The SEC’s dismissal of recent “unregistered dealer” enforcement actions cements a scaling back of the dealer definition and reflects a policy shift from the prior SEC.

By Zachary Fallon, John J. Sikora Jr., Stephen P. Wink, Naim Culhaci, Donald Thompson, and Deric Behar

On May 22, 2025, the Securities and Exchange Commission (Commission or SEC) announced that it filed stipulations to completely dismiss with prejudice three civil enforcement actions in which the SEC’s sole claim

The regulator has dropped its proposed “public interest” test, but will take certain aspects of its proposals forwards.

By Andrea Monks, Rob Moulton, Nell Perks, Anna James, and Charlotte Collins

On 3 June 2025, the FCA published its final policy (PS25/5) on announcing enforcement investigations, along with its updated Enforcement Guide, ending a rather turbulent consultation process.

The FCA issued two consultations on these proposals — in February 2024 and November 2024 — after the reaction

The OCC is restoring its former practices and policies under the Bank Merger Act to reinstate expedited merger reviews and streamlined business combination applications.

By Arthur S. LongPia Naib, Connor Jobes, and Deric Behar

On May 8, 2025, the Office of the Comptroller of the Currency (OCC) issued an interim final rule (Interim Final Rule) to rescind a 2024 final rule (2024 Final Rule) that amended the OCC’s bank merger application review procedures. The OCC simultaneously

The proposals aim to make the UK regime more proportionate and suggest different rules
applying to hedge funds, venture capital firms, and private equity houses.

By Nicola Higgs, Rob Moulton, and Jonathan Ritson-Candler

On 7 April 2025, the FCA published a Call for Input, and HM Treasury published an Open Consultation, on the reform of the UK regulatory regime for alternative investment funds (AIFs) and their managers (AIFMs), following the UK’s implementation of the EU Alternative Investment Fund

In light of ongoing litigation and the Trump administration’s new policy approach, federal banking agencies intend to rescind the 2023 CRA final rule and revert to pre-2023 standards.

By Betty M. Huber, Arthur S. Long, Pia Naib, and Deric Behar

On March 28, 2025, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) announced that they intend

FCA outlines its priorities and areas in which it plans to reduce the regulatory burden for firms.

By Rob Moulton, Nicola Higgs, Becky Critchley, and Charlotte Collins

On 25 March 2025, the FCA published its five-year strategy (Strategy), alongside the outcome of its review of retail conduct rules in light of the Consumer Duty. Together, these publications give a clear flavour of the regulator’s direction of travel at what has been a challenging and uncertain time. Both

The regulators have said they will not pursue their proposals on announcing enforcement investigations and on D&I.

By Rob MoultonNicola HiggsBecky Critchley, Anna James, and Charlotte Collins

On 12 March 2025, the FCA and PRA made important announcements regarding the long-awaited outcomes on certain key policy proposals. The FCA published a letter addressed to the Treasury Select Committee and accompanying statement, while the PRA also published a letter to the Treasury Select Committee.

Under its new acting chairman appointed by President Trump, the FDIC charges ahead with its new agenda by rolling back key Biden-era regulatory efforts.

By Arthur S. Long, Pia Naib, and Deric Behar

On March 3, 2025, the Federal Deposit Insurance Corporation (FDIC) announced that its Board of Directors1 voted to rescind the agency’s 2024 Statement of Policy on Bank Merger Transactions and withdraw four other Biden-era proposals.

The sweeping purge effectuates Acting Chairman Travis Hill’s top

The new unit aims to protect retail investors and foster innovation by addressing cyber-related misconduct and emerging technology fraud.

By Margaret GrahamMichael H. RubinNathan H. Seltzer, and Douglas K. Yatter

On February 20, 2025, the Securities and Exchange Commission (SEC) announced the establishment of the Cyber and Emerging Technologies Unit (CETU), which will focus on combatting cyber-related misconduct and protecting retail investors from fraud in the emerging technologies sector. The new unit, led by Laura

The FDIC seeks to stick to its statutory mandate while reducing impediments to fintech, innovation, mergers, bank formation, and efficient supervision.

By Arthur S. Long, Pia Naib, and Deric Behar

Just one day after being named acting chairman of the Federal Deposit Insurance Corporation (FDIC), Travis Hill revealed an agenda of priorities for the FDIC. Hill previewed many of the priorities during his January 10, 2025, remarks on FDIC policy issues at the American Bar Association (ABA), where