DROPLETS
California tightens rules on corporate investor control of litigation practices while Tennessee declines to open the door to non-lawyer law firm ownership, narrowing how outside capital can be deployed.
Two state-level developments point the same direction: restricting non-lawyer investment in law firms. The cluster reports that California has restricted corporate investors' control over litigation practices — the practice areas where outside capital most often seeks a say — while Tennessee has declined to open the door to non-lawyer ownership at all. The source characterizes both as developments of the recent weeks; the specific instruments (rule changes, ethics opinions, or court filings), their effective dates, and any transition or grandfathering provisions are not identified in the material reviewed here, so their precise scope is unconfirmed.
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The OCC has finalized its GENIUS Act implementing rule for stablecoin issuers within its supervision, adding a new 12 CFR part 15 and requiring two filings from existing issuers before January 18.
Per an Orrick alert, the Office of the Comptroller of the Currency has finalized the rule implementing the GENIUS Act for stablecoin issuers subject to OCC supervision, adding a new 12 CFR part 15 and amending existing regulations; the firm's summary says issuers already under OCC supervision must make two separate filings before January 18 (the excerpt reviewed here does not specify the filing types or deadline year, so treat those details as reported rather than confirmed).
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California tightens rules on corporate investor control of litigation practices while Tennessee declines to open the door to non-lawyer law firm ownership, narrowing how outside capital can be deployed.
Two state-level developments point the same direction: restricting non-lawyer investment in law firms. The cluster reports that California has restricted corporate investors' control over litigation practices — the practice areas where outside capital most often seeks a say — while Tennessee has declined to open the door to non-lawyer ownership at all. The source characterizes both as developments of the recent weeks; the specific instruments (rule changes, ethics opinions, or court filings), their effective dates, and any transition or grandfathering provisions are not identified in the material reviewed here, so their precise scope is unconfirmed.
…
The OCC has finalized its GENIUS Act implementing rule for stablecoin issuers within its supervision, adding a new 12 CFR part 15 and requiring two filings from existing issuers before January 18.
Per an Orrick alert, the Office of the Comptroller of the Currency has finalized the rule implementing the GENIUS Act for stablecoin issuers subject to OCC supervision, adding a new 12 CFR part 15 and amending existing regulations; the firm's summary says issuers already under OCC supervision must make two separate filings before January 18 (the excerpt reviewed here does not specify the filing types or deadline year, so treat those details as reported rather than confirmed).
…
California tightens rules on corporate investor control of litigation practices while Tennessee declines to open the door to non-lawyer law firm ownership, narrowing how outside capital can be deployed.
Two state-level developments point the same direction: restricting non-lawyer investment in law firms. The cluster reports that California has restricted corporate investors' control over litigation practices — the practice areas where outside capital most often seeks a say — while Tennessee has declined to open the door to non-lawyer ownership at all. The source characterizes both as developments of the recent weeks; the specific instruments (rule changes, ethics opinions, or court filings), their effective dates, and any transition or grandfathering provisions are not identified in the material reviewed here, so their precise scope is unconfirmed.
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Grade 3 — worth a glance, not the full analysis.
- Fed, OCC and FDIC seek comment on Call Report revisions
On October 27 the OCC, Federal Reserve and FDIC asked for comment on revisions to the bank Call Report, covering ROAD to Housing Act reciprocal deposit changes and a three-year extension of the information collection.
- Perkins Coie Alert on AI-Found PHP Vulnerability
A Perkins Coie client alert says AI tooling uncovered what it calls one of the most severe vulnerabilities in software history, in PHP, the open-source language it reports runs behind most of the internet.
- NYC Fair Chance Act implementing rules take effect October 30
Final amendments to the New York City Fair Chance Act rules took effect October 30, largely codifying statutory changes already in force and refreshing employer obligations on criminal-record inquiries and hiring-screening practices.
- New York Voting Leave and Political Speech Rules for Employers
Ahead of the November 2026 midterms, New York employers must navigate paid voting-leave rules, the captive-audience meeting ban and NLRA limits on disciplining political speech.
- HHS Announces Limited Enforcement Discretion for Six Compounded Peptides
HHS says it will exercise limited enforcement discretion over 503A pharmacies compounding six peptide bulk drug substances — BPC-157, Epitalon, KPV, MOTS-c, Semax and TB-500 — with comments due Nov. 13, 2026.
- Employment Rights Act 2025: October changes reshape union access and claims
Bryan Cave's October round-up of the UK Employment Rights Act 2025 notes fresh employer obligations on trade union access, sexual harassment complaints and the timing of tribunal claims now in force.
- OCC Comptroller Links GENIUS Act Rollout to Community Bank Relief
In October 27 remarks to the Ohio Bankers League, Comptroller Jonathan Gould presented GENIUS Act implementation and reduced supervisory burden for community banks as the OCC's two linked priorities.
- CSSF Issues First Tokenisation FAQ for Luxembourg UCIs
Luxembourg's financial regulator published its first FAQ on 2 October 2026, setting out practical expectations for DLT-based tokenisation by UCIs and other market participants.
- Native Title "Connection" Rulings Reviewed for 2025-2026
Perkins Coie's annual Native Title Year in Review surveys how courts applied the section 223(1)(b) connection test under the Native Title Act 1993 (Cth) during 2025-2026.
- HHS OCR Takes Six-Figure HIPAA Settlements From Employer Group Health Plans
HHS's Office for Civil Rights has obtained six-figure HIPAA settlements with employer-sponsored group health plans, confirming that plan sponsors, not only hospitals and large insurers, sit directly in OCR's enforcement crosshairs.
- Texas gas operators face Dec. 1 weather readiness attestation deadline
Covered Texas gas facilities must file a Weather Emergency Readiness Attestation with the Railroad Commission by December 1, and the signature carries exposure a routine filing may not signal.
- FTC Warning Letters and Final Coverage Transparency Rules Advance Price Push
Two October 2026 federal actions — FTC warning letters and final HHS/CMS Transparency in Coverage rules — extend the administration's healthcare price transparency push, with compliance implications for plans, PBMs and providers.
- Michigan AG Nessel sues MV Realty over alleged predatory loan scheme
Michigan's attorney general has sued three MV Realty LLCs alleging a deceptive home loan and lien scheme run through a cash-payment program; the claims are unadjudicated.
- MAS Issues AI Risk Management Guidelines for Singapore Financial Institutions
Singapore's central bank has set out detailed supervisory expectations for how financial institutions should identify, assess and govern AI risk.
- California's SB 1050 Mandates Disclosure of AI Performers in Ads
Effective January 1, 2027, California's newly enacted SB 1050 requires advertisers to disclose when ads prominently feature realistic AI-generated performers, and adds obligations on advertising platforms that distribute them.