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On 05 May 2025, the United States Securities and Exchange Commission (US SEC) issued a notice (Investment Company Act Release No. 35567; File No. 812-15759) concerning a joint application submitted by a suite of Blackstone-affiliated funds and advisory entities. The applicants are seeking an exemptive order under Sections 17(d) and 57(i) of the United States Investment Company Act of 1940, and US SEC Rule 17d-1 thereunder, to permit joint participation in investment opportunities that would otherwise be prohibited as affiliated transactions. The application was originally filed on 14 March 2025 and subsequently amended on 11 April and 24 April 2025. The core of the request lies in enabling certain business development companies (BDCs) and closed-end management investment companies, managed or advised by Blackstone entities, to co-invest alongside affiliated investment vehicles. This structure, while commercially aligned with market efficiencies, requires prior regulatory relief due...

On 05 May 2025, the United States Securities and Exchange Commission (US SEC) published a notice confirming the immediate effectiveness of a rule change proposed by the Fixed Income Clearing Corporation (FICC), filed under Section 19(b)(3)(A) of the United States Securities Exchange Act of 1934 and Rule 19b-4(f)(3) thereunder. This rule change, submitted on 25 April 2025, concerns amendments to two internal governance documents, namely, the Capital Policy and the Capital Replenishment Plan i.e. used by the FICC and its affiliates, The Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC), collectively referred to as the Clearing Agencies. The revisions primarily aim to update, simplify, and clarify the wording of these documents, ensuring they continue to operate as intended under the applicable regulatory framework. Additionally, the Capital Replenishment Plan has been modified to include provisions for alternate authorisations, enabling continuity...

The United States Securities and Exchange Commission’s Crypto Task Force will host its next roundtable, “Tokenization: Moving Assets Onchain – Where TradFi and DeFi Meet,” on 12 May 2025 from 1:00PM to 5:00PM ET. Part of the US SEC’s ongoing series exploring regulatory approaches to crypto assets, the session will focus on tokenization’s potential to connect traditional finance (TradFi) with decentralised finance (DeFi). The roundtable is open for in-person registration, while the webcast will be available without registration. Tokenization has evolved from concept to commercial execution, with major institutions now piloting on-chain versions of bonds, funds, and real-world assets. TradFi giants like JPMorgan, BlackRock, and Citi are entering territory once native to DeFi becoming foundational to how assets will move and settle globally Registration is now open for in-person attendance, while the virtual webcast remains freely accessible without registration. Those interested in...

On 24 April 2025, Jessica Rusu, Chief Data, Information and Intelligence Officer at the United Kingdom Financial Conduct Authority (UK FCA), delivered a Speech at ‘The City UK’ International Conference 2025, outlining the FCA’s evolving approach to digital asset regulation, artificial intelligence, financial innovation, and regulatory modernization. Against the backdrop of global market uncertainty, Rusu positioned the United Kingdom as a steady and trusted financial centre — offering the clarity, stability, and proportionate regulation that innovative firms require to start up, scale, and thrive. Opening her remarks with reflections on the resilience of financial markets during volatile times, Rusu highlighted how technological advancements, particularly artificial intelligence, have fundamentally reshaped the financial services sector in the past year. She noted that the United Kingdom remains a global leader in key markets such as commercial insurance, derivatives, debt issuance,...

On 17 April 2025, the United Kingdom Financial Conduct Authority (UK FCA) updated the anti-money laundering and counter-terrorist financing (AML/CTF) registration regime and thereby reaffirmed its commitment to combatting money laundering, terrorist financing, and proliferation financing in the cryptoasset sector. As the designated AML/CTF supervisor of United Kingdom cryptoasset businesses under the United Kingdom Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), the UK FCA mandates that any firm providing cryptoasset services within the scope of the MLRs must be formally registered before commencing operations. Firms intending to operate cryptoasset businesses “by way of business” within the United Kingdom must assess their activities against Regulations 8, 9, and 14A of the MLRs. This includes businesses already authorised or registered with the UK FCA under other frameworks, such as payment institutions, electronic...

On 08 April 2025, the United Kingdom Financial Conduct Authority (UK FCA) updated its Pre-Application Support Service (PASS), to promote regulatory clarity and facilitate business growth within the payments sector, cryptoasset, and wholesale market sectors. PASS offers prospective applicants an opportunity to engage with the UK FCA early in their authorisation or registration journey, improving application quality and reducing approval timelines. PASS initiative offers the pre-application meeting, available free of charge to cryptoasset firms, payments firms, and wholesale market participants considering applying for registration or authorisation in the United Kingdom. During these meetings, firms meet directly with a designated case officer who outlines regulatory expectations, explains common challenges, and directs firms to critical resources. In many cases, the same case officer who participates in the pre-application meeting will also oversee the formal assessment of the firm's...

On 25 April 2025, United States Securities and Exchange Commission (US SEC) Commissioner Mark T. Uyeda, during the Crypto Task Force's third roundtable on custody, called for regulatory clarity and enhanced competition in the custody of crypto assets. In her speech she discussed the withdrawal of Staff Accounting Bulletin No. 121 as a positive development, Commissioner Uyeda advocated for expanded custodial options for investment advisers and registered entities. He also raised concerns regarding outdated interpretations that may unnecessarily restrict investment strategies within the digital asset sector. Commissioner Uyeda's statement emphasised that proper custody standards is the cornerstone of investor protection which must evolve to accommodate the realities of crypto assets. He noted that following the withdrawal of Staff Accounting Bulletin No. 121, barriers to crypto custodial services had been lifted. However, he urged the US SEC to recognise state-chartered limited purpose...

On 25 April 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline A. Crenshaw delivered speech at the US Crypto Task Force’s third roundtable on custody. Commissioner Crenshaw warned against creating a separate, potentially weaker regulatory framework for crypto asset custody, asserting that innovation must not compromise the investor protection principles embedded in United States federal securities laws. Drawing powerful analogies from real-world trust scenarios, and supported by historical and legal precedents, Commissioner Crenshaw made it clear that blockchain-specific risks — including hacking, smart contract failures, and insolvency risk — demand even greater vigilance and regulatory robustness, not exemptions. Commissioner Crenshaw discussed the need to maintain the SEC’s "gold standard" of investor protection under the Custody Rule (17 C.F.R. § 275.206(4)-2), even in the face of technological evolution. She cautioned that differences between...

On 25 April 2025, United States Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce delivered a statement at the Crypto Task Force’s latest roundtable on custody. Using a vivid metaphor likening the current regulatory landscape to a perilous “lava game,” Commissioner Peirce argued that the absence of clear, practical regulations on crypto custody is stifling market development, forcing regulated entities into risky darkness while disincentivising safe innovation. She urged US SEC to build clear legal pathways (“walkways over the lava”) rather than obstructing market evolution, and proposed that regulations must accommodate blockchain-native custody methods such as self-custody, smart contracts, and tokenized securities, without forcing traditional intermediation models. Definitions Crypto Custody: The safeguarding of digital assets (such as cryptocurrencies or tokenized securities) by an intermediary, regulated custodian, or through self-custody by the owner....

On 21 April 2025, the United States Commodity Futures Trading Commission (US CFTC) issued a formal Request for Comment (RFC) to gather public input on the potential transition to 24/7 trading and clearing in derivatives markets under its jurisdiction. The move reflects a growing industry shift toward round-the-clock market access, particularly relevant for crypto-derivatives and digital asset-linked contracts. Spearheaded by the US CFTC’s Divisions of Market Oversight, Clearing and Risk, and Market Participants, the consultation seeks views on the operational, liquidity, and systemic risks of continuous trading, alongside the adequacy of current risk controls, margining practices, and market surveillance under such conditions. Concerns raised in the RFC include real-time margin adequacy on weekends, systems resilience without routine maintenance downtime, collateral sourcing during non-banking hours, and surveillance readiness against abusive or manipulative practices outside...

On 14 April 2025, the United States Commodity Futures Trading Commission (US CFTC), through its Market Participants Division, issued CFTC Letter No. 25-11 Staff Interpretation Regarding Exchange-Traded Funds as Eligible Margin Collateral for Uncleared Swaps Transactions to clarify that shares of certain U.S. Treasury exchange-traded funds may be deemed eligible margin collateral for uncleared swap transactions under the conditions prescribed by United States CFTC Regulation 23.156. This interpretative letter provides formal recognition that such ETF shares may qualify as both initial margin (IM) and variation margin (VM), reinforcing the liquidity and operational efficiency of the derivatives market. The interpretative letter addresses a regulatory gap concerning the classification of redeemable securities in pooled investment funds. Pursuant to United States CFTC Regulation 23.156(a)(1)(ix), the rule permits certain redeemable securities issued by pooled investment funds—such as...