Worldwide: Finance and Banking

Today, scrutiny is no longer confined to public equities markets. In a pair of recent prosecutions, including last week’s indictment of a Google employee, the Department of Justice has made clear that it will pursue insider trading type cases wherever (i) confidential data moves prices, and (ii) a duty-bound actor exploits that data for trading advantage, even outside the securities laws. Prediction markets and crypto platforms appear to be the primary testing ground for this expanded enforcement theory

The Commodity Futures Trading Commission (CFTC or Commission) recently undertook a series of coordinated actions—including a Commission order, policy statement, staff interpretation and staff advisory...

The CFTC's Division of Enforcement has issued a new advisory establishing a clearer path to declinations for companies that self-report violations, while Chairman Selig signals unprecedented coordination with the SEC, FINRA, and NFA. Meanwhile, the agency continues aggressive enforcement actions in prediction markets, including a preemption lawsuit against Minnesota's sweeping ban and insider trading charges against a Google employee.

Cadwalader's real estate finance team has successfully closed several major transactions spanning student housing portfolios, luxury resort acquisitions, office complex refinancings, industrial warehouse facilities, and cold-storage properties. These deals range from $39.25 million to $1.435 billion and involve diverse property types across multiple states, demonstrating the firm's comprehensive capabilities in commercial real estate lending and acquisition financing.

When an equipment lender funded a borrower's purchase without properly documenting its collateral rights, it found itself without recourse in bankruptcy court. The Delaware bankruptcy court's ruling in Wingspire...

California's Office of Health Care Affordability has released proposed draft regulations that would dramatically expand transaction reporting requirements for management services organizations, private equity groups...

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.

The transition from PSD2 to PSD3, accompanied by the directly applicable Payment Services Regulation, represents more than a legislative update, it reflects a strategic shift in the EU's approach to payments regulation.

Capital. It is first in the CAMELS (capital, assets, management capability, earnings, liquidity, and sensitivity) acronym and often first in many community bankers’ hearts. Its place of prominence within community...

The SEC rescinded Rule 202.5(e), which had codified the SEC rule requiring settling parties to agree that they would not publicly deny the SEC’s allegations. The change brings the SEC in line with the majority of federal agencies, including the CFTC which announced a similar change in early June. New language reflecting the change is already appearing in SEC orders.

Today, scrutiny is no longer confined to public equities markets. In a pair of recent prosecutions, including last week’s indictment of a Google employee, the Department of Justice has made clear that it will pursue insider trading type cases wherever (i) confidential data moves prices, and (ii) a duty-bound actor exploits that data for trading advantage, even outside the securities laws. Prediction markets and crypto platforms appear to be the primary testing ground for this expanded enforcement theory

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.