Sky Blog
On July 31, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) released a notice of proposed rulemaking (the “Federal Reserve Proposal”) to “modernize” Regulation O, which governs loans by member banks to their insiders (directors, certain …
The G-20 nations committed to reform swap markets following the great financial crisis of 2007-08. In the U.S., these reforms were enacted under the Dodd-Frank Act. The interventions began to take effect at the very end of 2012, and new …
In November 2024, the Financial Accounting Standards Board finalized its Disaggregation of Income Statement Expenses (DISE) standard. Beginning in 2028, public firms will have to break out employee compensation from each functional expense item on the face of their income …
In a recent comment letter, we take issue with a Department of Labor proposal (the “Proposal”) to create a safe harbor that would facilitate large-scale retail investment in private markets through 401(k) plans. While much of the DOL’s analysis …
The Federal Deposit Insurance Corporation (FDIC) has proposed its first major update to the rules governing Confidential Supervisory Information (CSI) in roughly three decades. The Notice of Proposed Rulemaking (Proposed Rule), which was published in the Federal Register on June …
Executive Summary
Financial reporting is, at its core, an exercise in summarization. For example, the income statement condenses millions of transactions into only a handful of line items. This act is not merely convenient but necessary, since preparing and disclosing every underlying …
On May 19, 2026, the Securities and Exchange Commission (“SEC”) released proposed amendments (Release No. 33‑11419) that it has described as the most significant overhaul of public company reporting in two decades. While the proposal is broad—touching filer …
Decentralized finance, commonly referred to as DeFi, is often celebrated as a transformative innovation in financial markets. By replacing banks, broker-dealers, exchanges, clearinghouses, and other traditional intermediaries with smart contracts and decentralized protocols, DeFi promises faster transactions, lower costs, broader …
As the U.S. Senate continues to debate the future of stablecoin regulation, much of the discussion has focused on how to bring privately issued digital dollars within a federal regulatory framework. Yet an important question has received comparatively little attention: …
Executive Summary
On June 10, the CFTC released a proposed rulemaking to govern the listing of event contracts (i.e., prediction products) on a set of subjects Congress identified as deserving of special scrutiny.[1] These subjects are, as specified in Commodity Exchange …
Key Takeaways
The value of issued stablecoins was about $1 billion in 2019 and is projected to reach $4 trillion by 2030. Tether and Circle dominate today, and newer entrants are coming from firms like PayPal, Western Union, and Fidelity. In July …
There has been a certain ebullience in market sentiment toward Venezuela since the capture in early January of former Venezuelan president Nicolás Maduro by U.S. military forces. Venezuelan sovereign and PDVSA bonds rallied sharply as investors anticipated that a political …
The next big episode of distress in the financial system may not begin inside a bank. Instead, it may start with a margin call, a failed repo rollover, or an open-ended fund facing redemptions.Wherever it comes from, though, the fallout …
The private equity exit market has improved, but it has not reverted to the conditions many sponsors once viewed as normal.
Several sponsor-backed issuers accessed the public markets during the first quarter of 2026, while large sponsor-to-sponsor transactions also returned …
The Trump Administration’s May 19 executive order[1] on fintech innovation (the “Order”) seeks to force a sharp shift in the regulatory relationship between banks and other federally regulated financial services providers and what it calls “fintech”—any financial service offered …
Since the Second World War, the U.S. dollar has been the dominant global currency for trade, settlement, and reserve purposes. As other countries seek to move away from the dollar system, key U.S. policymakers believe that the rise of dollar …