United States: Finance and Banking

Federal banking regulators have jointly proposed sweeping reforms to U.S. capital requirements, formally rescinding the controversial 2023 Basel III Endgame Framework in favor of a modernized approach that would reduce capital burdens...

The NAIC's Spring National Meeting addressed critical changes to risk-based capital factors for life insurers' collateral loans, with industry stakeholders debating the appropriate methodology for calculating RBC factors based on loan-to-value ratios and overcollateralization levels.

Federal banking agencies have issued revised model risk management guidance in SR 26-2, introducing a more explicitly risk-based approach to model governance, validation, and monitoring. While primarily targeting organizations with over $30 billion in assets, the principles-based framework has broader implications for regional and community banks navigating evolving regulatory expectations.

On June 30, 2026, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued an exemptive order granting an exemption from Rules 14e-1(a) and (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for certain qualifying tender or exchange offers for non-convertible debt securities (“Five Business Day Tender Offers”). The SEC exemptive order supersedes the Staff’s 2015 no-action letter (the “2015 Letter”)[1] relating to Five Business Day Tender Offers and is effective immediately.

Six years after Serta Simmons Bedding (“SSB”) executed its famous, non-ratable uptier liability management transaction, Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas...

The SEC's Office of Mergers and Acquisitions has issued a new exemptive order allowing tender and exchange offers for non-convertible debt securities to remain open for just five business days instead of the standard 20-day period. This order liberalizes the previous framework by permitting partial offers with proration, narrowing consent solicitation prohibitions, and expanding eligible participants. What are the key conditions that must be met for issuers to take advantage of this abbreviated timeline, an

On July 13 and July 15, a coalition of 11 states and the District of Columbia, followed by two former FDIC Board members, filed amicus briefs supporting Colorado in the en banc proceedings...

A secured lender's appointment of a receiver over collateral may trigger a borrower's Chapter 11 bankruptcy filing, potentially causing significant delay and expense. Recent bankruptcy court decisions reveal how specific language in receivership orders can mitigate this risk by divesting debtor management of authority to act on the borrower's behalf.

On June 23, Rhode Island Governor Dan McKee signed Senate Bill 3075, establishing capital, liquidity, corporate governance, audit, and risk-management requirements...

Federal banking regulators issue new guidance on lending to non-work authorized borrowers and handling highly sensitive information during examinations, while the FDIC proposes reporting forms for payment stablecoin issuers and New York establishes a comprehensive regulatory framework for stablecoins. Two bank failures in Indiana and Kansas result in FDIC receiverships with estimated costs totaling $6.9 million to the Deposit Insurance Fund.

The U.S. Securities and Exchange Commission has approved Nasdaq's new continued listing requirement mandating companies maintain a market value of listed securities of at least $5 million. Companies falling below this threshold for 30 consecutive business days face immediate trading suspension and delisting proceedings with no cure period. What strategic alternatives should listed companies consider to navigate this unprecedented regulatory change?

The SEC's Division of Investment Management is considering rule amendments that would allow investment advisers to charge performance-based fees to a broader range of clients beyond the current "qualified client" threshold. This potential regulatory shift could dramatically expand retail investor access to private markets through registered funds and fundamentally reshape the competitive landscape for fund managers who have previously been deterred by performance fee restrictions.