Expert Analysis

• Measuring Shareholder Harm In Death Spiral Convertibles

  

  As convertible structures have recently regained prominence, it's important to revisit the so-called floating-price death spiral convertible and how to quantify the losses for shareholders when disputes arise, says Pavithra Kumar at Conexig.

• Unpacking FDIC's Modernized Bank Merger Review Rules

  

  The Federal Deposit Insurance Corp.'s proposed revisions to its Bank Merger Act review process are a shift from its more skeptical prior posture toward a more structured and transaction-facilitative approach, though some broader uncertainty remains concerning antitrust alignment with the U.S. Department of Justice, say attorneys at Simpson Thacher.

• White House AI Accord Could Reshape Reasonable Care

  

  President Donald Trump's recent joint commitment on frontier responsibilities — signed by leaders of Google, Anthropic, Meta and more — may pose legal risks for nonsignatories, as businesses using artificial intelligence may find the accord's safeguards cited against them as evidence of what reasonable care requires, says Peter Schildkraut at Arnold & Porter.

• Del. Ruling Shows How AI Meeting Transcripts Can Backfire

  

  In ATG Capital Opportunities Fund v. Lane, the Delaware Court of Chancery reviewed board meeting transcripts generated by an artificial intelligence tool as part of its assessment of the board's motivations, highlighting potential risks of AI-generated corporate records, say attorneys at Debevoise.

• Dissecting Dodd's, Gensler's Prediction Market Amicus Briefs

  

  Former Sen. Chris Dodd and former U.S. Commodity Futures Trading Commission Chairman Gary Gensler's recent amicus briefs in support of New Jersey's petition for U.S. Supreme Court review of Kalshi v. Flaherty draw on legislative history to counter the CFTC's claim of federal preemption over the prediction markets, says Trace Schmeltz at Steptoe.

• OCC Plan May Bring Data Sharing Flexibility, Diligence Issues

  

  The Office of the Comptroller of the Currency's recent proposal to overhaul its supervisory information sharing regime for the first time in decades would provide important flexibility to banks, but it could create new issues around confidentiality agreements, disclosure controls and diligence processes, say attorneys at Simpson Thacher.

• 5 Prediction Market Queries For Every League, Athletic Dept.

  

  The NFL's recent amicus brief urging the U.S. Supreme Court to resolve a circuit split over regulating prediction markets and operators like Kalshi raises important, enterprisewide governance questions for leagues, teams and athletic departments, and highlights that regulatory oversight and institutional integrity are related but distinct, say attorneys at Robins Kaplan.

• Planning For D&O Exclusions As Risks Mount For Banks

  

  Banks should scrutinize directors and officers exclusions for artificial intelligence, disclosure and cybersecurity risks during policy renewal negotiations to preserve coverage amid the current uptick in insurer scrutiny and related shareholder litigation, say attorneys at Jones Walker.

• Why The SEC Proposed Rescinding Its 'Pay-To-Play' Rule

  

  The U.S. Securities and Exchange Commission's recent proposal to nix its pay-to-play rule governing political contributions by investment advisers follows years of industry advocacy and commissioner criticism that it suppresses political speech and affects hiring, say attorneys at Simpson Thacher.

• SEC's Insider Trading Duty Rule May Face Loper Bright Test

  

  In U.S. v. Jennings, pending in New Jersey federal court, the defense has an opportunity to challenge the rule defining the boundaries of the misappropriation theory of insider trading under Loper Bright, as the only litigated case testing the rule's limits relied on Chevron deference, say attorneys at O'Melveny.

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  Fintech Regulator Outlook: Collaboration In North Dakota

  

  The recent speed of new digital asset products entering the market continues to introduce compliance challenges, so regulators and companies alike must examine the intersection of artificial intelligence, cybersecurity, collaboration and modernization to navigate regulatory complexity, says Lise Kruse at the North Dakota Department of Financial Institutions.

• As Congress Stalls, SEC Hits Go On 'Innovation Exemption'

  

  While the U.S. Securities and Exchange Commission's recently issued innovation exemption to facilitate on-chain trading of certain tokenized stocks isn't a replacement for a comprehensive legislative framework, it reduces the likelihood that further congressional delay will freeze market development, says Stephen Aschettino at Fox Rothschild.

• What Lawyers Should Know Before Accepting Crypto Payment

  

  As clients increasingly request to pay legal fees, retainers and escrow funds using cryptocurrency, lawyers should consider how only a handful of state bar authorities have addressed the issue with varying ethics opinions, as well as the related questions that no authority has yet answered, says attorney Felix Shipkevich.

• Where The 3 Prediction Market Appellate Rulings Diverge

  

  Although the recent Third, Sixth and Ninth Circuit opinions concerning prediction markets overlap on some issues, they differ on key statutory questions, deepening a circuit split over both the classification of sports event contracts and the scope of federal preemption, says Levi Giovanetto at Sheppard.

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  Calif. Banking Brief: All The Notable Legal Updates In Q3

  

  California's financial regulators spent the third quarter of 2026 focusing on consumer protection enforcement at home while resisting federal efforts to displace state oversight — reinforcing the state's intention to shape the compliance landscape for institutions operating within its borders despite federal deregulatory trends, say attorneys at Ropes & Gray.