On July 4, 2025, the “One Big Beautiful Bill Act” (OBBBA) became law. The OBBBA makes significant changes to domestic and international tax provisions, including provisions addressing bonus depreciation, research and experimental (R&E) expenditures, the limitation on interest deductibility under
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BDC Facts & Stats
In recent years, non-bank lending to private equity-owned, small- and middle-market companies has increased significantly. Within this growing sector, private and non-traded BDCs have outperformed other non-bank lenders in many respects. Private and non-traded BDCs have demonstrated notable advantages in…
SEC Formally Withdraws Various Proposed Rules
The Securities and Exchange Commission (SEC) formally withdrew the following proposed Gensler era rulemakings:
- Substantial Implementation, Duplication, and Resubmission of Shareholder Proposals Under Exchange Act Rule 14a-8. In July 2022, the SEC published a rule proposal that would have amended
…
Capital Formation Related Legislation Advances
By Marc Leong
In late May 2025, the House Committee on Financial Services (the “Committee”) held a full committee markup, during which the Committee successfully reported 25 bills to the House of Representatives (the “House”). The bills have been introduced and placed on…
Court Declines to Allow CFPB to Vacate Townstone Settlement
On June 12, 2025, Judge Valderrama of the federal district court for the Northern District of Illinois denied the joint motion to vacate the stipulated final judgment reached between the Consumer Financial Protection Bureau (“CFPB”) and Townstone Financial, Inc., in…
SEC Issues Concept Release on Definition of Foreign Private Issuer
On June 4, 2025, the U.S. Securities and Exchange Commission (the “SEC”) issued a concept release soliciting public comment on the definition of foreign private issuer (“FPI”), particularly on whether the current definition should be amended in an effort to…
Clawback and Malus Provisions in the U.S. and Brazil: A Comparative Overview
In today’s corporate governance landscape, clawback and malus provisions have become key tools for promoting accountability and integrity. By incorporating these provisions, companies aim to align executive actions with the long-term interests of the company and its shareholders.
A “clawback”…
SIFMA and Other Industry Groups Petition SEC for Rescission of Cybersecurity Disclosure Requirement
By David Breyer
In late May 2025, the Securities Industry and Financial Markets Association (SIFMA), together with the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America, and Institute of International Bankers submitted a petition to the Securities and Exchange Commission (SEC)…
SEC Conference on Emerging Asset Management Trends
On June 5th, the SEC brought together regulators, industry leaders, and experts to discuss the evolving asset management landscape at its 2025 Conference on Emerging Trends in Asset Management. This year’s event focused on the latest innovations, regulatory developments, and…
SEC Division of Corporation Finance Statement on Certain Protocol Staking Activities
On May 29, 2025, the staff (“Staff”) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission continued its recent pattern of issuing Staff guidance addressing cryptocurrency. The May 29 Staff statement, titled “Statement on Certain Protocol…