United States: Securitization & Structured Finance

The U.S. and UK have released groundbreaking recommendations for cross-border digital asset cooperation, while major financial institutions successfully execute tokenized asset trades in production environments. Meanwhile, regulatory bodies worldwide advance frameworks for digital currencies and on-chain derivatives markets, signaling a coordinated push toward mainstream adoption of blockchain-based financial infrastructure.

Eva Davis interviews Aaron Benjamin about his work helping financial institutions navigate complexity through innovative financing structures and cross-border lending solutions.

New York's UCC Revision Act, effective June 3, 2026, introduces a modernized legal framework for digital assets including cryptocurrency, blockchain assets, and NFTs. The legislation establishes "controllable electronic records" as a technology-neutral mechanism for perfecting security interests in digital collateral, while creating new asset categories that reduce legal ambiguity for lenders.

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 an effort to improve market efficiency and to speed settlement, the Loan Syndications and Trading Association (the “LSTA”)...

On 5 May 2026, the European Parliament (the “Parliament”) voted in favour of certain reforms to the Regulation (EU) 2017/2402 (the “Securitisation Regulation”) (the “Reforms”).

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

Goodwin's Private Investment Funds team advised Ares Credit Secondaries funds in leading a $2.5 billion credit continuation vehicle sponsored by Arcmont Asset Management, marking the largest European credit continuation fund to date. The transaction involved acquiring a diversified portfolio of primarily first-lien senior secured loans from Arcmont's 2019 vintage Direct Lending Fund III, providing liquidity to existing limited partners while enabling continued exposure to the portfolio.

Dechert serves as lead sponsor of the fifth annual DealCatalyst/LSTA U.S. Private Credit Industry Conference on Direct Lending in Nashville, Tennessee.