appeal has dismissed ASIC’s appeal and upheld the primary judge’s decision that Finder Wallet’s (Finder) product “Finder Earn” was not a “debenture” and they did not have to hold an Australian Financial...more

Herbert Smith Freehills Kramer

AML/CTF Rules Are Finalised - Key Takeaways

After two rounds of consultation, the Anti-Money Laundering and Counter-Terrorism Financing Rules 2025 (New AML Rules) were made on 29 August 2025 alongside the Anti-Money Laundering and Counter-Terroism Financing (Class...more

Jones Day

CFTC Issues Advisory to Clarify FBOT Registration Framework for Non-U.S. Crypto Exchanges to Access U.S.-based Participants

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To promote regulatory clarity, on August 28, 2025, the Commodity Futures Trading Commission ("CFTC")'s Division of Market Oversight issued an advisory to reaffirm its longstanding foreign board of trade ("FBOT") registration...more

Hogan Lovells

PSD3 Impacts - September 2025

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1. Introduction - Given the sea change of PSD2, one might expect the prospect of the proposed PSD3 and PSR to have PSPs groaning at the thought of yet more root and branch reg change projects. However, whilst the proposals...more

Davis Wright Tremaine LLP

Looking Ahead on Debanking Sweep-Up

Continuing its rapid pace of Executive Orders (EOs), the Trump Administration recently unveiled an Executive Order designed to prevent so-called "debanking," a practice whereby financial institutions refuse to serve clients...more

Mayer Brown

Illinois Adopts Regulatory Regime for Digital Assets

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On August 18, 2025, Illinois enacted Senate Bill 1797, the Digital Assets and Consumer Protection Act (the “Act”), establishing a regulatory framework designed to enhance customer protections for digital asset activities and...more

Davis Wright Tremaine LLP

FDIC Proposes Adding Flexibility to Official Sign and Advertising Requirements

On August 21, 2025, the Federal Deposit Insurance Corporation (FDIC) published a proposed rule with several key changes to its FDIC Official Sign and Advertising Rule, only two years after it adopted requirements that were...more

Carlton Fields

Expect Focus - Volume III, August 2025

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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

Louisiana Becomes Latest State to Pass EWA Legislation

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Louisiana has enacted a new Earned Wage Access (EWA) law, effective August 1, 2025. Sponsored by Representative Vinney St. Blanc, HB 368 introduces a comprehensive compliance framework for EWA providers, marking a pivotal...more

Katten Muchin Rosenman LLP

CFTC Staff Reaffirm the Commission’s FBOT Framework, Providing Clarity to Non-US Exchanges

Amid “recent confusion and disruption regarding whether non-US exchanges should register [with the Commodity Futures Trading Commission (CFTC or Commission)] as a designated contract market (DCM) or [foreign board of trade...more

Latham & Watkins LLP

Recent Developments for UK PLCs - September 2025

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On 7 August 2025, the FCA published its review of share buybacks in UK listed equities, which analysed data on share buybacks executed for FTSE 350 issuers, as well as feedback from banks, issuers, investor representatives,...more

A&O Shearman

Regulatory Monitoring: EU version - August 2025

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Our monthly regulatory newsletter monitors all relevant developments regarding European regulatory law in English language. ECB: Opinion on the supervisory independence of Lietuvos bankas and the prevention of conflicts of...more

A&O Shearman

Regulatory Monitoring - August 2025

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Our monthly regulatory newsletter monitors all relevant developments regarding German and European regulatory law in English language. BMF: Draft bill for the Banking Directive Implementation and Bureaucracy Relief Act...more

Orrick, Herrington & Sutcliffe LLP

Illinois enacts two new consumer protection laws regulating digital assets

On August 18, Governor Pritzker of Illinois announced he had signed two comprehensive pieces of consumer protection legislation: The Digital Assets and Consumer Protection Act, which will regulate digital asset companies; and...more

Ballard Spahr LLP

SBA directs financial institutions to end, correct debanking actions

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Citing President Trump’s Executive Order, the SBA has sent letters to its network of more than 5,000 lenders instructing them to end what the Trump Administration said is politicized or unlawful debanking....more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes rule clarifying supervisory designation standard for nonbanks

On August 26, the CFPB issued a proposed rule to clarify the legal standard when determining whether to designate a nonbank covered person for Bureau supervision under Section 1024(a)(1)(C) of the CFPA. The proposal would...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases report on implementing scientific tenets

On August 20, the CFPB released a report describing the actions it will take to implement “Gold Standard Science.” On May 23, President Trump issued Executive Order 14303, “Restoring Gold Standard Science,” directing federal...more

A&O Shearman

UK FCA Continues to Simplify Supervisory Communications

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The UK Financial Conduct Authority (FCA) has confirmed further steps to simplify its supervisory communications, building on its April announcement and aligning with its Consumer Duty Requirements Review. The FCA confirms it...more

Troutman Pepper Locke

Illinois Amends Student Loan Servicing Rights Act to Include Educational Income Share Agreements

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On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share...more

Troutman Pepper Locke

SBA Orders Small Business Lenders to End Debanking Practices Pursuant to President Trump’s Executive Order

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On August 26, the U.S. Small Business Administration (SBA) took action to enforce President Trump’s directive by issuing a letter to its network of over 5,000 lenders. This letter mandates the cessation of alleged politicized...more

A&O Shearman

UK FCA Multi-firm Review Findings of Algorithmic Trading Controls Under MiFID

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The UK Financial Conduct Authority (FCA) has published the findings from its multi-firm review of principal trading firms' compliance with the detailed organisational requirements for algorithmic trading set out under the UK...more

Stikeman Elliott LLP

AI Use by Financial Institutions: Québec’s AMF Publishes Draft Guidelines

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On July 3, 2025, Québec’s financial institutions regulator – the Autorité des marchés financiers (“AMF”) – published draft guidelines (“Draft Guidelines”) on the use of artificial intelligence systems (“AI Systems”) by...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, August 2025

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Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau's decision to restart the open banking rulemaking process; the UK FCA's publication of a policy statement with final...more

Hogan Lovells

Payments: European Court of Justice (ECJ) rules on PSP liability for unauthorised transactions and late PSU notification

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The ECJ has confirmed that a payment service user (PSU) is deprived of the right to reimbursement for an unauthorised transaction under PSD1 if: they fail to notify without undue delay upon becoming aware of it; or...more

Mayer Brown

Connecticut Repeals Mortgage Servicer Licensing Exemption for Licensed Mortgage Lenders

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A new approval requirement is coming for companies licensed as Mortgage Lenders in Connecticut and engaging in mortgage servicing activities. Effective October 1, 2025, Connecticut Mortgage Lender licensees will have to hold...more

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