Expert Analysis

• What DOL Proposal Signals For 401(k)s, Alternative Assets

  

  The U.S. Department of Labor recently published a highly anticipated proposed rule that could establish more defined pathways for 401(k) plan fiduciaries to consider investment options with greater alternative asset exposure, and help fund sponsors and investment managers develop such options, say attorneys at Cleary.

• SEC's Enforcement Slowdown May Raise Oversight Questions

  

  After six months of enforcement activity, it's clear that fiscal year 2026 will see an unprecedented decline in U.S. Securities and Exchange Commission enforcement activity relative to past years, but whether the SEC will be viewed as sufficiently policing the securities markets at the end of the fiscal year is more uncertain, say attorneys at Covington.

• What To Expect From The SEC's New SOX Group

  

  In a potential shift away from Public Company Accounting Oversight Board enforcement, the U.S. Securities and Exchange Commission's formation of a new group to investigate and litigate potential violations of the Sarbanes-Oxley Act brings both risks and benefits for auditors, say attorneys at King & Spalding.

• Why Justices Seem Skeptical Of Curbing SEC Disgorgement

  

  Sripetch v. U.S. Securities and Exchange Commission presents an opportunity for the U.S. Supreme Court to clarify the disgorgement limits it set six years ago in Liu v. SEC, with recent oral arguments suggesting the court sees disgorgement as an equitable remedy akin to unjust enrichment, say attorneys at Hueston Hennigan.

• OFAC Signals Sanctions Diligence Can't Stop At 50% Rule

  

  Recent guidance from the Office of Foreign Assets Control, along with several enforcement actions looking beyond the 50% formal ownership requirement, sends a clear message that sanctions due diligence must consider a variety of factors, including degree of control, practice of actual dealings and the involvement of proxies, say attorneys at Jenner & Block.

• 2 New SEC Proposals Represent Welcome Relief For Funds

  

  The U.S. Securities and Exchange Commission's recent proposals to alter requirements under the names rule and Form N-PORT are favorable developments for registered funds due to lessened reporting burdens and added flexibility, and are illustrative of the market-facilitative regulatory posture under Chairman Paul Atkins' leadership, say attorneys at Debevoise.

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  Officiating Football Makes Me A Better Lawyer

  

  Though they may seem to have little in common, officiating football has sharpened many of the same skills that define effective lawyering in management-side labor and employment: preparation, judgment, composure, credibility and ability to make difficult decisions in real time, says Josh Nadreau at Fisher Phillips.

• Prediction Market Platform Probes Merit Strategic Responses

  

  As the battle over the regulation of prediction markets is being waged between states and the federal government, investigations into insider trading allegations are increasingly originating from inside the exchanges themselves, creating obvious risks for market participants — as well as opportunities, say attorneys at Kobre & Kim.

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  Law School's Missed Lessons: How To Draft Pleadings

  

  Most law school graduates step into their first jobs without ever having drafted a complaint, answer, motion or other type of pleading, but that gap can be closed by understanding the strategy embedded in every filing, writing with clarity and purpose, and seeking feedback at every step, says Eric Yakaitis at Haug Barron.

• Crypto Trading App Statement Advances SEC's New Direction

  

  While the U.S. Securities and Exchange Commission's staff statement from last week carving out an exemption from broker-dealer registration for crypto-trading apps isn't a formal or permanent rule, it's the clearest signal yet of a quickly emerging coherent regulatory framework for digital assets, says Stephen Aschettino at Fox Rothschild.

• E-Discovery Quarterly: Recent Rulings On ESI Control

  

  Several recent federal court decisions have perpetuated a split over what constitutes “control” of electronically stored information — with judges divided on whether the standard should turn on a party's legal right or practical ability to obtain the information, say attorneys at Sidley.

• Record Penalty Sets Stage For FinCEN Whistleblower Awards

  

  The Financial Crimes Enforcement Network’s record $80 million penalty against Canaccord, together with the agency's recently proposed rule on whistleblower awards, signals an increasingly aggressive enforcement posture and illustrates the significant financial stakes associated with reporting violations, says Marlene Koury at Constantine Cannon.

• 2nd Circ. Ruling Reinforces Securities Act Limits Post-Slack

  

  The Second Circuit's recent decision to limit treatment of mandatory reverse splits as actionable sales in Knapp v. Barclays is narrow but important, offering issuers a stronger basis to challenge expansive Securities Act theories and reinforcing the post-Slack v. Pirani discipline of tracing, says Elisha Kobre at Sheppard.

• A Data-Driven Guide For Navigating The 2026 Oil Price Shock

  

  With the Iran war disrupting tanker traffic through the Strait of Hormuz, oil price volatility has soared, and this extreme price dislocation is likely to generate complex legal disputes — but companies can protect themselves by preserving every scrap of market data available, say Peter Niculescu and Leslie Rahl at Capital Market Risk Advisors.

• How Banks Can React To Risks In FinCEN Whistleblower Rule

  

  Financial institutions should reassess and, if necessary, strengthen existing policies, procedures and other frameworks related to whistleblowers and internal reporting in light of the Financial Crimes Enforcement Network's recent proposal to formalize a whistleblower award program, say attorneys at Arnold & Porter.