European Commission adopts RTS under EU Ratings Regulation The European Commission adopted two draft Delegated Regulations supplementing the ESG Ratings Regulation. The European Securities and Markets Authority (ESMA) consulted on the draft RTS in May 2025. Draft Delegated Regulation with regard to RTS specifying the measures and safeguards to be implemented by ESG rating providers to separate their ESG rating activities from their other activities Draft Delegated Regulation with regard to RTS specifying the elements of ESG rating products to...

Price discovery emerges as AI and geopolitical volatility cloud the inflation and rate outlook.  The article in brief: •  Heightened volatility in early 2026, driven by AI-related disruption concerns and geopolitical developments, pushed credit markets back into price discovery mode. •  Primary market activity slowed late in the quarter, while secondary spreads widened, particularly for technology and software-exposed credits. •  Despite near-term uncertainty, lender demand remains strong, and the market backdrop continues to favor high-quality borrowers, with higher risk premiums for AI-, tariff-,...

Innovation is Easy. Approval is Not Digital assets are having a moment. But for ETF sponsors, in addition to the underlying product innovation, there is still the need to concurrently navigate the regulatory gauntlet of custody, valuation, market integrity and compliance. Formerly fringe, digital assets are firmly implanted in the product pipeline. Even with investor demand rising, many digital asset ETF concepts don’t fail in design – they stall in regulatory review. We’ve worked alongside sponsors on first-of-their-kind cryptocurrency and blockchain-based...

On 23 April 2026, the Council of the EU published final compromise texts of the legislative proposals for a Third Payment Services Directive (PSD 3) and Payment Services Regulation (PSR). On 23 April 2026, the Council of the EU published final compromise texts of the legislative proposals for a Third Payment Services Directive (PSD 3) and Payment Services Regulation (PSR) (see the final compromise texts here and here). The release of the texts now provide welcome certainty after months of anticipation since it...

Ahead of the expiration of the previous antitrust rules governing the transfer of technology rights (such as know-how, patents and various other rights) at the end of April, the European Commission (“Commission”) has published final versions of a new Technology Transfer Block Exemption Regulation (“TTBER”) and new Technology Transfer Guidelines (“Guidelines”). These final versions follow the publication of draft versions of both documents in September 2025 for public consultation. The new TTBER and Guidelines will come into force on 1 May 2026 and expire after 12...

For the first time in more than 10 years, U.S. Immigration and Customs Enforcement (ICE) has updated its Form I‑9 inspection guidance on “technical” and “substantive” violations by publishing a Fact Sheet indicating that many errors that were previously treated as technical, i.e., curable within a 10-business‑day window in the event of an audit, will now be categorized as substantive violations subject to immediate penalty without the opportunity to correct them. More Errors Now Count as Substantive Violations ICE now treats a range of common, previously “technical” mistakes...

Last week's large bank earnings were strong, but questions remain about whether that strength extends to broader credit conditions. Here are three things to watch for this week: FOMC Meeting With no policy change expected, the April FOMC meeting will be watched for how officials frame the mix of sticky inflation, energy-price risk, and softer sentiment. The key question is whether Powell’s communication reinforces the current expectation that rates remain on hold for now, or whether the press conference shifts attention...