United States: Financial Services

Under SEC-Chairman Paul Atkins, the Securities and Exchange Commission has proposed a new set of rules that would permit electronic delivery as the default method of delivery for all required disclosures under the federal securities laws. [1] If adopted, this would mark a foundational and very welcome shift in how registered investment advisers, investment companies, business development companies, broker-dealers, transfer agents, and other regulated entities may deliver required disclosures to investors, clients, and other market participants.

On July 20, a New York state court denied a motion to dismiss New York Attorney General Letitia James’ lawsuit alleging that the operator of a peer-to-peer payment network violated New York Executive Law § 63(12).

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...

Fintech-bank partnerships face challenges in marketing approval timelines that can impact market opportunities. This analysis explores practical strategies to streamline the marketing approval process while maintaining necessary bank oversight and control. From due diligence considerations to contractual frameworks and operational best practices, discover how partners can work together more effectively on marketing initiatives.

The Tenth Circuit is poised to resolve a fundamental question about interstate banking: can Colorado use a 1980 federal statute to cap interest rates on loans made by out-of-state banks to Colorado borrowers? Industry groups argue that the statute's opt-out provision applies only to a state's own chartered banks, while Colorado contends it has broader authority to protect its residents from high-cost lending regardless of where the bank is located.

Vermont has enacted legislation requiring financial services providers and brokers to obtain licenses and provide standardized disclosures for sales-based financing and factoring transactions. The new law, which takes effect July 1, 2027, imposes operational requirements including restrictions on automatic debiting, prohibitions on confessions of judgment, and mandates that agreements be governed by Vermont law.

The Federal Deposit Insurance Corporation has proposed its first major update to Confidential Supervisory Information rules in nearly three decades, potentially expanding FDIC-supervised institutions' ability to disclose CSI to professional service providers and merger partners without prior agency approval. The Notice of Proposed Rulemaking seeks to reorganize Part 309 regulations into four subparts while introducing streamlined procedures for sharing sensitive information under specific circumstances.

Each year, under the Bipartisan Budget Act of 2015 (“BBA”), US partnerships are required to appoint a US-based partnership representative, in order to act as a liaison with the Internal Revenue Service (“IRS”) and deal with any arising tax matters. The requirement to appoint a partnership representative applies to both US and non-US investment vehicles that elected to be treated as partnerships for US tax purposes.

The Centers for Medicare and Medicaid Services (CMS) has released the 2027 Medicare Physician Fee Schedule proposed rule. It includes slight reductions in conversion factors for qualifying and nonqualifying...