United States: Securities

Digital asset businesses face a complex regulatory landscape that extends far beyond traditional money transmission licensing. This article examines how securities laws, commodities regulation, and state-specific virtual currency frameworks create overlapping compliance obligations that vary based on custody structure, trading functionality, and asset characteristics.

On June 11, 2026, the Securities and Exchange Commission (SEC) voted to propose the rescission of Exchange Act Rule 611 (the “Order Protection Rule” or “trade-through rule”) and Rule...

The Supreme Court's landmark decision in FS Credit Opportunities Corp. v. Saba resolves a critical circuit split regarding Section 47(b) of the Investment Company Act of 1940, determining whether activist investors can bring private lawsuits to rescind fund contracts based on alleged regulatory violations. This ruling fundamentally reshapes the litigation landscape for registered investment companies, their directors, and service providers by clarifying the boundaries of federal enforcement mechanisms versu

Depending on the type of product (debt security or derivative), determining whether there is a good trading day or whether a market disruption event has occurred is important.

Gary Gensler's recent amicus brief in the Kalshi litigation has sparked unexpected attention across legal circles, with lawyers who typically oppose his regulatory approach finding themselves sharing excerpts from the filing. The brief challenges whether Congress intended Dodd-Frank to preempt state sports betting laws, using memorable phrases and firsthand institutional knowledge to frame a complex debate about prediction markets, federal commodities law, and state gambling authority.

The SEC's Division of Examinations has issued a new Risk Alert highlighting critical deficiencies in how investment advisers manage and disclose economic conflicts of interest. The alert reveals that examiners are increasingly scrutinizing cash sweep arrangements, share class recommendations, billing practices, and whether compliance programs adequately address the economic incentives embedded within advisory businesses. Firms can no longer rely solely on disclosure to satisfy fiduciary obligations—th

We recently published a client alert on the SEC’s proposal to eliminate the longstanding “baby shelf” limitations and significantly expand access to Form S-3 and shelf registration for public companies.

Federal prosecutors recently brought insider trading charges against numerous attorneys, who were previously employed at various prominent law firms.

The Supreme Court has resolved a critical question about shareholder rights under the Investment Company Act of 1940, determining whether investors can directly sue to void fund contracts they believe violate federal law.