Understanding Tenant Rights During Landlord Bankruptcy
When a landlord files for Chapter 11 bankruptcy, commercial tenants may be concerned about the future of their lease and their rights in the bankruptcy process. The Bankruptcy Code gives debtor landlords significant powers, such as the ability to reject, assume, or assign leases. However, tenants are also afforded special protections to help maintain stability and predictability. Knowing these rights is essential for tenants who want to protect their business operations and the value of their lease.

On September 30, 2025, the new Texas Stock Exchange (TXSE) announced that the SEC approved its Form 1 registration statement, officially approving the exchange. Accordingly, the TXSE is now officially a recognized national securities exchange, similar to the Nasdaq Stock Market and the New York Stock Exchange, both of which the TXSE has expressly targeted as its main competitors in past public statements. In the TXSE’s own words, this makes it the “first fully integrated national securities exchange to receive SEC approval in decades” offering, within a single platform, a comprehensive suite of services, including listing standards, trading, clearing, settlement, and market data.

On September 26, Securities and Exchange Commission (SEC) Chair Paul S. Atkins announced a return to the SEC’s prior practice of allowing individuals and entities facing enforcement actions to request that the SEC simultaneously consider both their settlement offers and any related waiver requests. Waivers may be necessary to avoid automatic disqualifications and collateral consequences that can result from enforcement actions, such as the loss of well-known seasoned issuer status, safe harbor protections, private offering exemptions, or the ability to serve in certain regulated capacities.

Introduction

On July 4, 2025, H.R. 1 — the One Big Beautiful Bill Act (the OBBBA) was enacted into law. OBBBA introduces significant amendments to the Internal Revenue Code (IRC), including notable changes to sections 162(m) and 4960.[1] Section 162(m) limits the deductibility of executive compensation for publicly held corporations, and section 4960 imposes excise taxes on excess compensation and excess parachute payments paid by certain tax-exempt organizations. These measures serve to raise tax revenue from executive compensation as a partial offset to tax costs elsewhere in OBBBA. This article summarizes the key statutory changes made to sections 162(m) and 4960 by OBBBA and discusses practical implications for affected organizations.

On September 23, Acting Chairman of the Commodity Futures Trading Commission (CFTC) Caroline Pham announced the launch of an initiative focused on the use of tokenized collateral, including stablecoins, in derivatives markets. This initiative is part of the CFTC’s broader efforts to implement recommendations from the Report authored by the President’s Working Group on Digital Asset Markets.

On September 9, 2025, the Department of Labor (DOL) issued Advisory Opinion 2025-03A addressing the following question: Are awards of restricted stock units (RSUs) that permit post-employment vesting considered a “pension plan” subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)? For the reasons discussed below, the DOL answered, no, the RSUs are not subject to ERISA.

On September 17, the New York State Department of Financial Services (DFS) issued new guidance on the use of blockchain analytics tools. This new guidance builds upon the blockchain guidance issued by DFS in 2022, and applies to all New York banking organizations and branches and agencies of foreign banking organizations that are licensed by the DFS (covered institutions).

On September 19, the U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public input on the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This ANPRM builds upon the Request for Comment on Innovative Methods to Detect Illicit Activity Involving Digital Assets issued by Treasury on August 18, which remains open for comment until October 17, 2025.

The Report authored by the Presidential Working Group on Digital Assets Markets (PWG), titled “Strengthening American Leadership in Digital Financial Technology,” along with the accompanying fact sheet, outlines several key objectives aimed at positioning the U.S. as a leader in digital asset markets. Among its objectives are reinforcing the role of the U.S. dollar, modernizing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) rules for the digital assets ecosystem, and ensuring fairness and predictability by establishing clear regulatory oversight.

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Tuesday, September 30 • 12:00 – 1:30 p.m. ET

Troutman Pepper Locke Partner Jay Jumper will be speaking on a panel for a webinar hosted by CBIZ.

During this virtual event, panelists will provide a comprehensive overview of how strategic thinking, emerging best practices, and the latest trends can empower companies to successfully…