By: Ravi Jayemanne, Ben Kneebush, and Thais Fernandes (Graduate)
From 18–21 August 2025, the Australian Government (Government) hosted the Economic Reform Roundtable with industry and government leaders to explore reforms aimed at boosting productivity, resilience, and budget sustainability.
Read MoreBy: Rich Kerr and Keri Riemer
On 29 July 2025, the US Securities and Exchange Commission (SEC) approved a proposed rule change to list and trade shares of a multi-crypto asset exchange-traded product (ETP), under NYSE Arca Rule 8.201-E. This marks the first time that the SEC has approved the listing of an ETP that will invest in more than one type of crypto asset on a spot basis; until now, the SEC has only approved listing rules permitting single crypto asset ETPs to be listed. The approved multi-crypto asset ETP (the Trust) will invest in both bitcoin and ether on a spot basis.
Read MoreBy: Rich Kerr, Keri Riemer, Joshua Durham, and Lael Franco
On 29 July 2025, the US Securities and Exchange Commission (SEC) issued an order approving proposed rule changes to permit various exchange-traded products (ETPs) to engage in creations and redemptions of their shares with authorized participants (APs) on an in-kind basis. The proposed rule changes were submitted by the Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc. and NYSE Arca, Inc. (Exchanges) with respect to the ETPs seeking to engage in in-kind creations and redemptions.
Read MoreBy: Michael E. Ruck, Rosie Naylor, Jordan Hawthorne, and Laura Scott
We discussed in an earlier blog that the United Kingdom’s Financial Conduct Authority has axed proposed “name and shame” rules, retaining only an ability to make a public announcement about an investigation in “exceptional circumstances”. It has now published a revised Enforcement Guide which also details three specific circumstances in which it may make an announcement:
Read MoreBy: 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).
Read MoreBy: Michelle Lloyd and Shane Geraghty
The Central Bank of Ireland (CBI) and the Securities and Futures Commission of Hong Kong (SFC) entered into a Memorandum of Understanding on 14 May 2025 establishing a framework for the mutual recognition of funds (MRF) between the two jurisdictions.
Read MoreBy: TJ Bright and Kate E. Miller
Small Business Investment Companies (SBICs), which invest in qualifying small businesses in the United States, are eligible to receive Small Business Administration (SBA)-guaranteed debentures at favorable rates to finance their investment activities. Standard SBIC debentures typically have 10-year terms with interest payments due semi-annually, and a lump-sum payment of the principal at maturity.
Read MoreBy: Michael Ruck and Rosie Naylor
In November 2024, the UK FCA released a Consultation which seeks to clarify its proposed approach to publicising ongoing enforcement action—dubbed the “name and shame” plan—and to assure the wider market of the plan’s benefits. Responses are due by 17 February 2025.
Read MoreBy Richard Kerr, Pablo Man, Jessica Cohn, and Sydney Faehling
On 14 January 2025, the Securities and Exchange Commission (SEC) announced settled charges against three investment adviser representatives for acting as unregistered brokers in the sale of membership interests in certain limited liability companies (i.e., Funds) that each purportedly owned shares of private issuers that had prospects of becoming publicly traded. The SEC separately announced settled charges against an advisory firm in a related action involving improperly managing conflicts of interests and the use of liability waivers.
Read MoreBy: Eden L. Rohrer, Richard F. Kerr, Jessica D. Cohn, and Joshua L. Durham
On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of securities dealers.
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