• Credit Risk Transfer, Simplified
    Credit Risk Transfer, Simplified

    A well-trodden path for banks to achieve regulatory capital reductions by mitigating credit risk is through a synthetic securitization, either by issuing credit-linked notes (CLNs) or engaging in bespoke bilateral credit derivative transactions. These transactions—while complex to execute—offer the significant advantage of transferring risk on a large, diversified portfolio of obligors, allowing investors to evaluate credit risk on a statistical basis. This lessens the need for investor diligence at the level of individual obligations, which facilitates risk transfer on obligors for whom information might be limited or costly to digest.

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  • The Regulation of Marketplace Lending: Summary of the Principal Issues
    The Regulation of Marketplace Lending: Summary of the Principal Issues

    Chapman wrote the book on the marketplace lending regulatory landscape that the entire industry has come to rely upon. First published in 2013, the 2024 update covers a vast array of topics affecting the marketplace lending industry.

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  • SEC’s Division of Examinations Publishes Its 2025 Exam Priorities
    SEC’s Division of Examinations Publishes Its 2025 Exam Priorities

    The Division of Examinations of the Securities and Exchange Commission published its examination priorities for fiscal year 2025. The 2025 Exam Priorities reflect practices, products, and services the Division believes present heightened risks to investors and the U.S. capital markets.

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  • Sara Ghadiri, Chapman's Pro Bono Counsel, featured in Of Counsel
    Sara Ghadiri, Chapman's Pro Bono Counsel, featured in Of Counsel
  • Recent SEC Enforcement Actions of Note
    Recent SEC Enforcement Actions of Note

    There have been several recent notable enforcement actions, including continued enforcement by the SEC and CFTC against off-channel communications, as well as an SEC fraud settlement with Macquarie Investment Management Business Trust.

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  • Investment Management Regulatory Update: Q3 2024
    Investment Management Regulatory Update: Q3 2024

    Chapman's quarterly Regulatory Update contains an overview of the latest regulatory actions, market happenings, and litigation and enforcement activity in the investment management space.

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  • CFTC Updates Regulation 4.7 Without Adopting the Proposed Disclosure Requirements
    CFTC Updates Regulation 4.7 Without Adopting the Proposed Disclosure Requirements

    On September 12, 2024, the Commodity Futures Trading Commission (CFTC) adopted amendments to CFTC Regulation 4.7 (Reg. 4.7), a rule that provides exemptions from the broader compliance requirements under Part 4 of the CFTC regulations (Part 4) for registered commodity pool operators (CPOs) with respect to pools (4.7 pools) offered solely to “Qualified Eligible Persons” (QEPs) and registered commodity trading advisors (CTAs) that advise or manage commodity trading accounts of QEPs. The amendments (i) increase the financial thresholds in the “Portfolio Requirement” of the QEP definition and (ii) permit CPOs of fund of fund pools offered solely to QEPs to provide monthly account statements within 45 days of the month-end, rather than providing quarterly account statements within 30 days of the quarter-end. The CFTC chose not to adopt, at this time, the proposed minimum QEP disclosures.

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  • Chapman Welcomes Partner Peter Hong
    Chapman Welcomes Partner Peter Hong

    A recognized securities and commodities regulatory authority, Peter’s practice focuses on the registration and regulation of investment advisers, broker-dealers, commodity trading advisors, commodity pool operators, and introducing brokers, as well as the formation and ongoing compliance obligations of registered and private investment companies.

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  • Social Impact and Sustainability Report 2024
    Social Impact and Sustainability Report 2024

    Chapman's 2024 Social Impact and Sustainability report showcases our commitment to the United Nations Global Compact (UNGC).

  • Financial Regulatory Agencies Propose Rule Mandated by the Financial Data Transparency Act
    Financial Regulatory Agencies Propose Rule Mandated by the Financial Data Transparency Act

    On August 22, 2024, a proposed rule (the “Proposed Joint Rule”) mandated by the Financial Data Transparency Act of 2022 (the “FDTA”) and adopted by nine federal financial regulators, including the U.S. Securities and Exchange Commission (the “SEC” and, together with the other eight regulators, the “Covered Agencies”), was published in the Federal Register. 

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  • Interval and Tender Offer Closed-End Funds: Investment Company Alternatives to Traditional Funds
    Interval and Tender Offer Closed-End Funds: Investment Company Alternatives to Traditional Funds

    Chapman's white paper provides a summary of the interval fund and tender offer fund structures, including their basic legal framework, their investment restrictions, how they are distributed and how they facilitate redemptions. It also provides a comparison of interval funds and tender offer funds, both to each other and to other types of investment companies.

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  • Counsel to Two Spot Ether ETFs Approved by SEC
    Counsel to Two Spot Ether ETFs Approved by SEC

    Chapman acted as counsel on the registration and listing of two of the first eight spot Ethereum (ether) exchange-traded funds (ETFs) to begin trading in the United States, following the U.S. Securities and Exchange Commission (SEC) declaring the registration statements for the ether ETFs effective on July 22, 2024.

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We have always been focused on finance.

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    TS Chapman partners with Henry Cutler to form Chapman and Cutler
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    Chapman's first client in 1913 is still a client of the firm today
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    Diverse financial practices serving regional, national, and global clients
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