https://www.morganlewis.com/rss/blogsBlogs RSS Feed25https://www.morganlewis.com/blogs/finreg/2025/10/uk-fca-consults-on-fund-tokenizationThe UK Financial Conduct Authority (FCA) published a consultation paper on tokenized funds (CP25/28) on October 15, 2025, proposing changes to its rules and guidance to enable authorized funds to use distributed ledger technology (DLT) and accelerate tokenization. This marks the first concrete step in implementing the “ Blueprint for Fund Tokenisation ” published by the Investment Association (IA) in November 2023, developed in collaboration with HM Treasury, the FCA, and industry stakeholders. The Blueprint set out a phased pathway for tokenization in the UK funds sector, with “Stage One” focused on moving unit registers onto DLT. The consultation now seeks to make that a reality.Fri, 17 Oct 2025 00:00:00 -050074da590a-103a-428d-8050-0138b846077bInvestment ManagementEuropeFintech & Digital AssetsInvestment FundsIMPGSteven LightstoneHubert de VauplaneTodd P. Zeregahttps://www.morganlewis.com/blogs/finreg/2025/04/uk-government-signals-intention-to-streamline-the-regulation-of-alternative-investment-fund-managersThe UK government has been pursuing a pro-growth agenda as one of its core missions, which has resulted in consultations on lighter-touch regimes to encourage investment, and the regulations which govern alternative investment fund managers (AIFMs) are next on its list.Mon, 07 Apr 2025 00:00:00 -050042fabd8d-ca99-4384-965f-948f905c4ca6Investment ManagementEuropeIMPGSimon CurrieWilliam YongeSteven Lightstonehttps://www.morganlewis.com/blogs/finreg/2025/01/tisfd-a-new-framework-for-inequality-and-social-related-financial-disclosuresThe Taskforce on Inequality and Social-Related Financial Disclosures (TISFD or the Taskforce) is a novel initiative, launched late in 2024, aimed at addressing the growing importance of inequality and social (or, if you like, people-related) risks in the financial sector. It is a global coalition of more than 20 companies, financial institutions, labor unions, civil society organizations, and international organizations, bringing together a wide range of voices to address the complex issue of inequality and social-related financial risks.Fri, 24 Jan 2025 00:00:00 -060041e48bb2-e170-483d-8387-99fb39da1986Investment ManagementESG & Sustainability AdvisoryEuropeInvestment FundsIMPGWilliam Yongehttps://www.morganlewis.com/blogs/finreg/2024/11/sec-charges-crypto-market-maker-as-unregistered-dealerThe Securities and Exchange Commission (SEC) filed a complaint against a crypto market maker (Market Maker) on October 10, 2024, alleging that the firm operated as an unregistered securities dealer in violation of Section 15(a) of the Securities Exchange Act of 1934 (Exchange Act) by virtue of acting as a market maker in cryptoasset securities.Tue, 05 Nov 2024 00:00:00 -060038886169-9bae-459c-9126-1cb5d2206428Broker-Dealer Regulation & ComplianceInvestment ManagementSecurities EnforcementFintech & Digital AssetsTAXIMPGSECKyle D. WhiteheadTodd P. Zeregahttps://www.morganlewis.com/blogs/finreg/2024/10/cfpb-issues-final-rule-on-personal-financial-data-rightsAlmost exactly a year after issuing a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data rights, on October 22, 2024 the Consumer Financial Protection Bureau (CFPB) issued its final Rule under Section 1033 of the Consumer Financial Protection Act. The Rule, also referred to as the “open banking rule,” has been a key priority of CFPB Director Rohit Chopra’s rulemaking agenda, and according to the CFPB and Director Chopra, aims to give consumers greater rights over their personal financial data and promote competition and consumer choice in financial products and services.Mon, 28 Oct 2024 00:00:00 -05002eaa1108-c471-4543-9d67-a59409f47499Financial Services Counseling & LitigationAntitrust & CompetitionFintech & Digital AssetsFDAATRAlice S. HrdyMichelle Park ChiuJordy Hurhttps://www.morganlewis.com/blogs/finreg/2024/07/sec-stays-approval-of-amendment-to-finra-rule-2210-that-would-allow-projections-of-performanceIn an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved amendments to Financial Industry Regulatory Authority (FINRA) Rule 2210 that would have allowed FINRA member broker-dealers to use projected performance and target returns in communications limited to institutional investors and qualified purchasers (subject to compliance with certain other requirements).Tue, 30 Jul 2024 00:00:00 -0500dbccc852-0730-4f9e-a3ab-fb7949f21229Broker-Dealer Regulation & ComplianceCapital Markets & Public CompaniesInvestment ManagementSecurities EnforcementFintech & Digital AssetsTAXSECIMPGJames E. DoenchSteven W. StoneAmy Natterson KrollChristine M. LombardoJohn J. O'BrienChristine Ayako SchleppegrellKyle D. Whiteheadhttps://www.morganlewis.com/blogs/finreg/2024/05/us-supreme-court-upholds-consumer-financial-protection-bureau-funding-structureThe US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the Appropriations Clause of the US Constitution. The Court’s decision reversed the Fifth Circuit’s ruling that the CFPB’s funding structure was unconstitutional and put a definitive end to the last pending wholesale challenge to the CFPB’s constitutionality.Mon, 20 May 2024 00:00:00 -050079d5a7b4-c786-4000-b32b-52691e451d43Investment ManagementLitigation, Regulation & InvestigationsIMPGLITAllen DensonDaniel C. FishbeinMolly Moriarty LaneJoshua B. MosesAri M. Selmanhttps://www.morganlewis.com/blogs/finreg/2024/02/cfpb-announces-revised-supervisory-appeals-processThe Consumer Financial Protection Bureau (CFPB) on February 16 issued an internal process regulation—effective immediately upon publication in the Federal Register—updating and formalizing the steps that supervised institutions may take to appeal certain adverse supervisory findings and ratings. While there are minimal substantive changes, the regulation is informative in its acknowledgment of the significant centralization of authority under a single supervision director that the CFPB had previously not widely publicized.Tue, 20 Feb 2024 00:00:00 -06004889e45b-6615-409e-aaff-58b57186f578Consumer Protection DefenseFinancial Services Counseling & LitigationACCPFDAAllen Densonhttps://www.morganlewis.com/blogs/finreg/2024/02/occ-proposes-substantive-and-procedural-revisions-for-bank-mergersThe US Office of the Comptroller of the Currency (OCC) on January 29 proposed meaningful revisions to its rules and processes for reviewing proposed transactions involving national banks under the Bank Merger Act. The proposed amendments would notably remove the expedited application review process and associated OCC streamlined business combination application, replacing them with a policy statement that outlines the principles the OCC plans to use when evaluating merger applications, including a number of proposed indicia that support approval and, potentially, denial.Fri, 02 Feb 2024 00:00:00 -0600ad55940b-82aa-4932-9479-82daa2a23addMergers & AcquisitionsCBTMAChristopher M. Paridonhttps://www.morganlewis.com/blogs/finreg/2024/01/remote-and-hybrid-work-finra-announces-effective-dates-of-new-rulesThe die is cast: FINRA has published Regulatory Notice 24-02 (RN 24-02) announcing the effective dates and other key dates and considerations for its recently adopted Residential Supervisory Location (RSL) and Remote Inspection Pilot Program (Pilot Program) rulemakings, to be codified as FINRA Rules 3110.19 and 3110.18, respectively. Together, these rules will offer FINRA member firms additional flexibility in how they structure certain aspects of their supervisory system following the sunsetting of related COVID-19 relief.Mon, 29 Jan 2024 00:00:00 -0600ae069884-5b24-43a1-8bb0-17b1a7a7526fBroker-Dealer Regulation & ComplianceCapital Markets & Public CompaniesInvestment ManagementSecurities EnforcementFintech & Digital AssetsTAXSECIMPGKyle D. WhiteheadAmy Natterson KrollNicole M. Alkirehttps://www.morganlewis.com/blogs/finreg/2023/12/sec-adopts-new-treasury-clearing-rulesOn December 13, 2023, the US Securities and Exchange Commission (SEC) adopted rule amendments (Treasury Clearing Rules) designed to improve risk management in clearance and settlement and to facilitate additional central clearing for the US treasury market.Thu, 14 Dec 2023 00:00:00 -060006e2af9a-c1eb-455d-ba3e-26d4578de925Capital Markets & Public CompaniesBroker-Dealer Regulation & ComplianceSECTAXPenelope L. ChristophorouKatherine Dobson BuckleyWashington DChttps://www.morganlewis.com/blogs/finreg/2023/12/sec-set-to-adopt-treasury-clearing-rules-at-its-dec-13-meetingAt its next open meeting on December 13, 2023, the US Securities and Exchange Commission (SEC) is expected to adopt rules (the Treasury Clearing Rules) to improve risk management in clearance and settlement and facilitate additional central clearing for the US treasury market. More specifically, the SEC is scheduled to consider whether to adopt amendments to the standards applicable to covered clearing agencies for US Treasury securities regarding their membership requirements and risk management.Fri, 08 Dec 2023 00:00:00 -0600de79f7a8-a898-4eaa-a55c-12faf22be6e0Investment ManagementIMPGPenelope L. ChristophorouKatherine Dobson Buckleyhttps://www.morganlewis.com/blogs/finreg/2023/11/regulation-innovation-and-authentication-whats-on-the-horizon-for-fintechs-in-2024Financial services is perhaps the most regulated industry in the world, and the intersection between financial services, technology, and law remains a complicated and evolving space. A team of Morgan Lewis lawyers recently attended the 2023 Money 20/20 conference and previewed some major themes and trends that the industry can expect in 2024.Tue, 21 Nov 2023 00:00:00 -06003d8908a1-f227-4c30-a50a-6abf4870b700Investment ManagementCorporate, Finance & Investment ManagementTelecommunications, Media & TechnologyMergers & AcquisitionsPrivate EquityEmerging Companies & Venture CapitalLitigation, Regulation & InvestigationsBankingDigital BankingFintech & Digital AssetsTechnologyIMPGCBTTMTMAPEEBTLITAllen DensonAndrew M. RayChristina W. Wlodarczykhttps://www.morganlewis.com/blogs/finreg/2023/10/sec-adopts-securities-lending-reporting-rulesOn October 13, 2023, the US Securities and Exchange Commission (SEC) adopted Rule 10c-1a requiring the reporting and dissemination of certain details regarding securities lending transactions.Fri, 13 Oct 2023 00:00:00 -0500314a4a18-6cdd-4643-954a-c1b559c5d962Investment ManagementIMPGhttps://www.morganlewis.com/blogs/finreg/2023/08/federal-reserve-announces-supervisory-developments-for-dollar-tokens-and-novel-activities-but-whats-newThe Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel activities conducted by banking organizations supervised” by the Federal Reserve. In addition, the Federal Reserve issued guidance explaining the supervisory nonobjection process for state member banks “seeking to engage in certain activities involving tokens denominated in national currencies and issued using distributed ledger technology or similar technologies to facilitate payments.”Fri, 11 Aug 2023 00:00:00 -050083537731-0936-452e-a24a-fb8fd3b89528Investment ManagementDigital AssetsIMPGChristopher M. Paridonhttps://www.morganlewis.com/blogs/finreg/2023/07/increased-scrutiny-of-uninsured-deposits-continues-fdic-reminds-idis-of-uninsured-deposit-reporting-obligationsThe Federal Deposit Insurance Corporation (FDIC) continued the focus shown over the last several months, and especially since the March 2023 failure of Silicon Valley Bank (SVB) and associated events, by the federal banking agencies on uninsured deposits when it issued a Financial Institution Letter (FIL), Estimated Uninsured Deposits Reporting Expectations, on July 24, 2023.Fri, 28 Jul 2023 00:00:00 -05008882ffb6-37df-42e2-bb16-e426212c1832Investment ManagementIMPGChristopher M. Paridonhttps://www.morganlewis.com/blogs/finreg/2023/06/cftc-issues-amended-order-of-dco-registration-and-advisory-on-digital-asset-clearing-risksIn contrast to the “regulation by enforcement” theme to which those in the digital assets community have become accustomed, the Commodity Futures Trading Commission (CFTC or Commission) has been active in issuing guidance to the industry. Recently, CFTC staff issued an advisory on digital asset–related risks and the Commission issued an amended Order of Derivatives Clearing Organization (DCO) Registration to Cboe Clear Digital, LLC (Cboe Clear Digital), allowing it to clear margined futures on digital assets.Thu, 08 Jun 2023 00:00:00 -05003a043df2-048b-4b7a-b62c-afc6ddb2cbe6Investment ManagementIMPGhttps://www.morganlewis.com/blogs/finreg/2023/04/an-end-to-the-paper-chase-proposed-bill-could-greatly-expand-sec-registrants-edelivery-useThe House Committee on Financial Services passed the Improving Disclosure for Investors Bill of 2023 on April 26, 2023 with bipartisan support. If passed by Congress and signed into law, the bill could alter the regulatory landscape for electronic delivery (e-delivery) by US Securities and Exchange Commission (SEC) registrants by eliminating the requirement to obtain an investor’s affirmative consent for e-delivery and allowing firms to implement a notice and optout approach to implementing e-delivery.Fri, 28 Apr 2023 00:00:00 -05006f8900fa-479f-40f2-8c75-e361bd73b0c8Investment ManagementIMPGSteven W. StoneJames E. DoenchNicole M. AlkireKyle D. Whiteheadhttps://www.morganlewis.com/blogs/finreg/2023/04/cfpb-releases-final-small-business-lending-ruleThe Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to the Bureau data on applications for credit by small businesses (those having gross revenue of under $5 million in their latest fiscal year).Thu, 06 Apr 2023 00:00:00 -050012cb417e-e3bc-496e-811a-b61aefa10f06Investment ManagementLitigation, Regulation & InvestigationsIMPGLITMartin Hirschprunghttps://www.morganlewis.com/blogs/finreg/2023/02/states-countries-focus-on-fraud-prevention-and-customer-protection-in-cryptoNew York has enhanced its fraud prevention tools, while consumers can identify crypto scams using California’s scam tracker. A week after the US Securities and Exchange Commission (SEC) proposed amendments to cover cryptoassets under the Custody Rule applicable to investment advisers, federal banking agencies issued a statement reminding banks of their risk management obligations in connection with holding crypto companies’ deposits. The United Kingdom is considering fund tokenization, particularly as it relates to retail investors, and the Hong Kong Securities and Futures Commission is gearing up for a crypto exchange platform licensing regime while considering whether retail investors should trade on licensed crypto platforms.Fri, 24 Feb 2023 00:00:00 -060075cac16d-9fab-4226-92f2-9211f7866561Investment ManagementAsiaGreater ChinaEuropeDigital BankingFintech & Digital AssetsDigital AssetsIMPGSteven Lightstonehttps://www.morganlewis.com/blogs/finreg/2023/02/congress-codifies-sec-staffs-ma-broker-no-action-letter-with-a-tweakAs many are aware, Congress passed its own version of the US Securities and Exchange Commission (SEC) staff’s mergers and acquisitions (M&A) broker no-action letter in December 2022, creating a new exemption from broker registration in Section 15(b)(13) of the Exchange Act that largely tracks the SEC staff’s no-action letter, with one important tweak.Wed, 22 Feb 2023 00:00:00 -0600cb330b3c-56e1-4aed-a8f8-dfe9a4d1f13eInvestment ManagementIMPGSteven W. StoneAmy Natterson KrollMargaret R. BlakeKyle D. WhiteheadEden Nebelhttps://www.morganlewis.com/blogs/finreg/2023/02/round-up-of-recent-developments-in-the-digital-asset-spaceIn the continuation of our new blog series highlighting recent developments in the digital asset space, this post details continued action policy and enforcement actions by US regulators.Fri, 17 Feb 2023 00:00:00 -0600cb2b32c8-5c58-430c-926c-92370bd4869aInvestment ManagementEuropeDigital BankingFintech & Digital AssetsDigital AssetsIMPGhttps://www.morganlewis.com/blogs/finreg/2023/02/staking-as-a-service-regulating-digital-assets-in-the-uk-and-dubai-and-moreIn this new series, we will provide an overview of recent noteworthy developments in the digital asset space around the world. The start of February was a busy period for regulators in the United States, where the US Securities and Exchange Commission (SEC) settled charges against an exchange in connection with its staking services and where other regulators issued digital asset guidance. Both the United Kingdom and Dubai Virtual Asset Regulatory Authority introduced plans to regulate digital asset activities. The Hong Kong Monetary Authority released a framework for stablecoin regulation, but it is unclear whether a new law will be adopted or existing laws will be amended to incorporate the framework.Mon, 13 Feb 2023 00:00:00 -0600d3829b50-ea01-4245-80a0-c9455bad7edfInvestment ManagementAsiaMiddle EastEuropeDigital BankingFintech & Digital AssetsDigital AssetsIMPGhttps://www.morganlewis.com/blogs/finreg/2023/02/nydfs-to-crypto-custodians-proceed-with-cautionIn the depth of a crypto winter, the New York State Department of Financial Services (DFS) issued guidance (the Guidance) on custodial standards for those with a BitLicense or that are registered as New York state limited purpose trust companies that engage in virtual currency (VC) business activity (VC Trust Companies and, together with BitLicensees, VC Custodians). In addition to providing customer segregation and compliance standards, DFS also announced in the Guidance its position that a VC Custodian that enters into a sub-custody arrangement must obtain prior DFS approval before the arrangement’s implementation.Thu, 09 Feb 2023 00:00:00 -0600e4446515-c21e-4ce6-8474-d155ee8c9becInvestment ManagementIMPGhttps://www.morganlewis.com/blogs/finreg/2023/02/new-york-releases-long-awaited-rule-on-commercial-financing-disclosuresThe New York Department of Financial Services (NYDFS) promulgated its long-awaited final rule regarding commercial financing disclosures, which applies to transactions of $2.5 million or less, on February 1, 2023. The state’s Commercial Finance Disclosure Law (CFDL) took effect January 1, 2022 and requires a TILA-like cost-of-credit disclosure to small businesses when they shop for commercial financing.Wed, 08 Feb 2023 00:00:00 -0600f60594f4-186f-40f9-b457-77e646e46217Investment ManagementIMPGChristopher M. Paridon