Every contract is subject to an implied duty of good faith and fair dealing pursuant to principles established under common law, state statutes, and, with respect to certain contracts, including fund finance credit documentation, the Uniform Commercial Code (“UCC”). While lenders and borrowers are permitted to pursue their respective interests, they are obligated to act in good faith.
On February 13, 2026, the Financial Crimes Enforcement Network (“FinCEN”) issued an order granting exceptive relief to “covered financial institutions” from the requirement in 31 C.F.R. § 1010.230(b) to identify...
Venture capital companies with a nexus to California should be aware of new reporting requirements that become effective on March 1, 2026. The reporting requirements stem from California’s Fair Investment...
In a recent post-trial memorandum opinion, the Delaware Court of Chancery ordered specific performance of capital calls issued under a fund’s limited partnership agreement, reinforcing that capital commitments are enforceable as contractual obligations when clearly documented in a fund’s governing documents and subscription agreements.
On June 25, 2025, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its first orders (“Orders”) pursuant to the 2024 FEND Off Fentanyl Act (21 U.S.C....
The European Banking Authority (“EBA”), in consultation with the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, recently released a report on the treatment of third-country...
Many US and other non-EU financial institutions which lend or undertake trade finance business on a cross border basis into Europe do so in reliance upon exemptions under local law. ...
Section 23A of the Federal Reserve Act and its implementing regulation, Regulation W, impose restrictions on banks concerning “covered transactions” with their affiliates. With the increasing intertwining of banking institutions...
On June 28, 2024, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (“June 2024 NPRM”) to crystalize its long-held expectation that financial institutions use risk assessments...
On May 22, 2024, the US federal banking regulators finalized a new set of reporting requirements for bank loans and commitments to fund finance facilities, private credit lenders, and other nonbank financial...