Archive:2025

1
United States: AML Reprieve for Investment Advisers
2
United States: That’s Genius! House of Representatives Passes GENIUS Act of 2025
3
Australia: The Regulatory Developments for FY25 That Fund Managers Can’t Afford to Ignore
4
United States: Staff Shares Disclosure ABCs for ETPs
5
Australia: Preparing for Australia’s Anti-Money Laundering and Counter-Terrorism Financing ACT 2006: What Tranche 2 Entities Need to Know
6
Europe: ESMA Issues Technical Advice to the Commission for Its Review of the UCITS Eligible Assets Directive (EAD) 
7
United States: Senators Unveil Crypto Market Structure Principles in Lead-up to the Senate’s Version of the CLARITY Act
8
United States: The Great SEC Spring Clean Up–14 Proposals Wiped Away
9
United States: STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form PF
10
Australia: Full Federal Court Finds in Favour of ASIC Appeal Concerning the Scope of the “Authorised Representative” Exemption

United States: AML Reprieve for Investment Advisers

By: Jennifer L. Klass and Richard F. Kerr

On July 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it is delaying the effective date of the investment adviser anti-money laundering rule (IA AML Rule) for two years from 1 January 2026 to 1 January 2028.

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United States: That’s Genius! House of Representatives Passes GENIUS Act of 2025

By: Keri E. Riemer and Richard F. Kerr

On 17 July 2025, the US House of Representatives passed the Guiding and Establishing National Innovation for US Stablecoins of 2025, or the GENIUS Act of 2025. The bill establishes a regulatory framework for payment stablecoins (i.e., digital assets which an issuer must redeem for a fixed monetary value).

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Australia: The Regulatory Developments for FY25 That Fund Managers Can’t Afford to Ignore

By: Jim Bulling and Ben Kneebush

As we have now said goodbye to FY25, we look back on some of the more significant regulatory developments that fund managers can’t afford to ignore.

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United States: Staff Shares Disclosure ABCs for ETPs

By: Keri E. Riemer and Richard F. Kerr

As part of its effort to provide greater clarity on the application of federal securities laws to crypto assets, on 1 July 2025, the SEC’s Division of Corporation Finance (Division) released a statement (Statement) addressing its views about the application of certain disclosure requirements to crypto asset exchange-traded products (ETPs).

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Australia: Preparing for Australia’s Anti-Money Laundering and Counter-Terrorism Financing ACT 2006: What Tranche 2 Entities Need to Know

By: Jim Bulling, Alex Parker, and Madison Jeffreys

In preparation for the changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML Act) which are due to commence on 1 July 2026, “tranche 2” entities including lawyers, accountants and real estate agents will need to make some significant changes to their business processes to ensure they comply with the new requirements. 

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Europe: ESMA Issues Technical Advice to the Commission for Its Review of the UCITS Eligible Assets Directive (EAD) 

By: Gayle Bowen and Hazel Doyle

ESMA finally published its long-awaited technical advice for the review of the EAD, which proposes changes to the existing UCITS framework (the Report).

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United States: Senators Unveil Crypto Market Structure Principles in Lead-up to the Senate’s Version of the CLARITY Act

By: Sarah V. Riddell and Vivian K. Bridges

On the heels of the House Financial Services Committee’s introduction of the CLARITY Act, Republican senators who serve on the Senate Banking Committee introduced their “Crypto Market Structure Principles” (the Principles) to establish a “baseline” for negotiating the Senate’s version of its market structure bill. Shortly after releasing the Principles, the Digital Assets Subcommittee of the Senate Banking Committee held a hearing on market structure.

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United States: The Great SEC Spring Clean Up–14 Proposals Wiped Away

By: Lance C. Dial, Keri E. Riemer, and Lael R. Franco

Spring is a time of renewal, and the US Securities and Exchange Commission (SEC)–under its new chairman, Paul Atkins–has shown that. On 12 June 2025, the SEC withdrew 14 proposed rules impacting funds and asset managers, including several that had been vigorously opposed by the industry. A complete list is below, but highlights include proposed rules relating to safeguarding (custody), predictive data analytics (AI), ESG-related disclosures, outsourcing and cybersecurity.

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United States: STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form PF

By: Pablo J. Man and Ruth E. Delaney

With less than a day to go before the 12 June 2025 compliance date for the SEC and CFTC’s jointly adopted amendments to Form PF, the SEC, together with the CFTC, voted today to further extend the compliance date for the amended form to 1 October 2025.

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Australia: Full Federal Court Finds in Favour of ASIC Appeal Concerning the Scope of the “Authorised Representative” Exemption

By: Kane Barnett and Isaac Gilmore

The Full Federal Court (the Court) has ruled in favour of the Australian Securities and Investments Commissions’ (ASIC) appeal as to whether BPS Financial Pty Ltd (BPS) could rely on the ‘authorised representative’ exemption in relation to issuing their ‘Qoin Wallet’ product (see our previous post for background). The authorised representative exemption is commonly relied upon and allows a person or entity to provide a financial service under the Corporations Act on behalf of the holder of an Australian financial services licence (AFS licence) without having to hold an AFS licence itself. 

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