United States: Financial Services

On April 16, 2026, the Division of Corporation Finance for the Securities and Exchange Commission (“SEC”) issued an exemptive order (the “Order”) permitting certain equity tender offers to utilize an abbreviated offer period of as few as 10 business days, rather than requiring a tender offer remain open for at least 20 business days, as is currently required under Rule 13e-4(i) of the Securities Exchange Act of 1934 (the “Exchange Act”).

In recent remarks on April 28, 2026 at the Small Business Capital Formation Advisory Committee, Paul S. Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), discussed the current IPO market and how the SEC’s regulatory posture has shaped decision-making for companies. Chairman Atkins argued that “decades of accretive rulemaking…have made the path to becoming a public company narrower” and have similarly had a detrimental effect on the ability to remain a public company.

Recently, the Delaware Court of Chancery held in Los Angeles City Employees’ Retirement System v. Glenn Sanford, et al. (“eXp”) that officers’ and directors’ fiduciary oversight obligations may extend to the investigation and remediation of workplace sexual misconduct and that a failure to respond adequately in good faith to such claims may constitute a breach of fiduciary duty under the Caremark doctrine.

Florida's startup ecosystem depends on more than capital – it needs angel investors who can move quickly, share experience and help founders avoid mistakes early.

Federal and state authorities clash over prediction market regulation as the CFTC asserts exclusive jurisdiction while states pursue criminal prohibitions.

In the conference’s opening session, Kevin Toomey (Partner, Chair of Financial Services, Arnold & Porter) and his co-panelist Justin Skidmore (Associate General Counsel, Paxos)...

The NAIC Life Risk-Based Capital Working Group has voted to reduce the RBC factor for life insurers investing in performing residential mortgage loans through unaffiliated joint ventures, partnerships, or LLCs from 1.75% to 0.68%.

The Senate Banking Committee has advanced the Digital Asset Market Clarity Act in a bipartisan 15-9 vote, marking a pivotal moment for federal crypto regulation as lawmakers debate provisions on illicit finance controls, stablecoin yield restrictions, and securities treatment of network tokens.

As discussed in our recent Alert, on March 19, 2026, U.S. federal banking agencies released a series of proposed rules that would, among other things, lower the amount of capital that banks are required to hold against potential losses, change the risk weights that other banking organizations apply to credit exposures, and change the method for calculating the capital surcharge for global systemically important banking organizations.