Global Investment Law Watch – Page 5 – Exploring the legal and regulatory issues affecting the worldwide investment community.

United States: In Cash or In-Kind—SEC Approves Options for Creations and Redemptions of Crypto ETP Shares

Aug 01 2025

By: 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.

Europe: UK FCA Confirms the Circumstances in Which it May Make Public Announcements About Live Investigations

Aug 01 2025

By: 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:

Australia: Climate-Related Transition Plans–Governing for Net Zero Across the Board

Aug 01 2025

By: Jim Bulling, Alex Parker, and Thais Fernandes

On 16 July 2025, The Australian Council of Superannuation Investors (ACSI) and the Australian Institute of Company Directors (AICD) published guidance on Governing for Net Zero: The Board’s Role in Organisational Transition Planning (ACSI & AICD Guide), which is designed to assist directors in preparing Climate-Related Transition Plans (Transition Plan).

Europe: Fundamental Reform of UK Taxation of Carried Interest

Jul 31 2025

By: Giles Bavister, Ayesha Gill, and Neil Woodgate

From 6 April 2026, carry will be redefined and taxed in the United Kingdom as deemed UK trade or business income where investment management services (as redefined) are performed in the UK. The relevant draft legislation was published by HMRC in July 2025.

United States: AML Reprieve for Investment Advisers

Jul 21 2025

By: Jennifer L. Klass and Richard F. Kerr

On July 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it is delaying the effective date of the investment adviser anti-money laundering rule (IA AML Rule) for two years from 1 January 2026 to 1 January 2028.

United States: That’s Genius! House of Representatives Passes GENIUS Act of 2025

Jul 18 2025

By: Keri E. Riemer and Richard F. Kerr

On 17 July 2025, the US House of Representatives passed the Guiding and Establishing National Innovation for US Stablecoins of 2025, or the GENIUS Act of 2025. The bill establishes a regulatory framework for payment stablecoins (i.e., digital assets which an issuer must redeem for a fixed monetary value).

Australia: The Regulatory Developments for FY25 That Fund Managers Can’t Afford to Ignore

Jul 09 2025

By: Jim Bulling and Ben Kneebush

As we have now said goodbye to FY25, we look back on some of the more significant regulatory developments that fund managers can’t afford to ignore.

United States: Staff Shares Disclosure ABCs for ETPs

Jul 03 2025

By: 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).

Australia: Preparing for Australia’s Anti-Money Laundering and Counter-Terrorism Financing ACT 2006: What Tranche 2 Entities Need to Know

Jul 02 2025

By: Jim Bulling, Alex Parker, and Madison Jeffreys

In preparation for the changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML Act) which are due to commence on 1 July 2026, “tranche 2” entities including lawyers, accountants and real estate agents will need to make some significant changes to their business processes to ensure they comply with the new requirements.

Europe: ESMA Issues Technical Advice to the Commission for Its Review of the UCITS Eligible Assets Directive (EAD)

Jun 30 2025

By: Gayle Bowen and Hazel Doyle

ESMA finally published its long-awaited technical advice for the review of the EAD, which proposes changes to the existing UCITS framework (the Report).