The 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
All Things FinReg
All Things FinReg, published by Morgan Lewis, covers regulatory developments and legal issues in the financial sector. The blog addresses topics such as fund tokenization and the use of distributed ledger technology in authorized funds, regulatory reforms affecting alternative investment fund managers, and emerging frameworks for social and inequality-related financial disclosures. It also discusses enforcement actions by regulatory bodies like the SEC in the crypto market and rulemaking initiatives by agencies such as the Consumer Financial Protection Bureau concerning personal financial data rights. The blog focuses on the intersection of financial regulation, compliance, and innovation.
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UK Government Signals Intention to Streamline the Regulation of Alternative Investment Fund Managers
By Morgan Lewis
The 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…
TISFD: A New Framework for Inequality and Social-Related Financial Disclosures
By Morgan Lewis
The 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.…
SEC Charges Crypto Market Maker as Unregistered Dealer
By Morgan Lewis
The 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…
CFPB Issues Final Rule on Personal Financial Data Rights
By Morgan Lewis
Almost 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.…
SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance
By Morgan Lewis
In 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…
US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure
By Morgan Lewis
The 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…
CFPB Announces Revised Supervisory Appeals Process
By Morgan Lewis
The 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…
OCC Proposes Substantive and Procedural Revisions for Bank Mergers
By Morgan Lewis
The 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…
Remote and Hybrid Work: FINRA Announces Effective Dates of New Rules
By Morgan Lewis
The 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…