As part of a broader shift in the regulatory landscape, federal banking agencies are working to make exams more objective and financial in focus. For example, the Federal Financial Institutions Examination Council (“FFIEC”) recently released a notice of proposed rulemaking
Latest from The CLS Blue Sky Blog - Page 2
Private Credit Comes Courtside
Private credit and fraud are teaming up to hit the news cycle again. The latest story relates to the conflicts among private credit, private equity, and insurance.[1] This has resulted in one of the most successful sports franchise
Paul Weiss Discusses CFIUS 2025 Annual Report
On August 7, 2026, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) released its Annual Report to Congress for calendar year 2025 (the “Report”).[1] In an accompanying press release, the U.S. Department of the
Why We Need Mandatory Disclosure for Significant Private-Equity Owned Companies
Private equity has historically operated within a governance environment in which external capital-market scrutiny largely constrained sponsor behavior. In particular, credible “exit” events, such as initial public offerings or sales to genuinely independent acquirers, have served as recurring moments of
Sullivan & Cromwell Discusses Proposed SEC Regulation Crypto Assets
On August 18, 2026, the Securities and Exchange Commission proposed Regulation Crypto Assets, an offering and disclosure framework for “covered investment contracts” involving crypto assets that are not themselves securities. The proposal represents the next phase of the SEC’s “Project
How the Market Can Ease Private Credit’s Stress
The growth of private credit has been remarkably fast. Direct lenders have displaced banks and broadly syndicated lenders in much of the mid-market sector, promising borrowers speed and flexibility while offering investors high returns.
The asset class is now facing
Cleary Gottlieb Discusses DOJ Shuffling of Enforcement to Fraud Division
On August 18, 2026, the U.S. Department of Justice (DOJ) published a rule officially establishing the National Fraud Enforcement Division (the Fraud Division).[1] The rule, which takes effect on August 24, 2026, grants the Fraud Division authority over criminal
Why Prediction Markets and Securities Markets Require Different Regulatory Priorities
Prediction markets are in the regulatory crosshairs. In the United States, within the span of a few months this year, federal prosecutors brought the first criminal insider trading case involving an event contract against an Army master sergeant with a
The Supreme Court Reaffirms Its Embrace of Political Disclosure
Widely overlooked in the U.S. Supreme Court’s landmark campaign finance decision this term is a surprising and robust affirmation of disclosure for combating corruption. With this principle reinforced, we expect many states to strengthen and expand their campaign finance disclosure
Debevoise Discusses Empowering Consumers for the Green Transition Directive
The European Union’s Empowering Consumers for the Green Transition Directive (the “ECGTD”) makes important changes to the rules on how companies make environmental and other sustainability claims in relation to products or services sold to individual consumers, and changes to